Rent. 3.1 Tenant shall pay to Landlord the following amounts as rent for the Premises: (a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”). (b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year. (c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year. (d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease. 3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures: (a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year. (b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review. (c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination. 3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar month.
Appears in 3 contracts
Samples: Office Lease (Livongo Health, Inc.), Office Lease (Livongo Health, Inc.), Office Lease (Livongo Health, Inc.)
Rent. 3.1 Tenant shall pay to Landlord The Agreement should specify the following amounts as rent for the Premises:
(a) Commencing as amount of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar how often that amount is to be paid. The payment times might be weekly, every 2 weeks, every 4 weeks, monthly, 4 times a year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required once every 6 months. The rent payments could be due to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with advance (at the following procedures:
(a) Within thirty (30) days prior to the first day beginning of each calendar year during the Lease Term, such amount of time) or as soon thereafter as practicable, Landlord shall give Tenant written notice in arrears (after that amount of Landlord’s estimate time has passed). The maximum amount of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue rent which a landlord can ask their tenant to pay on the basis of the prior calendar year’s estimate until the month after such notice in advance is given6 months’ rent. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including The Agreement should say: • the date on which the end 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 method 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 rent might include the cost of lighting a shared hall or stair cleaning costs. Any services which are paid monthly should be included as part of the term occurs bears rent. For example, if a landlord pays for stair and window 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-off payments throughout a tenancy, such as where the landlord agrees to three hundred sixty five carry out a repair for the tenant for a fee, then this will not form part of the rent. The landlord is not allowed to charge a tenant for other services - such as the cost of preparing a lease, 'key money', administration charges, or for the cost of preparing an inventory etc. These charges are known as 'premiums'. If the landlord charges a premium, the tenant should write and ask for a refund. If the landlord refuses to provide a refund, then a claim could be made through the Tribunal. The tenant could also contact the local council’s landlord registration team, or, if the landlord holds a HMO licence, the 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 is linked to inflation (365rises in the cost of living generally). Termination of More detailed information on this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base is available at xxxxx://xxxx.xxx.xxxx/publications/private-residential- tenancies-tenants-guide/#rent-and-other-charges A landlord in a Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall Pressure Zone can also apply to the Base Rent for such first full calendar monthOfficer to allow a further increase to your rent because the landlord has done work to improve the property. This increase in rent would be in addition to any inflation related increase in the rent.
Appears in 3 contracts
Samples: Private Residential Tenancy Agreement, Private Residential Tenancy Agreement, Private Residential Tenancy Agreement
Rent. 3.1 Tenant shall pay to Landlord the following amounts full monthly Rent set forth above during each month of the Lease Term as rent rental for the Premises:
(a) Commencing as Residence and Landlord and Tenant hereby agree that Rent for each month, including any partial month during the first or final month of the Rent Commencement Date and thereafter during the Lease Term, shall be payable in full and without proration with respect to the number of days Tenant shall pay is in possession during such month, except as otherwise 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, abatement or set-off, at the office of Landlord or at such other place(s) as monthly rentLandlord may designate, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of on or before the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year month thereafter during the Lease Term. IF MAILED, or as soon thereafter as practicableTHE 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 by 5:00 p.m. on the (4th) day of the month when it is due, Landlord shall give Tenant written notice shall, in addition to any other remedies of Landlord’s estimate , pay a late charge of $50.00 on the (5th) day of the amounts payable under sections 3.1(bmonth and an additional $10.00 per day (late fee) and 3.1(cthereafter. Personal checks will not be accepted after the tenth (10th) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar yearmonth, 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 to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to 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 subsequent payments such thatas, prior but not limited to, late charges, cleaning service fees, returned check charges, damages incurred by or on behalf of Tenant), and then to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Rent. At Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar yearoption, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) may require all Rent and 3.1(c) hereof for such calendar year other sums to be paid in check, certified check, or money order, and by Landlordone monthly payment rather than multiple payments by each Cotenant. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall at all times have the right to inspect refuse payment in the books 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 hereby given notice that Tenant’s signed and completed check may be converted to an electronic fund withdrawal upon receipt by Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at via U.S. Mail or in designated drop box locations. Landlord’s office in receipt of Tenant’s check shall constitute Tenant’s authorization of such electronic fund withdrawal. Landlord has the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference accept payment of less than five percent (5%)the full amount of Rent, then Tenant 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 such lesser amount shall constitute payment in full, shall be responsible for all costs of given no effect and Landlord may accept such review.
(c) If the Lease Term ends on a day payment without prejudice to any other than the last day of a calendar yearrights or remedies which Landlord may have against Tenant. Any payment, the amounts payable however designated, may be accepted by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless applied against any part of Tenant’s designation of then existing and then due Rent or Landlord may apply such payments, to satisfy payment against any obligations of Tenant hereunder, in sum then due or may retain such order and amounts payment (without interest) as Landlord, in its sole discretion, may elect. If Xxxxxxa credit against Tenant’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthaccruing future obligations.
Appears in 3 contracts
Samples: Rental Agreement, Rental Agreement, Rental Agreement
Rent. 3.1 Tenant shall pay to Landlord the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue Xxxxxx agrees to pay on the basis Landlord a rent of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts $0 per month, payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction said term for a total rent of $ TBD . The rent is payable to: CHARLESTON RENTAL PROPERTIES or offset, in lawful money of the United States of America. Landlord instructs as Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may be advised from time to time designate in writing. Landlord shall have Rent is considered late on the right to apply payments received from Tenant pursuant to this Lease6th day of the month. NOTICE TO TENANT: IF TENANT DOES NOT PAY RENT WITHIN FIVE DAYS OF THE DUE DATE, regardless of Tenant’s designation of such paymentsLANDLORD CAN START TO HAVE TENANT EVICTED AND MAY TERMINATE THE RENTAL AGREEMENT, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may electAS THIS CONSTITUTES WRITTEN NOTICE IN CONSPICUOUS LANGUAGE IN THIS WRITTEN AGREEMENT OF LANDLORD'S INTENTION TO TERMINATE AND PROCEED WITH EVICTION. If Xxxxxx’s obligation TENANT WILL RECEIVE NO OTHER WRITTEN NOTICE AS LONG AS TENANT REMAINS IN THIS RENTAL UNIT. Xxxxxx further agrees to pay Base Rent hereunder a late fee of 10% of the monthly rent if rent is not received by the 5th day of the month, and an additional fee of $100 on the 11th day of the 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 term of the Rental Agreement commences on a day other than the first day of a calendar month, the month or if the Lease Term terminates on a day other than the last day of a calendar the month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to rent unto the Landlord an in the amount equal of $ per day for each day of the month of commencement or termination of the Rental Agreement, payable prior to the Base Rent for Tenant taking possession upon commencement of the Rental Agreement, and payable on the first full calendar day of the final month of the Term in which monthly Base Rent Rental Agreement upon xxxxxxxxxxx.Xx the event that lease renewal is payablepossible, which amount Landlord shall apply CRP reserves the right to inspect the Base Rent for such first full calendar monthproperty and charge a $45 lease renewal fee.
Appears in 3 contracts
Samples: Residential Rental Agreement, Residential Rental Agreement, Residential Rental Agreement
Rent. 3.1 Beginning on the Commencement Date, Tenant shall pay covenants and agrees to Landlord the following amounts pay, without abatement, deduction or offset except as rent otherwise specifically provided herein, to Landlord, “Base Rent” for the Premises:
, on or before the first (a1st) Commencing as day of the Rent Commencement Date 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 Termand any renewal thereof, Tenant shall pay subject to Landlordthe adjustments as provided hereinafter along with any applicable tax as defined herein, as monthly rent, at the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of then current rate. If the Commencement Date and thereafter during each occurs on a day other than the first (1st) day of a calendar year or part thereof during month, the Lease Term, Tenant first Base Rent payment shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) be in the amount of the total dollar amount of all Operating Expenses Base Rent for one (as hereinafter defined1) paid or incurred by Landlord full calendar month plus the prorated Base Rent for the calendar month in such calendar year.
(c) Commencing as of which the Commencement Date and thereafter during each calendar year 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 part thereof during Landlord’s Operating Costs or any other monthly amounts by the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share seventh (7th) day of the total dollar amount of all Property Taxes month in which such installment is due (as hereinafter defined) paid or incurred by provided that Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges will be required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of LandlordTenant’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue failure to pay on the basis of the any such monthly payments two (2) times in any twelve (12) month period prior calendar year’s estimate until the month after to such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar yearlate fees being charged), or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment fails to the amount pay any other sum of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord money within thirty (30) days after delivery of such statement. Failure written notice by Landlord to give Tenant, or if any notice or statement 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 under this section 3.2 has failed to pay any installment of Rent on the due date thereof (and such failure shall not waive Landlord’s right to receivehave been cured on or before the last day of any grace period, and Tenant’s obligation to pay, the amounts if any) two (2) times in any twelve (12) month period. The Base Rent payable by Tenant under sections 3.1(bto 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 3.1(cclerical workers ail items (1982-84 equals 100) hereof(“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. During Thereafter, the Base Rent shall be adjusted at the beginning of the fifth (5th) Lease TermYear and the beginning of each succeeding Lease Year during the Term of this Lease (not to include the Renewal Periods, but 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 more often than once shall Base Rent in any one (1) year period, Tenant or its authorized employee or representative shall have Lease Year be less than the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, Base Rent paid for the purpose immediately prior Lease Year. Should the CPI become unavailable, a reasonable substitute prepared by the U.S. Department of verifying the information in such statement; provided thatLabor or other source, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is as reasonably acceptable to Landlord which shall, along with and Tenant, shall be required used. Base Rent shall continue to execute a confidentially agreement prepared by Landlord; provided further that be payable in monthly installments as otherwise described above until Landlord notifies Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after of the new monthly Base Rent installment amount. Landlord shall have delivered the written statement pertaining attempt to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by so notify Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as prior to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year each new Lease Year. However, failure of Landlord to and including 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 on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar monthadjustment, then the CPI adjustment for that year shall be deemed to be waived. In no event shall Base Rent payable for such partial month shall be appropriately prorated on the basis increases exceed three and one-half (3.5%) percent of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent paid for the first full calendar month of the Term in which monthly immediately prior Lease Year, on a non-cumulative basis.
b. The Base Rent is payable, which amount Landlord for Phase 2 shall apply to 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 such first full calendar monthPhase 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. 3.1 Tenant shall pay to Landlord the following amounts Except as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used expressly set forth in this Lease, “rent” shall mean Tenant agrees to pay to Landlord at the first office specified in Section 1.01 (2), or to such other persons, or at such other places, designated by Landlord, without any prior demand therefor in immediately available funds and include all Base Rentwithout any deduction or offset whatsoever, except as otherwise set forth in this Lease, all additional rent Rent during the Term as and all other amounts payable by Tenant in accordance with when due pursuant to this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof . Monthly Base Rent shall be calculated and paid monthly in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before advance on the first day of each month during such ensuing calendar yearof the Term, Tenant shall pay to Landlord, as monthly rent, one twelfth except that the installment of such estimated amounts. If such notice is not given Monthly Base Rent for any calendar year, Tenant shall continue to pay on partial month at the basis beginning of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year Term shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, paid prior to the end Commencement Date and the installment of such calendar year or portion thereof during Monthly Base Rent due for the Lease Term, Tenant shall have paid Landlord’s entire estimate sixth (6th) month of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord Term shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing be paid by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery following the Date of such statementthis Lease. Failure by Landlord Monthly Base Rent shall be prorated for partial months within the Term. Unpaid Rent shall bear interest at the Default Rate from the date due until paid provided, however, that Tenant shall be entitled to give notice and an additional three (3) business day grace period before the imposition of Default Interest the first time in any notice or statement calendar year that Tenant does not timely pay Rent hereunder. Tenant’s covenant to Tenant under pay Rent shall be independent of every other covenant in this section 3.2 shall not waive Landlord’s right to receiveLease. Notwithstanding the foregoing, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative pay Rent shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and be conditionally abated during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of first five percent (5%) or more and Landlord’s auditors concur full calendar months of the Term (the “Rent Abatement Period”) in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) an amount not to exceed Ten Thousand Dollars ($10,000)958,013.75. Internal auditors Such abatement shall be billed at apply to Rent only and shall not apply to any other sums payable under this Lease. The abatement of Rent described above is expressly conditioned on Tenant’s performance of its obligations under this Lease throughout the hourly payroll cost Term, and the amount of those employees to Tenant (the abated Rent is based in part on a 40 hour work week and including wages and benefits) multiplied by the reasonable number amount of hours spent auditing plus reasonable travel costsRent due under this Lease for the full Term. If Xxxxxx’s audit shows a difference of less than five percent (5%)Tenant Defaults under this Lease and such Default continues beyond the applicable notice and cure period, then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends immediately, on a day other than the last day of a calendar yeardemand, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advanceaddition to all other amounts and damages to which Landlord is entitled, on or before the first day unamortized amount of each Rent which would otherwise have been due and every calendar month payable during the Lease Term, without notice, demand, deduction or offset, in lawful money Rent Abatement Period (based on the straight-line amortization of the United States abated Rent across the initial Term plus interest at the rate of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar month8% per annum).
Appears in 2 contracts
Samples: Office Lease (Accolade, Inc.), Office Lease (Accolade, Inc.)
Rent. 3.1 Tenant shall pay to Landlord Commencing upon the following amounts as Ground Lease Commencement Date, the initial rent for the Premises:
Project Site (a“Rent”) Commencing as shall be [***] per annum, payable in equal installments of the Rent Commencement Date and [***] per month, adjusted upward every five (5) years thereafter during the Lease Term, Tenant shall pay Initial Term and during any Extended Term by a percentage equal to Landlord, as monthly rent, the base rent specified in greater of [***] or the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s CPI Percentage Share Increase (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Termdefined below), but in no event more often to exceed an adjustment during any Adjustment Period (as defined below) of greater than once in any one [***]. The period of time from the Ground Lease Commencement Date through March 11, 2024, and each five (15) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant period thereafter shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows defined herein as an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (“Adjustment Period.” Any upward adjustment based on a 40 hour work week 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 1st day of the month and including wages and benefits) multiplied shall be payable by the reasonable number 15th day of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference that month; provided, however, that (a) the first payment of less than five percent (5%), then Tenant Rent shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated due on the basis which Ground Lease Commencement Date and, if the number of days from the commencement of such calendar year to and including the Ground Lease Commencement Date is a date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day 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 a calendar the month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty ; and (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for b) the first full calendar payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period, in order to permit the Term in which monthly Base Rent is payableTenant to calculate the CPI Percentage Increase, which amount Landlord shall apply to the Base Rent for such first full calendar monthas set forth below.
Appears in 2 contracts
Samples: Ground Lease Agreement (Venture Global, Inc.), Ground Lease Agreement (Venture Global, Inc.)
Rent. 3.1 Tenant shall pay to Landlord the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the referred to herein as “Base Rent” or “Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate designate, in writingcoin or currency which, shall be Sixty (60) Million Japanese Yen per year, payable in equal monthly installments of Five (5) Million Japanese Yen. Such Base Rent shall be reviewed annually and will be determined by using the Rent formula (“Formula”) set forth in the attached Exhibit B as made a part hereof. Such new Base Rent amount after annual review of the Variables, will commence on April 1 of each Lease Year and end on March 31 of the following Lease Year. Landlord shall have inform Tenant of the right to apply payments received from Tenant annual adjusted Rent amount pursuant to the form of Landlord Notice of Annual Rent Adjustment, which is attached hereto as Exhibit D. All rent payments shall be made in advance on or before the 15th day of each and every month during the Term, without any set-off or deduction whatsoever, except that Tenant shall pay the first full monthly installment at the time of execution of this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder the Term commences on a day other than on the first day of a calendar month, month or if the Lease Term terminates on a day ends other than on the last day of a calendar the month, then the Base Rent payable for such partial month shall be appropriately prorated on prorated. Notwithstanding the basis foregoing, with respect to Rent due from the Effective Date until the execution date of a thirty (30)-day month. Upon signing this Lease, Landlord shall send applicable monthly invoices reflecting all such Rent due by Tenant and Tenant shall promptly pay to Landlord an amount equal such Rent pursuant to the Base Rent for terms of this Lease. All of any sums and payments due and owning under this Lease shall be deemed “Rent.” For purposes of this Lease, a lease year shall be the twelve (12) month period commencing with the first day of the month following the Commencement Date (or, if the Commencement Date falls on the first day of a month, commencing on the Commencement 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 Term in which monthly Base Rent is payable, which amount Landlord shall apply to twentieth Lease Year (the Base Rent for such first full calendar month“Expiration Date”).
Appears in 2 contracts
Samples: Lease Agreement (Opnext Inc), Lease Agreement (Opnext Inc)
Rent. 3.1 Tenant shall pay to Landlord the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rentUnless otherwise agreed upon, the base tenant shall ensure that the rent specified in is delivered to the Basic Lease Information (address provided by the “Base Rent”).
(b) Commencing as landlord. Rent payments are due on the day of each . The tenant must pay the Commencement Date and thereafter during each calendar year or part thereof during rent on time. If the Lease Termrent is not paid on the date it is due, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) the landlord may charge a late payment fee of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to $10.00 for the first day the rent is due and $2.00 a day after that until the rent is paid in full (maximum late payment fee – $100.00). The landlord may also give the tenant a Notice of each calendar year during Termination for Non- Payment of Rent. The tenant agrees to pay rent to the Lease Termlandlord in the following amount: Basic Rent: $ For parking spaces: $ Other (specify): $ Rent Payable $ Less Rent Discount* $ Actual Amount Tenant Must Pay: $ The landlord plans to increase the rent by the annual rent increase guideline on (date) . The landlord must provide the tenant with a Notice of Rent Increase at least 3 months before the rent is increased. The landlord plans to apply for a rent increase above the guideline to increase the rent on (date) . The proposed Rent Payable will be $ . The landlord must provide the tenant with a Notice of Rent Increase at least 3 months before the rent is increased. A landlord is not required to offer a rent discount, but if a discount is given, it must be set out in writing. Reducing or as soon thereafter as practicableremoving a rent discount is not considered a rent increase under The Residential Tenancies Act. However, Landlord shall give Tenant an unconditional discount cannot be reduced or removed unless the tenant receives written notice of Landlord’s estimate at least 3 months. If a tenancy agreement or discount agreement is for a fixed term, a landlord cannot reduce or remove an unconditional discount during the term of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amountsagreement. If such a discount is subject to a condition, e.g. paying the rent on time, the landlord can withdraw it without notice if the tenant does not meet the condition. The landlord is not given offering a rent discount of $ subject to the following conditions: Discount is the same as last year’s or increased by $ . Discount is reduced by $ . Discount is removed. The proposed Rent Payable is subject to an application to the Residential Tenancies Branch for any calendar year, Tenant shall continue to pay an above-guideline rent increase. The discount may be reduced or removed depending on the basis of final decision on the prior calendar yearlandlord’s estimate until the month after such notice is givenapplication. If at In any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to payevent, the amounts payable by Actual Amount Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) Must Pay will not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review$ .
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar month.
Appears in 2 contracts
Samples: Residential Tenancy Agreement, Residential Tenancy Agreement
Rent. 3.1 In consideration of this Lease, Tenant shall promises and agrees to pay to Landlord the following amounts Base Rent, Additional Expenses (subject to adjustment as rent provided in Exhibit E), License Fees (as set forth in Exhibit E), and such other sums as may be provided in this Lease, without deduction or setoff, for the Premises:
(a) Commencing as each month of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount with payment of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord sums due in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to monthly installments on the first day of each calendar year month during the Lease Term. The total monthly amount due Landlord from Tenant hereunder is referred to as “Adjusted Rental”, or notwithstanding that such amount may include fees characterized by the parties as soon thereafter as practicableLicense Fees. The first such monthly installment, Landlord shall give Tenant written notice of Landlordconstituting Tenant’s estimate prepayment of the amounts first calendar month’s Base Rent and License Fees due under the Lease, together with the Security Deposit, shall be payable under sections 3.1(b) by Tenant to Landlord as provided in Paragraph 6 of Exhibit D attached hereto. A like monthly installment shall be due and 3.1(c) hereof for payable without demand beginning on the ensuing first day of the calendar year. On or before month which is the second calendar month of the Lease Term and continuing on the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease TermTerm hereof, without notice, demand, deduction or offset, subject to credit of Security Deposit balance in lawful money the 36th full calendar month of the United States of AmericaTerm. Landlord instructs In the event that Tenant shall occupy the Premises prior to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than shall otherwise commence according to its terms prior to the last first day of a calendar month, then on or before such Commencement Date, Tenant shall also pay to Landlord a prorated amount for the Base Rent payable for first partial month’s Adjusted Rental with such partial prorated amount based on the number of days in such calendar month and the fraction of such month remaining from the Commencement Date to month’s end. In the event any installment of the Adjusted Rental, or any portion thereof, is not received by the fifth (5th) day of the calendar month when due, then (without in any way implying Landlord’s consent to such late 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 appropriately prorated on for the basis purpose of a 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 installment of Adjusted Rental, or any portion thereof, within thirty (30)-day month. Upon signing this Lease30) days after the due date thereof, or fails to pay any other sum (other than Adjusted Rental) which may be due Landlord hereunder within thirty (30) days of date of invoice therefore, then, in either such event, Tenant shall pay to Landlord interest on such overdue amounts from the due date thereof until paid at an amount equal to annual rate (the Base Rent for “Past Due Rate”) which equals the first full calendar month lesser of (i) fifteen percent (15%) or (ii) the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthhighest rate then permitted by law.
Appears in 2 contracts
Samples: Office Building Lease Agreement, Office Building Lease Agreement (Rackspace Inc)
Rent. 3.1 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 the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date without previous demand thereof and thereafter during the Lease Termwithout any abatement, Tenant shall pay to Landlordreduction, as monthly rentsetoff or deduction whatsoever, the base rent specified in Minimum Rent (together with any applicable sales tax and local taxes if the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred same are ever required by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writinglaw), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all equal monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlordinstallments, in advance, on or before the first day of each and every calendar month throughout the Term of this Lease. The Minimum Rent shall commence to accrue on the Commencement Date. The first such monthly installments of Minimum Rent shall be due and payable to Landlord no later than the Commencement Date and each subsequent monthly installment shall be due and payable to Landlord on the first day of each and every calendar month following the Commencement Date during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may electTerm hereof. If Xxxxxx’s obligation to pay Base Rent hereunder commences on the Commencement Date is a day date other than the first day of a calendar the month, or if Minimum Rent and other charges for the Lease Term terminates on a day other than period commencing with and including the last Commencement Date through the first day of a calendar month, then the Base Rent payable for such partial following month shall be appropriately prorated at the rate of one-thirtieth (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 basis Premises. This amount will be 1/12 of a thirty 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 (30)-day month. Upon 10) days after the signing of this Lease. Each year Landlord will produce any insurance, real estate tax and assessment bills to the Tenant to show how the estimated taxes and insurance were computed as Additional Rent. In the event of 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 underage due from Tenant in either case within thirty (30) days of the delivery of the bills to Tenant as herein provided.
2.1.1 There will be an amount equal increase in the Minimum Rent starting on the first anniversary of the lease if the Consumer Price Index increases over the immediately preceding year. Minimum Rent specified in this lease shall be subject to increase in accordance with changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-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. 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 anniversary date of each year of the 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 items, or if a substantial change is made in the method of establishing such Consumer Price Index shall be adjusted to the Base Rent figure that would have resulted had no change occurred in the manner of computing such Consumer Price Index, or a successor or substitute index, is not available, a reliable governmental or other nonpartisan publication, evaluating the information for use in determining the first full calendar month Consumer Price Index, shall be used in lieu of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthConsumer Price Index.
Appears in 2 contracts
Samples: Lease (Radiation Therapy Services Holdings, Inc.), Lease (Radiation Therapy Services Inc)
Rent. 3.1 Tenant shall pay base rent (referred to Landlord herein as “Base Rent” or “Rent”) to Hitachi and HTS at the place 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 amounts as rent for the Premises:
(a) Commencing as Lease Year. Landlord shall inform Tenant of the annual adjusted Rent Commencement Date 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 15th day of each and thereafter every month during the Lease Term, without any set-off or deduction whatsoever, except that Tenant shall pay to Landlord, as the first full monthly rent, installment at the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as time of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) execution of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay the Term commences other than on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar yearmonth or ends other than on the last day of the month, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant the Rent for such calendar month shall be prorated. All of any sums and payments due and owning under this Lease shall be deemed “Rent.” For purposes of this Lease, a lease year shall be based on such late or revised estimate, as the case may be, twelve (12) month period commencing with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate first day of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after month following the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings Commencement Date (or, in if the absence Commencement Date falls on the first day of such concurrencea month, such overstatement is confirmed by commencing on the Commencement Date) and ending on the last day of the twelfth (12th) full calendar month thereafter, and each succeeding twelve (12) calendar month period (a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing“Lease Year”), and this Lease shall then Landlord shall pay to Tenantterminate, Tenant’s reasonable cost unless extended, on the last day of conducting the audit twentieth Lease Year (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000the “Expiration Date”). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for the payment of any consumption tax in connection with the transactions contemplated by this Agreement and any refund of all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end or any portion of the term occurs consumption tax shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such terminationretained by Tenant.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar month.
Appears in 2 contracts
Samples: Lease Agreement (Opnext Inc), Lease Agreement (Opnext Inc)
Rent. 3.1 Tenant shall agrees to pay all Rent to Landlord the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, Term at the base rent specified times and in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used manner provided in this Lease, “rent” shall mean and include all without demand, set-off or counterclaim. The Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof Rent shall be calculated due and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to payable on the first day of each calendar year during month, commencing on the Lease Commencement Date and continuing thereafter throughout the Term, or as soon thereafter as practicable, Landlord shall give . Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue hereby agrees to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears Rent to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location address as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty herein (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism address as may be designated by Landlord from time to time) monthly in advance. If the date upon which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments payment of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlordcommences, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day is other than the first day of a calendar month, month or if the this Lease Term terminates on a day other than the last day of a calendar month, then the installments of the Base Rent payable for such partial month or months shall be appropriately prorated on a daily basis and the basis 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 a thirty five percent (30)-day month5%) of such amounts due shall become due and payable in addition to the amounts due. Upon signing this LeaseSaid service charge is for the purpose of reimbursing Landlord for the extra costs and expenses in connection with the handling and processing of late payments. In addition to such service charge, if any Base Rent payment is not paid by the tenth (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 an amount equal to may have for nonpayment of Rent and other sums payable under this Lease. If three (3) consecutive monthly Base Rent payments or any ten (10) [in total, cumulative from the beginning of the Term] monthly Base Rent payments during the Term (or any renewal or extension thereof) are not received by Landlord within ten (10) days of the due date, the Base Rent hereunder shall automatically become due and payable by Tenant 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 first full calendar month of such quarterly Base Rent payments shall be due and payable on the first day of the Term in which monthly Base Rent is payable, which amount next succeeding month and on the first day of every third (3rd) month thereafter. This remedy shall be cumulative of any other remedies of Landlord shall apply to the Base Rent under this Lease for such first full calendar monthnonpayment of Rent.
Appears in 2 contracts
Samples: Commercial Lease Agreement, Commercial Lease Agreement (CareView Communications Inc)
Rent. 3.1 Tenant shall agrees to pay to Landlord the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On advance on or before the first day of each month during such ensuing calendar yearthe Base Rent, Tenant shall pay subject to Landlordadjustment as hereinafter provided, as monthly rentwithout demand, one twelfth of such estimated amounts. If such notice is not given deduction or set off, for any calendar year, Tenant shall continue to pay on the basis each month of the prior calendar year’s estimate until entire Lease Term. One such monthly installment ("Installment") together with the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year Security Deposit shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) due and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord in accordance with paragraph 3.3 hereof, and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant a like monthly installment shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books due and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, without demand on or before the first day of each and every calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one-thirtieth (1/30) of the current monthly Base Rent for each day of the 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 provisions hereof, is not received within five (5) days after the due date thereof, without noticein any way implying Landlord's consent to such late payment, demandTenant, deduction or offsetto the extent permitted by law, agrees to pay, in lawful money addition to said installment of the United States Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of Americathe 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 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 instructs and Tenant expressly covenant and agree that in the event 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 damages and does not constitute interest. Notwithstanding the foregoing, the foregoing late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to the provisions of this Lease.
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 all such monthly rent 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 address specified therefor 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 Basic Lease Informationoccurrence of any event of default by Tenant, or to such other person or at such other place as Landlord may (but shall not be obligated to), from time to time designate in writingtime, without prejudice to any other remedy, apply the Security Deposit to any arrearage of Rent or to any other damage, injury, expense or liability caused to Landlord by such event of default. Landlord shall have Following any such application of the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this LeaseSecurity Deposit, Tenant shall pay to Landlord an on demand the amount so applied to restore the Security Deposit to its original amount. If Tenant is not then in default hereunder, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant within thirty (30) days after the expiration of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit.
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 Base 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 credited against future payments of Rent for thereafter first accruing hereunder. If no such further Rent accrues hereunder, said excess sums shall be 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 first full calendar month of correct Rent shall be deemed to be other 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. Landlord may accept such check or payment without prejudice to Landlord's right to recover the Term balance or to pursue any other remedy in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monththis Lease or otherwise provided by law or equity.
Appears in 2 contracts
Samples: Lease Agreement (Accord Networks LTD), Lease Agreement (Accord Networks LTD)
Rent. 3.1 Tenant Rental and other charges due and payable hereunder shall pay accrue hereunder from the Rental Commencement Date until the termination of this lease and shall be payable to Landlord Clearwater Retail Partners, LLC at the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred mailing address unless otherwise directed by Landlord in such calendar year.
(writing: c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term/o 000 Xxxxxxxx Xxxxxx, Tenant shall pay to LandlordXxxxxxxxxx, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this LeaseXxxxxxx 00000.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof first monthly installment shall be calculated due and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during Rental Commencement Date (except that if the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences Rental Commencement Date falls on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month first payment shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to that percentage of monthly installment which the Base Rent number of days from the Rental Commencement Date to the end of such calendar month bears to the total number of days in such month) and a like installment, unless adjusted upward as provided below, shall be due and payable without notice on or before the first day of each succeeding calendar month during the Term. Unless otherwise specifically provided for in this lease, the covenant of Tenant to pay all rents hereunder is and shall be deemed a separate and independent covenant and Tenant shall have no right of deduction or set-off whatsoever. It is agreed that after the First Lease Year and during the Lease Term and Option Periods, Minimum Guaranteed Rental shall be computed as follows: Multiply the Minimum Guaranteed Rental provided for in Article 1.1 (g) by a fraction, the numerator of which is the Consumer Price Index established for the first full calendar last preceding December, 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 new Minimum Guaranteed Rental payable to Landlord by Tenant during each month of the ensuing Lease Year; and if the product thus ascertained is equal to or less than the Minimum Guaranteed Rental, the total monthly rental payable to Landlord by Tenant during each month of the ensuing Lease Year shall be the Minimum Guaranteed Rental payable under Article 1.1 (g). The total Minimum Guaranteed Rental for each Lease Year after the First Lease Year during the Lease Term shall be recomputed in which monthly Base Rent is payableaccordance with the above stated formula as soon as practicable after the end of each Lease Year of this lease. Notwithstanding the foregoing, which amount Landlord the adjustment annually will always be based upon a minimum increase of 1% and maximum increase of 2% annually. The foregoing annual increases shall apply to the Base Rent for such first full calendar monthbe cumulative.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement (First State Financial Corp/Fl)
Rent. 3.1 Tenant Daily Rent shall pay be due on all Advances made by Lessor pursuant to Landlord any Acceptance Certificate and shall accrue from the following amounts as rent for the Premises:
(a) Commencing as earlier of the Advance Date or the Acceptance Date of any item of Equipment at the Daily Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified set forth in the Basic Lease Information applicable Acceptance Certificate multiplied by the number of days from (and including) the “Base Rent”).
earlier of the Advance Date or the Acceptance Date to (bbut not including) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated due and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before on the first day of each month until the Commencement Date. The 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 in the Equipment Schedule has a corresponding yield relationship to the U.S. Treasury obligation and with the closest equivalent maturity as the applicable Lease Basic Term as reported in The Wall Street Journal on the date of, and quoted in, Lessor's Proposal Letter, and consequently, the Basic Rent, Lease Rate Factor, and Stipulated Loss Values (and Renewal Rent, if applicable) may be adjusted upward by the Lessor on the date of preparation 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 ensuing calendar yeardate in the reported yield of the U.S. Treasury obligation, Tenant shall pay with the equivalent term of the U.S. Treasury obligation quoted in the Proposal Letter (or the closest term to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice original U.S. Treasury obligation in the event an identical term issue is not given for reported, and in the event that two or more comparison Treasury obligations are quoted with identical maturities, then with the "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 calendar yearEquipment Schedule, Tenant Basic Rent shall continue begin to pay accrue on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) Commencement Date and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) due and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based Lessee on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction period (advance) or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day (arrears) of a calendar montheach period, then as set forth in the Base applicable Equipment Schedule. In addition to the Basic Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Leaseand Daily Rent, Tenant Lessee shall pay to Landlord 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 amount equal to the Base Rent absolute and unconditional obligation of Lessee which may not be abated or offset for the first full calendar month of the Term any reason whatsoever as provided in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthSection 10 hereof.
Appears in 2 contracts
Samples: Master Lease Agreement (Convio, Inc.), Master Lease Agreement (Convio, Inc.)
Rent. 3.1 Tenant shall pay to Landlord Commencing upon the following amounts as Ground Lease Commencement Date, the initial rent for the Premises:
Site (a“Rent”) Commencing as shall be [***] per annum, payable in equal installments of the Rent Commencement Date and [***] per month, adjusted upward every five (5) years thereafter during the Lease Term, Tenant shall pay Initial Term and during any Extended Term by a percentage equal to Landlord, as monthly rent, the base rent specified in greater of [***] or the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s CPI Percentage Share Increase (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Termdefined below), but in no event more often to exceed an adjustment during any Adjustment Period (as defined below) of greater than once in any one [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (15) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant period thereafter shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows defined herein as an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (“Adjustment Period.” Any upward adjustment based on a 40 hour work week 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 1st day of the month and including wages and benefits) multiplied shall be payable by the reasonable number 15th day of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference that month, provided however, that: (a) the first payment of less than five percent (5%), then Tenant Rent shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated due on the basis which Ground Lease Commencement Date and, if the number of days from the commencement of such calendar year to and including the Ground Lease Commencement Date is a date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day 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 a calendar the month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty ; and (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for b) the first full calendar payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Term in which monthly Base Rent is payableEstimated CPI Percentage Increase, which amount Landlord shall apply to the Base Rent for such first full calendar monthif any.
Appears in 2 contracts
Samples: Ground Lease Agreement (Venture Global, Inc.), Ground Lease Agreement (Venture Global, Inc.)
Rent. 3.1 Tenant 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 Landlord Franchisor, for participation in the following amounts as rent for PayPoint Network, transaction fees in the Premises:
(a) Commencing as 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 Rent Commencement Date and thereafter month following the month in which such fees were incurred during the Lease Termterm of this Addendum. Provided, Tenant shall pay however, that if Franchisee installs and ICR device at the Facility prior to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Termoperates it thereafter, Tenant Franchisee shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of no fees for participation in the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of PayPoint Network for the first twelve months following the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share 50% of the total dollar amount applicable fees for the balance of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts term of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” Agreement. The term "Commencement Date" shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to date on which the first day of each calendar year during "live" Transaction, that is, a Transaction involving a Cardholder at the Lease TermFacility, or as soon 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, and thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On on or before the first day of each month during such ensuing calendar yearthe term of this Addendum, Tenant 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 (PayPoint 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 Landlord, as monthly rent, one twelfth of such estimated amountsin this Addendum. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If Franchisor terminates this Addendum at any time it appears 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 Landlord that terminate this Addendum at the amounts payable under sections 3.1(bend 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 3.1(cto hold Franchisor harmless from all sales or use taxes and other similar taxes (including interest, penalties and additions to tax) hereof for imposed upon or with respect to charges or the current calendar year will vary from Landlord’s estimateuse of any loaned property. Franchisee shall furnish to Franchisor, Landlord maypromptly upon request, by giving written notice any documentation, which in Franchisor's discretion is required to Tenantevidence the payment of any tax, revise its estimate for such calendar yearincluding, but not limited to, official receipts of the appropriate taxing authorities, copies of tax returns and canceled checks. If Landlord delivers its estimate after this is the initial PayPoint agreement between Franchisee and Franchisor, on the first day of a calendar yearthe thirteenth month following the Commencement Date, or if Landlord revises its estimate for a calendar yearFranchisee shall have the option, then upon no less than thirty (30) giving Franchisor at least 30 days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimatenotice, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior terminate this Addendum; to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which downgrade the number of days from PayPoint Electronic Cashiers (Island CardReaders), if applicable; to downgrade to the commencement of such calendar year Paypoint Cashier only (ARCOmatic terminal), if applicable; or the downgrade to and including the date on which the PayPoint Authorization Terminal (low end of the term occurs bears to three hundred sixty five (365terminal device). Termination Any downgrading of this Lease shall not affect the obligations of Landlord equipment is at Franchisee's sole cost and Tenant pursuant to section 3.2(b) hereof to be performed after such terminationexpense.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar month.
Appears in 2 contracts
Samples: Contract Dealer Gasoline Agreement (Discovery Investments Inc), Contract Dealer Gasoline Agreement (Discovery Investments Inc)
Rent. 3.1 Tenant shall pay to Landlord Commencing upon the following amounts as Ground Lease Commencement Date, the initial rent for the Premises:
Site (a“Rent”) Commencing as shall be [***] per annum, payable in equal installments of the Rent Commencement Date and [***] per month, adjusted upward every three (3) years thereafter during the Lease Term, Tenant shall pay Initial Term and during any Extended Term by a percentage equal to Landlord, as monthly rent, the base rent specified in greater of [***] or the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s CPI Percentage Share Increase (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Termdefined below), but in no event more often to exceed an adjustment for any Adjustment Period (as defined below) of greater than once in any one [***]. The period of time from the Ground Lease Commencement Date through the date three years thereafter, and each three (13) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant period thereafter shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows defined herein as an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (“Adjustment Period.” Any upward adjustment based on a 40 hour work week 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 1st day of the month and including wages and benefits) multiplied shall be payable by the reasonable number 15th day of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference that month, provided however, that: (a) the first payment of less than five percent (5%), then Tenant Rent shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated due on the basis which Ground Lease Commencement Date and, if the number of days from the commencement of such calendar year to and including the Ground Lease Commencement Date is a date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day 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 a calendar the month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty ; and (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for b) the first full calendar payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period, in order to permit the Term Tenant to calculate and include the CPI Adjustment as provided in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthSection 4.2.
Appears in 2 contracts
Samples: Ground Lease Agreement (Venture Global, Inc.), Ground Lease Agreement (Venture Global, Inc.)
Rent. 3.1 Tenant shall pay to Landlord 4.01 From and after the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease TermDate, Tenant shall pay to Landlord, as monthly rentwithout any setoff or deduction, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used unless expressly set forth in this Lease, “rent” shall mean and include all Base Rent and Additional Rent due for the Term (collectively referred to as “Rent, ”). “Additional Rent” means all additional rent and all other amounts payable by sums (exclusive of Base Rent) that Tenant in accordance with is required to pay Landlord under this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) . Tenant shall pay and 3.1(c) hereof be liable for all rental, sales and use taxes (but excluding income taxes), if any, imposed upon or measured by Rent. Base Rent and recurring monthly charges of Additional Rent shall be calculated due and paid payable in accordance with the following procedures:
(a) Within thirty (30) days prior to advance on the first day of each calendar year during month without notice or demand, provided that the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice installment of Landlord’s estimate Base Rent attributable to the first (1st) full calendar month of the amounts Term shall be due concurrently with the execution of this Lease by Tenant. All other items of Rent shall be due and payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On on or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statementbilling by Landlord. Failure by Landlord Rent shall be made payable to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receivethe entity, and Tenant’s obligation sent to paythe address, the amounts payable that Landlord designates and shall be made by Tenant under sections 3.1(b) good and 3.1(c) hereofsufficient check or by other means acceptable to Landlord. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant return to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to at any given period more than one hundred twenty time within fifteen (12015) days after receiving same, any payment of Rent (a) made following any Default (irrespective of whether Landlord has commenced the exercise 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 delivered the written statement pertaining to such periodbeen received or approved by Landlord. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows Tenant does not pay any Rent when due hereunder, Tenant shall pay Landlord an aggregate overstatement of Operating Expenses owed by Tenant administration fee in the amount of five percent (5%) of the past due amount. Notwithstanding the foregoing, Landlord will not assess a late charge until Landlord has delivered written notice to Tenant of such late payment for the first late payment in any twelve (12) month period and after Tenant has not cured such late payment within three (3) days from receipt of such notice. No other notices will be required during the following twelve (12) months for a late charge to be incurred. In addition, past due Rent shall accrue interest at a rate equal to the lesser of (i) twelve percent (12%) per annum or more (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 exceeds the legal limits imposed, any non-principal payment (including the administration fee) shall be considered to the extent permitted by Law to be an expense or a fee, premium or penalty, rather than interest. Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference acceptance of less than five percent (5%)the correct amount of Rent shall be considered a payment on account of the oldest obligation due from Tenant hereunder, then Tenant to any current Rent then due hereunder, notwithstanding any statement to the contrary contained on or accompanying any such payment from Tenant. Rent for any partial month during the Term shall be responsible for all costs 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 review.
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) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination termination of this Lease or the entry of judgment against Tenant for possession of the Premises; or (d) the exercise of any other remedy by Landlord, shall not cure the Default, reinstate the Lease, grant any relief from forfeiture, continue or extend the Term, or otherwise affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments or constitute a waiver of Landlord’s estimates right to or exercise of amounts payable under sections 3.1(b) and 3.1(c) hereof) any remedy, including Landlord’s right to Landlord, in advance, on or before the first day of each and every calendar month during terminate the Lease Term, without notice, demand, deduction or offset, in lawful money and recover possession of the United States Premises; provided, however, the full payment of America. Landlord instructs Tenant all amounts required to pay all such monthly rent cure any Monetary Default shall operate to cure said Default if paid within the address specified therefor time period provided in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, . The foregoing constitutes actual notice to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthprovisions of California Code of Civil Procedure §1161.1(c).
Appears in 2 contracts
Samples: Office Lease Agreement (ForgeRock, Inc.), Office Lease Agreement (ForgeRock, Inc.)
Rent. 3.1 Tenant shall pay to Landlord Commencing upon the following amounts as Ground Lease Commencement Date, the initial rent for the Premises:
Project Site (a“Rent”) Commencing as shall be [***], payable in equal installments of the Rent Commencement Date and [***] per month, adjusted upward every five (5) years thereafter during the Lease Term, Tenant shall pay Initial Term and during any Extended Term by a percentage equal to Landlord, as monthly rent, the base rent specified in greater of [***] or the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s CPI Percentage Share Increase (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Termdefined below), but in no event more often to exceed an adjustment during any Adjustment Period (as defined below) of greater than once in any one [***]. The period of time from the Ground Lease Commencement Date through March 11, 2024, and each five (15) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant period thereafter shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows defined herein as an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (“Adjustment Period.” Any upward adjustment based on a 40 hour work week 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 1st day of the month and including wages and benefits) multiplied shall be payable by the reasonable number 15th day of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference that month; provided however, that (i) the first payment of less than five percent (5%), then Tenant Rent shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated due on the basis which Ground Lease Commencement Date and, if the number of days from the commencement of such calendar year to and including the Ground Lease Commencement Date is a date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day 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 a calendar the month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty ; and (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for ii) the first full calendar payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period, in order to permit the Term in which monthly Base Rent is payableTenant to calculate the CPI Percentage Increase, which amount Landlord shall apply to the Base Rent for such first full calendar monthas set forth below.
Appears in 2 contracts
Samples: Ground Lease Agreement (Venture Global, Inc.), Ground Lease Agreement (Venture Global, Inc.)
Rent. 3.1 Tenant shall pay to Landlord the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as minimum monthly rent, without ---- deduction, setoff, prior notice, or demand, the base rent specified Basic Monthly Rent described in Paragraph 2.6, above (subject to adjustment as provided in the Basic Lease Information (the “Base Rent”attached Addendum).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each calendar month, beginning on the Rent Commencement Date and every calendar month during thereafter throughout the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base the Rent hereunder commences on a day Commencement Date is other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Basic Monthly Rent payable by Tenant for such partial the first month of the Term following the Rent Commencement Date (which first month shall be appropriately payable upon execution of this Lease) shall be prorated on the basis of a thirty (30)-day the actual number of days during the Term occurring during the relevant month. Upon signing this LeaseNotwithstanding the foregoing, if Landlord is delayed in completion of Landlord's Work due to any act or omission by Tenant shall pay to Landlord an amount equal or its agents, employees, contractors, or representatives, then in addition to the Base Basic Monthly Rent payable for the first full calendar 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 which monthly Base Rent accordance with this Paragraph. Tenant's space planner or architect may consult with Landlord's space planner or architect regarding that 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 payable, which amount Landlord shall apply a change to the Base Building necessitating such verification. If Landlord's space planner or architect determines that the Rentable Area of the Premises or the Building is different from that stated in this Lease, all Rent for such first full calendar monththat is based on that incorrect amount shall be modified in accordance with that determination. If that determination is made, it shall be confirmed in writing by Landlord to Tenant.
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. 3.1 (a) Tenant shall pay to Landlord the following amounts as rent rental for the Premises:
(a) Commencing as Premises during each year of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord amount set forth in Section 1(h) hereof and Tenant the amount determined pursuant to section 3.2(bSection 3(d) hereof to during any extension period. Such rental shall be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before in equal monthly installments upon the first day of each and every calendar month during throughout the Lease Term, without notice, demand, deduction or offset, in lawful money Term of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease; provided, regardless of Tenant’s designation of such paymentshowever, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences that if the lease Term shall commence on a day other than the first day of a calendar month, month or if the Lease Term terminates shall end on a day other than the last day of a calendar month, then the Base Rent payable rental for such partial first or last fractional month shall be appropriately prorated on such proportion of the basis monthly rental as the number of days in such fractional month bears to the total number of days in the calendar month.
(b) Rent and all other charges hereunder shall promptly be paid without prior demand therefor and without deductions or setoffs for any reason whatsoever, except as expressly herein provided, and overdue rent and any other sums payable by Tenant to Landlord hereunder shall bear interest during delinquency until paid at a thirty rate of interest equal to [***] in excess of the “Prime Rate” published from time to time by The Wall Street Journal (30)-day monthhereinafter referred to as the “Interest Rate”). Upon signing this LeaseIn addition, if any payment of rent is not paid when due, Tenant shall pay to Landlord an amount a late charge equal to the Base Rent for the first full calendar month [***] of the Term in which monthly Base Rent is payable, which amount each late payment. Landlord shall have no obligation to accept less than the full amount of all installments of rental and interest thereon and all charges hereunder which are due and owing by Tenant to Landlord, and if Landlord shall accept less than the full amount owing, Landlord may apply the sums received towards any of Tenant’s obligations at Landlord’s discretion. Notwithstanding the foregoing, Tenant shall not be required to pay the late charge or the interest provided for therein on up to two (2) occasions during each calendar year, provided such payments are made to Landlord within ten (10) days after Tenant’s receipt of written notice that the same are past due.
(c) Landlord’s failure to timely xxxx Tenant shall 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.
(d) Tenant agrees that all Basic Rental and additional rent (collectively “Rent”) due under this Lease shall be paid to Landlord by (i) check mailed to the Base Rent for address set forth in Section 1 (o) hereof or such first full calendar monthother address as Landlord shall designate by written notice to Tenant, (ii) wire transfer of immediately available funds, or (iii) electronic funds transfer.
Appears in 2 contracts
Samples: Lease Agreement (Rocket Companies, Inc.), Lease Agreement (Rocket Companies, Inc.)
Rent. 3.1 Tenant shall pay to Landlord Commencing on July 1st, 2007, through the following amounts as rent for the Premises:
(a) Commencing as last day of the Rent Commencement Date and thereafter during the Lease Termlease term, Tenant shall pay to Landlord, as monthly rentrental for the Premises, the base rent specified in the Basic Lease Information sum of Seven Hundred Dollars & No Cents (the “Base Rent”).
(b$700.00) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amountsper month. If such notice the commencement date is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, the prorated rental from commencement date to the first day of next month is $23.33 per day payable on or if before the commencement date. In addition, Tenant will have the right to extend this Lease Term terminates on a day other than month-to- month basis after the last term of this lease during which any annual increase in the 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 calendar grace period. If all rent is not paid on or before the 5th day of the month, then the Base Rent payable 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 each rent check returned unpaid, and delinquent charges shall accrue as if check had not been given until such partial month check is made good. Notwithstanding any notations on a check all payments by Tenant shall be appropriately prorated applied first to 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 and Landlord agree that all rights of 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 obligations are expressly conditioned on prompt payment of rent, and use of the basis premises by Tenant is conditioned on prompt payment of a rent. After the term of this lease, Landlord shall provide to tenant at least thirty (30)-day month. Upon signing this Lease, Tenant shall pay 30) days written notice prior to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthany rent increase.
Appears in 2 contracts
Samples: Commercial Lease Agreement (Signal Advance Inc), Commercial Lease Agreement (Signal Advance Inc)
Rent. 3.1 Tenant (a) Lessee shall pay to Landlord rent during the following amounts term of this Lease comprising a monthly reservation fee (the "Monthly Reservation Fee"), plus a base rent amount ("Base Rent"), as rent for the Premisesfollows:
(ai) Commencing as the Monthly Reservation Fee shall be (A) *** per month during the first year of the Rent Commencement Date term hereof; and thereafter (B) *** per month during the Lease Term, Tenant shall pay to Landlord, as monthly rent, second and third years of the base rent specified in the Basic Lease Information (the “Base Rent”).term hereof; and
(bii) Commencing as the Base Rent shall be (A) *** per month during the first year of the Commencement Date and thereafter during each calendar year or part thereof term hereof; (B) *** per month during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) second year of the total dollar amount of all Operating Expenses term hereof; and (as hereinafter definedC) paid or incurred by Landlord in such calendar year.
(c) Commencing as *** per month during the third year of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all term hereof. The Base Rent, all additional rent the Monthly Reservation Fee, the Acquired Site Rent, the Excess Site Rent (defined below), and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant the Discovered Site Rent (defined below), are collectively referred to sections 3.1(b) and 3.1(c) hereof as "Rent" as adjusted. Rent shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to advance on a monthly basis, commencing on the first full day of each the full calendar year during month first occurring after the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) Effective Date and 3.1(c) hereof for the ensuing calendar year. On or before continuing on the first day of each month thereafter during such ensuing calendar yearthe term hereof. The Base Rent, Tenant Monthly Reservation Fee and Acquired Site Rent shall pay be owed by Lessee to LandlordLessor 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 monthly rent, one twelfth of such estimated 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 such notice is not given for any calendar yearLessee occupies a number of Sites in excess of the applicable Site Commitment, Tenant shall continue Lessee will be obligated to pay Lessor rent for all such excess Sites (the "Excess Site Rent") on the basis 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 Section 3(c), the applicable portion of the prior calendar year’s estimate until Rent otherwise owed for such Site shall not be owed, commencing effective on the month after date on which such notice is givenSite became a Removed Site hereunder. If at any time it appears to Landlord that a Site becomes a Removed Site as provided herein under the amounts payable under sections 3.1(bcircumstances described in: (i) and 3.1(c) hereof for Section 1(d), then the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate applicable portion of the Rent for such calendar year. If Landlord delivers its estimate after Removed Site shall be reduced in an amount equal to the first day greater of a calendar yearthe Arch Rate, or if Landlord revises its estimate for as a calendar yearresult of such removal and lack of a Replacement Site Lessee relocates to a Functionally Equivalent non-Lessor site, then upon no less than thirty (30) days prior written notice subsequent payments the average of the Arch Rate and the rate paid by Tenant Lessee for such calendar year 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 based 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 late space or revised estimatesite is not then described in and subject to a Site Schedule as a Site under this Lease but was occupied by Lessee before the Effective Date (a "Discovered Site"), Lessor or Lessee, as the case may be, with an appropriate adjustment will provide prompt notice in writing to the amount other party of such subsequent payments Discovered Site, together with a description of the equipment thereon. If at such thattime Lessee has met the minimum Site Commitment, prior Lessee shall be required to pay rent for such Discovered Site to Lessor ("Discovered Site Rent") for the period beginning retroactively to the end of such calendar year or portion thereof during Effective Date until Lessee removes its equipment from the Lease TermDiscovered Site, Tenant shall have paid Landlord’s entire estimate at a monthly rate equal to (1) 75% of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement Arch Rate if Lessee first notifies Lessor of the amounts payable under sections 3.1(bDiscovered Site, or (2) and 3.1(c) hereof for such calendar year certified by Landlord125% of the Arch Rate if Lessor first notifies Lessee of the Discovered Site. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within Within thirty (30) days after delivery following the date a party provides written notice hereunder of a Discovered Site, Lessee, at its option, must either remove the subject equipment and restore such statementDiscovered Site to its original condition, normal wear, tear and Casualty excepted, or enter into a Site Schedule for such Discovered Site. Failure 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 Landlord wire transfer or ACH credit to give 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 notice applicable late fee) is not received when due, Lessor has the option to charge a late fee equal to 5/6% per month of the amount due, but no such late fee will apply to reasonably disputed charges.
(f) Lessee shall pay all sales or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receiveuse taxes, fees, and Tenant’s obligation assessments applicable to pay, Rent or as a direct result of Lessee's equipment being located on or Lessee's use of the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease TermLeased Premises, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall Lessee be responsible for all costs any local, state or federal capital levy, franchise tax, or revenue tax on profits of such reviewLessor.
(cg) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end As part of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of consideration hereunder, throughout the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation Lessee shall provide at no charge to Lessor, ten (10) two-way paging devices and related paging services in the 50,000 character/month per device (with $.0006 character/month charge for excess usage). The use of such payments, devices will be subject to satisfy any obligations of Tenant hereunder, in such order Lessee's standard terms and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthconditions.
Appears in 2 contracts
Samples: Master Antenna Site Lease (Global Signal Inc), Master Antenna Site Lease (Global Signal Inc)
Rent. 3.1 Tenant shall pay Lessor agrees to Landlord make an initial cash payment to Lessor of $1,250,000.00 upon the following amounts as rent for the Premises:
(a) Commencing as execution of the Rent Commencement Date this Mining Lease. This payment and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the payments of annual base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date pursuant to this Section 4 are nonrefundable and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred not be recovered by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required Lessee from royalties to be paid by Tenant under to Lessor during the term of the Mining Lease. In addition to paying the initial cash payment of $1,250,000.00 to Lessor, Lessee agrees to pay to Lessor base rent of $225,000.00 per year for the first five years of this Mining Lease and $337,500.00 per year for the second five years of this Mining Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 . The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof first annual rental payment shall be calculated and paid in accordance made concurrently with the following procedures:
(a) Within thirty (30) days prior $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 day of each calendar year during the Lease Termten years hereof, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant Lessee shall continue to pay annual base rent pursuant to this Section 4 for the first ten years hereof unless on the basis date a rent payment is due (i) uranium mining in all or any portion of the prior calendar year’s estimate until State of New Mexico that includes the month after such notice is given. If at Property has been banned by any time it appears to Landlord that governmental authority, (ii) the amounts payable under sections 3.1(b“Uranium Sale Price” (as defined in Section 6.A (2)) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant$25 per pound, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(bor (iii) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant engineering firm has determined that it would be uneconomic to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered mine uranium deposits on the written statement pertaining to such periodProperty. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which After the end of the term occurs 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 prorated 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 rent paid for the same lease year. All rent payments shall be made on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination anniversary of this Mining Lease shall not affect by wire transfer to the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e.bank account designated by Lessor, monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlordor by certified check, in advance, drawn on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the a United States of America. Landlord instructs Tenant bank, payable to pay all such monthly rent Lessor and sent to Lessor by certified mail to the address specified therefor provided for in the Basic Section 30. After Active Exploitation of Mineral Deposits permanently ceases and while Lessee is engaged in reclamation, restoration, decommissioning and decontamination activities required by this Mining Lease Informationand/or by Applicable Laws, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord Lessee shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s no obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthannual base rent.
Appears in 2 contracts
Samples: Uranium Mining Lease (Uranium Resources Inc /De/), Uranium Mining Lease (Neutron Energy, Inc.)
Rent. 3.1 (a) Tenant shall pay to Landlord the following amounts Landlord, as rent for the Premises:Leased Premises during the Term, the Basic Rent in advance, on the 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 wire transfer in immediately available federal funds by 3:00 p.m., New York time, on the date due, to such account in such bank as Landlord shall designate from time to time. In the event that the Closing Date is a date other than the first Business Day of a calendar month, the Basic Rent 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.
(ab) Commencing 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 Rent Commencement Date and thereafter during the Lease Termsame is due, Tenant shall pay to Landlord, on demand, as monthly rentAdditional Rent, interest on such installment from the base rent specified 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 one percent (1%) 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 Lease Information Rent in any calendar year, such late charge shall not be due and payable unless the Basic Rent has not been paid within five (5) days following the “Base Rent”).
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 (b) Commencing as considering all of the Commencement Date circumstances existing on the date of the execution of this Lease) and thereafter during each calendar year or part thereof during a fair and reasonable estimate of the Lease Term, Tenant shall pay to Landlord, as additional rent, costs that Landlord will incur by reason of Tenant’s Percentage Share (as hereinafter defined) failure to pay such amounts on time. Tenant and Landlord further agree that proof of actual damages would be costly and inconvenient. Acceptance of any late charge shall not constitute a waiver of the total dollar amount of all Operating Expenses (as hereinafter defined) paid default with respect to the overdue Basic Rent or incurred by Additional Rent payment and shall not prevent Landlord in such calendar year.
(c) Commencing as from exercising any of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar yearother rights available hereunder.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant agree that this Lease is a true lease and does not represent a financing arrangement. Each party shall pay reflect the transactions represented by this Lease in all monthly rent applicable books, records and reports (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Termincluding, without noticelimitation, demand, deduction or offset, income tax filings) in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other manner consistent with “true lease” treatment rather than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar month“financing” treatment.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement (Chefs' Warehouse, Inc.)
Rent. 3.1 Tenant shall pay to Landlord Commencing upon the following amounts as Ground Lease Commencement Date, the initial rent for the Premises:
Site (a“Rent”) Commencing as shall be [***] per annum, payable in equal installments of the Rent Commencement Date and [***] per month, adjusted upward every five (5) years thereafter during the Lease Term, Tenant shall pay Term by a percentage equal to Landlord, as monthly rent, the base rent specified in greater of [***] or the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s CPI Percentage Share Increase (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Termdefined below), but in no event more often to exceed an adjustment during any Adjustment Period (as defined below) of greater than once in any one [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (15) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant period thereafter shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows defined herein as an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (“Adjustment Period.” Any upward adjustment based on a 40 hour work week 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 1st day of the month and including wages and benefits) multiplied shall be payable by the reasonable number 15th day of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference that month; provided, however, that: (x) the first payment of less than five percent (5%), then Tenant Rent shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which Ground Lease Commencement Date and, if the number of days from the commencement of such calendar year to and including the Ground Lease Commencement Date is a date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar the month, or if the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Term terminates on Commencement Date and the next following first day of the month; (y) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period in order to permit the Tenant to calculate the CPI Percentage Increase, as set forth below; and (z) the last payment of Rent shall be in a prorated amount for the period of time between the immediately preceding first day other than of the month and the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthTerm.
Appears in 2 contracts
Samples: Ground Lease Agreement (Venture Global, Inc.), Ground Lease Agreement (Venture Global, Inc.)
Rent. 3.1 Tenant shall pay to Landlord the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent Base Rent and Additional Rent (i.e.defined below) (collectively, monthly installments “Rent”) to Landlord or Landlord’s agent, without prior notice or demand or any setoff or deduction (except as otherwise provided herein), at the place Landlord may designate from time to time, in money of the United States of America that, at the time of payment, is legal tender for the payment of all obligations. As used herein, “Additional Rent” means all amounts, other than Base Rent, that Tenant is required to pay Landlord hereunder. Monthly payments of Base Rent and monthly installments payments of Landlord’s estimates of amounts payable under sections 3.1(bAdditional Rent for Expenses (defined in Section 4.2.2), Taxes (defined in Section 4.2.3) and 3.1(cparking (collectively, “Monthly Rent”) hereof) to Landlord, shall be paid in advance, advance on or before the first day of each and every calendar month during the Lease Term; provided, without noticehowever, demand, deduction or offset, in lawful money that the installment of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in for which monthly Base Rent is payablepayable hereunder shall be paid upon Tenant’s execution and delivery hereof. Except as otherwise provided herein, which all other items of Additional Rent shall be paid within 30 days after Landlord’s request for payment. Rent for any partial calendar month shall be prorated based on the actual number of days in such month. Without limiting Landlord’s other rights or remedies, (a) if any installment of Rent is not received by Landlord or its designee within five (5) business days after its due date, Tenant shall pay Landlord a late charge equal to 5% of the overdue amount Landlord (provided, however, that such late charge shall not apply to any such delinquency unless either (i) such delinquency is not cured within five (5) business days after notice from Landlord, or (ii) Tenant previously received notice from Landlord of a delinquency that occurred earlier in the Base same calendar year); and (b) any Rent for such first full calendar monththat is not paid within 10 days after its due date shall bear interest, from its due date until paid, at the lesser of 18% per annum or the highest rate permitted by Law (defined in Section 5). Tenant’s covenant to pay Rent is independent of every other covenant herein.
Appears in 2 contracts
Samples: Office Lease (Apigee Corp), Office Lease (Apigee Corp)
Rent. 3.1 In consideration of this lease, Tenant shall promises and agrees to pay to Landlord the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified Basic Rental defined in the Basic Lease Information (the “Base Rent”).
(bsubject to adjustment as hereinafter provided) Commencing as without deduction or setoff, for each month of the Commencement Date and thereafter during each calendar year or part thereof during entire lease term. One such monthly installment together with the Lease Term, Tenant security deposit shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance to Landlord contemporaneously with the execution of this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) lease, and 3.1(c) hereof a like monthly installment shall be calculated due and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to payable without demand beginning on the first day of each the calendar year during month following the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate expiration of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing first full calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) lease term and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, continuing thereafter on or before the first day of each and every succeeding calendar month during the Lease Termterm hereof. Rent for any fractional month at the beginning of the lease term shall be prorated based on one three hundred sixty-fifth (1/365) of the current annual Basic Rental for each day of the partial month this lease is in effect, and shall be due and payable on or before the date on which Tenant certifies that it has accepted the premises pursuant to Paragraph 2 hereof. In the event any installment of the Basic Rental, or any other sums which become owing by Tenant to Landlord under the provisions hereof is not received within ten (10) days after the due date thereof (without noticein any way implying Landlord’s consent to such late payment), demandTenant, deduction or offsetto the extent permitted by law, agrees to pay, in lawful money addition to said installment of the United States Basic Rental or such other sums owed, a late payment charge equal to ten percent (10%) of Americathe 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 other sums which become owing by Tenant to Landlord hereunder. Landlord instructs 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 all to Landlord, at the maximum rate of interest permitted by law to be charged Tenant for the use or forbearance of such monthly rent to the address specified therefor money. The security deposit (as defined in the Basic Lease Information) shall be held by Landlord without liability for interest and 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 rental or to such other person or at such other place as a measure of Landlord’s damages in case of default by Tenant. Upon the occurrence of any event of default by Tenant, Landlord may may, from time to time designate in writingtime, 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. Landlord shall have Following any such application of the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Leasesecurity deposit, Tenant shall pay to Landlord an on demand the amount equal so applied in order to restore the security deposit to its original amount. If Tenant is not then in default hereunder, any remaining balance of such deposit shall be returned by Landlord to Tenant within a reasonable period of time after the termination of this lease. If Landlord transfers its interest in the premises during the lease term, Landlord may assign the security deposit to the Base Rent the transferee and thereafter shall have no further liability for the first full calendar month return of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthsecurity deposit.
Appears in 2 contracts
Samples: Office Building Lease Agreement, Office Building Lease Agreement (Rackspace Inc)
Rent. 3.1 (a) Tenant shall pay to Landlord the following amounts as rent for the Premises:
(ai) Commencing as of During the Rent Term, commencing on the Commencement Date and thereafter during the Lease TermDate, Tenant shall pay to Landlord, as base monthly rent, the base respective amounts of monthly rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of . If the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences should occur on a day other than the first day of a calendar month, or if the Lease Term terminates shall end on a day other than the last day of a calendar month, then the Base Rent payable for such partial fractional month shall be appropriately prorated on the upon a daily basis of based upon a thirty (30)-day month. Upon signing this LeaseBase Rent is due and payable monthly, Tenant shall pay to Landlord an amount equal to in advance, on the first day of each calendar month, except that Base Rent for the first full calendar month of the Term in which monthly (the “First Month”) shall be paid upon execution of this Lease. If the Commencement Date occurs on a day other than the first day of a calendar month, Base Rent is payablefor the period from the Commencement Date through the end of said calendar month shall be due and payable on the Commencement Date, which amount Landlord shall apply to and the Base Rent payable upon execution of this Lease shall be credited against the Base Rent due for such the First Month as of the first full day of the First Month. Adjustments in Base Rent specified in the Basic Lease Information shall be determined on a Lease Year basis. As used herein, the term “Lease Year” shall mean a twelve calendar monthmonth 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 the one year anniversary of the Commencement Date occurs, with each successive Lease Year specified in the Basic Lease Information to run for a period of the next succeeding twelve months, other than and except for the final Lease Year specified in the Basic Lease Information which shall commence as hereinabove provided and which shall run through the Expiration Date notwithstanding the actual number of days included in said period.
Appears in 2 contracts
Samples: Office Lease (ThredUp Inc.), Office Lease (ThredUp Inc.)
Rent. 3.1 Tenant shall pay to Landlord the following amounts as rent for the Premises:
(a) Commencing Rent and other payments payable by tenants, licensees, concessionaires, and other persons using or occupying the 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 Commencement attributable to periods prior to the Closing Date and thereafter during Purchaser will be entitled to Rent attributable to periods from and after the Lease TermClosing Date, Tenant shall pay to Landlord, all as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).more particularly set forth below:
(b) Commencing 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 the Closing Date, shall be applied in the following order of priority (after deduction of actual out-of-pocket costs of collection paid by Seller to third parties): (i) first, to Rent due from such tenant for the month in which the Closing occurs prorated between Seller and Purchaser as of the Commencement Date Closing Date, and thereafter (ii) second, to the extent the applicable tenant shall be in arrears for any Rent due for periods of time prior to the calendar month during each calendar year or part thereof which the Closing occurs (“Rent Arrears”), then Rent collected from such tenant during the Lease Term, Tenant calendar month in which the Closing occurs shall pay be applied to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of Rent Arrears due from such tenant for the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar yearmonths preceding the month during which the Closing occurs.
(c) Commencing 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 Closing occurs, prorated between Seller and Purchaser as of the Commencement Date Closing Date; and (iii) third, thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day balance of each calendar year during the Lease Term, Rent Arrears due then to Seller from such tenant. Any sums owed to Seller or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimatePurchaser, as the case may be, with an appropriate adjustment pursuant to the amount of such subsequent payments such that, prior foregoing shall be paid to the end of party entitled hereunder to receive such calendar year or portion sum within fifteen (15) days following receipt thereof during by the Lease Term, Tenant other party. Purchaser shall have paid Landlord’s entire estimate deliver to Seller by the twentieth (20th) day of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such first full calendar year.
(b) Within a reasonable time month after the end of each calendar yearClosing and every month thereafter through the twelfth (12th) month following the Closing, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(bcollection status of each Rent Arrear until the collection of all Rent Arrears. For one (1) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than following the estimated payments for such calendar year previously made by TenantClosing, Landlord Seller shall credit have the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenantright, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Termupon reasonable notice, but in no event more often than once in any one such twelve (112) year month period, Tenant or its authorized employee or representative 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 inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant negotiate settlements with tenants who have Rent Arrears as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office it may determine in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statementgood faith; provided that, if Tenant utilizes an independent accountant at its sole cost and expense (A) Seller shall have the unrestricted right to perform 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 reviewtenant in Seller’s sole discretion including, then such accountant 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 one prorated between Purchaser and Seller for the Lease Year (as defined below) in which the Closing occurs in proportion to the relative periods of national standing which is reasonably acceptable ownership of Seller and Purchaser during such Lease Year, with an adjustment to Landlord which shallbe made post-Closing upon completion of each applicable Lease Year to account for any Percentage Rent paid after Closing Date occurs. As used herein, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given the term “Lease Year” means the twelve (12) month period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in as to tenants for which the absence of such concurrenceClosing occurs during a partial Lease Year, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism applicable shorter period) as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base annual Percentage Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthowed under each Lease.
Appears in 2 contracts
Samples: Purchase and Sale Agreement (Morgans Hotel Group Co.), Purchase and Sale Agreement (Pebblebrook Hotel Trust)
Rent. 3.1 Tenant shall pay to Landlord Commencing upon the following amounts as Ground Lease Commencement Date, the initial rent for the Premises:
Project Site (a“Rent”) Commencing as shall be [***] per annum, payable in equal installments of the Rent Commencement Date and [***] per month, adjusted upward every five (5) years thereafter during the Lease Term, Tenant shall pay Initial Term and during any Extended Term by a percentage equal to Landlord, as monthly rent, the base rent specified in greater of [***] or the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s CPI Percentage Share Increase (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Termdefined below), but in no event more often to exceed an adjustment during any Adjustment Period (as defined below) of greater than once in any one [***]. The period of time from the Ground Lease Commencement Date through March 14, 2024, and each five (15) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant period thereafter shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows defined herein as an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (“Adjustment Period.” Any upward adjustment based on a 40 hour work week 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 1st day of the month and including wages and benefits) multiplied shall be payable by the reasonable number 15th day of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference that month; provided, however, that (i) the first payment of less than five percent (5%), then Tenant Rent shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated due on the basis which Ground Lease Commencement Date and, if the number of days from the commencement of such calendar year to and including the Ground Lease Commencement Date is a date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day 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 a calendar the month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty ; and (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for ii) the first full calendar payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period, in order to permit Tenant to calculate the Term in which monthly Base Rent is payableCPI Percentage Increase, which amount Landlord shall apply to the Base Rent for such first full calendar monthas set forth below.
Appears in 2 contracts
Samples: Ground Lease Agreement (Venture Global, Inc.), Ground Lease Agreement (Venture Global, Inc.)
Rent. 3.1 (a) Tenant shall pay to Landlord the following amounts as rent rental for the Premises:
(a) Commencing as Premises during each year of the Rent Commencement Date and thereafter during the term of this Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(cset forth in Paragraph 1(g) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant Such rental shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before in equal monthly installments upon the first day of each and every calendar month during throughout the Lease Term, without notice, demand, deduction or offset, in lawful money term of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease; provided, regardless of Tenant’s designation of such paymentshowever, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences that if the lease term shall commence on a day other than the first day of a calendar month, month or if the Lease Term terminates shall end on a day other than the last day of a calendar month, then the Base Rent payable rental for such partial first or last fractional month shall be appropriately prorated on such proportion of the basis monthly rental as the number of a thirty (30)-day days in such fractional month bears to the total number of days in the calendar month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent The installment of Rental for the first full calendar month of the Term term during which Rental is payable hereunder shall be paid by Tenant to Landlord on or before 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 reason whatsoever, except as expressly herein provided, and overdue rent and any other sums payable by Tenant to Landlord hereunder shall bear interest during delinquency until paid at a rate of interest equal to [***] in which monthly Base Rent is payable, which amount excess of the “Prime Rate” published from time to time by The Wall Street Journal (hereinafter referred to as the “Interest Rate”). Landlord shall have no obligation to accept less than the full amount of all installments of rental and interest thereon and all charges hereunder which are due and owing by Tenant to Landlord, and if Landlord shall accept less than the full amount owing, Landlord may apply the sums received towards any of Tenant’s obligations at Landlord’s discretion.
(c) Landlord’s failure to timely xxxx Tenant shall 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. Notwithstanding the provisions of Paragraph 4(c) hereof, if Landlord fails to include any charge in Expenses or Taxes or otherwise xxxx the same to Tenant within two (2) years after such Expense, Tax or cost is incurred, such Expense, Tax or cost shall not be payable by Tenant.
(d) Tenant agrees that all Rental and additional rent (collectively “Rent”) due under this Lease shall be paid by check to Landlord mailed to the Base Rent for address set forth in Paragraph l(n) hereof or such first full calendar monthother address as Landlord shall designate by written notice to Tenant.
Appears in 2 contracts
Samples: Lease (Rocket Companies, Inc.), Lease (Rocket Companies, Inc.)
Rent. 3.1 Tenant shall pay to Landlord Commencing upon the following amounts as Ground Lease Commencement Date, the initial rent for the Premises:
Site (a“Rent”) Commencing as shall be [***] per annum, payable in equal installments of the Rent Commencement Date and [***] per month, adjusted upward every five (5) years thereafter during the Lease Term, Tenant shall pay Initial Term and during any Extended Term by a percentage equal to Landlord, as monthly rent, the base rent specified in greater of [***] or the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s CPI Percentage Share Increase (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Termdefined below), but in no event more often to exceed an adjustment during any Adjustment Period (as defined below) of greater than once in any one [***]. Each five (15) year period, Tenant or its authorized employee or representative shall have period following the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant Ground Lease Commencement Date shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows defined herein as an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (“Adjustment Period.” Any upward adjustment based on a 40 hour work week 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 1st day of the month and including wages and benefits) multiplied shall be payable by the reasonable number 15th day of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference that month, provided however, that: (a) the first payment of less than five percent (5%), then Tenant Rent shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated due on the basis which Ground Lease Commencement Date and, if the number of days from the commencement of such calendar year to and including the Ground Lease Commencement Date is a date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day 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 a calendar the month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty ; and (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for b) the first full calendar payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Term in which monthly Base Rent is payableEstimated CPI Percentage Increase, which amount Landlord shall apply to the Base Rent for such first full calendar monthif any.
Appears in 2 contracts
Samples: Ground Lease Agreement (Venture Global, Inc.), Ground Lease Agreement (Venture Global, Inc.)
Rent. 3.1 Tenant shall (a) The Ground Lessee agrees to pay to Landlord the following amounts as rent for the Premises:
(a) Commencing as Ground Interest to the Ground Lessor on May 8 and November 8 of the Rent Commencement Date and thereafter each year during the Site Lease Term, Tenant shall pay to Landlord, as monthly rentuntil the date that is the 60th anniversary of the Closing Date ("Predetermined Ground Rent Expiration Date"), the base amount of $193,000.00, ----------------------------------------- for the semiannual period ending on such date; provided that the first payment of rent shall be prorated from the beginning of the 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 for the Ground Interest shall be the amount specified in above for the Basic Lease Information (Ground Interest multiplied by the “Base Rent”)Unit Percentage for the Unit that continues to be subject to the Facility Lease.
(b) Commencing as If the Site Lease Term is in effect after the later of the Commencement last day of the 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 thereafter during 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 they shall fail to agree, by the Appraisal Procedure, the costs of which shall be shared equally by the Ground Lessor and the Ground Lessee. Such annual rent shall be payable semi-annually in arrears on each calendar year or part thereof May 8 and November 8 during the remainder of the Site Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional All rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof partial semi-annual period during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term Site Lease Term occurs shall be prorated on the basis which of the actual number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthsemi-annual period.
Appears in 2 contracts
Samples: Participation Agreement (Dynegy Danskammer LLC), Site Lease Agreement (Dynegy Danskammer LLC)
Rent. 3.1 (a) Tenant shall pay to Landlord Adjusted Rental, which is the following amounts as rent for the Premises:
(a) Commencing as sum of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rentBasic Rental, the base rent specified monthly Excess Operating Expenses and the monthly Excess Taxes (as defined in the Basic Lease Information (the “Base Rent”Information).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred estimated by Landlord from time to time, in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord monthly installments in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before advance on the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis in lawful money of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears United States to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, at its address set forth above (or such other address as Landlord may, by giving written notice shall designate in writing to Tenant) without notice or demand and without any abatement, revise its estimate deduction or set-off, for each month of the entire Term, except as expressly set forth herein. One such calendar yearmonthly installment, shall be payable by Tenant to Landlord upon the execution of this Lease. If Landlord delivers its estimate after A like monthly installment shall be due and payable without demand beginning on the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year month immediately following the month in which the end of the term Commencement Date occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, continuing thereafter on or before the first day of each and every succeeding calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money . Rent for any fractional month at the beginning of the United States Lease Term shall be prorated based on one-three hundred sixty-fifth (1/365) of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor current annual Basic Rental for each day of the partial month this Lease is in effect, and shall be due and payable on or before the first day of the calendar month immediately following the month in which the Commencement Date occurs.
(b) During the Term of this Lease, the Basic Rental shall be increased at the beginning of each lease year as shown in the Basic Lease InformationTerms above. The dates described in this Section for computing the adjustment in Basic Rental are hereinafter sometimes referred to collectively as “Rental Adjustment Dates” and singularly as a “Rental Adjustment Date”. After each Rental Adjustment Date, the rent as increased shall be deemed the Basic Rental for all purposes of this Lease.
(c) If all of any sum due under this Lease is not received within five (5) days after written notice from Landlord that it is due, then Tenant, to the extent permitted by law, shall pay, in addition to the sum owed, a late payment charge equal to ten percent (10%) of the sum (or portion thereof) which is overdue. If a check remitted to such other person or at such other place as pay any sum due to Landlord hereunder shall not be honored upon presentment for payment, then Tenant in addition to the amount owed, shall pay to Landlord on demand a fee of ten percent (10%) of the amount owed. Following the dishonor of any check presented for payment, Landlord may from require all further payments to be made hereunder to be made by certified check or money order. Also, if Landlord does not receive any Adjusted Rental or fails to pay any sum (other than Adjusted Rental) which at any time becomes due to time designate in writing. Landlord shall have under any provision of this Lease as and when the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant same becomes due hereunder, in such order and amounts as Landlordthen, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for either such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Leaseevent, Tenant shall pay Landlord interest on such overdue amounts from the due date thereof until paid at a eighteen percent (18%) annual rate (the “Past Due Rate”). All late payment charges and fees for dishonored checks are to reimburse Landlord for additional costs and expenses which Landlord presently expects to incur in connection with the handling and processing of late or dishonored payments. Provision for such late charge, interest or fee for dishonor shall be in addition to all other rights and remedies available to Landlord an amount equal hereunder or at law or in equity and shall not be construed as liquidated damages or limiting Landlord’s remedies in any manner and shall not excuse or cure the default in payment.
(d) Tenant’s covenants and obligations to pay Adjusted Rental and all additional rental (collectively, the Base Rent for the first full calendar month “Rent”) hereunder are unconditional and independent of the Term any other covenant or condition imposed on either Landlord or Tenant, whether under this Lease, at law or in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthequity.
Appears in 2 contracts
Samples: Office Building Lease Agreement (Vivint Solar, Inc.), Office Building Lease Agreement (Vivint Solar, Inc.)
Rent. 3.1 Tenant (a) During the Term of this Lease, LAPA shall pay to Landlord County an amount each Lease Year as Rent hereunder which shall be equal to the following amounts as rent for the Premises:
Direct Operating Costs paid by County during such Lease Year subject to subparagraph (ac) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”)below.
(b) Commencing as On or before November 15 of each Lease Year during the Term hereof, County and LAPA shall confer with respect to a proposed budget of Direct Operating Costs expected to be incurred by County during the succeeding fiscal year of the Commencement Date County. The negotiations between LAPA and thereafter during 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 calendar year 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 part thereof during before the following March 1. The budget for the succeeding Lease Year which is approved by LAPA and County is referred to herein as the “Approved Budget”. If, after good faith negotiations, County and LAPA are unable to agree upon an Approved Budget for any Lease Year, the Approved Budget for such Lease Year shall be the Approved Budget for the immediately preceding Lease Year, 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 Lease TermYear commencing July 1, Tenant shall pay to Landlord2004, as additional rent, Tenant’s Percentage Share (as hereinafter defined) provides for anticipated Direct Operating Costs of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar yearnot more than $ 2,049,000.
(c) Commencing as County will deliver to LAPA quarterly reports on the Direct Operating Costs paid in the preceding quarter of each Lease Year. If it appears that, in any Lease Year, Direct Operating Costs will exceed the amount of the Commencement Date Approved Budget, County will give Notice thereof to LAPA and thereafter confer with LAPA in good faith with respect to possible methods to reduce such Direct Operating Costs. Should Direct Operating Costs exceed the Approved Budget during each calendar year or part thereof during any Lease Year, LAPA’s obligation to reimburse the Lease TermCounty for all Direct Operating Costs under subparagraph (a) above will be limited to no more than 5 percent above the Approved Budget, Tenant shall pay unless LAPA agrees to Landlord, as additional rent, Tenant’s Percentage Share reimburse such expenditures in advance of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar yeartheir occurring.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used Nothing in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant obligate County to section 3.2(b) hereof provide services to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, or incur expenditures on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money behalf of the United States of America. Landlord instructs Tenant Property until and unless funds to pay all provide such monthly rent to the address specified therefor services or incur such expenditures are appropriated in the Basic County Budget by the Board of Supervisors; provided, however, the Director shall in each Lease Information, Year in good faith use his or her best efforts to such other person or at such other place as Landlord may obtain appropriations from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless Board of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable Supervisors which will be identified for such partial month shall purposes and be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay sufficient to Landlord an amount equal enable County to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthfulfill its obligations hereunder.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
Rent. 3.1 Tenant shall pay to Landlord the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant Concessionaire shall pay, without offset, deduction, prior notice, or demand, as additional rent"Minimum Annual Rent” the sum of $$ (annual rent guarantee as bid) or (percentage as bid)% of gross annual receipts, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance whichever sum is greater. Beginning with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(bContract Year Six (6) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to on the first day of each calendar year during fifth Contract Year thereafter, the Lease TermMinimum 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 as soon thereafter as practicablemoney order is returned to State due to insufficient funds or otherwise, Landlord State shall give Tenant have the right, at any time after the return, upon written notice of Landlord’s estimate to Concessionaire, to require Concessionaire to make all subsequent payments in cash or by cashier's or certified check. Beginning with the fifteenth (15th) day of the amounts payable under sections 3.1(b) month following the execution of the Contract and 3.1(c) hereof for the ensuing calendar year. On on or before the first fifteenth (15th) day of each month during 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 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 ensuing calendar yearstatement for periods of non-operation. Concurrent with such monthly statement, Tenant the Concessionaire shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay State the appropriate rental fee based on the basis gross receipts for the preceding calendar month as prescribed above. Payments to State shall be made to the order of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) Department of Parks and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment Recreation and delivered to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project District Office identified herein below or at such other location as Landlord may designatefrom time to time be designated by State. If, at the end of the Contract Year, the total of monthly percentage rental payments made (or due) during that Contract Year is less than the Minimum Annual Rent required for that Contract Year, the difference shall be remitted to State with the last monthly sales statement for the purpose Contract Year. Payments must be received by State on or before the fifteenth (15th) day of verifying the information in such statement; provided thatmonth as described above. Any late payment shall constitute a breach of contract, if Tenant utilizes giving rise to State's remedies as set forth below. Further, any late payment will be subject to a late penalty consisting of an independent accountant to perform such reviewadministrative charge on the late amount, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered calculated at the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant rate of five percent (5%) of the amount of the late payment or more portion thereof. The parties agree that the late charge represents a fair and Landlord’s auditors concur in such findings (orreasonable 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, in nor prevent State from exercising the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord 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 TenantState, Tenant’s reasonable cost of conducting if not paid within five (5) days following the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed due date, will bear interest from the due date until paid at the hourly payroll cost rate of those employees to Tenant ten percent (based 10%) per year. However, interest shall not be payable on a 40 hour work week and including wages and benefits) multiplied late charges incurred by Concessionaire. Payment of interest shall not excuse or cure any default by Concessionaire. Upon written request by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If Concessionaire to State demonstrating unusual or extenuating circumstances causing the Lease Term ends on a day other than the last day of a calendar yearlate payment, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as LandlordState, in its sole discretion, may electwaive the late charge. Further, in the event Concessionaire is prevented from carrying on the operations contemplated herein by reason of 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 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 Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day this Contract is terminated by State because of a calendar monthConcessionaire's default, and if Concessionaire becomes liable for any deficiency in rent and/or fees by way of damages or otherwise, or if at any time during the Lease Term terminates on a day other than Contract term Concessionaire ceases to conduct in the last day of a calendar monthPremises the business referred to herein below, then from and after the Base Rent payable for such partial month time of the breach causing this termination, or from and after the time of the cessation of business, all unpaid rent and/or fees prior to the breach causing termination or cessation of business shall become due and payable. The amount due shall be appropriately prorated on deemed to be the greater of: (a) the Minimum Rent provided herein, or (b) an amount based upon the average of the payments that have accrued to State as percentage rent during the twenty-four (24) months preceding the termination or cessation of business, 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 used as the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthaverage.
Appears in 2 contracts
Samples: Concession Contract, Concession Contract
Rent. 3.1 Tenant shall Lessee will pay to Landlord the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord mayLessor, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offsetwire transfer, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to America which shall be legal tender for the payment of public and private debts, at Lessor's address specified therefor set forth in the Basic Lease Information, or to such other person Article 30 hereof or at such other place or to such other Person as Landlord may Lessor from time to time may designate in writing. Landlord 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 Date until the calendar quarter ending December 31, ___ shall have equal the right annual amount of Initial Fixed Rent set forth on Exhibit C and 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 apply payments received any Lease Year which is less than four calendar quarters and as to any partial calendar quarter;]
(a) The Rent payable in each calendar quarter [insert for Newly-Developed Hotels and Newly-Renovated Hotels: from Tenant pursuant January 1, ___ until the end of the 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 this Leaseany Lease Year which is less than four calendar quarters and as to any partial calendar quarter; plus
(ii) an amount of percentage rent ("Percentage Rent"), regardless of Tenant’s designation calculated for each calendar quarter, equal to the Period Revenues Computation through the end of such paymentscalendar quarter for the applicable Lease Year, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences which amount shall be payable on a day other than or before the first fifteenth (15th) day of a the following calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month quarter. The Period Revenues Computation shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the sum of, for the applicable Lease Year, (i) 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 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. The [Initial Fixed Rent and the] Base Rent shall accrue pro rata during each calendar quarter of a Lease Year. However, the amount of [Initial Fixed Rent or] Base Rent payable for the first full three calendar month quarters of a Lease Year shall equal the annual amount of [Initial Fixed Rent or] Base Rent multiplied by a fraction, the numerator of which is the amount of the Term in Lessee's budgeted Gross Revenues for such calendar quarter and the denominator of which monthly is the amount of the Lessee's budgeted Gross Revenues for such Lease Year. The amount of [Initial Fixed Rent or] Base Rent is payablepayable for the fourth calendar quarter of such Lease Year shall equal the annual amount of [Initial Fixed Rent or] Base Rent, which less the aggregate amount Landlord shall apply to the of [Initial Fixed Rent or] Base Rent payments made by the Lessee for the first three calendar quarters of such first full Lease Year. There shall be no reduction in Base Rent regardless of the result of the Period Revenues Computation. If the Term begins or ends in the middle of a calendar monthyear, then the number of calendar quarters falling within the Term during such calendar year shall constitute a separate Lease Year. In that event, the First Annual Room Revenues Break Point and the Second Annual Room Revenues Break Point shall be multiplied by a fraction equal to (x) the number of calendar quarters (including partial calendar quarters) in the Lease Year divided by (y) four.
Appears in 2 contracts
Samples: Lease Agreement (Hersha Hospitality Trust), Lease Agreement (Hersha Hospitality Trust)
Rent. 3.1 Tenant Resident, in return for the use and occupancy of the Premises and in consideration of the covenants and agreements contained herein, shall pay to the Landlord the following amounts as sum of $ 5,460.00 (total amount due for Term) without offset or deduction. The first installment of rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses $_455.00 (as hereinafter definedmonthly installment amount) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated due no later than August 1st, 2016 and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before continuing on the first day of each month during such ensuing calendar yearthereafter through July 31st, Tenant shall pay to Landlord2017, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year rent shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlordpaid, in advance, in monthly installments equal to installment due on or before 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 close of business on the first day of each and every calendar month during month. If the Lease Term, without notice, demand, deduction or offset, in lawful money 1st of the United States month falls on a holiday observed by The Pointe at U of AmericaI 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 a late fee of 5% of the total monthly rental amount per month beginning on the 2nd day of the month and continuing until the Resident’s account is at $0 (zero) balance which shall be treated as additional rent. Such late charges are assessed as liquidated damages to Landlord instructs Tenant for the additional expense of administering late rent payments, and not as a penalty. Checks tendered for rent shall be made payable to The Pointe at U of I. In the event Resident elects to pay the rent by check, Resident shall pay Landlord a fee of thirty- five dollars ($35) for any check which otherwise fails to clear issuer’s bank as liquidated damages for charges incurred by Landlord by reason of any 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 addition to any late charges resulting from the check's failure to clear. The 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 such monthly subsequent rent to the address specified therefor in the Basic Lease Informationand other amounts due hereunder shall be by money order, certified check or to such other person or at such other place cashier’s check, as Landlord may from time to time designate in writing. Landlord shall have the right and option of no longer accepting personal checks from the Resident. In addition, Landlordreserves the right at any time during the Term hereof to apply payments received from Tenant pursuant to this Leasespecify and demand a particular form of payment for all monies due, regardless whether such form of Tenantpayment by money order, certified check or cashier’s designation check, provided however, Landlord shall give Resident and Guarantor no less than fifteen (15) days advance notice of such paymentselection by Landlord. Landlord shall at all times have the right to 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 satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may electapplying the same to the current monthly rent. If Xxxxxx’s obligation the payment tendered by Resident fails to pay Base Rent hereunder commences on a day other than cover the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar monthtotal charges outstanding, then Resident shall immediately pay the Base Rent payable for such partial month shall be appropriately prorated on the basis difference, plus any late charge incurred by virtue of a thirty (30)-day month. Upon signing this Lease, Tenant shall Resident's failure to timely pay all sums due from Resident to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthLandlord.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
Rent. 3.1 Tenant shall pay to Landlord the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant date that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining Sublease Commencement Date (“ Rent Commencement Date ”), Subtenant shall, without deduction, demand, notice from Sublandlord, or right of offset, pay to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent Sublandlord for each month during the Sublease Term as annual basic rent (5%“ Basic Rent ”) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which amount set forth in the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base following table: Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the Commencement Date through first day of each and every calendar month during following calendar month in which anniversary of Rent Commencement Date occurs (such period, “First Lease Year”) $ 13,306.88 12- month period following expiration of First Lease Year (“Second Lease Year”) $ 13,706.08 the period following Second Lease Term, without notice, demand, deduction or offset, Year through Sublease Expiration Date $ 14,117.26 All payments of Basic Rent shall be made in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunderStates, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences advance on a day other than the first (1 st ) day of a each calendar monthmonth during the Sublease Term, or if the Lease Term terminates on a day other than first payment of Basic Rent to be made as of the last day date this Sublease is executed and applied against the first Basic Rent due hereunder. Payments in respect of a period less than a full calendar month, then the Base Rent payable for such partial month shall be appropriately prorated based on the basis actual number of a thirty days in such month during the Sublease Term.
(30)-day month. Upon signing this Leaseb) Commencing on November 1, Tenant 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 an amount equal with respect to the Base Rent for Passthrough Rent. Subtenant shall have no right to dispute the first full calendar month of Operating Expenses and Tax Expenses once the Term same is agreed upon by or adjudicated, pursuant to any dispute mechanism is set forth in which monthly Base Rent is payablethe Lease or applicable at law, by Sublandlord and Landlord. The obligations to make payments hereunder, which amount Landlord shall apply obligations arise during and relate to the Base Rent for such first full calendar monthperiod prior to termination or expiration of this Sublease, shall survive the termination or expiration of this Sublease.
Appears in 2 contracts
Samples: Sublease Agreement (Northwest Biotherapeutics Inc), Sublease Agreement (Northwest Biotherapeutics Inc)
Rent. 3.1 5.1 Commencing on the first day of the fourth full month of the Term (‘‘Rent Commencement Date”) Tenant shall pay to Landlord the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any without notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant demand or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offsetset-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 instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person 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 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 time to time designate and be payable by Tenant hereunder (for default in writing. the payment of which Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless same remedies as for a default in the payment of Tenant’s designation 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 day of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may electeach calendar month thereafter during the Term. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day the Commencement Date is other than the first day of a calendar month, or if Basic Rent for the Lease Term terminates on a day first partial month shall be pro-rated and shall be paid with the installment of Basic Rent due for the fourth (4th) full month of the Term. If the Expiration Date is other than the last day of a calendar month, then the Base Basic Rent payable for such partial the last month shall be appropriately prorated on the basis pro-rated. If any installment of Basic Rent remains unpaid for a thirty (30)-day month. Upon signing this Leaseperiod 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 Landlord an amount 4% of said installment [except that such late charge will not be imposed on the first late installment] and (ii) interest thereon at a rate equal to the Base Rent for lesser of 2% per annum above the first full calendar month rate from time to time announced by Bank of America or any successor thereto in Baltimore as its “prime rate” or the Term in maximum legal rate then prevailing, from the date on which monthly Base Rent such installment or payment is payable, which amount Landlord shall apply due to the Base Rent for date of payment thereof, and such first full calendar monthinterest shall be deemed to be Additional Rent.
Appears in 2 contracts
Samples: Lease Agreement (Cerecor Inc.), Lease Agreement (Cerecor Inc.)
Rent. 3.1 Tenant shall pay to Landlord During the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rentrent for the Premises and the Tangible Assets and the Intangible Assets, the base rent specified in the Basic Lease Information sum of Forty Thousand (the “Base Rent”).
(b$40,000.00) Commencing as of the Commencement Date and thereafter during Dollars for each calendar year or part thereof during the Lease Termmonth, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to on the first (1st) day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(bmonth ("Base Rent") and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar yearmonth. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year Term shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based commence on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates shall end on a day other than the last day of a calendar month, then the Base Rent payable for such partial first or last fractional month shall be appropriately prorated such proportion of the monthly Base Rent as the number of days in such fractional month for which rent is payable bears to the total number of days in such calendar month, and such rent for a fractional month shall be payable on or before the basis first (1st) day of a thirty (30)-day the calendar month following such fractional month. Upon signing this LeaseAbsolutely no rent or other charge shall be payable by or due from Tenant for any period prior to the Commencement Date. In addition to the Base Rent, Tenant shall pay to Landlord 30% of Tenant's "Net Profits" from Tenant's business operations at the Premises calculated on a monthly basis ("Percentage Rent"). The determination of Net Profits shall be made by Tenant's independent certified public accounting firm and shall be binding on Landlord, except for obvious errors. Exhibit B hereto lists certain guidelines to be followed by Tenant's independent certified public accounting firm in determining Net Profits for the purposes of this Lease. Tenant shall provide Landlord with monthly sales and income statements not later than the 20th day of each calendar month for the immediately preceding calendar month. Percentage Rent will be due on the first day of the calendar month after the statement of sales and income has been provided by Tenant to Landlord. Tenant’s accounting firm shall provide a certified statement of the Net Profits to Landlord on an amount equal annual basis within 60 days of the close of Tenant’s fiscal year. On November 1, 2010 (or the first anniversary of the Commencement Date if the Commencement Date is later than November 1, 2009), Tenant shall pay to Landlord the sum of One Hundred Thousand ($100,000) Dollars as additional rent ("Additional Rent," the Base Rent, Percentage Rent and Additional Rent are sometimes referred to collectively herein as "Rents"). If any Rents are not paid within five (5) days after the due date and Landlord notifies Tenant, in writing, that such Rents have not been paid when due, then a late fee of 5% of the Rents which have not been paid when due shall be added to the Base Rent for Rents if the first full calendar month Rents are not sent to Landlord via overnight courier within two (2) business days after receipt by Tenant of the Term notice from Landlord. In the event this Lease is terminated, cancelled, annulled, or voided, then all unearned rent and other charges paid in which monthly Base Rent is payable, which amount advance by Tenant shall be promptly refunded by Landlord shall apply to the Base Rent for such first full calendar monthTenant.
Appears in 1 contract
Rent. 3.1 (a) The Tenant shall pay all rent and other charges to Landlord be paid by the following amounts as rent for Tenant hereunder to the Premises:
(a) Commencing as Authority at the office of the Rent Commencement Date Authority in Richmond, Virginia, or to such other individual, firm or corporation and thereafter during at such other place as may be designated by the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”)Authority.
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, The Tenant shall pay to Landlorda monthly rent (the "Monthly Rent") without notice, as additional rentdemand or setoff during the term hereof based upon an initial rental rate of $20.16 per square foot per year, Tenant’s Percentage Share (as hereinafter defined) creating a total annual rent of $13,628.16. No reduction or increase in rent shall be available for non-material discrepancies in actual square footage. During the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar yearfirst Lease Year the Monthly Rent shall be $1,135.68 per month.
(c) Commencing as The Monthly Rent is to be payable in advance on the fifth day of the Commencement Date and thereafter during each calendar year or part thereof month during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid term hereof without notice or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money demand and charges required without setoff and it is to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with received at the following procedures:
Authority's offices within five (a) Within thirty (305) days prior to after the first day of each calendar year during rental month. If the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of Monthly Rent is not received in the amounts payable under sections 3.1(bAuthority's office within five (5) and 3.1(c) hereof for the ensuing calendar year. On or before days after the first day of each month during such ensuing calendar yearrental month, there shall be imposed upon the Tenant shall pay a late charge equal to Landlord, as 5% of the monthly rent, one twelfth of such estimated amountsrental amount. If such notice the Commencement Date is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first fifth day of a calendar month, or if the Lease Term terminates Tenant shall pay on a day other than the last fifth day of the first calendar month following the Commencement Date a calendar month, then proportionate amount of the Base monthly Rent payable for the period of time from the Commencement Date to the date on which such partial month first monthly payment is due.
(d) All amounts and charges in addition to the Monthly Rent required to be paid by the Tenant in accordance with the terms hereof shall be appropriately prorated on deemed to be additional rent (the basis of a thirty (30)-day month"Additional Rent"). Upon signing Such amounts or charges, if not paid at the time provided in this Lease, Tenant shall pay to Landlord an amount equal to be collectible as Additional Rent with the Base Rent for the first full calendar month next installment of the Term in which monthly Base Rent is payablerent due and payable hereunder; provided, which amount Landlord however, that nothing herein contained shall apply be deemed to suspend or delay the Base Rent time for such first full calendar monthany payment to be made by the Tenant hereunder or to limit any other remedy of the Authority.
Appears in 1 contract
Samples: Lease Agreement (Insmed Inc)
Rent. 3.1 Tenant shall Section 2.01. The Lessee covenants and agrees to pay to Landlord the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly Lessor a minimum rent, the base rent specified in the Basic Lease Information (the hereinafter called “Base Rent”).
, for said Premises, payable in equal monthly installments of (b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter definedFAIR MARKET VALUE) paid or incurred by Landlord in such calendar year.
(c) Commencing as the first of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof month. Rent for any partial month shall be calculated prorated and paid on the first of that month. All monthly payments are due and payable in accordance with the following procedures:
(a) Within thirty (30) days prior to advance on the first day of each calendar month, without demand, deduction, counterclaim or setoff.
Section 2.02. The Lessee shall pay as additional rent to the Lessor a pro rata share of any increase over: (i) the annual fiscal year during 2021 real estate taxes and other municipal or public assessments (excluding assessments for water and sewer which shall be paid by Lessee pursuant to Section 3.01 hereof) levied against the land and building of which the Demised Premises are a part, and any increase over (ii) the annual calendar year 2019 operating expenses for the land and building of which the Demised Premises are a part. Lessee’s pro rata share of any such increases shall be calculated by multiplying the dollar amount of the increase by a fraction the numerator of which is the rentable square footage in the Demised Premises and the denominator of which is the total rentable square footage in the entire building. The additional rent computed under this Section 2.02 shall be prorated should this Lease Term, commence or as soon thereafter as practicable, Landlord terminate before: (i) the end of any fiscal tax year for that portion related to taxes; or (ii) the end of any calendar year for that portion related to operating expenses. The Lessee shall give Tenant pay to Lessor such additional rent within fifteen (15) days after written notice from Lessor to Lessee that it is due. Upon request of Landlord’s estimate Lessor, Lessee shall make monthly payments of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before additional rent on the first day of each month during such ensuing calendar year, Tenant shall pay equal to Landlord, as monthly rent, one one- twelfth (1/12) of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such thatadditional rent last paid by Lessee or as reasonably projected by Lessor to be due from Lessee, prior with a final accounting and payment for each tax and operating period to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously be made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery written notice from Lessor of the exact amount of such statementadditional rent. Failure by Landlord In the event taxes on the Demised Premises, based upon which Lessee shall have paid additional rent, are subsequently reduced or abated, Lessee shall be entitled to give any notice or statement receive its pro rata share, calculated as set forth above, of the amount abated, provided that the amount of the rebate allocable to Tenant under this section 3.2 Lessee shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have exceed the right to inspect the books amount of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant paid by Lessee for such fiscal year on account of real estate taxes under this Section 2.02, and further provided the rebate allocable to section 3.1, after giving reasonable prior written notice to Landlord and during Lessee shall be reduced by its pro rata share of the business hours cost of Landlord at Landlord’s office in the Project obtaining such reduction or at such other location as Landlord may designate, abatement. Operating expenses for the purpose of verifying this section shall include all costs incurred by Lessor in connection with the information operation of the Building of any name, nature or kind, excluding expense of renting space in such statement; provided thatthe Building or renovating tenant space for new tenants, if Tenant utilizes an independent accountant to perform such review, then such accountant mortgage debt service and income or corporate excise taxes assessed against the Lessor.
Section 2.03. All payments of rent and additional rent shall be one of national standing which is reasonably acceptable made to Landlord which shallthe Lessor, along with Tenant, or as may be required to execute a confidentially agreement prepared otherwise directed by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree Lessor in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar month.
Appears in 1 contract
Samples: Commercial Lease Agreement
Rent. 3.1 Tenant shall Xxxxxx agrees to pay to Landlord the following amounts as a rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance $ along with the following procedures:
monthly HVAC filter maintenance fee of $ 10.00, (arefer to HVAC SYSTEM FILTER PROGRAM under "Tenant Obligations" section 12.) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar yeartotal rent amount due of $0 per month, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction said term. The rent is payable to: CHARLESTON RENTAL PROPERTIES or offset, in lawful money of the United States of America. Landlord instructs as Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may be advised from time to time designate in writing. Landlord shall have Rent is considered late on the right 4th day of the month. There will be a $10/per month charge included in the above rent rate for quarterly HVAC filter delivery to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may electthe property. If Xxxxxx’s It is a tenant obligation to install the new filter upon receipt. 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 Base Rent hereunder a late fee of 10% of the monthly rent if rent is not received by the 3rd day of the month, and an additional fee of $100 on the 8th day of the month. LATE FEES WILL BE AUTOMATICALLY POSTED ON THE 4TH 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 term of the Rental Agreement commences on a day other than the first day of a calendar month, the month or if the Lease Term terminates on a day other than the last day of a calendar the month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to rent unto the Landlord an in the amount equal of $ per day for each day of the month of commencement or termination of the Rental Agreement, payable prior to the Base Rent for Tenant taking possession upon commencement of the Rental Agreement, and payable on the first full calendar day of the final month of the Term in which monthly Base Rent Rental Agreement upon termination. - NONREFUNDABLE PROFESSIONAL HOUSEKEEPER MOVE-OUT CLEANING FEE OF $ - NONREFUNDABLE PROFESSIONAL CARPET CLEANING FEE OF $ These amounts are based on stardard professional move-out cleanings. If, at LANDLORD'S discrection, additional cleaning treatments or replacement of soiled finishes is payablerequired, which amount Landlord shall apply there will be additional charges to the Base Rent for such first full calendar monthTENANT.
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Samples: Residential Rental Agreement
Rent. 3.1 1.01 Tenant shall hereby agrees to pay to Landlord the following amounts as basic annual rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rentbasic annual rent”).
(b) Commencing as of set forth in the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant Reference Page. The basic annual rent shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant equal monthly installments in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to advance on the first day of each calendar year month during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) Term from and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty Rent Commencement Date (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment period from the Commencement Date to the amount of such subsequent payments such that, day prior to the end of such calendar year or portion thereof during Rent Commencement Date is hereinafter referred to as the Lease Term“Free Rent Period”), Tenant shall have paid Landlord’s entire estimate of at the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books office of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time designate, without any setoff or deduction whatsoever, except such deductions as are specifically referred to time designate in writingArticles 10 and 14 hereof. Landlord shall have Should the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy Rent Commencement Date fall on any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable basic annual rent for such month shall be pro-rated on a per diem basis, and Tenant agrees to pay the amount thereof for such partial month on the Rent Commencement Date.
1.02 Tenant shall pay the basic annual rent and all additional rent payable hereunder in lawful money of the United States by check (subject to collection) drawn to Landlord’s order on a bank which is a member of the New York Clearinghouse Association or a successor thereto, or a New Jersey bank. All sums, other than basic annual rent, payable by Tenant hereunder shall be appropriately prorated on deemed additional rent and shall be payable ten (10) Business Days after demand unless other payment dates are hereinafter provided. Landlord shall have the basis same rights and remedies (including, without limitation, the right to commence a summary dispossess proceeding) for a default in the payment of additional rent as for a thirty default in the payment of basic annual rent notwithstanding the fact that Tenant may not then also be in default in the payment of basic annual rent.
(30)-day montha) If Tenant shall fail to pay within five days after the due date any installment of basic annual rent or any payment of additional rent, then Tenant shall pay Landlord, as additional rent, a late charge equal to three (3%) percent of such installment or payment as compensation for Landlord’s additional administrative expenses relating to such late payment. Upon signing Notwithstanding the foregoing, in the first instance only during each consecutive twelve month period during the Term (but not more than five times during the Term), the late charge payable under this LeaseSection 1.03(a) shall not be payable unless and until ten (10) days has elapsed after Landlord notifies Tenant that such payment is late.
(b) If Tenant shall fail to pay within ten days after the due date any installment of basic annual rent or any payment of additional rent, Tenant shall pay in addition to the late charge provided in said paragraph (a) interest on all such amounts (including the late charge) at the Interest Rate (as said term is defined in Article 22 hereof), from the date when such installment or payment shall have become due to the date of payment thereof, and such interest shall be deemed additional rent.
(c) The provisions of this Section 1.03 are in addition to all other remedies available to Landlord an amount equal to the Base Rent for the first full calendar month nonpayment of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthbasic annual rent or additional rent.
Appears in 1 contract
Rent. 3.1 Tenant shall pay With respect to Landlord the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease TermLease, Tenant shall pay to Landlord, as monthly all base rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable Charges (as defined below) (collectively “Rent”) to the extent collected by Seller. Any Rent from Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof collected after the Closing shall be calculated and paid applied in accordance with the following proceduresorder of priority:
a. First, to any Rent then owing for any calendar month or months following the calendar month in which the Closing occurred; and
b. Second, to any Rent owing for the calendar month in which the Closing occurred; and
c. Third, to any Rent owing for any calendar month or months preceding the calendar month in which the Closing occurred until the Tenant, under the applicable Lease, is current. For a period of ninety (a) Within thirty (3090) days after the Closing, Buyer shall bxxx Tenant for all amounts due under their Lease accruing prior to the first day of each calendar year during Closing and shall use reasonable efforts to collect from Tenant any Rents owing with respect to the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of period before to the Closing. To the extent delinquent amounts payable under sections 3.1(b) and 3.1(c) hereof for Rents for the ensuing calendar year. On or period before the first day Closing (“Delinquent Rents”) are collected by Buyer, subject to clauses a, b and c above, such amounts, net of each month during such ensuing calendar yearreasonable costs of collection, Tenant including without limitation, reasonable attorney’s fees, shall pay be paid to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon Seller no less later than thirty (30) days prior written notice subsequent payments following the date on which such amounts have been received by Buyer or its agent. Buyer shall not be obligated to expend any funds or commence legal proceedings to collect any Delinquent Rents. In no event shall Seller commence any legal proceedings against Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along Closing with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining respect to any given period more Delinquent Rents. No later than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of calendar year of the Closing (the “Final Adjustment Date”), Seller and Buyer shall make a calendar yearfinal adjustment in accordance with the provisions of this Section 10.1 of additional rents for which final adjustments or prorations could not be determined at the Closing, if any, because of the lack of actual statements, bills or invoices for the current period, the amounts payable by Tenant under sections 3.1(b) year-end adjustment of taxes and 3.1(c) hereof applicable like items, or any other reason. Except to the calendar year extent otherwise provided in which the end Section 10.1.3, any net adjustment in favor of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof Buyer or Seller is to be performed paid in cash by the other no later than thirty (30) days after such terminationfinal adjustment has been made.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar month.
Appears in 1 contract
Rent. 3.1 Tenant shall pay to Landlord the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue Xxxxxx agrees to pay on the basis Landlord a total rent of the prior calendar year’s estimate until the month after such notice $ ____________ . This amount is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but due in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts $ ______________, payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction said term. The rent is payable to Realty Connection or offset, in lawful money of the United States of America. Landlord instructs as Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may be advised from time to time designate in writing. Landlord shall have the right Xxxxxx agrees that failure to apply payments received from Tenant pay rent pursuant to the terms is a willful violation of this LeaseRental Agreement. Tenant hereby agrees and understands that a partial rent payment may be acceptable, regardless of Tenant’s designation of such payments, but in no way fulfills the full rental payment obligation. Rent is due in full and any unpaid rent amounts will be subject to satisfy any obligations of Tenant hereunder, in such order and amounts the late fees as Landlord, in its sole discretion, may electdescribed below. If Xxxxxx’s obligation to pay Base Rent hereunder commences Xxxxxx further agrees that rent is due on a day other than the first day of each month and that there is a grace period and payments made and/or received by Landlord after 5:00pm on the 5th calendar day of the month for which due, shall incur an additional Late Payment Penalty. The penalty is $50.00 (fifty dollars) after 5pm on the 5th of the month and an additional two percent (2%) ($_________) of the unpaid monthly rent per day beginning on the 6th day of the month and each day after through the date the rent is paid. If late fees are allocated and not paid, late fees will be deducted from the application fee being held at the end of the lease period. If rent is not received by the 5th calendar day of the month, Tenant may receive written notice of eviction with a 7 (seven) business day notice of default. If default is not fully cured by the end of the notice period, Landlord will at that time file for Tenant(s) eviction. Upon Termination or if breach of this Lease or reentry upon the Premises for any one or more of the causes set forth, the rents provided for in this Lease Term terminates on a day for the balance of the Term, or any renewal term, and all other than the last day of a calendar monthindebtedness owed by Xxxxxx to Landlord, then the Base Rent payable for such partial month shall be appropriately prorated and become immediately due and payable at the option of Landlord and without regard to whether or not possession of the Premises shall have been surrendered to or taken by Landlord. Xxxxxx agrees to pay Xxxxxxxx, or on Landlord’s behalf, a reasonable attorney’s fee in the event Landlord employs an attorney to collect any rents due hereunder by Xxxxxx, or to protect the interest of Landlord in the event Tenant violates any of the terms, conditions or covenants on the basis part of Tenant herein contained. All per diem rates are based upon a thirty (30)-day 30) day month, regardless of the actual number of days in the month being prorated. Upon signing The per diem rate for this Leaselease shall be $ ___________. If applicable, Tenant the last month’s rent shall pay be paid in advance for the full month regardless of move out date unless other written arrangements are agreed upon by LANDLORD – any prorated portion due to Landlord an amount equal be returned to the Base Rent for the first full calendar month of the Term in which monthly Base Rent tenant shall be refunded after property is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthvacated and inspected.
Appears in 1 contract
Samples: Residential Rental Agreement
Rent. 3.1 Tenant shall a. Subtenant agrees to pay to Landlord the following amounts Sublandlord as fixed rent for the Premises:
(a“Rent”) Commencing as of the Rent Commencement Date and thereafter during the Lease Termcommencing on June 1, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information 2007 (the “Base RentRent Commencement Date”).
(b) Commencing as of the following: From the Commencement Date and thereafter during each calendar year to May 31, 2007 $ 0/month From June 1, 2007 to February 28, 2008 $ 38,346.00/month From March 1, 2008 to August 31, 2008 $ 40,007.66/month Beginning on March 1, 2008 through the termination or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) expiration of the total dollar amount Sublease term, Rent shall include Subtenant’s share of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar yearReal Estate Taxes, Common Area Insurance Costs and Common Area Maintenance costs.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant b. Rent shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before advance on the first day of each month during such ensuing calendar yearthe Sublease term without setoff, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amountsoffset or reduction. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar yearRent Commencement Date occurs, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate term of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based Sublease expires on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day date other than the first or last day of a calendar yearmonth, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs rental installment for that month shall be prorated on the basis which the number of days from the commencement of such calendar year prorated. All payments shall be made to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Xerox Corporation, Attention: CRE Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e.Administration, monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord000 Xxxx Xxxxx Xxxx, in advancePost Office Xxx 0000, on or before the first day of each and every calendar month during the Lease TermXxxxxxxx, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease InformationXX 00000, or to such other person or at such other place as Landlord may from time to time designate be designated by Xerox Corporation in writing. Landlord Subtenant shall pay to Sublandlord upon Subtenant’s submission of the partially executed Sublease to Sublandlord the sum of Thirty Eight Thousand Three Hundred Forty Six Dollars ($38,346.00) to be applied as and for the first installment of Rent owed to Sublandlord.
c. Sublandlord and Subtenant acknowledge that the Rent specified herein is a fixed rent and, except as may be provided in this Sublease, is intended to include all normal costs and expenses related to operating the Building including, without limitation, real property taxes, utilities, common area maintenance, repair and replacement, Complex and Building insurance, interior and exterior building maintenance, repair and replacement, Complex and Building groundskeeping and landscaping maintenance, sprinkler and fire alarm maintenance, repair and replacement, janitorial and trash removal services and Building security (as described in Section 3(d) below). The general maintenance and janitorial services to be provided by Sublandlord shall be as shown in Exhibit C attached hereto. Sublandlord hereby agrees that it shall cause services adequate for the intended use of the Subleased Premises to be provided in conformity with those services furnished in first-class buildings in the Stanford Research Park in Palo Alto, California. These services shall be provided between the hours of 6:00 a.m. to 6:00 p.m. on normal business days Monday through Friday (“Normal Business Hours”). If HVAC is required outside of Normal Business Hours, Sublandlord shall make it available, and Subtenant will pay an additional $60 per hour to Sublandlord. Notwithstanding the foregoing, nothing contained in this Sublease shall be construed to require Sublandlord to incur any cost or expense to perform any item of maintenance, repair or replacement if such maintenance, repair or replacement is necessary as a result of the negligent act or omission or willful misconduct of Subtenant, its employees, agents contractors or invitees. If any such maintenance, repair or replacement as described in the immediately preceding sentence is performed by or on behalf of Sublandlord following reasonable notice to Subtenant, then promptly upon Sublandlord’s written demand, Subtenant shall reimburse Sublandlord for the cost and expenses incurred by Sublandlord in performing such work.
d. Sublandlord represents that as of the date hereof, (i) the Building is equipped with a security system that requires a card key for access to the Building on Saturdays, Sundays and holidays, and from 7 p.m. to 7 a.m. on business days, and permits unrestricted access to the Building at all other times, and (ii) one unarmed roving security guard patrols the parking lots and other exterior areas of the Demised Premises, twenty-four (24) hours a day, seven (7) days per week. Sublandlord represents that during the term of this Sublease, it will continue to provide the security system described in subsection (i) of this section (d); however, Sublandlord reserves the right to terminate the security guard service described in subsection (ii) of this section (d) in its sole discretion. Sublandlord shall not be responsible for providing any security arrangements for the Subleased Premises, the personal property of Subtenant, or for Subtenant’s, agents, employees, contractors or invitees except as may be expressly provided in this section (d). Subtenant shall have the right to apply payments received from Tenant pursuant to install its own security devices and providing for other security in accordance with the terms of this LeaseSublease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthincluding Section 21 hereof.
Appears in 1 contract
Rent. 3.1 Tenant shall The total rent that the Tenants agree to pay to the Landlord the following amounts as rent for the Premises:
(a) Commencing as premises, for the term, is $.00 This total rent is due upon execution of this lease. However, for the convenience of the Rent Commencement Date and thereafter during the Lease TermTenants, Tenant this rent shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior Tenants to the Landlord in installments as outlined in Addendum A – Payment Schedule. Rent is always due on the first of the month regardless of lease commencement date. Acceptance of partial payments from some Tenants does not relieve such Tenants from their liability for the entire rents or as to shares owned by other joint and several Tenants. On execution of this lease, Tenants agree to pay to the Landlord the first months’ rent installment unless otherwise agreed in writing; said payments to be considered a reservation fee due on execution until occupancy when said payments will be considered rent due and paid. A late charge of 5% of the overdue rent will be assessed on the fifth calendar day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice if any rent installment is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied received by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first calendar day of each the month. An additional 5% of the outstanding balance will be assessed if the rent remains unpaid after the fifteenth (15th) calendar day of the month. Said late charges shall become due and every calendar month during the Lease Term, without payable immediately upon notice, demandand if not so paid, deduction may be deducted by the Landlord from the security deposit as added rent. A charge of $50.00 will be made by the Landlord for each check of the Tenants returned for any reason. If Tenants make payment of any rent installment in an amount less than that due, Landlord may accept same, but shall not be bound by any restrictive endorsement, or offsetany statement, or otherwise to the effect that such payment is made in full satisfaction of the amounts then due. Notwithstanding such acceptance by the Landlord, the Landlord may avail himself of any other legal remedies he may have. If Tenant makes any payments hereunder, and then fails to occupy the premises or fails to comply with any other term or requirement of this agreement, Landlord may keep any such payments as partial liquidated damages. Notwithstanding retention of such payments as liquidated damages, the Landlord shall have, in lawful money addition, any other rights afforded Landlord under this lease against the Tenant for breach of this lease. In addition, if the United States first month’s rent installment, the security and damage deposit are required to be paid at the time of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or execution of this lease and are not paid at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar monthtime, or if such payments are to be made pursuant to an agreed upon schedule (Addendum A), and such payments are not made at the Lease Term terminates on a day other than the last day of a calendar monthtime set forth in such schedule, then the Base Rent payable for Landlord reserves the right at any time after such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Leasetime by which such payments should have been made, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month give Tenant(s), or any of the Term Tenant(s), five days written notice, by certified mail, return receipt, that if the deficiencies in which monthly Base Rent is payablethese amounts are not paid in full and received by the Landlord by the end of such five day notice period, which amount then the Landlord shall apply may rent the demised premises to others and may retain any amounts paid to that date as partial liquidated damages and, in addition, may seek to enforce any other rights the Base Rent for such first full calendar monthLandlord may have against the Tenant, and may, in addition, terminate the lease.
Appears in 1 contract
Samples: Lease Agreement
Rent. 3.1 (a) Tenant shall pay to Landlord throughout the following amounts term of this Lease rent as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease TermInformation, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord payable monthly in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On advance on or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, hereby demised in lawful money of the United States of America. States, without demand, deduction or offset whatsoever, to Landlord instructs Tenant to pay all such monthly rent to at the address specified therefor in the Basic Lease Information, Information or to such other person firm or at to such other place as Landlord may from time to time designate in writing. Landlord shall have the right Said rental is subject to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, adjustment as provided in such order and amounts as Landlord, in its sole discretion, may electParagraph 27 hereof. If Xxxxxx’s obligation to pay Base Rent hereunder this Lease commences on a day other than the first day of a calendar month, month or if the Lease Term terminates ends on a day other than the last day of a calendar month, then the Base Rent payable monthly rental for such partial the fractional month shall be appropriately prorated on the basis of a thirty prorated.
(30)-day month. Upon signing this Lease, b) Xxxxxx agrees that if rent or any other payment due hereunder from Tenant shall pay 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 Base Rent for the first full calendar month five percent (5%) of the Term amount of the delinquent rent or other payment). The amount of the late charge to be paid to Landlord by Tenant for any month shall be computed on the aggregate amount of delinquent rents and other payments, including all accrued late charges then outstanding. Tenant agrees that such amount is a reasonable estimate of the loss and expense to be suffered by Landlord as a result of such late payment by Xxxxxx 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 or other payments on or before the date on which monthly Base Rent they are due, nor do the terms of this paragraph in any way affect Xxxxxxxx's remedies pursuant to Paragraph 19 of this Lease in the event said rent or other payment is payable, which amount Landlord shall apply to unpaid after the Base Rent for such first full calendar monthdate due.
Appears in 1 contract
Samples: Lease Agreement (Clientlink Inc)
Rent. 3.1 Tenant shall pay to Landlord Throughout the following amounts as rent for the Premises:
(a) Commencing as term of the Rent Commencement Date and thereafter during the Lease Termthis Lease, Tenant shall pay rent to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:provisions: 1.
(a) Within thirty Tenant shall pay minimum annual rent (30the "Minimum Rent") days prior to in monthly installments in advance on or before the first day of 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 during after the Lease Term, or as soon thereafter as practicableyear in which the Commencement Date occurs, Landlord shall give furnish Tenant a written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof Additional Rent for the ensuing applicable calendar year. On 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 day of each month during such ensuing in monthly installments equal to one-twelfth (1/12) of the estimated Additional Rent for the applicable calendar year, Tenant shall pay to . Pending receipt of Landlord, as monthly rent, one twelfth 's written estimate of such estimated amounts. If such notice is not given Additional Rent for any calendar year, Tenant monthly installments of estimated Additional Rent shall continue to pay on be paid in the basis of same amount as in the prior calendar year’s estimate until the month after such notice is given. If at By April 30 of each calendar year or as soon as possible thereafter, Landlord shall deliver to Tenant a written statement reflecting any time it appears to Landlord that the amounts payable under sections 3.1(b) difference between estimated Additional Rent paid and 3.1(c) hereof actual Additional Rent accrued for the current prior calendar year will vary from Landlord’s estimate(or in the case of any partial calendar year in which the term of this Lease begins or ends, Landlord may, by giving written notice to Tenant, revise its estimate for a prorated portion of such Additional Rent based on actual days elapsed during the portion of term occurring in that calendar year). If Tenant shall pay Landlord delivers its estimate after the first day total amount of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than any balance of Additional Rent due shown on such annual statement within thirty (30) days prior written notice subsequent payments after receipt of the statement. Landlord shall refund any overpayment of Additional Rent by Tenant for such calendar year shall be based shown on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written annual statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord 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. Failure by Landlord , such examination to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, occur after giving reasonable prior advance written notice to Landlord and during the 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 Landlord’s office in the Project 000 XXXXXXXX, XXXXXXXXX, XXXXXXXXX 00000, or at such whatever other location as account or address that Landlord may designatedesignate from time to time by written notice to Tenant.
(e) If any installment of Minimum Rent or Additional Rent, or any other sum due and payable pursuant to this Lease, remains unpaid for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty ten (12010) days after the date due, Tenant shall pay Landlord shall have delivered a late payment charge equal to the written statement pertaining to such period. If Xxxxxx’s audit greater of Xxxxxxxx’s books (i) Fifty and records shows an aggregate overstatement of Operating Expenses owed by Tenant of No/100 Dollars ($50.00), or (ii) five percent (5%) of the unpaid installment or other payment. The late payment charge is intended to compensate Landlord for administrative expenses associated with responding to late payment, and shall not be considered liquidated damages or interest. All rent and other sums of whatever nature owed by Tenant to Landlord under this Lease that remain unpaid for more and Landlord’s auditors concur in such findings than ten (or, in 10) days shall bear interest from the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed date due until paid at the hourly payroll cost lesser of those employees to Tenant (based on a 40 hour work week and including wages and benefitsiii) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (52.5%)) in excess of the prime or general reference rate of interest of Bank of America of North Carolina, then Tenant shall be responsible for all costs of such reviewN.A. (or its successors) in effect from time to time, or (iv) the maximum interest rate per annum allowed by law.
(cf) If Tenant has paid to Landlord upon signing this Lease AN AMOUNT EQUAL TO THE FIRST MONTH'S RENT ($---) (the Lease Term ends "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 entitled to any interest as it may accrue on a day other than the last day Deposit. In the Event of a calendar yearDefault by Tenant, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end Landlord may, at its option, apply all or any part of the term occurs Deposit on account of any rent or other sums owing by Tenant, and thereupon Tenant shall be prorated immediately redeposit with Landlord the amount so applied in order that Landlord will always have the full Deposit on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of hand throughout the term occurs bears to three hundred sixty five (365)of this Lease. Termination The Deposit shall never constitute liquidated damages in the Event of Default by Tenant. Upon full payment and performance of this Lease by Tenant (including without limitation, final payment of any Additional Rent owed by Tenant), Landlord shall not affect the obligations of Landlord and refund to Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money any balance of the United States of America. Landlord instructs Tenant to pay all such monthly Deposit remaining after deducting any rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from sums owed by Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar month.
Appears in 1 contract
Samples: Office Lease Agreement (Pinnacle Financial Partners Inc)
Rent. 3.1 Tenant shall pay to Landlord the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant Concessionaire shall pay, without offset, deduction, prior notice, or demand, as additional rent, all other amounts "Minimum Annual Rent” the sum of money and charges required to be paid by Tenant under this Lease, whether or not such amounts GuaranteedRent plus the following percentage(s) of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance gross receipts: Minimum Percent Bid of Annual Gross Receipts Beginning with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(bContract Year Six (6) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to on the first day of each calendar year during fifth Contract Year thereafter, the Lease TermMinimum 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 as soon thereafter as practicablemoney order is returned to State due to insufficient funds or otherwise, Landlord State shall give Tenant have the right, at any time after the return, upon written notice of Landlord’s estimate to Concessionaire, to require Concessionaire to make all subsequent payments in cash or by cashier's or certified check. Beginning with the fifteenth (15th) day of the amounts payable under sections 3.1(b) month following the execution of the Contract, and 3.1(c) hereof for the ensuing calendar year. On on or before the first fifteenth (15th) day of each month during 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 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 ensuing calendar yearstatement for periods of non-operation. Concurrent with such monthly statement, Tenant the Concessionaire shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay State the appropriate rental fee based on the basis gross receipts for the preceding calendar month as prescribed above. Payments to State shall be made to the order of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) Department of Parks and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment Recreation and delivered to the amount of such subsequent payments such thatDistrict Office identified in Section 54, prior to the end of such calendar year or portion thereof during the Lease TermContract Notice, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designatefrom time to time be designated by State. If, at the end of the Contract Year, the total of monthly percentage rental payments made (or due) during that Contract Year is less than the Minimum Annual Rent required for that Contract Year, the difference shall be remitted to State with the last monthly sales statement for the purpose Contract Year. Payments must be received by State on or before the fifteenth (15th) day of verifying the information in such statement; provided thatmonth as described above. Any late payment shall constitute a breach of contract, if Tenant utilizes giving rise to State's remedies as set forth below. Further, any late payment will be subject to a late penalty consisting of an independent accountant to perform such reviewadministrative charge on the late amount, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered calculated at the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant rate of five percent (5%) of the amount of the late payment or more portion thereof. The parties agree that the late charge represents a fair and Landlord’s auditors concur in such findings (orreasonable 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, in nor prevent State from exercising the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord 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 TenantState, Tenant’s reasonable cost of conducting if not paid within five (5) days following the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed due date, will bear interest from the due date until paid at the hourly payroll cost rate of those employees to Tenant ten percent (based 10%) per year. However, interest shall not be payable on a 40 hour work week and including wages and benefits) multiplied late charges incurred by Concessionaire. Payment of interest shall not excuse or cure any default by Concessionaire. Upon written request by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If Concessionaire to State demonstrating unusual or extenuating circumstances causing the Lease Term ends on a day other than the last day of a calendar yearlate payment, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as LandlordState, in its sole discretion, may electwaive the late charge. Further, in the event Concessionaire is prevented from carrying on the operations contemplated herein by reason of 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 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 Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day this Contract is terminated by State because of a calendar monthConcessionaire's default, and if Concessionaire becomes liable for any deficiency in rent and/or fees by way of damages or otherwise, or if at any time during the Lease Term terminates on a day other than Contract term Concessionaire ceases to conduct in the last day of a calendar monthPremises the business referred to herein below, then from and after the Base Rent payable for such partial month time of the breach causing this termination, or from and after the time of the cessation of business, all unpaid rent and/or fees prior to the breach causing termination or cessation of business shall become due and payable. The amount due shall be appropriately prorated on deemed to be the greater of: (a) the Minimum Rent provided herein, or (b) an amount based upon the average of the payments that have accrued to State as percentage rent during the twenty-four (24) months preceding the termination or cessation of business, 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 used as the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthaverage.
Appears in 1 contract
Samples: Concession Contract
Rent. 3.1 Tenant A. Tenants shall pay to Landlord the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Monthly Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Termadvance, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before on the first day of each month that this Lease is in effect; provided that with respect to any partial calendar month at the beginning or end of a Term, such fee shall be prorated for the number of days during such ensuing period. Tenants must pay the first full month’s rent due to Landlord when Tenants sign this Lease and must pay for any prorated amount of Monthly Rent for any partial calendar yearmonth when demanded by Landlord. In the event that Monthly Rent is not received by the tenth (10th) day of the month when due, Tenant Tenants shall pay to Landlord, Landlord as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of Additional Rent a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to Late Charge in the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof $100 for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, delinquent payment for the purpose of verifying 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 in such statement; provided thatnecessary to allow Landlord to complete Recurring Payments made using a credit card, if Tenant utilizes an independent accountant to perform such reviewa debit card, then such accountant shall be one or a third-party payment platform, or as required by other applicable law. In the event of national standing which is reasonably acceptable to declined payment, Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no reserves the right to inspect 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 books pertaining dishonored payment, as well as any applicable late fees or interest.
C. With respect to any given period more than one hundred twenty (120) days after Tenants, Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in Agent shall not be entitled to increase the absence Monthly Rent during the Term of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such reviewLease.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the D. All amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable Tenants pursuant to the calendar year this Lease in which the end excess of the term occurs amount of the Monthly Rent shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writingdeeded “Additional Rent”. Landlord shall have the right same rights and remedies with respect to apply payments received from Tenant pursuant 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, regardless will bear interest from the original due date to the date of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on payment at a day other rate per annum which will be two (2) percentage points higher than the first day interest rate required to be paid on judgments for sums of a calendar monthmoney recovered in actions in the Supreme Court of the State of New York (by way of illustration only, or presently 2% plus 9% equals 11%) but not more than the highest rate of interest which will at such time be permitted under the laws of the State of New York. This interest rate will be payable so long as the amount due is unpaid, even if the Lease Term terminates on amount has been included in a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthcourt judgment.
Appears in 1 contract
Samples: Lease and Roommate Agreement
Rent. 3.1 Tenant Concessionaire shall pay to Landlord pay, without offset, deduction, prior notice, or demand, as "Minimum Annual Rent” the sum of GuaranteedRent monthly or the following amounts as rent for the Premises:
percentage(s) of gross receipts, whichever sum is greater: Gross Receipts plus (a$xxxx) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter definedpercent ( %) of the total dollar amount first percent ( _%) of all Operating Expenses Gross Receipts over dollars (as hereinafter defined$xxxx) paid or incurred by Landlord in such calendar year.
of Monthly Beginning with Contract Year Six (c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b6) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to on the first day of each calendar year during fifth Contract Year thereafter, the Lease TermMinimum 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 as soon thereafter as practicablemoney order is returned to State due to insufficient funds or otherwise, Landlord State shall give Tenant have the right, at any time after the return, upon written notice of Landlord’s estimate to Concessionaire, to require Concessionaire to make all subsequent payments in cash or by cashier's or certified check. Beginning with the fifteenth (15th) day of the amounts payable under sections 3.1(b) month following the execution of the Contract and 3.1(c) hereof for the ensuing calendar year. On on or before the first fifteenth (15th) day of each month during 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 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 ensuing calendar yearstatement for periods of non-operation. Concurrent with such monthly statement, Tenant the Concessionaire shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay State the appropriate rental fee based on the basis gross receipts for the preceding calendar month as prescribed above. Payments to State shall be made to the order of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) Department of Parks and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment Recreation and delivered to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project District Office identified herein below or at such other location as Landlord may designatefrom time to time be designated by State. If, at the end of the Contract Year, the total of monthly percentage rental payments made (or due) during that Contract Year is less than the Minimum Annual Rent required for that Contract Year, the difference shall be remitted to State with the last monthly sales statement for the purpose Contract Year. Payments must be received by State on or before the fifteenth (15th) day of verifying the information in such statement; provided thatmonth as described above. Any late payment shall constitute a breach of contract, if Tenant utilizes giving rise to State's remedies as set forth below. Further, any late payment will be subject to a late penalty consisting of an independent accountant to perform such reviewadministrative charge on the late amount, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered calculated at the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant rate of five percent (5%) of the amount of the late payment or more portion thereof. The parties agree that the late charge represents a fair and Landlord’s auditors concur in such findings (orreasonable 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, in nor prevent State from exercising the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord 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 TenantState, Tenant’s reasonable cost of conducting if not paid within five (5) days following the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed due date, will bear interest from the due date until paid at the hourly payroll cost rate of those employees to Tenant ten percent (based 10%) per year. However, interest shall not be payable on a 40 hour work week and including wages and benefits) multiplied late charges incurred by Concessionaire. Payment of interest shall not excuse or cure any default by Concessionaire. Upon written request by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If Concessionaire to State demonstrating unusual or extenuating circumstances causing the Lease Term ends on a day other than the last day of a calendar yearlate payment, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as LandlordState, in its sole discretion, may electwaive the late charge. Further, in the event Concessionaire is prevented from carrying on the operations contemplated herein by reason of 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 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 Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day this Contract is terminated by State because of a calendar monthConcessionaire's default, and if Concessionaire becomes liable for any deficiency in rent and/or fees by way of damages or otherwise, or if at any time during the Lease Term terminates on a day other than Contract term Concessionaire ceases to conduct in the last day of a calendar monthPremises the business referred to herein below, then from and after the Base Rent payable for such partial month time of the breach causing this termination, or from and after the time of the cessation of business, all unpaid rent and/or fees prior to the breach causing termination or cessation of business shall become due and payable. The amount due shall be appropriately prorated on deemed to be the greater of: (a) the Minimum Rent provided herein, or (b) an amount based upon the average of the payments that have accrued to State as percentage rent during the twenty-four (24) months preceding the termination or cessation of business, 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 used as the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthaverage.
Appears in 1 contract
Samples: Concession Contract
Rent. 3.1 Tenant shall convenants and agrees to pay without demand, recorpment, ---- abatement, deduction or offset, to Landlord the following amounts as rent Rent (and Additional Rent) for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, 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 Lease Term, without notice, demand, deduction or offset, in lawful money full Term of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless subject to the adjustments as provided hereinafter, along with any applicable tax, at the current rate of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order six and amounts as Landlord, in its sole discretion, may electthree-quarters (6.75%) percent. If Xxxxxx’s obligation to pay Base Rent hereunder commences In the event the Commencement Date occurs on a day other than the first (1st) day of a calendar month, or if the Lease Term terminates on a day other than first Rent payment shall be in the last day amount of a the Rent for one (1) full calendar month, then plus the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month in which the Term of this Lease commences, such payment to be due on the Commencement Date. Whenever under the terms of this Lease any sum of money is required to be paid by Tenant in addition to the Rent herein reserved, whether or not such sum is herein described as "Additional Rent", or a provision is made for the collection of said sum as "Additional Rent" said sum shall nevertheless, at Landlord's option, if not paid when due, be deemed Additional Rent, and shall be collectible as such with the first installment of Rent thereafter falling due hereunder. In the event any installment or increment of Rent or Additional Rent payable under this Lease shall not be paid when due, a "late charge" of five percent (51/6) of the Term in which monthly Base Rent is payable, which amount overdue may be charged (as Additional Rent) by Landlord shall apply for the purpose of defraying the expense and inconvenience incident to handling such overdue payment and for the Base Rent purpose of compensating Landlord for such first full calendar month.its attendant inconvenience and loss of cash flow,
Appears in 1 contract
Rent. 3.1 Tenant shall pay to Landlord the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during A. During each calendar year, or portion thereof, falling within the Lease Term, Tenant shall pay to LandlordLandlord as Additional Base Rental hereunder the sum of (1) Tenant's Pro Rata Share of the amount, if any, by which Taxes (hereinafter defined) for the applicable calendar year exceed Taxes for the Base Year plus (2) Tenant's Pro Rata Share of the amount, if any, by which Expenses (hereinafter defined) for the applicable calendar year exceed Expenses for the Base Year. For purposes hereof, "Expenses" shall mean all Basic Costs with the exception of Taxes. Tenant's Pro Rata Share of increases in Taxes and Tenant's Pro Rata Share of increases in Expenses shall be computed separate and independent of each other prior to being added together to determine the "Excess". In the event that Taxes or Expenses, as monthly rentthe case may be, in any calendar year decrease below the base rent specified in amount of Taxes or Expenses for the Basic Lease Information (Base Year, Tenant's Pro Rata Share of Taxes or Expenses, as the “case may be, for such calendar year shall be deemed to be $0, it being understood that Tenant shall not be entitled to any credit or offset if Taxes or Expenses decrease below the corresponding amount for the Base Rent”).
(b) Commencing as of Year. Prior to the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day January 1 of each calendar year during the Lease Term, or as soon thereafter as practicablepractical, Landlord shall give Tenant written notice of Landlord’s make a good faith estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof Excess for the ensuing applicable calendar yearyear and Tenant's Pro Rata Share thereof. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as Additional Base Rental, a monthly rent, one 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 estimated amountscalendar 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 such notice is Landlord does not given for 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 basis of the prior calendar previous year’s 's estimate until such time as Landlord provides Tenant with an estimate of Basic Costs and the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof Excess for the current calendar year will vary from Landlord’s 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 mayfor 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 giving written notice Tenant based on any estimate shall be subject to Tenant, revise its estimate adjustment pursuant to the immediately following paragraph when actual Basic Costs are determined for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, As soon as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to is practical following the end of such each calendar year or portion thereof during the Lease Term, Landlord shall furnish to Tenant shall have a statement of Landlord's actual Basic Costs and the actual Excess for the previous calendar year. If the estimated Excess actually paid Landlord’s entire estimate by Tenant for the prior year is in excess of Tenant's actual Pro Rata Share of the amounts payable under sections 3.1(b) and 3.1(c) hereof Excess for such calendar prior year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of apply such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of overpayment against Additional Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, Rental due or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant become due hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or provided if the Lease Term terminates on a day other than expires prior to the last day determination of a calendar monthsuch overpayment, then Landlord shall refund such overpayment to Tenant after first deducting the Base amount of any Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day monthdue hereunder. Upon signing this LeaseLikewise, Tenant shall pay to Landlord an amount equal Landlord, within ten (10) days after demand, any underpayment with respect to the Base Rent 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 first full calendar month expiration of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthLease.
Appears in 1 contract
Samples: Standard Form Office Lease (Ritz Interactive, Inc.)
Rent. 3.1 Tenant shall (a) Subtenant agrees to pay to Landlord the following amounts Sublandlord as basic rent for the Premises:
Premises (a“Basic Rent”) Commencing as follows: during the initial Term and any renewal Term annual rent of Six and 15/100 Dollars ($6.15) per square foot, equal to Two Hundred Forty-Eight Thousand Six Hundred Fifty and 65/100 Dollars ($248,650.65) annually, payable in equal monthly installments of Twenty Thousand Seven Hundred Twenty and 89/100 Dollars ($20,720.89) on the first day of every calendar month during the Term of this Sublease. If the Term of this Sublease begins on a date other than on the first day of a month, Basic Rent from such date until the first day of the following month shall be prorated at the rate of one-thirtieth (1/30th) of the monthly installment of Basic Rent Commencement Date and thereafter during the Lease Termfor each day, Tenant shall pay to Landlord, as monthly rent, the base rent specified payable in the Basic Lease Information (the “Base Rent”)advance.
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as As additional rent, TenantSubtenant shall also pay to Sublandlord, at the same time Subtenant pays Basic Rent, Subtenant’s Percentage Pro Rata Share of Operating Costs (as hereinafter defineddefined below). Such payments shall be based on amounts estimated by Sublandlord in writing to be one-twelfth (1/12th) of Subtenant’s Pro Rata Share of Operating Costs for the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such current calendar year. Sublandlord may, based upon reasonably anticipated costs, adjust such amount at any time by a written notice to Subtenant.
(c) Commencing as Sublandlord shall send Subtenant a statement within sixty (60) days following the end of each Lease Year (“Annual Statement”) showing (i) Operating Costs, (ii) the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenantamount of Subtenant’s Percentage Pro Rata Share of them, and (iii) the total dollar amount monthly payments made by Subtenant toward Subtenant’s Pro Rata Share of them, all Property Taxes (as hereinafter defined) paid or incurred by Landlord in for the past Lease Year. If Subtenant’s total monthly payments toward Operating Costs for such calendar yearLease Year are greater than Subtenant’s Pro Rata Share of them, Sublandlord shall promptly pay Subtenant the difference. If Subtenant’s total monthly payments toward Operating Costs are less than Subtenant’s Pro Rata Share of them, Subtenant shall promptly pay Sublandlord the difference.
(d) Throughout the Lease Term, Tenant Sublandlord shall pay, as additional rent, all other amounts of money and charges required make its records relating to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of LandlordOperating Costs available for Subtenant’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord inspection within thirty (30) days after delivery of receiving a written request from Subtenant with such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in request being made no event more often later than once in any one ninety (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (12090) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxxfollowing Subtenant’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end receipt of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such terminationAnnual Statement.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar month.
Appears in 1 contract
Samples: Sublease (Applied Films Corp)
Rent. 3.1 Tenant shall agrees to pay to Landlord at the following amounts as 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 Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of first twelve months following the Commencement Date of the Term of this Lease ("First Lease Year"), and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to LandlordAdjusted Monthly Rent, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant adjusted under Section 7. Rent shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether without any prior notice or not such amounts of money demand and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof without any deduction whatsoever. Monthly Rent shall be calculated and paid due in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day advance of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, 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 manner set forth in Section 7. Tenant's obligation to pay Rent to Landlord, as monthly rent, one twelfth Landlord shall be independent of such estimated amountsevery other covenant or obligation of Landlord under this Lease. All delinquent Rent shall bear interest at the rate of 10% per annum from the date due until paid. Rent shall be considered delinquent after the 10th day following the date it is due. If such notice is not given for any calendar year, Tenant shall continue fails to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at Rent or any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant other charge when due under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%)Lease, then Tenant shall pay and Landlord shall be responsible for all costs of 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 review.
(c) If the Lease Term ends on a day other than the last day of a calendar yearlate payment, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end parties stipulate and agree are hereby liquidated and shall be equal to five percent of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365)overdue amount. Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy a charge for any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay checks written to Landlord an amount which are returned for insufficient funds equal to $25.00 per returned check or the Base Rent for the first full calendar month of the Term in amount to which monthly Base Rent Landlord is payableentitled under State law, which amount Landlord shall apply to the Base Rent for such first full calendar monthwhichever is greater.
Appears in 1 contract
Rent. 3.1 Tenant shall pay to Landlord the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, 4.1 Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction offset or offsetdeduction, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person at Landlord’s Address for Payment, or at such other place or in such other manner as Landlord may shall designate in writing from time to time designate time: (a) the Base Rent in writingequal monthly installments, in advance, on the first day of each calendar month during the Term commencing on the Commencement Date, and (b) the Additional Rent, at the respective times required hereunder. Landlord The first monthly installment of Base Rent shall have be paid in advance on the right to apply payments received from Tenant pursuant to this Lease, regardless date of Tenant’s designation execution of such payments, this Lease and applied to satisfy any obligations the first installments of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may electBase Rent coming due under this Lease. If Xxxxxx’s obligation to pay Base the Rent hereunder commences Commencement Date falls on a day date other than the first day of a calendar month, month or if the Lease Term terminates Expiration Date occurs on a day date other than the last day of a calendar month, then the Base Rent payable due for such partial fractional month shall be appropriately prorated on a per diem basis for the basis portion of a thirty (30)-day monthsuch fractional month falling within the Term. Upon signing this LeaseNotwithstanding the foregoing, Tenant shall pay to Landlord an amount equal to not be liable for the payment of Base Rent for the first full calendar month **** of the Term Term.
4.2 Commencing with the third such installment in which monthly Base any twelve month period that is not paid within five (5) days after its due date, all installments of Rent is payablenot paid within five (5) days after their due date shall be subject to a late charge of five percent (5%) of the amount of the late payment. In addition, which amount Landlord all installments of Rent not paid on their due date shall apply bear interest from the 31st day after the date due until paid at a rate per annum (the “Interest Rate”) equal to the Base greater of (i) ten percent (10%) or (ii) four percent (4%) above the prime rate of interest (the “Prime Rate”) from time to time publicly announced by Citibank, N.A., a national banking association, or any successor thereof; provided, in no event shall the Interest Rate exceed the maximum rate of interest then permitted by applicable law. As long as no such failure to timely pay any installment of Rent for matures into an Event of Default, Landlord hereby waives Landlord’s right to collect any such late charge or interest described herein if Landlord fails to deliver notice to Tenant that such charge or interest has accrued within thirty (30) days following the date such charge or interest is first full calendar monthdue.
Appears in 1 contract
Rent. 3.1 Tenant shall Lessee will pay to Landlord the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord mayLessor, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offsetwire transfer, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to America which shall be legal tender for the payment of public and private debts, at Lessor's address specified therefor set forth in the Basic Lease Information, or to such other person Article 30 hereof or at such other place or to such other Person as Landlord may Lessor from time to time may designate in writing. Landlord 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 Date until the calendar quarter ending December 31, 2001 shall have equal the right to apply payments received from Tenant pursuant to this Lease, regardless annual amount of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, Initial Fixed Rent set forth on Exhibit C and shall be payable quarterly in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences arrears on a day other than or --------- before the first business day of a the subsequent calendar monthquarter; provided, or if 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;
(b) The Rent payable in each calendar quarter from January 1, 2002 until the end of the Lease Term terminates shall equal the greater of :
(i) the annual amount of Base Rent set forth on a day other than Exhibit C, --------- which shall be payable quarterly in arrears on or before the last first business day of a the subsequent calendar monthquarter; provided, then the however, that Base Rent payable for such partial month shall be appropriately prorated as to any Lease Year which is less than four calendar quarters and as to any partial calendar quarter; plus
(ii) 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 basis fifteenth (15th) day of a thirty (30)-day monththe following calendar quarter. Upon signing this Lease, Tenant The Period Revenues Computation shall pay to Landlord be an amount equal to the sum of, for the applicable Lease Year, (i) 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 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. The Initial Fixed Rent and the Base Rent shall accrue pro rata during each calendar quarter of a Lease Year. However, the amount of Initial Fixed Rent or Base Rent payable for the first full three calendar month quarters of a Lease Year shall equal the annual amount of Initial Fixed Rent or Base Rent multiplied by a fraction, the numerator of which is the amount of the Term in Lessee's budgeted Gross Revenues for such calendar quarter and the denominator of which monthly is the amount of the Lessee's budgeted Gross Revenues for such Lease Year. The amount of Initial Fixed Rent or Base Rent is payablepayable for the fourth calendar quarter of such Lease Year shall equal the annual amount of Initial Fixed Rent or Base Rent, which less the aggregate amount Landlord shall apply to the of Initial Fixed Rent or Base Rent payments made by the Lessee for the first three calendar quarters of such first full Lease Year. There shall be no reduction in Base Rent regardless of the result of the Period Revenues Computation. If the Term begins or ends in the middle of a calendar month.year, then the number of calendar quarters falling within the Term during such calendar year shall constitute a separate Lease Year. In that event, the First Annual Room Revenues Break Point and the Second Annual Room Revenues Break Point shall be multiplied by a fraction equal to (x) the number of calendar quarters (including partial calendar quarters) in the Lease Year divided by (y) four. ----------
Appears in 1 contract
Rent. 3.1 Tenant All sums (including, but not limited to, Minimum Annual Rent, Operating Expense Increases, Additional Service Charges, late charges, interest and attorney's fees) payable by Subtenant to Sublandlord shall be deemed rent, and shall be payable to Sublandlord without notice (except as expressly provided for herein) or other demand, and without recoupment, counterclaim, set-off or other deduction (except only as herein expressly provided for) (all such sums being herein sometimes collectively referred to as "Rent"). In the event that any amount of Rent payable by Subtenant is not paid within three (3) days after the date such payment is due (which due date, with respect to any non-scheduled payments of Rent shall be the fifth (5th) day after Subtenant is invoiced therefor if Subtenant is required to be invoiced under this Sublease for such payment and if provision for another payment date is not provided for in this Sublease), Subtenant shall pay to Landlord the following amounts as rent for the Premises:
Sublandlord (aupon request) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay a late charge equal to Landlord, as monthly rent, the base rent specified in the Basic Lease Information five percent (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined5%) of the total dollar amount of all Operating Expenses (not so paid when due, as hereinafter defined) paid or liquidated damages for the additional charges incurred by Landlord in such calendar year.
(c) Commencing Sublandlord as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth a result of such estimated amountslate payment. If such notice In addition, if any portion of Rent is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty paid within ten (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (3010) days after delivery of the same is due, Subtenant shall also pay to Sublandlord interest on such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receiveunpaid amount, and Tenant’s obligation to pay, at the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant rate of five percent (5%) over the Prime Rate in the Money Rate Section of the Wall Street Journal (or a comparable alternative index ------------------- selected by Sublandlord in the event that for any reason the Wall Street Journal ------------------- discontinues publication of the Prime Rate) (such rate being the "Stipulated Rate") from the date such Rent is due until the date such Rent is received by Sublandlord. No payment by Subtenant or receipt by Sublandlord of lesser amounts of Rent than those herein provided for shall be deemed to be other than on account of the earliest unpaid Rent. No endorsement or statement on any check or any letter accompanying any check or payment of Rent shall be deemed an accord and satisfaction, and Sublandlord may accept any such check or other payment without prejudice to Sublandlord's right to recover the balance of such Rent or pursue any other remedy provided for in this Sublease or under applicable law. If Sublandlord receives from Subtenant two (2) or more and Landlord’s auditors concur returned or "bounced" checks in such findings any twelve (or12) month period, in the absence of such concurrenceSublandlord may require all future Rent payments to be made by certified check. Except as hereinabove expressly provided, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either Rent for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a any partial calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the month and/or calendar year in which during the end of the term occurs Sublease Term shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such terminationa per diem basis.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar month.
Appears in 1 contract
Samples: Sublease Agreement (Iconixx Corp)
Rent. 3.1 Tenant shall agrees to pay to Landlord the following amounts as rent base rental (hereinafter called "Base Rental") for the Leased Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlordwithout notice, as monthly rentsetoff or demand, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required said monthly installments to be paid by Tenant under this Lease, whether or not such amounts of money due and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with advance at the address of Landlord as set forth in this Lease.
3.2 The additional Lease or at such other place as Landlord may designate in writing from time to time. One monthly installment of rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated due and paid in accordance with payable on the following procedures:
(a) Within thirty (30) days prior to date of execution of this Lease by Tenant for the first day of each calendar year during the Lease Termmonth's rent, or as soon thereafter as practicable, Landlord and a like monthly installment shall give Tenant written notice of Landlord’s estimate of the amounts be due and payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On on or before the first day of each calendar month during such ensuing the Term, or any extension or renewal thereof. In the event the commencement date or the termination date of the Term falls on a date other than the first of a month, the 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 taxes on and operating expenses of the Project, and of all special assessments upon tile Project, computed as follows:
(a) The net rentable area of the Leased Premises is 1743 square feet. The 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 equal to said Percentage Share thereof. If the net rentable area of the Project increases or decreases during the Lease Term, the Tenant's Percentage Share shall decrease or increase proportionately.
(b) For the purposes of this Paragraph 4, the term "Lease Year" shall mean the period of twelve (12) months or less, commencing with the Date of Commencement and ending on December 31 of the calendar yearyear during which the Date of Commencement occurs, each successive period 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 the 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 monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof As Additional Rent for the current calendar year will vary from Landlord’s estimateLease Year in question, Landlord mayin accordance with Subparagraph (h) hereof, by giving written notice an amount equal to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day 's Percentage Share of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar yearincrease.
(bd) Within 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 leasing commissions.
(e) Landlord agrees to keep books and records reflecting the operating expenses of the Project in accordance with a reasonable time after standard method of accounting recognized and approved for maintaining accounts for properties similar to the Project. After the end of each calendar yearLease Year, Landlord shall give deliver to Tenant a written statement of the amounts operating expenses of the Project for said Lease Year and a computation of any Additional Rental payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than in accordance with the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereofprovisions of this Lease. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty For ten (3010) days after delivery receipt of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee agent or representative representative, or a public accounting firm selected by it, shall have the right to inspect the books of the Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the normal business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that. Unless Tenant asserts the existence of a specific error or errors therein, if Tenant utilizes an independent accountant to perform such reviewin writing, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty within thirty (12030) days after Landlord such receipt, the Statement shall have delivered be deemed to be correct and payable.
(f) Tenant shall also pay to Landlord, as Additional Rent for the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed Lease Year during which the same is payable, within fifteen (15) days after receipt by Tenant of five percent (5%) or more and a statement therefore from Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay 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, Tenant’s reasonable cost or any installment thereof, which is payable during any such Lease Year. Landlord agrees to take the benefit of conducting any statute or ordinance which permits the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost payment of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%)any such assessment in installments, even though such installments may then Tenant shall be responsible for all costs of such reviewbear interest.
(cg) If the first Lease Term ends on a day other Year or the final Lease Year shall contain less than the last day of a calendar year(12) months, the amounts 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 under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination terms of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof also be deemed to be performed after such termination.
3.3 Additional Rent payable hereunder. Tenant shall also pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advancetogether with each installment of Base Rent, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord 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 for the first full calendar month of the Term in which monthly Base Additional Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthhereunder.
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Samples: Lease Agreement (Snapshot Inc)
Rent. 3.1 (a) Tenant shall pay to Landlord the following amounts (or to Lender, if directed by Landlord) in advance, as minimum annual rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter Leased Premises during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified amounts set forth in the Exhibit B attached hereto (“Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date , commencing on and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before continuing on the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof thereafter during the Lease TermTerm (the said days being the “Basic Rent Payment Dates”), Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord same at Landlord’s office in the Project or at such other location as Landlord may designateaddress set forth below, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time may designate to Tenant in writing. Landlord shall have , in funds which at the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation time of such payments, payment shall be legal tender for the payment of public or private debts in the United States of America and if required by Lender by wire transfer in immediately available federal funds to satisfy any obligations of Tenant hereunder, such account in such order and amounts bank as LandlordLender shall designate, in its sole discretion, may electfrom time to time. If Xxxxxx’s obligation to pay Base Rent hereunder commences the Commencement Date does not occur on a day other than the first day of a calendar month, or if Basic Rent for the Lease Term terminates on a day other than period from and including the Commencement Date through and including the last day of a the calendar month, then month in which the Base Rent payable for such partial month Commencement Date occurs shall be appropriately prorated paid on the basis Commencement Date in the amount equal to one thirtieth (1/30) of a thirty the monthly Basic Rent for the initial term set forth on Exhibit B attached hereto for each day from and including the Commencement Date through and including February 28, 2006.
(30)-day month. Upon signing b) Tenant shall 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 party to whom such payment is due for nonpayment or late payment thereof. In the event of any failure by Tenant to pay or discharge any of the foregoing, Landlord shall have all rights, powers and remedies provided herein, by Law or otherwise, in the event of nonpayment of Basic Rent.
(c) If any installment of Basic Rent is not paid within five (5) days after written notice is given by Landlord or Lender (or Lender’s servicer or other designee of Lender) to Tenant that the same is overdue, Tenant shall pay to Landlord an amount or Lender, as the case may be, on demand, as Additional Rent, a late charge equal to two percent (2%) (the Base Rent “Late Charge”) on such overdue installment of Basic Rent. In addition, Tenant shall be responsible for the first full calendar month payment of any default rate interest imposed by Lender in connection with the non-performance of Tenant of any of the Term terms, covenants and conditions of this Lease.
(d) Landlord and Tenant agree that this Lease is a true lease and does not represent a financing arrangement. Each party shall reflect the transactions represented by this Lease in which monthly Base Rent is payableall applicable books, which amount Landlord shall apply to the Base Rent for such first full calendar monthrecords and reports (including, without limitation, income tax filings) in a manner consistent with true lease treatment rather than financing treatment.
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Rent. 3.1 Tenant shall pay (A) Tenant, in consideration of this Lease, agrees to Landlord the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof Rent during the Lease TermTerm hereof, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On received on or before the first day of each month during in accordance with the following schedule:
(i) For the Lease Year January 1, 1997-December 31, 1997, seventy four thousand six hundred thirty dollars and 88/100 dollars ($74,630.88) payable in twelve equal monthly installments of six thousand two hundred nineteen dollars and 24/100 dollars ($6,219.24);
(ii) For each of the Lease Years beginning January 1,1 998 through and including the leas year beginning January 1, 2006 the following rental adjustment shall apply: The rental amount from the previous year shall be adjusted by the Consumer Price Index, specifically the CPI for all Urban Consumers. The adjustment shall be no less than 3.5% per year and no more than 7% per year. In the event that tenant pays Landlord any installments of Basic Rent or Percentage Rent after the due date, or any Additional Rent (as hereinafter defined) later than the (5th) day after billing therefore, then and in such ensuing calendar yearevent, Tenant shall pay to Landlord, as monthly renttogether with and in addition to said installment of Basic Rent or Additional Rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant charge of five percent (5%) of installment past due. Any installments of Basic Rent or Additional Rent not made within ten (10) days from the date due shall, in addition to the foregoing late charges, bear interest from the date due at the rate of eighteen percent (18%) per annum (the “Default Rate”). If Landlord, during the Term of this Lease, receives two (2) or more checks from Tenant which are returned for insufficient funds. Landlord, in addition to applicable late charges and reimbursement for any additional cost incurred by reason of any returned check, may require, at Landlord’s auditors concur in such findings (orelection, in that any future payment shall be either bank certified, cashier’s or treasurer’s check. None of the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction foregoing late charges shall be construed to limit or such otherwise waive any other dispute resolution mechanism as remedies available to which the parties mutually agree in writing), then Landlord shall pay to Tenant, for Tenant’s reasonable cost of conducting default under this Lease. Anything contained herein to the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors contrary notwithstanding, the late charges provided hereunder shall be billed at the hourly payroll cost of those employees to abated for one violation each Lease Year, provided Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than cures such late payment within five percent (5%), then Tenant shall be responsible for all costs of such review) days after written notice that the same is past due.
(cB) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay tender all monthly rent (i.e.payments due hereunder by good check to Landlord c/x Xxx Xxxxx Xxxxxxxx, monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to LandlordX.X. Xxx 000, in advanceXxxxxx, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease InformationXxxxxxxx 00000, or to such other person party or at such other place address as Landlord may designate from time to time designate in writingby written notice to Tenant. If Landlord shall have the right to apply payments received from Tenant pursuant to this Leaseat any time or times accept said Basic Rent or Additional Rent after it shall become due and payable, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar monthacceptance shall not excuse delay upon subsequent occasions, or if constitute a waiver of any or all of Landlords rights hereunder.
(C) This Lease is what is commonly called a “triple net lease”, it being understood that Landlord shall receive the Lease Term terminates on a day rent free and clear of any and all other than impositions, taxes, liens, charges, or expenses of any nature whatsoever in connection with the last day ownership and operation of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on Premises. In addition to the basis of a thirty (30)-day month. Upon signing this LeaseBasic Rent, Tenant shall pay to the parties respectively entitled thereto all impositions, insurance premiums, utility charges (including but not limited to gas, fuel, electric, water, sewer, trash removal and telephone charges), operating charges, maintenance charges, construction costs, and any other charges, costs, and expenses which arise or may be contemplated under any provisions of the Lease during the Term hereof. All of such charges, costs, and expenses shall constitute Additional Rent, and upon the failure of Tenant to pay any of such costs, charges or expenses, Landlord an amount equal shall have the same rights and remedies as otherwise provided in this Lease for the failure of Tenant to pay Basic Rent. For purposes herein contained the term “Rent” shall refer to Basic Rent and Additional Rent. It is the intention of the parties hereto that this Lease shall not be terminable for any reason by the Tenant unless otherwise expressly permitted under the terms of this Lease and that Tenant shall in no event be entitled to any abatement of or reduction in Rent payable hereunder, except as herein expressly provided. Any present or future law to the Base Rent for the first full calendar month contrary shall not alter this agreement of the Term parties. If Tenant defaults in which monthly Base the making of any payment to any third party or in the doing of any act required to be made or done by Tenant, then Landlord may, but shall not be required to make such payment or do such act, and the amount of the expense thereof, if made or done by Landlord, within interest thereon at the Default Rate accruing from the date paid by Landlord, together with an additional charge of fifteen percent (15%) of the amount so paid to cover Landlord’s administrative costs, shall be paid by Tenant to Landlord and shall constitute Additional Rent is payable, which amount hereunder due and payable by Tenant upon receipt by Tenant of a written statement of costs from Landlord. The making of such payment or the doing of such act by Landlord shall apply not operate to cure Tenant’s default, nor shall it prevent Landlord from the Base Rent for such first full calendar monthpursuit of any remedy to which Landlord would otherwise be entitled.
Appears in 1 contract
Rent. 3.1 Tenant shall pay To the extent collected by Seller prior to Landlord the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rentClosing, the base “minimum” or “base” rent specified in the Basic Lease Information and parking revenue, if any (the collectively, “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant tenants under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used the Assignable Leases for the calendar month in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof which the Closing occurs shall be calculated prorated between Purchaser and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay Seller on the basis of the prior calendar year’s estimate until number of days of such month the Property will have been owned by Purchaser and Seller, respectively. There shall be no proration of any rent which is delinquent as of the Closing Date. Rent collected on or after the Closing Date shall be applied first to the month after such notice is given. If at of Closing, then to any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof delinquency existing for the current calendar year will vary period thereafter and then to any delinquency for the period prior to Closing. Purchaser shall cause any rent applicable to the period prior to Closing to be remitted to Seller if, as, and when collected. At Closing, Seller shall deliver to Purchaser a schedule of all delinquent rent. In the event any delinquent rent is omitted from Landlord’s estimatesuch schedule, Landlord may, by giving written notice Seller shall not be deemed to Tenant, revise have waived its estimate for rights to such calendar yearrent. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year Purchaser shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to include the amount of such subsequent payments such that, prior delinquent rent in the first bills thereafter submitted to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time tenants in question after the end Closing, and shall continue to do so for three (3) months thereafter. Purchaser shall promptly deliver to Seller a copy of each calendar yearsuch xxxx submitted to tenants. After such three (3) month period following Closing, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for Seller may pursue remedies directly against delinquent tenants, but may not xxx to evict or otherwise dispossess such calendar year certified by Landlordtenants. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give Any percentage rent collected in connection with any notice or statement to Tenant under this section 3.2 Assignable Leases shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, be prorated at Closing but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which prorated after the applicable lease year is reasonably acceptable to Landlord which shallover and total revenues and breakpoint have been reconciled under the applicable Assignable Lease, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered revenues and breakpoint allocated evenly over the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which Closing occurs on a daily basis and any amount payable from one party to the end of the term occurs other shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed paid promptly after such terminationreconciliation is required under the applicable Assignable Lease.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar month.
Appears in 1 contract
Rent. 3.1 (a) Tenant shall pay to Landlord Adjusted Rental, which is the following amounts as rent for the Premises:
(a) Commencing as sum of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rentBasic Rental, the base rent specified monthly Excess Operating Expenses and the monthly Excess Taxes (as defined in the Basic Lease Information (the “Base Rent”Information).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred estimated by Landlord from time to time, in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord monthly installments in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before advance on the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis in lawful money of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears United States to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, at its address set forth above (or such other address as Landlord may, by giving written notice shall designate in writing to Tenant) without notice or demand and without any abatement, revise its estimate deduction or set-off, for such calendar yeareach month of the entire Term. If Landlord delivers its estimate after Payments shall be due the first day of each month but not deemed late until the 5th of each month, providing a calendar year5 day grace period in which normal Tenant accounting procedures can process checks without special handling requirements. One such monthly installment, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during upon the business hours execution of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant this Lease. A like monthly installment shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered due and payable without demand beginning on the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last first day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year month immediately following the month in which the end of the term Commencement Date occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, continuing thereafter on or before the first day of each and every succeeding calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money . Rent for any fractional month at the beginning of the United States Lease Term shall be prorated based on one-three hundred sixty-fifth (1/365) of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor current annual Adjusted Rental for each day of the partial month this Lease is in the Basic Lease Informationeffect, and shall be due and payable on or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than before the first day of the calendar month immediately following the month in which the Commencement Date occurs.
(b) During the Term of this Lease, the Basic Rental shall be increased at the beginning of each lease year by $0.50 per square foot. The dates described in this Section for computing the adjustment in Basic Rental are hereinafter sometimes referred to collectively as "Rental Adjustment Dates" and singularly as a calendar month"Rental Adjustment Date". After each Rental Adjustment Date, the rent as increased shall be deemed the Basic Rental for all purposes of this Lease.
(c) If all of any sum due under this Lease is not received by its due date, then Tenant, to the extent permitted by law, shall pay, in addition to the sum owed, a late payment charge equal to ten percent (10%) of the sum (or portion thereof) which is overdue. If a check remitted to pay any sum due to Landlord hereunder shall not be honored upon presentment for payment, then Tenant in addition to the amount owed, shall pay to Landlord on demand a fee of five percent (5%) of the amount owed. Following the dishonor of any check presented for payment, Landlord may require all further payments to be made hereunder to be made by certified check or money order. Also, if Landlord does not receive any Adjusted Rental within thirty (30) days after the due date thereof, or if the Lease Term terminates on a day fails to pay any sum (other than Adjusted Rental) which at any time becomes due to Landlord under any provision of this Lease as and when the last day of a calendar monthsame becomes due hereunder, then the Base Rent payable for then, in either such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Leaseevent, Tenant shall pay Landlord interest on such overdue amounts from the due date thereof until paid at an annual rate (the "Past Due Rate") which equals the lesser of (i) twelve percent (12%) or (ii) the highest rate then permitted by law. All late payment charges and fees for dishonored checks are to reimburse Landlord for additional costs and expenses which Landlord presently expects to incur in connection with the handling and processing of late or dishonored payments. Provision for such late charge, interest or fee for dishonor shall be in addition to all other rights and remedies available to Landlord an amount equal hereunder or at law or in equity and shall not be construed as liquidated damages or limiting Landlord's remedies in any manner.
(d) Tenant's covenants and obligations to pay Adjusted Rental and all additional rental (collectively, the Base Rent for the first full calendar month "Rent") hereunder are unconditional and independent of the Term any other covenant or condition imposed on either Landlord or Tenant, whether under this Lease, at law or in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthequity.
Appears in 1 contract
Rent. 3.1 Tenant shall pay to Landlord the following amounts as rent a. Except for the Premises:
(a) Commencing as Landlord credits to Tenant contemplated by section 4.b. of the Rent Commencement Date and thereafter during the Lease Termthis Lease, Tenant shall pay to Landlord, as monthly rentwithout deduction, setoff, prior notice, or demand, one twelfth of the base rent specified in the Basic Lease Information Base Rent (the “Base Monthly Rent”), payable in advance on the first day of each calendar month during the Lease Term. The obligations of Tenant to pay Base Monthly Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. If the Lease Term commences on a date other than the first day of a calendar month, the Base Monthly Rent for that month shall be prorated on a per diem basis and be paid to Landlord on or before the Commencement Date.
(b) Commencing b. Tenant shall pay as additional rent each year the amount, if any, by which the Tenant’s Proportionate Share of Operating Costs during each Operating Year of the Commencement Date Lease Term exceed base rent One Hundred Fifty Five Thousand Eight Hundred Eighty Three Dollars and thereafter during each calendar year 12/100ths ($155,883.12) dollars (“Operating Cost Rent”). Tenant’s Proportionate Share of Operating Costs is fraction (30.28%) percent. Landlord may make a good faith estimate of the Operating Cost Rent to be due by Tenant for any Operating Year or part thereof during the Lease Term. During each Operating Year or partial Operating Year of the Lease Term after the initial Operating Year, Tenant shall pay to Landlord, as additional rentin advance concurrently with each monthly installment of Base Monthly Rent, Tenant’s Percentage Share an amount equal to the estimated Operating Cost Rent for such Operating Year divided by twelve. Landlord estimates that the Operating Cost Rent for the full initial Operating Year of this Lease is zero (as hereinafter defined) $0.0). From time to time, Landlord may estimate and re-estimate the Operating Cost Rent to be due by Xxxxxx and deliver a copy of the total dollar amount estimate or re-estimate to Tenant. Thereafter, the monthly installments of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts Cost Rent payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid appropriately adjusted in accordance with the following procedures:
(a) Within thirty (30) days prior estimations so that, by the end of the Operating Year in question, Tenant shall have paid all of the Operating Cost Rent as estimated by Landlord. Any amounts paid based on such an estimate shall be subject to the first day adjustment as herein provided when actual Operating Costs are available for each Operating Year. By May 1 of each calendar year during the Lease TermOperating Year, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay furnish to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to actual Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, Costs for the purpose of verifying previous year (the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period“Operating Costs Statement”). If Xxxxxx’s audit payments of Xxxxxxxxestimated Operating Cost Rent for the year covered by the Operating Costs Statement exceed Xxxxxx’s books and records shows an aggregate overstatement Proportionate Share of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, items as indicated in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing)Operating Costs Statement, then Landlord shall pay to Tenantpromptly credit or reimburse Tenant for such excess; likewise, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If if Xxxxxx’s audit shows a difference estimated payments of less than five percent (5%), then Tenant shall be responsible Operating Costs for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar month.such
Appears in 1 contract
Samples: Lease Agreement
Rent. 3.1 Tenant shall The tenant will pay to Landlord the following amounts as rent ($«YearRent») for the Premises:
(a) Commencing as term of the Rent Commencement Date lease. Payable in monthly installments of ($«OnTimeRent») when paid between the 1st and thereafter during the Lease Term5th. When paying after the 5th, Tenant shall pay to Landlord($«AfterFirstRent») which includes a late fee of $60. When paying after the 8th, as monthly rent, pay ($«AfterFifthRent») which includes an additional late fee of $60. ● Eviction notices will be issued on or after the base rent specified in the Basic Lease Information eighth (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined8th) of the total dollar month to all tenants who have not paid. ● Checks will not be accepted after the 5th of the month, on-line payments, money order or certified funds only. ● A $45 fee will be charged for any payment returned unpaid for any reason. If payment was via check no checks will be accepted for 6 months. Late fees may be assessed based on the date acceptable payment is made. ● Do not mail your rent after the 5th of the month; bring it to our office or pay on-line to avoid further late fees. Except for the first rental installment, which shall be prorated and paid within 10 days of the signing of this lease or 10 days from date unit is made ready for occupancy, the rent will be considered on time if paid between the 1st and the 5th of each month. Once an eviction notice has been issued it is the landlord’s option not to accept the tenants rent. The landlord may increase the rent during the term of the lease to reflect any increase in occupancy number, utilities, taxes and/or assessments. FEES FOR PAPER PAYMENTS: If paying with a check, money order or certified check a $5.00 fee will be added and due when paying. If payment received is not filled in with full name, address and made payable to MGM or Xxx Xxxxxx a $5.00 completion fee will be charged. Avoid all of this by paying On-Line. EQUAL HOUSING OPPORTUNITY. LANDLORD MAKES THIS HOUSING AVAILABLE WITHOUT REGARD TO RACE, COLOR, RELIGION, SEX, NATIONAL ORIGIN, FAMILIAL STATUS, DISABILITY (HANDICAP), MILITARY STATUS, OR ANCESTRY. If the tenant remains in possession of the leased property after the expiration of the original term of this agreement, such possession shall be as a month-to-month tenant under the same terms and conditions of this agreement, except that the landlord may increase the amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required rent to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments to tenant. The month-to-month tenancy may be terminated by Tenant for such calendar year shall be based on such late or revised estimateeither party, as upon receipt by the case may be, with an appropriate adjustment to the amount landlord of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior day written notice to Landlord and during from the business hours of Landlord at Landlord’s office in tenant on the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (1201st) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year month prior to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such terminationmove out with full last months’ rent.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar month.
Appears in 1 contract
Samples: Lease Agreement
Rent. 3.1 Tenant shall Lessee will pay to Landlord the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord mayLessor, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offsetwire transfer, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to America which shall be legal tender for the payment of public and private debts, at Lessor's address specified therefor set forth in the Basic Lease Information, or to such other person Article 30 hereof or at such other place or to such other Person as Landlord may Lessor from time to time may designate in writing. Landlord 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 Date until the calendar quarter ending December 31, 2001 shall have equal the right to apply payments received from Tenant pursuant to this Lease, regardless annual amount of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, Initial Fixed Rent set forth on Exhibit C and shall be payable quarterly in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences arrears on a day other than or before the first business day of a the subsequent calendar monthquarter; provided, or if 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;
(b) The Rent payable in each calendar quarter from January 1, 2002 until the end of the Lease Term terminates shall equal the greater of :
(i) the annual amount of Base Rent set forth on a day other than Exhibit C, which shall be payable quarterly in arrears on or before the last first business day of a the subsequent calendar monthquarter; provided, then the however, that Base Rent payable for such partial month shall be appropriately prorated as to any Lease Year which is less than four calendar quarters and as to any partial calendar quarter; plus
(ii) 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 basis fifteenth (15th) day of a thirty (30)-day monththe following calendar quarter. Upon signing this Lease, Tenant The Period Revenues Computation shall pay to Landlord be an amount equal to the sum of, for the applicable Lease Year, (i) 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 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. The Initial Fixed Rent and the Base Rent shall accrue pro rata during each calendar quarter of a Lease Year. However, the amount of Initial Fixed Rent or Base Rent payable for the first full three calendar month quarters of a Lease Year shall equal the annual amount of Initial Fixed Rent or Base Rent multiplied by a fraction, the numerator of which is the amount of the Term in Lessee's budgeted Gross Revenues for such calendar quarter and the denominator of which monthly is the amount of the Lessee's budgeted Gross Revenues for such Lease Year. The amount of Initial Fixed Rent or Base Rent is payablepayable for the fourth calendar quarter of such Lease Year shall equal the annual amount of Initial Fixed Rent or Base Rent, which less the aggregate amount Landlord shall apply to the of Initial Fixed Rent or Base Rent payments made by the Lessee for the first three calendar quarters of such first full Lease Year. There shall be no reduction in Base Rent regardless of the result of the Period Revenues Computation. If the Term begins or ends in the middle of a calendar monthyear, then the number of calendar quarters falling within the Term during such calendar year shall constitute a separate Lease Year. In that event, the First Annual Room Revenues Break Point and the Second Annual Room Revenues Break Point shall be multiplied by a fraction equal to (x) the number of calendar quarters (including partial calendar quarters) in the Lease Year divided by (y) four.
Appears in 1 contract
Rent. 3.1 Tenant shall agrees to pay to Landlord the following amounts as rent for Annual Rent in effect from time to time by paying the Premises:
(a) Commencing as Monthly Installment of Rent then in effect on or before the Rent Commencement Date and thereafter fifth day of each full calendar month during the Lease Term, Tenant except that the first full month's rent shall pay to Landlord, as monthly rent, be paid upon the base rent specified execution of this Lease. The Monthly Installment of Rent in the Basic Lease Information effect at any time shall be one-twelfth (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined1/12) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord Annual Rent in effect at such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof time. Rent for any period during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that Term which is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant a full month shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end prorated portion of the term occurs shall be prorated on the basis which Monthly Installment of Rent based upon the number of days from the commencement of in such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365)month. Termination of this Lease Said rent shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) paid to Landlord, in advance, on without deduction or before the first day of each offset and every calendar month during the Lease Term, without notice, notice or demand, deduction or offsetat the Rent Payment Address, in lawful money of as set forth on the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease InformationReference Pages, or to such other person or at such other place as Landlord may from time to time designate in writing. If an Event of Default occurs, Landlord may require by notice to Tenant that all subsequent rent payments be made by an automatic payment from Tenant's bank account to Landlord's account, without cost to Landlord. Tenant must implement such automatic payment system prior to the next scheduled rent payment or within ten (10) days after Landlord's notice, whichever is later. Unless specified in this Lease to the contrary, all amounts and sums payable by Tenant to Landlord pursuant to this Lease shall have be deemed additional rent.
3.2 Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the right extent of which additional expense is extremely difficult and economically impractical to apply payments received from ascertain, Tenant therefore agrees that if rent or any other sum is not paid when due and payable pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month late charge shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord imposed in an amount equal to the Base Rent for the first full calendar month greater of: (a) Fifty Dollars ($50.00), or (b) six percent (6%) of the Term unpaid rent or other payment. The amount of the late charge to be paid by Tenant shall be reassessed and added to Tenant's obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments on or before the date on which monthly Base Rent 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 payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthunpaid after date due.
Appears in 1 contract
Rent. 3.1 3.1. Tenant shall agrees to pay to Landlord the following amounts as rent for Annual Rent in effect from time to time by paying the Premises:
(a) Commencing as Monthly Installment of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified then in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, effect on or before the first day of each and every full calendar month during the Lease Term, except that the first full month’s rent shall be paid upon the execution of this Lease. The Monthly Installment of Rent in effect at any time shall be one-twelfth (1/12) of the 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 notice, deduction or offset and without notice or demand, deduction or offsetat the Rent Payment Address, in lawful money of as set forth on the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease InformationReference Pages, or to such other person or at such other place as Landlord may from time to time designate in writing. If a monetary Event of Default occurs, Landlord may require by notice to Tenant that all subsequent rent payments be made by an automatic payment from Tenant’s bank account to Landlord’s account, without cost to Landlord. Tenant must implement such automatic payment system prior to the next scheduled rent payment or within ten (10) days after Landlord’s notice, whichever is later. Unless specified in this Lease to the contrary, all amounts and sums payable by Tenant to Landlord pursuant to this Lease shall have be deemed additional rent.
3.1.1. Notwithstanding the right foregoing, provided that there shall not exist any Event of Default, and no event exists which by notice and/or the passage of time would constitute an Event of Default if not cured within the applicable cure period provided under this Lease, and subject to apply payments received the provisions of Section 19.3 below, the Monthly Installments of Annual Rent due for the first (1st) full calendar month following the Commencement Date shall be abated. Nothing in this Section 3.1.1, however, shall be interpreted to except or excuse Tenant from any Additional Rent or other amounts due under this Lease to Landlord.
3.2. Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid when due and payable pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month late charge shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord imposed in an amount equal to the Base Rent for greater of: (a) Fifty Dollars ($50.00), or (b) six percent (6%) of the unpaid rent or other payment; provided, however, Landlord agrees to waive and forgive the first (1st) of any such late charges during the Term, provided that Landlord receives such overdue rent or other sum within five (5) days after the date due. 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 to the contrary contained herein, if the Commencement Month is not a full calendar month month, such Commencement Month shall be deemed for all purposes of this Lease to be part of the Term in which monthly Base Rent is payable, which amount Landlord First Lease Year and Tenant shall apply to the Base pay additional Annual Rent for such first full calendar monthCommencement Month calculated on a per diem basis at the Annual Rental Rate for the First Lease Year.
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Rent. 3.1 Tenant shall pay to Landlord The rental on the following amounts as rent Demised Premises for the Premises:
Initial Term will be at the rate of Six Thousand Six Hundred Sixty Six and 66/100 Dollars (a$6,666.66) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information Dollars per month (the “Base Rent”).
) plus Florida sales tax. Rent shall begin to accrue on the earlier of (b) Commencing as of the “Rental Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter definedDate”) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease TermMarch 1, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof 2005. Rent shall be calculated due and paid in accordance with payable on the following procedures:
(a) Within thirty (30) days prior to the first 10th day of each calendar year during month and shall be payable at the Lease Term, office of the Landlord first above written or as soon thereafter as practicable, at such other place of which Landlord shall give Tenant written notice at least ten (10) days in advance. During the period from the Effective Date until the Rental Commencement Date, Landlord shall be entitled to all income from the tenants of existing leases during such period and shall pay the following expenses: Real Estate Taxes (allocable share) Hazard and Liability Insurance (to be maintained by Landlord in Landlord’s estimate of name) Exterminator Utilities Cleaning Service (at the amounts payable under sections 3.1(bcurrent rate) ADT Security Elevator Maintenance (at the current rate) Telephone Fees and 3.1(cPermits, including parking (at the current rates) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth for all repairs and maintenance or other costs than specified above with the exception of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on repairs necessitated by the basis tenants of the prior calendar year’s estimate until existing leases. It is further the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate intention of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant parties that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all any incremental costs from actions taken by or for Tenant. If Rent is not received by Landlord by the day it is due, it shall be subject to an automatic late charge of 10% of such review.
Rent and an additional late charge of 5% of such Rent every fifth (c5th) If day thereafter. After default, all such charges, along with the Lease Term ends on a day other than Rent, shall be paid in the last day form of a calendar yearcashier’s check, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end certified check or money order. Acceptance of the term occurs Rent or any portion thereof without the automatic late charge shall be prorated on the basis which the number of days from the commencement not constitute a waiver of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365)charges. Termination of this Lease shall not affect the obligations of Landlord and If Tenant’s Rent check is returned for any reason, Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant agrees to pay Landlord $200.00 as a handling charge in addition to any applicable late charge. Returned checks must be redeemed by cashier’s check, certified check or money order. In the event more than one (1) Rent check is returned, all such monthly rent to the address specified therefor in the Basic Lease Informationsubsequent Rent must be paid by cashier’s check, certified check or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthmoney order.
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Rent. 3.1 Tenant shall pay to Landlord the following amounts as rent for the Premises:
(a) Commencing Lessee agrees to pay monthly as of the Rent Commencement Date and thereafter base rental during the term of this Lease Termthe sum of ONE THOUSAND SEVEN HUNDRED TWENTY & 00/100 DOLLARS --------------------------------------------------- ($1,720.00), Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar which amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with payable to Lessor at the following procedures:
(a) Within thirty (30) days prior to address shown below ----------- on the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord month. One monthly installment of rent shall give Tenant written notice of Landlord’s estimate of the amounts be due and payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis date of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination execution of this Lease by Lessee for the first month's rent and a like monthly installment shall not affect the obligations of Landlord be due and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month succeeding the "commencement date" during the Lease Termdemised term; provided, without notice, demand, deduction or offset, in lawful money of that if the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on "commencement date" should be a day date other than the first day of a calendar month, or if the Lease Term terminates on a day other than monthly rental set forth above shall be prorated to the last day end of a that calendar month, then the Base Rent payable for such partial month and all succeeding installments of rent shall be appropriately prorated payable on or before the basis first day of a thirty (30)-day montheach succeeding calendar month during the demised term. Upon signing Lessee shall pay, as additional rental, all other sums due under this Lease.
(b) On the date of execution of this Lease by Lessee, Tenant there shall pay to Landlord be due and payable by Lessee a security deposit in an amount equal to the Base Rent one monthly rental installment to be held for the first full calendar month performance by Lessee of Lessee's covenants and obligations under this lease, it being expressly understood that the deposit shall not be considered an advance payment of rental or a measure of Lessor's damage in case of default by Lessee. Upon the occurrence of any event of default by Lessee or breach by Lessee of Lessee's covenants under this Lease, Lessor may, from time to time, without prejudice to any other remedy, use the security deposit to the extent necessary to make good any arrears of rent and/or any damage, injury, expense or liability caused to Lessor by the event of default or breach of covenant, any remaining balance of the Term security deposit to be returned by Lessor to Lessee upon termination of this Lease.
(c) If any increase in the fire insurance premiums paid by Lessor for the building in which Lessee occupies space is caused by Lessee's use and occupancy of the leased premises, or if Lessee vacates the leased premises and causes an increase in such premiums, then Lessee shall pay as additional rental the amount of such increase to Lessor.
(d) Other remedies for nonpayment of rent notwithstanding, if the monthly Base Rent rental payment is payablenot received by Lessor on or before the tenth day of the month for which rent is due, or if any other payment due Lessor by Lessee is not received by Lessor on or before the tenth day of the month next following the month in which Lessee was invoiced, a service charge of five per cent (5%) of such past due amount Landlord shall apply become due and payable in addition to the Base Rent for such first full calendar month.amounts owed under this Lease. See Addendum
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Rent. 3.1 Tenant shall The total rent that the Tenants agree to pay to the Landlord for the premises, for the term, is $ This total rent is due upon execution of this lease. However, for the convenience of the Tenants, this rent shall be paid by the Tenants to the Landlord in installments as outlined in Addendum A – Payment Schedule. Rent is always due on the Xxxxx of the month regardless of lease commencement date. Acceptance of partial payments from some Tenants does not relieve such Tenants from their liability for the entire rents or as to shares owned by other joint and several Tenants. On execution of this lease, Tenants agree to pay to the Landlord the following amounts as Iirst and last months’ rent for the Premises:
(a) Commencing as installments unless otherwise agreed in writing; said payments to be considered a reservation fee due on execution until occupancy when said payments will be considered rent due and paid. A late charge of 5% of the Rent Commencement Date overdue rent will be assessed on the second calendar day of the month if any rent installment is not received by the Landlord on or before the Iirst calendar day of the month. An additional 5% of the outstanding balance will be assessed if the rent remains unpaid after the Iifteenth (15th) calendar day of the month. Said late charges shall become due and thereafter during payable immediately upon notice, and if not so paid, may be deducted by the Lease TermLandlord from the security deposit as added rent. O Xxx 0000, Tenant Xxxxxx, XX 00000 A charge of $50.00 will be made by the Landlord for each check of the Tenants returned for any reason. If Tenants make payment of any rent installment in an amount less than that due, Landlord may accept same, but shall pay not be bound by any restrictive endorsement, or any statement, or otherwise to the effect that such payment is made in full satisfaction of the amounts then due. Notwithstanding such acceptance by the Landlord, the Landlord may avail himself of any other legal remedies he may have. If Tenant makes any payments hereunder, and then fails to occupy the premises or fails to comply with any other term or requirement of this agreement, Landlord may keep any such payments as monthly rentpartial liquidated damages. Notwithstanding retention of such payments as liquidated damages, the base Landlord shall have, in addition, any other rights afforded Landlord under this lease against the Tenant for breach of this lease. In addition, if the Iirst month’s rent specified in installment, and/or the Basic Lease Information (last month’s rent installment, and/or the “Base Rent”).
(b) Commencing as of the Commencement Date security and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges damage deposit are required to be paid by Tenant under at the time of execution of this Leaselease and are not paid at such time, whether or not if such amounts of money and charges payments are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable to be made pursuant to sections 3.1(b) an agreed upon schedule (Addendum A), and 3.1(c) hereof shall be calculated and paid such payments are not made at the time set forth in accordance with such schedule, then the following procedures:
(a) Within thirty (30) days prior to Landlord reserves the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If right at any time it appears after such time by which such payments should have been made, to Landlord that give Tenant(s), or any of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimateTenant(s), Landlord mayIive days written notice, by giving written notice to TenantcertiIied mail, revise its estimate for such calendar year. If return receipt, that if the deIiciencies in these amounts are not paid in full and received by the Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any Iive day notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such Landlord may rent the demised premises to others and may retain any amounts paid to that date as partial month shall be appropriately prorated on liquidated damages and, in addition, may seek to enforce any other rights the basis of a thirty (30)-day month. Upon signing this LeaseLandlord may have against the Tenant, Tenant shall pay to Landlord an amount equal to and may, in addition, terminate the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthlease.
Appears in 1 contract
Samples: Lease Agreement
Rent. 3.1 6.1 From and after the Lease Effective Date, Tenant shall pay base rent during each Lease Year to Landlord the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter follows: For each Lease Year or portion thereof occurring during the Lease Term, Tenant shall covenants and agrees to pay to LandlordLandlord as and for rent for the Premises, without offset or deduction, and without previous demand therefor except as monthly rentotherwise expressly set forth herein, a rental in an annual amount equal to the base rent specified in the Basic Lease Information Annual Rental Rate (the “Base such annual amount, hereinafter referred to as "Annual Rent”").
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant . All Annual Rent shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(bby immediately available electronic fund transfer (EFT) and 3.1(cvia the Automated Clearing House (ACH) hereof shall be calculated and paid in accordance with Network using such instructions as the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, provide by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon Tenant no less than thirty (30) calendar days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end date that such payment is due (provided, however, that, for the initial payment of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar yearAnnual Rent due hereunder, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified provide payment instructions by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during Tenant within ten (10) calendar days of the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction Lease Effective Date or such other dispute resolution mechanism date as to which is mutually agreed by the parties mutually agree in writingParties), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based in advance commencing on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) Effective Date and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five first (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b1st) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month thereafter during the Lease Term, without notice, demand, deduction or offset, in lawful money an amount equal to one-twelfth (1/12) of the United States of America. Landlord instructs Tenant to pay all such monthly rent to Annual Rent; provided that if (i) the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord Effective Date shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day be other than the first (1st) day of a calendar month, or if the first (1st) monthly installment of Annual Rent shall be the monthly installment prorated by the fraction reached by dividing the number of days remaining from and including the Lease Effective Date to the last day of the calendar month in which the Lease Effective Date occurs by the actual number of days in such month, and (ii) the last date of the Lease Term terminates on a day shall be other than the last day of a calendar month, then the Base last monthly installment of Annual Rent payable for such partial month shall be appropriately prorated on by the basis fraction reached by dividing the number of a thirty days elapsed from and including the first (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal 1st) day of such calendar month to the Base Rent for the first full calendar month last day of the Lease Term by the actual number of days in such month, and shall be payable at the office of Landlord first above set forth or at such other place or in such other manner in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar month.have given Tenant written notice at least thirty
Appears in 1 contract
Samples: Lease Agreement
Rent. 3.1 Tenant A. The Concessionaire, for and in consideration of the Lease herein granted, shall pay directly to Landlord the Division of Parks and Watercraft C-3, Concessions Section, 0000 Xxxxx Xx., Columbus, Ohio 43229-6693, no later than the fifteenth (15th) day of each month an amount equal to the total of the following amounts categorical percentage calculations of Gross Receipts, as rent defined in Section 4(C) below, received during the preceding calendar month: Boat Rental: Rental Boats and Motors % Bait and Tackle % Food and Beverage % Vending % Merchandise/Souvenirs % All Other Receipts % Chalet: Food and Beverage % All Other Receipts %
B. Method of Payment: Payments shall be made on a monthly basis, based upon Gross Receipts for each immediately preceding calendar month during the Concessionaire’s operation of the Properties. The Concessionaire shall, at the Department's direction, either (1) mail payment with respect to Gross Receipts for the Premises:
(a) Commencing as immediately preceding calendar month, postmarked no later than the 15th day of the Rent Commencement Date month to the Department's Columbus office, or (2) directly wire payments with respect to Gross Receipts for such immediately preceding calendar month, to the State Treasurer's Office into the account designated by the Department, so that funds are available before the close of business on the 15th day of the month. If method (2) is chosen, a dated receipt shall promptly be mailed from the Concessionaire to the Department's Columbus Office. Unless monthly reports and thereafter during monthly payments are postmarked or received by the Lease Term, Tenant shall pay to LandlordDepartment or State Treasurer, as monthly rentappropriate, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advanceabove schedule, on or before the first fifteenth (15th) day of each and every calendar month during the Lease Termmonth, without notice, demand, deduction or offset, in lawful money a late penalty fee of the United States of America. Landlord instructs Tenant to pay all such monthly rent $10.00 per day shall be added to the address specified therefor amount due. Monthly payments in the Basic Lease Informationform of checks returned to the State Treasurer's Office from the issuing financial institution due to insufficient funds, shall be considered non-payment and the penalty fee as described above shall be added to the amount due according to the above schedule.
C. Gross Receipts" shall be the total amount of cash or to such other person or at such other place as Landlord may credits received by the Concessionaire from time to time designate in writing. Landlord shall have all business, including the right to apply payments received total sale amount of consigned items, resulting from Tenant pursuant to the terms of this Lease. Ohio Sales Tax, regardless writing fees for departmental licenses (hunting, fishing, watercraft) and Federal Excise Tax on those items subject to it, are exempt from the gross receipts for fee purposes. Gross Receipts, including for subsequent calendar months, will be subject to adjustment to account for returns and refunds. Gross receipts as defined in reference to revenue derived from any and all subleased or subcontracted services, offered on or about the Properties, shall mean total dollar sales derived from the operation of Tenant’s designation of such paymentssaid subleased or subcontracted services, as opposed to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than commissions received by the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthConcessionaire.
Appears in 1 contract
Samples: Lease Agreement
Rent. 3.1 In consideration of this Lease, Tenant shall promises and agrees to pay to Landlord the following amounts as rent for Adjusted Rental, which is the Premises:
(a) Commencing as sum of the Rent Commencement Date monthly Basic Rental and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Estimated Operating Expenses (subject to adjustment as hereinafter definedprovided) paid without deduction or incurred by Landlord in such calendar year.
(c) Commencing as setoff, for each month of the Commencement Date and thereafter during each calendar year or part thereof during the entire Lease Term. One such monthly installment, Tenant together with the Security Deposit, shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid payable by Tenant under to Landlord contemporaneously with the execution of this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof a like monthly installment shall be calculated due and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to payable without demand beginning on the first day of each the calendar year during month following the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate expiration of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing first full calendar year. On or before the first day month of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, continuing thereafter on or before the first day of each and every succeeding calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money Terms hereof. Rent for any fractional month at the beginning of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates shall be prorated based on one-three hundred sixty-fifth (1/365) of the current annual Adjusted Rental for each day of the partial month this Lease is in effect, and shall be due and payable on or before that date on which Tenant certifies that it has accepted the Premises pursuant to Paragraph 2 hereof. In the event any installment of the Adjusted Rental, or any portion thereof, is not received by the due date thereof, then (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 Adjusted Rental, a day 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 portion thereof, within thirty (30) days after the due date thereof, or fails to pay any other sum (other than Adjusted Rental) which at any time becomes due to Landlord under any provision of this Lease as and when the last day of a calendar monthsame becomes due hereunder, then the Base Rent payable for then, in either such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Leaseevent, Tenant shall pay to Landlord interest on such overdue amounts from the due date thereof until paid at an amount equal to annual rate (the Base Rent "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 the first full calendar month calender year 2000 shall not exceed $8.50 per square foot of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthNet Retable Area per annum (prorated).
Appears in 1 contract
Samples: Office Building Lease Agreement (Appliedtheory Corp)
Rent. 3.1 4.01 Tenant shall agrees to pay to Landlord the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Term of this Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (Minimum Annual Rent, it being understood that the “Base Rent”)Basic Minimum Annual Rent is $0 until December 1, 1990.
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof 4.02 Tenant agrees to pay Landlord during the Term of this Lease TermAdditional Rent, Tenant shall pay to Landlord, as additional rent, consisting of: (i) Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage 's Pro Rata Share of the total dollar amount Basic Operating Cost; (ii) all utility charges which are not included as items of all Property Taxes Basic Operating Cost but are the cost responsibility of Tenant under other provisions of this Lease (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be which have not been paid by Tenant directly to the utility providing the service under other provisions of this Lease, whether or not such amounts of money ); (iii) and charges are otherwise designated “additional rent.” As used any other item specifically set forth elsewhere in this Lease, “rent” Lease as an item of Additional Rent or as an item which is in any other manner the cost responsibility of Tenant. Landlord shall mean and include all Base Rent, all additional rent and all other amounts payable by 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 this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid Landlord's statement. Landlord shall, within ninety days after the end of each fiscal year for which Basic Operating Cost has been charged in accordance with the following procedures:
(a) Within thirty (30) days prior estimated charges, give to Tenant a statement of the first day actual Basic Operating Cost incurred for the previous year. Adjustment shall be made for any overpayment or underpayment of each calendar 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 the Lease Term, or as soon thereafter as practicableany fiscal operating year, Landlord shall give not have delivered to Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof statement mentioned for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on Landlord the basis of sums payable for the prior calendar immediately preceding year’s estimate , until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof statement for the current calendar year will vary from Landlord’s estimateshall have been delivered, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after at which time the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent monthly payments by Tenant for such calendar year shall be based on 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 fact that such late portion is not completed, occupied or revised estimateleased, as then for the case may bepurposes of computing Additional Rent payable hereunder, with an appropriate adjustment to the amount of such subsequent payments expenses for such that, prior items shall be increased by an amount equal to the end 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 calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar yearProject, provided in no event shall Landlord shall give Tenant a written statement recoup more than 100% of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified expenses actually incurred by Landlord. If such Utility charges set forth as a portion of Additional Rent, above, may be included with the statement shows an amount owing by Tenant that is less than of estimated Basic Operating Cost and billed and adjusted in the estimated payments for such calendar year previously made by same manner as Tenant, Landlord shall credit 's Pro Rata Share of the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereofBasic Operating Cost. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end part of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end first or last Lease Years of the term occurs bears to three hundred sixty five (365). Termination 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 affect 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 obligations immediate cost responsibility of Landlord and Tenant pursuant to section 3.2(bother terms of the Lease shall be amortized in accordance with generally accepted accounting principles, provided that no item shall have a useful life of more than fifteen years. Notwithstanding the foregoing, items (i) hereof and (ii) of additional rent shall be payable for the period beginning with the Leased Premises Completion Date (defined in Article XIX) and shall not begin to be performed after accrue until such terminationdate.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base 4.03 The Basic Minimum Annual Rent and the monthly installments installment portion of Landlord’s estimates of amounts payable under sections 3.1(b) the Additional Rent shall be due in installments, commencing with the Commencement Date and 3.1(c) hereof) to Landlord, in advance, continuing on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offsetthereafter, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may electadvance. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the Commencement Date is not the first day of a calendar month, or if the Lease Term terminates installment due on a day other than the last day of a calendar month, then the Base Rent payable for such partial month Commencement Date shall be appropriately prorated on pro rated for the basis fractional period remaining in the month of a thirty (30)-day monththe Commencement Date. Upon signing 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 Leased Premises, whether or not specifically set forth in this Lease, which may arise or become due under any contingency whatsoever during the Term of this Lease shall be paid by the Tenant and the Tenant shall pay to indemnify the Landlord an amount equal to and save the Base Landlord harmless from and against all such costs, expenses and obligations. All installments of rent past due beyond thirty days shall bear 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. Any liability for unpaid Basic Minimum Annual Rent for and Additional Rent shall survive the first full calendar month termination of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthLease.
Appears in 1 contract
Rent. 3.1 Minimum rent shall be Thirty Three Thousand Eight Hundred Twenty Five Dollars and 00 Cents ($33,825) per month (“Minimum Rent”). Tenant shall pay to Landlord the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date without previous demand thereof and thereafter during the Lease Termwithout any abatement, Tenant shall pay to Landlordreduction, as monthly rentsetoff or deduction whatsoever, the base rent specified in Minimum Rent (together with any applicable sales tax and local taxes if the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred same are ever required by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writinglaw), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all equal monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlordinstallments, in advance, on or before the first day of each and every calendar month throughout the Term of this Lease. The Minimum Rent shall commence to accrue on the Commencement Date. The first such monthly installments of Minimum Rent shall be due and payable to Landlord no later than the Commencement Date and each subsequent monthly installment shall be due and payable to Landlord on the first day of each and every calendar month following the Commencement Date during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may electTerm hereof. If Xxxxxx’s obligation to pay Base Rent hereunder commences on the Commencement Date is a day date other than the first day of a calendar the month, or if Minimum Rent and other charges for the Lease Term terminates on a day other than period commencing with and including the last Commencement Date through the first day of a calendar month, then the Base Rent payable for such partial following month shall be appropriately prorated at the rate of one-thirtieth (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 basis Premises. This amount will be 1/12 of a thirty 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 (30)-day month. Upon 10) days after the signing of this Lease. Each year Landlord will produce any insurance, real estate tax and assessment bills to the Tenant to show how the estimated taxes and insurance were computed as Additional Rent. In the event of 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 underage due from Tenant in either case within thirty (30) days of the delivery of the bills to Tenant as herein provided.
2.1.1 There will be an amount equal increase in the Minimum Rent starting on the first anniversary of the lease if the Consumer Price Index increases over the immediately preceding year. Minimum Rent specified in this lease shall be subject to increase in accordance with changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-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. 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 anniversary date of each year of the 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 items, or if a substantial change is made in the method of establishing such Consumer Price Index shall be adjusted to the Base Rent figure that would have resulted had no change occurred in the manner of computing such Consumer Price Index, or a successor or substitute index, is not available, a reliable governmental or other nonpartisan publication, evaluating the information for use in determining the first full calendar month Consumer Price Index, shall be used in lieu of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthConsumer Price Index.
Appears in 1 contract
Rent. 3.1 Tenant shall timely pay to Landlord the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offsetset-off (except as otherwise expressly provided herein), by good and sufficient check drawn on a national banking association or, at either party's election, by electronic or wire transfer, at Landlord's address provided for in this Lease or such other address as may be specified in writing by Landlord and shall be accompanied by all applicable state and local sales or use taxes; provided, that following any default by Tenant, Landlord shall be permitted to require alternative methods of payment, in lawful money Landlord's sole discretion. Notwithstanding anything to the contrary contained in this Lease, if Landlord elects to implement a system of automated electronic payments, Automated Clearing House, or Credit and Debit Card transactions ("ACH Transfers") for the United States payment of Americaany all amounts due under this Lease by providing written notice to Tenant, within fifteen (15) days after receipt of such notice, Tenant shall provide Landlord with all information and documentation reasonably required by Landlord to implement and keep in effect the ACH Transfers. Landlord instructs The Base Rent shall be due and payable on the first day of each calendar month, commencing on the Commencement Date and continuing thereafter throughout the Term. Tenant hereby agrees to pay all such monthly rent the Rent to the Landlord at Landlord's address specified therefor in the Basic Lease Information, as provided herein (or to such other person or at such other place address as may be designated by Landlord may from time to time designate time) monthly in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may electadvance. If Xxxxxx’s obligation to pay the date upon which the payment of Base Rent hereunder commences on a day commences, is other than the first day of a calendar month, month or if the this Lease Term terminates on a day other than the last day of a calendar month, then the installments of the Base Rent payable for such partial month or months shall be appropriately prorated on a daily basis and the basis installment or installments so prorated shall be paid in advance. Notwithstanding the foregoing, however, if the Commencement Date is delayed due to any Tenant Delay, Tenant shall be obligated to pay Rent commencing on the date which would have been the Commencement Date but for any Tenant Delay. 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 a thirty five percent (30)-day month5%) of such amounts due shall become due and payable in addition to the amounts due. Upon signing this LeaseSaid service charge is for the purpose of reimbursing Landlord for the extra costs and expenses in connection with the handling and processing of late payments. In addition to such service charge, if any Base Rent payment is not paid by the tenth (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. Notwithstanding the foregoing, the late charge and interest referenced above shall not be charged with respect to the first late payment during any twelve (12) month period, unless Tenant shall fail to cure such late payment within five (5) business days after receipt of Landlord's written notice. Such service charge and interest shall be cumulative of any other remedies Landlord an amount equal to may have for nonpayment of Rent and other sums payable under this Lease. If three (3) consecutive monthly Base Rent payments or any ten (10) [in total, cumulative from the beginning of the Term] monthly Base Rent payments during the Term (or any renewal or extension thereof) are not received by Landlord within ten (10) days of the due date, the Base Rent hereunder shall automatically become due and payable by Tenant 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 first full calendar month of such quarterly Base Rent payments shall be due and payable on the first day of the Term in which monthly Base Rent is payable, which amount next succeeding month and on the first day of every third (3rd) month thereafter. This remedy shall be cumulative of any other remedies of Landlord shall apply to the Base Rent under this Lease for such first full calendar monthnonpayment of Rent.
Appears in 1 contract
Samples: Commercial Lease Agreement (Tandy Leather Factory Inc)
Rent. 3.1 Tenant shall A. Subtenant covenants and agrees to pay to Landlord Sublandlord rent (herein referred to as the following amounts as rent "Fixed Rent") for the PremisesSublet Premises as follows:
(ai) Commencing as $397,300.00 per annum ($33,108.33 per month) from the Sublease Commencement Date through January 31, 2001 (both dates inclusive) (ii) $452,100.00 per annum ($37,675.00 per month) from February 1, 2001 through January 31, 2005 (both dates inclusive) (iii) $506,900.00 per annum ($42,241.67 per month) from February 1, 2005 and thereafter throughout the remainder of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as term of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rentthis sublease, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof which shall be calculated and paid payable in accordance with the following procedures:
(a) Within thirty (30) days prior to advance on the first day of each calendar year during month. Notwithstanding anything in the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment foregoing to the amount of such subsequent payments such thatcontrary, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) it is agreed and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant understood that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s Subtenant's obligation to pay Base Fixed Rent hereunder commences shall commence on the date which is the later of (i) the Sublease Commencement Date and (ii) February 15, 1999. Payment of the first due and payable installment of Fixed Rent shall be made upon the execution and delivery hereof by Subtenant. If the Sublease Commencement Date shall occur on a day other than the first day of a calendar month, Fixed Rent for the month in which the first payment of Fixed Rent shall actually be made shall be apportioned. Fixed Rent and all other amounts payable by Subtenant to Sublandlord under the provisions of this Sublease (herein referred to as the "Additional Rent") shall be paid promptly when due, without notice or if demand therefor, and without deduction, abatement, counterclaim or setoff of any amount or for any reason whatsoever. Fixed Rent and Additional Rent shall be paid to Sublandlord in lawful money of the Lease Term terminates on a day United States at the address of Sublandlord set forth in Article 19 of this Sublease or to such other person and/or at such other address as Sublandlord may from time to time designate by notice to Subtenant as provided for herein. No payment by Subtenant or receipt by Sublandlord of any lesser amount than the amount stipulated to be paid hereunder shall be deemed other than on account of the last day of a calendar monthearliest stipulated Fixed Rent or Additional Rent; nor shall any endorsement or statement on any check or letter be deemed an accord and satisfaction, then and Sublandlord may accept any check or payment without prejudice to Sublandlord's right to recover the Base Rent payable for such partial month balance due or to pursue any other remedy available to Sublandlord. Any provision in the Main Lease referring to fixed rent or additional rent incorporated herein by reference shall be appropriately prorated on deemed to refer to the basis of a thirty (30)-day month. Upon signing Fixed Rent and Additional Rent due under this LeaseSublease.
B. In addition to the Fixed Rent, Tenant Subtenant shall pay to Landlord an amount equal Sublandlord as Additional Rent, within five (5) days after demand from Sublandlord from time to time: (a) the difference, if any, between "Tenant's Tax Payment" (as defined in Section 3.2(A) of the Main Lease) payable by Sublandlord as tenant under the Main Lease during any "Tax Year" (as defined in Article 1 of the Main Lease) and (ii) Tenant's Tax Payment payable by Sublandlord as tenant under the Main Lease for fiscal year July 1,1998 through June 30, 1999; and (b) the difference, if any, between (i) "Tenant”s Operating payment (as defined in Section 3.3(A) of the Main Lease) payable by Sublandlord as tenant under the Main Lease during any "Operating Year" (as defined in Article 1 of the Main Lease) and (ii) Tenant’s Operating Payment payable by Sublandlord as tenant under the Main Lease for calendar year January 1, 1999 through December 31, 1999. All such demands shall be accompanied by a copy of any invoice, xxxx, notice or request, including Landlord's Tax Statement and Landlord's Operating Statement, received by Sublandlord from Landlord. Notwithstanding anything to the Base contrary in the foregoing, Sublandlord's demand for Additional Rent as aforesaid shall not be made more than fifteen (15) days prior to the date Sublandlord has to pay Landlord Tenant's Tax Payment and Tenant's Operating Payment. Subtenant shall also pay to Sublandlord as Additional Rent, upon demand from time to time, all other amounts payable by Sublandlord to Landlord under the Main Lease allocable to the Sublet Premises and to the term of this Sublease pursuant to the provisions thereof. If Sublandlord is required by Landlord under the Main Lease to make advance payment, estimated payments or deposits of any of the foregoing amounts, Subtenant shall make 100% of such advance payments, estimated payments or deposits to Sublandlord consistent with the above provisions. Subtenant's obligations under this Article 2 shall be apportioned for any period at the first beginning or end of the term of this Sublease that is less than a full calendar month year or fiscal year. Sublandlord shall have the right to demand payment of any amount of such Additional Rent during the term of this Sublease or after the expiration of the Term term of this Sublease or the earlier termination of this Sublease.
C. If the sum of any installment or estimated payments made by Subtenant on account of any or all of the items set forth in which monthly Base Rent is payable, which amount Landlord shall apply subparagraph B of this Article 2 exceed Sublandlord's share of such item(s) with respect to the Base Sublet Premises under the Main Lease for any year, Sublandlord shall refund the excess to Subtenant within ten (10) days after the amount of the excess is refunded to Sublandlord by Landlord. If the sum of any installment or estimated payments made by Subtenant on account of any or all of the items set forth in subparagraph B of this Article 2 are less than Sublandlord's share of such item(s) with respect to the Sublet Premises under the Main Lease for any year, Subtenant shall pay the amount of such deficiency to Sublandlord within ten (10) days after demand.
D. All costs, expenses and fees other than Fixed Rent which Subtenant assumes or agrees to pay pursuant to this Sublease (including without limitation1 all costs expenses and fees payable by Sublandlord as tenant under the Main Lease with respect to the Sublet Premises which are payable hereunder by Subtenant by their incorporation herein by reference to the Main Lease) shall be deemed Additional Rent and, in the event of non-payment, Sublandlord shall have all the rights and remedies provided for such first full calendar monthin the case of non-payment of Fixed Rent.
E. Subtenant shall pay, on or before the date same is due, any occupancy, sales, use or similar tax, charge or fee that is at any time due or payable with respect to the occupancy or use of the Sublet Premises or the payment of Fixed Rent or Additional Rent by Subtenant to Sublandlord, and which is attributable to this Sublease and/or the Sublease Term.
Appears in 1 contract
Rent. 3.1 Tenant shall agrees to pay to Landlord the following amounts as rent for Annual Rent in effect from time to time by paying the Premises:
(a) Commencing as Monthly Installment of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified then in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, effect on or before the first day of each and every full calendar month during the Lease Term, except that the first full month’s rent shall be paid upon the execution of this Lease. The Monthly Installment of Rent in effect at any time shall be one-twelfth (1/12) of the 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 notice, deduction or offset and without notice or demand, deduction or offsetat the Rent Payment Address, in lawful money of as set forth on the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease InformationReference Pages, or to such other person or at such other place as Landlord may from time to time designate in writing. If an Event of Default occurs more than twice in any calendar year, Landlord may require by written notice to Tenant that all subsequent rent payments be made by an automatic payment from Tenant’s bank account to Landlord’s account, without cost to Landlord. Tenant must implement such automatic payment system prior to the next scheduled rent payment or within fifteen (15) business days after Landlord’s notice, whichever is later. Unless specified in this Lease to the contrary, all amounts and sums payable by Tenant to Landlord pursuant to this Lease shall have be deemed additional rent.
3.2 Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the right extent of which additional expense is difficult and impractical to apply payments received from ascertain. Tenant therefore agrees, that if rent or any other sum is not paid when due and payable pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month late charge shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord imposed in an amount equal to the Base Rent greater of: [*] or other payment. The amount of the late charge to be paid by Tenant shall be reassessed and added to Tenant’s obligation for each successive month until paid. Notwithstanding the foregoing, such late charge shall not be imposed for the first full calendar month late payment of Rent made under this Lease. The provisions of this Section 3.2 in no way relieve Tenant of the Term 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 which monthly Base Rent any way affect Landlord’s remedies pursuant to Article 19 of this Lease in the event said rent or other payment is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthunpaid after date due.
Appears in 1 contract
Samples: Lease Agreement (Acell Inc)
Rent. 3.1 Tenant Subtenant agrees to pay all rents and other charges owed to Sublandlord pursuant to this Sublease to Sublandlord at its notice address as set forth in Paragraph 3(b) hereof, Attention: Accounting Department. Subtenant agrees to pay all sales, rental and/or transaction privilege taxes on the rents and charges (except for Sublandlord's income or similar tax) now or hereafter imposed by any taxing authority upon Sublandlord's receipt of Base Rent from Subtenant pursuant to this Sublease. Any charges due and payable under this Section 7 or as elsewhere provided in this Sublease which are not Base Rent payments shall be considered additional rent. Notwithstanding anything to the contrary contained herein or in the Master Lease, Sublandlord shall pay to Landlord the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defineddefined in the Master Lease) paid or incurred by Landlord with respect to the Premises for, through and including calendar year 2001. Commencing January 1, 2002, Subtenant shall pay its Percentage Share, as defined in Section 3 (1), of Building Operating Expenses in excess of the actual Building Operating Expenses for calendar year 2001. If Sublandlord provides Subtenant with written notice of an estimate, calculated using commercially reasonable judgment, of such amount for the upcoming calendar year, Subtenant shall pay 1/12th of such amount each month at the same time Subtenant pays its Base Rent. Within ninety (90) days following the expiration of each such calendar year.
(c) Commencing , Sublandlord shall provide Subtenant with a reconciliation of actual Building Operating Expenses as compared to the estimated Building Operating Expenses and the 2001 base year Building Operating Expenses. In the event Subtenant made an overpayment, Sublandlord shall promptly refund Subtenant such amount. In the event of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Terman underpayment, Tenant Subtenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share such discrepancy by the later of the total dollar amount of all Property Taxes (as hereinafter definedi) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statementreconciliation thereof, or (ii) the next due date for Base Rent. Failure by Sublandlord agrees to deliver any and all estimates and statements regarding Operating Expenses received from Master Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one within two (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (1202) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such reviewSublandlord's receipt thereof.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar month.
Appears in 1 contract
Rent. 3.1 The term “rent,” wherever appearing in this Agreement, shall include, in addition to monthly payments specified, monthly Resident Benefit Package fee, 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 shall pay to Landlord the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date obligation, utilities costs that are a Tenant obligation, and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year any other fees or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges that may be required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent Tenant. Any and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof payments shall be calculated and paid in accordance applied to Tenant obligations chronologically beginning with the following procedures: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) Within thirty Payment schedule: The agreed rental payment schedule is as follows: $1,250.00 to be paid on or before January 1, 2018 shall be applied as follows: $1,200.00 applied to current month’s rent, January 2018 $0.00 applied to next month’s rent, $50.00 applied to Resident Benefit Package fee for current month $1,200.00 rent, plus $50.00 Resident Benefit Package fee due on or before (30DATE) days prior to the first day of each calendar year during the Lease TermFebruary 1, or as soon thereafter as practicable2018 $1,200.00 rent, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On plus $50.00 Resident Benefit Package fee are due on or before the first day of each month during such ensuing calendar yearthereafter
(b) Rent is due and payable monthly in advance, Tenant shall pay to Landlordwithout demand or notice, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay no later than 5:00 p.m. on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed every month at the hourly payroll cost office of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%)Xxxxxx Management Group, then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year000 Xxxxxx Xxxxxxx Xxxx, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e.#000, monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to LandlordXxxxxxxx, in advanceXX 00000, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writingbe designated by Landlord. Landlord Rent is considered late and a late payment fee shall have be due if not received by 9:00 a.m. on the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a first business day other than after the first day of the month—see paragraph 6 below. There is a calendar month, mail drop at said address where rent or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall payments due may be appropriately prorated on the basis of a thirty (30)-day monthdeposited after hours. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthNo cash payments may be so deposited.
Appears in 1 contract
Samples: Lease Agreement
Rent. 3.1 Tenant shall pay to Landlord During the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, Landlord "RENT" consisting of ---- "MINIMUM RENT" plus "ADDITIONAL RENT" determined as monthly rentprovided in this Section 2; --------- provided, the base rent specified in the Basic Rent for any Lease Information Year shall not be less than ONE HUNDRED PERCENT (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined100%) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof Rent for the ensuing calendar yearprevious Lease Year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given The Rent for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, begins or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the first or last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs month shall be prorated based on actual days elapsed. INITIAL TERM RENT. During the basis Initial Term, "MINIMUM RENT" per Lease Year is ----------------- equal to the Landlord's Investment (as defined below) multiplied by NINE PERCENT -- (9.0%). Commencing with the second (2nd) Lease Year and continuing thereafter during the Term (excluding the first Lease Year of any Renewal Term), Tenant agrees to pay "ADDITIONAL RENT" to Landlord monthly in advance together with the payment of Minimum Rent. Such Additional Rent (which shall be expressed as an annual amount but shall be payable in equal monthly installments) shall be equal to the number sum of days from (I) the commencement of such calendar year to Additional Rent for the immediately preceding Lease Year and including (II) the date on which the end product of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Minimum Rent and monthly installments Additional Rent due for the immediately preceding Lease Year and the lesser of Landlord’s estimates of amounts payable under sections 3.1(b(A) and 3.1(cthree percent (3.0%), or (B) hereofa percentage equal to four (4) to Landlord, times the percentage increase (the "CPI INCREASE") in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States Department of AmericaLabor, Bureau of Labor Statistics Consumer Price Index for All Urban Wage Earners and Clerical Workers, United States Average, Subgroup "All Items" (1982 - 1984 = 100) (the "CPI"). Landlord instructs Tenant to pay all such monthly rent In no event shall the CPI Increase be a negative number. The applicable CPI Increase shall be calculated annually for each Lease Year by comparing the CPI in effect on the first calendar day of the Lease Year for which Additional Rent is being calculated to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first calendar day of a calendar month, or if the immediately preceding Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthYear.
Appears in 1 contract
Samples: Master Lease (Emeritus Corp\wa\)
Rent. 3.1 Tenant A. Payment - Rent is as set forth in the Rent Installment Addendum and as further described herein. Rent shall pay be paid in advance, without offset, deduction, or 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 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 Landlord 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 “DMI Corporation”.
B. Due Date and Late Fee – If rent is paid in monthly installments, the following amounts as rent for first installment is due on or before the Premises:
(a) Commencing as beginning of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent Term and all other amounts payable subsequent installments are due by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(bthe fifteenth (15th) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year month 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 as soon thereafter as practicable, Landlord shall give Tenant within five (5) days of Resident’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. Late fees will continue to accrue monthly at a rate of ten percent (10%) of the total outstanding balance, including late fees, until the total outstanding balance is paid in 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 estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar yearwebsite, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears when presented to Landlord that by the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimateUnited States Postal Service or other third party courier utilized by or on behalf of Resident, Landlord may, by giving written notice when presented to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office rental office, when placed in the Project Landlord’s rental drop box located at Landlord’s rental office, or at such when made in any other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably form acceptable to Landlord which shallupon 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 will be applied to delinquent rent due, along with Tenant, be required but will not affect any legal action instituted to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end recover delinquent rent and/or possession of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such terminationPremises.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar month.
Appears in 1 contract
Samples: Lease Agreement
Rent. 3.1 Pursuant to the terms set forth on the Reference Page, Tenant shall agrees to pay to Landlord the following amounts as rent for Annual Rent in effect from time to time by paying the Premises:
(a) Commencing as Monthly Installment of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified then in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, effect on or before the first day of each and every full calendar month during the Lease 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 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 notice, deduction or offset and without notice or demand, deduction or offsetat the Landlord's address, in lawful money of as set forth on the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease InformationReference Page, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have Provided Tenant is not in default of any of the right to apply payments received from Tenant pursuant to terms and conditions of this Leaselease beyond any applicable grace or cure period, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day four (4) months of a calendar monthRent, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day monthabated. Upon signing During this Leaseperiod, Tenant shall pay 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 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 Base Rent for the first full calendar greater of: (a) Fifty Dollars ($50.00), or (b) a sum equal to five percent (5%) per month of the Term unpaid Annual Rent or other payment. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay Annual Rent or other payments on or before the date on which monthly Base they are due, nor do the terms of this Section 3.2 in any way affect Landlord's remedies pursuant to Article 19 of this Lease in the event said Annual Rent or other payment is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthunpaid after date due.
Appears in 1 contract
Rent. 3.1 Tenant A. BASE RENT: TENANT shall pay to Landlord LANDLORD as monthly Rent ("Base Rent"), without deduction, setoff, prior notice, or demand, the following amounts as rent sum of PER SCHEDULE A Dollars ($______), per month in advance of the first (1st) day of each month, commencing on the date the term commences, and continuing during the term. Monthly Rent for the Premises:
first month or portion of it shall be paid on the day the term commences. Monthly Rent for any partial month shall be prorated at the rate of one-thirtieth (a1/30th) Commencing as of the monthly Rent Commencement Date per day. Monthly Rent shall be adjusted according to the schedule attached hereto as Schedule A. Base Rent and thereafter during all other sums payable to LANDLORD hereunder shall be herein referred to as Rent. All Rent shall he paid to LANDLORD at the Lease Termaddress 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, Tenant 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, as monthly rentLANDLORD a late charge equal to six percent (6%) of each such overdue amount. If payment is not made within five (5) days after the payment is due, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as amount of the Commencement Date late charge shall increase to ten percent (10%) of such overdue amount. The parties hereby agree that such late charge represents a fair and thereafter during each calendar year 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 part thereof 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 at any time during the term, then notwithstanding any provision of this Lease Termto the contrary, Tenant Base Rent shall, at LANDLORD'S option, become due and payable quarterly in advance. 7. COMMON AREAS - OPERATING COSTS: TENANT shall pay to Landlord, as additional rent, Tenant’s Percentage LANDLORD at the times set forth in this paragraph TENANT'S Share (as hereinafter defineddefined in Paragraph 16) of LANDLORD's operating costs for the total dollar amount building and outside areas in which the Premises are located; in monthly installments payable with the Base Rent, as established by LANDLORD in accordance with Paragraph 16 hereof. LANDLORD'S operating costs include, without limitation, all costs of all Operating Expenses (as hereinafter defined) any kind paid or incurred by Landlord LANDLORD in such calendar year.
(c) Commencing as operating, cleaning, equipping, protecting, lighting, repairing. replacing and maintaining the areas of the Commencement Date building not leased or available for lease to tenants, common areas, landscaping, parking areas and thereafter during each calendar year or part thereof during the Lease Termwalkways. The costs shall include, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar month.without
Appears in 1 contract
Samples: Lease Agreement (Eip Microwave Inc)
Rent. 3.1 Tenant shall Lessee will pay to Landlord the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord mayLessor, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offsetwire transfer, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to America which shall be legal tender for the payment of public and private debts, at Lessor's address specified therefor set forth in the Basic Lease Information, or to such other person Article 30 hereof or at such other place or to such other Person as Landlord may Lessor from time to time may designate in writing. Landlord shall have a Notice, all [Initial Fixed Rent,] Base Rent, Percentage Rent and Additional Charges, during the right to apply payments received Term, as follows:
(a) The Rent payable in each calendar quarter from Tenant pursuant to this LeaseJanuary 1, regardless ___ until the end of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates shall equal the greater of:
(i) the annual amount of Base Rent set forth on a day other than Exhibit C, which --------- shall be payable quarterly in arrears on or before the last first business day of a the subsequent calendar monthquarter; provided, then the however, that Base Rent payable for such partial month shall be appropriately prorated as to any Lease Year which is less than four calendar quarters and as to any partial calendar quarter; plus
(ii) 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 basis fifteenth (15th) day of a thirty (30)-day monththe following calendar quarter. Upon signing this Lease, Tenant The Period Revenues Computation shall pay to Landlord be an amount equal to the sum of, for the applicable Lease Year, (i) 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 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. The [Initial Fixed Rent and the] Base Rent shall accrue pro rata during each calendar quarter of a Lease Year. However, the amount of [Initial Fixed Rent or] Base Rent payable for the first full three calendar month quarters of a Lease Year shall equal the annual amount of [Initial Fixed Rent or] Base Rent multiplied by a fraction, the numerator of which is the amount of the Term in Lessee's budgeted Gross Revenues for such calendar quarter and the denominator of which monthly is the amount of the Lessee's budgeted Gross Revenues for such Lease Year. The amount of [Initial Fixed Rent or] Base Rent is payablepayable for the fourth calendar quarter of such Lease Year shall equal the annual amount of [Initial Fixed Rent or] Base Rent, which less the aggregate amount Landlord shall apply to the of [Initial Fixed Rent or] Base Rent payments made by the Lessee for the first three calendar quarters of such first full Lease Year. There shall be no reduction in Base Rent regardless of the result of the Period Revenues Computation. If the Term begins or ends in the middle of a calendar month.year, then the number of calendar quarters falling within the Term during such calendar year shall constitute a separate Lease Year. In that event, the First Annual Room Revenues Break Point and the Second Annual Room Revenues Break Point shall be multiplied by a fraction equal to (x) the number of calendar quarters (including partial calendar quarters) in the Lease Year divided by (y) four. ----------
Appears in 1 contract
Rent. 3.1 Tenant shall pay to Landlord the following amounts as rent for the Premises:
(a) Commencing as of the Rent Commencement Date covenants and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation agrees to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Termwithout demand, but in no event more often than once in any one (1) year perioddeduction or offset, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord Rent and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, Additional Rent for the purpose of verifying the information Premises as described above in such statement; provided thatItem 1, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advanceSection G, on or before the first day of each and every successive calendar month of the term hereof and on or before the first (1st) day of the first (1st) full calendar month of the term hereof and on or before the first (1st) day of each and every successive calendar month thereafter during the Lease Term, without notice, demand, deduction or offset, in lawful money full term of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such paymentssubject to the adjustments as provided hereinafter, to satisfy along with any obligations of Tenant hereunderapplicable tax, in such order and amounts as Landlord, in its sole discretion, may electat the then current rate. If Xxxxxx’s obligation to pay Base Rent hereunder commences In the event the Commencement Date occurs on a day other than the first (1st) day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base first Rent payable for such partial month payment shall be appropriately in the amount of the Rent for one (1) full calendar month plus the prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month in which the term of this Lease commences, such payment to be due on the Commencement Date. Whenever under the terms of this Lease any sum of money is required to be paid by Tenant in addition to the Rent herein reserved, whether or not such sum is herein described as “Additional Rent” or a provision is made for the collection of said sum as “Additional Rent”, said sum shall nevertheless, at Landlord’s option, if not paid when due, be deemed Additional Rent, and shall be collectible as such with the first installment of Rent thereafter falling due hereunder. In the event any installment or increment of Rent or Additional Rent payable under this Lease shall not be paid when due, a “late charge” of five percent (5%) of the Term in which monthly Base Rent is payable, which amount overdue may be charged (as Additional Rent) by Landlord shall apply for the purpose of defraying the expense incident to handling such overdue payment and for the Base Rent purpose of compensating Landlord for such first full calendar monthits attendant loss of cash flow.
Appears in 1 contract
Samples: Lease Agreement (Unilens Vision Inc)
Rent. 3.1 Tenant (A) The minimum annual rent (“Basic Annual Rent”) payable hereunder for the first year of the term of this Lease shall pay to Landlord be determined in accordance with the following amounts as rent formula: Total Cost of Building Shell for the Premises:Demised Premises (including land, but excluding 1.1 times construction period interest on land if drawn by the borrower) × Mortgage Constant (as defined in Landlord’s Amended and Restated Limited Partnership Agreement) on the Permanent Financing for the Demised Premises × 1.1 Plus (+)
(a) Commencing as 1.1 × Construction Period Interest on Land × Mortgage Constant on the Permanent Financing for the Demised Premises = Base Annual Rent For purposes of calculating the “Total Cost of Building Shell” the definition of Building Shell set forth in Exhibit B attached hereto shall be used. Basic Annual Rent shall be payable monthly, in advance, in installments of one-twelfth of Basic Annual Rent, with the first such monthly installment being due and payable on the Lease Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of and the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date remaining monthly installments being due and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to on the first day of each calendar year during month following the Lease TermCommencement Date. Notwithstanding the foregoing, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences Commencement Date falls on a day other than the first day of a calendar month, or if then the first monthly installment of Basic Annual Rent, which shall cover the period from the Lease Term terminates on a day other than Commencement Date to the last day of a the calendar monthmonth during which the Lease Commencement Date occurs, then the Base Rent payable for such partial month shall be appropriately prorated adjusted on a per diem basis. Basic Annual Rent shall be adjusted each year following the basis first Lease year as provided in Paragraph 5 hereof. Any sums owing to Landlord from Tenant pursuant to the terms of this Lease other than Basic Annual Rent, including, but not limited to, Operating Expenses and Real Estate Taxes shall be additional rent and may hereinafter be referred to as “Additional Rent”.
(B) All monthly installments of Basic Annual Rent and Additional Rent shall be due and payable without notice or demand and shall not be subject to any deduction, set-off or counterclaim by Tenant. If Landlord shall at any time accept an installment of Basic Annual Rent after the same shall become due and payable, such acceptance shall not excuse a thirty delay upon subsequent occasions, or constitute, or be construed as, a waiver of any of Landlord’s rights hereunder arising from such late payment.
(30)-day month. Upon signing D) It is the intent of Landlord and Tenant that this Leaseshall be a “triple net” lease and Landlord shall not have any obligation with respect to operating and capital expenses and costs, including, but not limited to, insurance and real estate taxes incurred in connection with the operation and maintenance of the Demised Premises, Tenant shall pay agreeing to Landlord an amount equal to the Base Rent bear sole responsibility for the first full calendar month of the Term in which monthly Base Rent is payableall such costs, which amount Landlord shall apply to the Base Rent for such first full calendar monthexpenses and taxes.
Appears in 1 contract
Rent. 3.1 Tenant shall pay to Landlord the following amounts as rent for the Premises:
(a) Commencing as of on November 1, 2014 (the “Rent Commencement Date and thereafter during the Lease TermDate”), Tenant shall Subtenant will pay to LandlordFxxxxxx Mac, as monthly rent, annual rent for the base rent specified in the Basic Lease Information Subleased Premises (the “Base Rent”), the sum of thirty-three dollars and zero cents ($33.00) per rentable square foot of the Subleased Premises. On September 1, 2015 and again on September 1, 2016, Base Rent will increase by two percent (2%). Base Rent for the Term is set forth on the Base Rent Schedule attached hereto as Exhibit 2 and made a part hereof. Base Rent will be payable in monthly installments, in advance, beginning on the Rent Commencement Date and continuing on the first day of each successive month during the Term. If the Term begins on a date other than the first day of a month or ends on a date other than the last day of a month, the foregoing monthly installment will be pro ratedfor the month based on the number of days of the month that fall during the Term.
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall Subtenant also will pay to Landlord, Fxxxxxx Mac as additional rent, Tenant’s Percentage Share (as hereinafter defined) of “Additional Rent” the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord any increases in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defineddefined in the Master Lease) payable by Fxxxxxx Mac under the Master Lease, above Taxes paid or incurred by Fxxxxxx Mac for 2014/2015, as and when charged to Fxxxxxx Mac by Landlord in such calendar year.
(d) Throughout on both an estimated and actual basis). Subtenant also will pay to Fxxxxxx Mac as Additional Rent $3.25 per square foot per month for electricity. In addition to the Lease Termforegoing, Tenant shall paySubtenant will reimburse Fxxxxxx Mac, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Additional Rent, all additional rent for any and all other amounts that are payable by Tenant in accordance with this Lease.
3.2 The additional rent payable Fxxxxxx Mac pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior or related to the first day Master Lease as a result of each calendar year during the Lease Term, Subtenant’s use or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate occupancy of the amounts payable under sections 3.1(bSubleased Premises, including without limitation charges for electricity (as measured by submeter) and 3.1(c) hereof for the ensuing calendar yearin excess of $3.25 per square foot provided to Subtenant. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year All Additional Rent will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord due within thirty (30) days after delivery receipt by Subtenant of any invoice reasonably documenting such statementcosts. Failure The Base Rent and Additional Rent are together referred to herein as the “Rent.”
(c) All Rent will be paid by Landlord Subtenant with no notice (except as expressly provided herein), deduction or offset whatsoever. If Subtenant fails to give make any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receivepayment of Rent when due, and Tenant’s obligation to paySubtenant will pay interest on any such delinquent amount, calculated at the rate of fifteen percent (15%) per annum or, if lower, the amounts payable highest rate permitted by Tenant law, from and after the due date of said payment until paid in full, without regard to whether Fxxxxxx Mac has incurred or paid any late charges or penalties under sections 3.1(b) and 3.1(c) hereofthe Master Lease. During Notwithstanding the Lease Termforegoing, but in Fxxxxxx Mac agrees that no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every twelve calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money period Subtenant will have a grace period of the United States three business days to cure a failure to make payment of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to Rent when due before interest charges under this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthSection 4(c) accrue.
Appears in 1 contract
Rent. 3.1 Tenant shall agrees to pay to Landlord the following amounts as rent for Annual Rent in effect from time to time by paying the Premises:
(a) Commencing as Monthly Installment of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified then in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, effect on or before the first day of each and every full calendar month during the Lease Term, except that the first full month’s rent shall be paid upon the execution of this Lease. The Monthly Installment of Rent in effect at any time shall be one-twelfth (1/12) of the 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 notice, deduction or offset and without notice or demand, deduction or offsetat the Rent Payment Address, in lawful money of as set forth on the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease InformationReference Pages, or to such other person or at such other place as Landlord may from time to time designate in writing. If an Event of Default occurs more than twice in any calendar year, Landlord may require by written notice to Tenant that all subsequent rent payments be made by an automatic payment from Tenant’s bank account to Landlord’s account, without cost to Landlord. Tenant must implement such automatic payment system prior to the next scheduled rent payment or within [*] days after Landlord’s notice, whichever is later. Unless specified in this Lease to the contrary, all amounts and sums payable by Tenant to Landlord pursuant to this Lease shall have be deemed additional rent.
3.2 Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the right extent of which additional expense is difficult and impractical to apply payments received from ascertain. Tenant therefore agrees, that if rent or any other sum is not paid when due and payable pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month late charge shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord imposed in an amount equal to the Base Rent for the first full calendar month greater of: [*] or other payment. The amount of the Term 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 monthly Base Rent 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 payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthunpaid after date due.
Appears in 1 contract
Samples: Lease Agreement (Acell Inc)
Rent. 3.1 (a) Tenant shall pay to Landlord the following amounts (or to Lender, if directed by Landlord or Lender), as minimum annual rent for the Premises:
Leased Premises during the Term, the amounts calculated pursuant to the provision under the heading “Basic Rent” in Exhibit B attached hereto (a) Commencing as of “Basic Rent”), commencing on the Rent Commencement Date for the succeeding, prorated month, and continuing regularly on the first (1st) calendar day of each month thereafter during the Lease Term, in advance (the said days being called the “Basic Rent Payment Dates”). Tenant shall pay the Basic Rent at Landlord's address set forth in Paragraph 22 below, or at such other place as Landlord or Lender from time to Landlordtime may designate to Tenant in writing, as monthly rent, in funds which at the base rent specified time of such payment shall be legal tender for the payment of public or private debts in the Basic Lease Information (the “Base Rent”)United States of America and if required by Lender by wire transfer in immediately available federal funds to such account in such bank as Lender shall designate, from time to time.
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlordand discharge before the imposition of any fine, lien, interest or penalty may be added thereto for late payment thereof, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rentAdditional Rent, all other amounts of money and charges required obligations which Tenant assumes or agrees to be paid by Tenant under pay or discharge pursuant to this Lease, whether together with every fine, penalty, interest and cost which may be added by the party to whom such payment is due for nonpayment or not such amounts late payment thereof. The first monthly installment of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof Tenant's Forecast Additional Rent shall be calculated due and paid payable on or before the Commencement Date; thereafter, monthly installments of Tenant's Forecast Additional Rent shall be due and payable in accordance with the following procedures:
(a) Within thirty (30) days prior to advance on the first day of each succeeding calendar month during the Term. Tenant's Lease Agreement for Forest Park Medical Center at Southlake Additional Rent Adjustment shall be due and payable as follows: For each calendar year during the Lease Term, Landlord shall present to Tenant on or prior to December 15 of each year (or as soon as possible thereafter or for the calendar year in which the Commencement Date occurs, prior to the Commencement Date) a statement of Tenant's Forecast Additional Rent for the ensuing year (or portion thereof). If Landlord fails to promptly present to Tenant such statement, Tenant shall continue to pay Tenant's Forecast Additional Rent based upon the most recent prior statement presented by Landlord to Tenant until such statement is presented. By April 1 of each calendar year, or as soon thereafter as practicable, Landlord shall give provide Tenant written notice of Landlord’s estimate of a statement (the amounts payable under sections 3.1(b“Additional Rent Statement”) and 3.1(c) hereof prepared by Landlord comparing Tenant's Forecast Additional Rent with Tenant's Additional Rent. If Tenant's Forecast Additional Rent exceeds Tenant's Additional Rent for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar subject year, Landlord shall give pay Tenant (in the form of a written statement credit against Rent next due or, if this Lease has then expired or terminated, in the form of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord 's check within thirty (30) days after delivery to Tenant of the Additional Rent Statement) an amount equal to such excess (but only to the extent the excess was actually paid by Tenant). If Tenant's Additional Rent exceeds Tenant's Forecast Additional Rent for the subject year, Tenant hereby agrees to pay Landlord, within thirty (30) days of receipt of the Additional Rent Statement, an amount equal to such difference (“Tenant's Additional Rent Adjustment”).
(c) In the event of any failure by Tenant to pay or discharge any of the foregoing, Landlord shall have all rights, powers and remedies provided herein, by law or otherwise, in the event of nonpayment of Basic Rent.
(d) Tenant hereby acknowledges that the late payment of Basic Rent will cause Landlord to incur costs not contemplated under this Lease, the exact amount of which would be difficult to ascertain. Such costs may include processing and accounting charges and late charges which may be imposed on Landlord by the terms of any Loan and other expenses of a similar or dissimilar nature. Accordingly, if any installment of Basic Rent is not paid within five (5) days after written notice is given by Landlord or Lender (or Lender's servicer or other designee of Lender) to Tenant that the same is overdue, Tenant shall pay to Landlord or Lender, as the case may be, on demand, as Additional Rent, a late charge equal to five percent (5%) (the “Late Charge”) of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Termoverdue installment of Basic Rent, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as maximum amount allowed by Law. Landlord may designate, for the purpose accept any partial payment of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining Basic Rent or Additional Rent without prejudice to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) Landlord's rights or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such reviewremedies.
(ce) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant agree that this Lease is a true lease and does not represent a financing arrangement. Each party shall pay reflect the transactions represented by this Lease in all monthly rent applicable books, records, and reports (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Termincluding, without noticelimitation, demand, deduction or offset, income tax filings) in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other manner consistent with “true lease” treatment rather than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar month“financing” treatment.
Appears in 1 contract
Samples: Lease Agreement (Griffin-American Healthcare REIT III, Inc.)
Rent. 3.1 Tenant shall Txxxxx agrees to pay to Landlord the following amounts as rent for Annual Rent in effect from time to time by paying the Premises:
(a) Commencing as Monthly Installment of the Rent Commencement Date and thereafter during the Lease Term, Tenant shall pay to Landlord, as monthly rent, the base rent specified then in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, effect on or before the first day of each and every full calendar month during the Lease Term, except that the first day of each full month's rent shall be paid upon the execution of this Least. The Monthly Installment of Rent in effect at any time shall r~ 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 notice, deduction or offset and without notice or demand, deduction or offsetat the Rent Payment Address, in lawful money of as set forth on the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease InformationReference Pages, or to such other person or at such other place as Landlord may from time to time designate in writing. If an Event of Default occurs, Landlord may require by notice to Tenant that all subsequent rent payments be made by an automatic payment from Tenant's bank account to Landlord's account, without cost to Landlord. Tenant must implement such automatic payment system prior to the next scheduled rent payment or within ten (10) days after Landlord's notice, whichever is later. Unless specified in this Lease to the contrary, all amounts and sums payable by Tenant to Landlord pursuant to this Lease shall have be deemed additional rent.
3.2 Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the right extent of which additional expense is extremely difficult and economically impractical to apply payments received from Tenant ascertain. Txxxxx therefore agrees that if rent or any other sum is not paid when due and payable pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month late charge shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord imposed in an amount equal to the Base Rent for the first full calendar month greater of: (a) Fifty Dollars ($50.00), or (b) six percent (6%) of the Term unpaid rent or other payment. The amount of the late charge to be paid by Tenant shall be reassessed and added to Tenant's obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments on or before the date on which monthly Base Rent 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 payable, which amount Landlord shall apply to the Base Rent for such first full calendar monthunpaid after date due.
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Samples: Lease (Entrada Networks Inc)
Rent. 3.1 The Tenant shall covenants and agrees to pay to the Landlord at the following amounts as rent for Address of the Premises:
Landlord set forth in Subparagraph 1.3 (a) Commencing as of the Rent Commencement Date and thereafter during the Lease Term(ii), Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) days prior to the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location place as the Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree direct in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost Rent in lawful money of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based Canada payable in consecutive monthly instalments in advance on a 40 hour work week and including wages and benefits) multiplied by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such review.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Term hereof as follows:
(a) as Basic Annual Rent:
(i) for those Lease Term, without notice, demand, deduction or offsetYears with respect to which amounts are set forth in the second and third columns in the table in Subparagraph 1.3 (i) (i), in lawful money amounts per month as set forth in those columns, and
(ii) for those Lease Years with respect to which no amounts are set forth in the second and third columns in the table in Subparagraph 1.3 (i) (i), Basic Annual Rent per annum will be the fair market Basic Annual Rent as agreed upon by the parties hereto and failing such agreement by a date which is two months prior to the expiry of the United States Lease Years mentioned in Subparagraph 3.1 (a) (i) above, either party may forthwith submit for binding arbitration the determination of Americathe fair market Basic Annual Rent for that time period. Landlord instructs Tenant Until such fair market Basic Annual Rent is determined, either by agreement or arbitration, Basic Annual Rent shall continue to pay all such monthly rent be paid at the rate applicable in the immediately preceding Lease Year. When a new Basic Annual Rent is determined, either by agreement or arbitration, it shall be retroactive to the address specified therefor commencement of the time period first referenced in this Subparagraph and the Tenant will pay to the Landlord any deficiency on account of Rent that has been and that should have been paid up to the date of the determination within 14 days from the date of the determination. PROVIDED HOWEVER ALWAYS that Basic Annual Rent for the time period first referenced in this Subparagraph shall in no event be less than the Basic Annual Rent under this Lease Information, or for the Lease Year which immediately preceded that time period. The Basic Annual Rent per annum for the time period first referenced in this Subparagraph will be paid by equal consecutive monthly instalments equal to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have one twelfth of the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order Basic Annual Rent per annum and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences will be payable on a day other than the first day of a calendar month, each and every month after the above referenced agreement or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent determination is payable, which amount Landlord shall apply to the Base Rent for such first full calendar month.made; and
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Rent. 3.1 Tenant shall pay All rental charges are assessed to Landlord a resident’s Xxxxxx account by the start of the term. The following amounts as payment methods are acceptable: Payment to the Business Office for the entire term may be made in a lump sum no later than the first week of classes. The Business Office will accept cash, personal check, bank transfer (International Students only), Visa or MasterCard. Residents utilizing the Tuition Payment System Installment Plan may incorporate rental payments into their plan. Rental fees will be divided into four payments and are due according to the dates set by TPS. A $25 fee is required to participate in the installment plan. For more information, please make inquiries to xxxxxxxxxxxxxx@xxxxxxxxxxxxxx.xxx. Payments may be made online using Visa or MasterCard. CONTRACT CANCELLATION AND REFUNDS Housing accommodations covered by this contract will be canceled if the resident withdraws from Xxxxxx, or if the student’s marital status changes (to affect his or her housing arrangements). All rental charges for contract dates from the start of the term until the end of the period covered by the contract will be the responsibility of the student. If a student must vacate for any reasons listed above or for other reasons, the remainder of the rent for the Premises:
(a) Commencing as of contracted term will be due immediately upon vacating the Rent Commencement Date property and thereafter during the Lease Term, Tenant shall pay must be paid prior to Landlord, as monthly rent, the base rent specified departure. Any requests for alternative payment arrangements can only be negotiated in person in the Basic Lease Information seminary business office. Permanent residents who choose to vacate prior to the contract end date and thereby cancel this housing contract (the “Base Rent”).
(b) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar amount of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) Commencing as of the Commencement Date and thereafter during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of the total dollar amount of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in accordance with the following procedures:
(a) Within thirty (30) who cancel their housing renewal less than 30 days prior to move-in) must provide written notification of intent to vacate a minimum of 30 days prior to move-out. They will be responsible for all rental charges until the first end of the thirty day period and will forfeit any and all housing deposits on file. If for any reason there is no housing deposit on file, a fine in the amount of each calendar year the required deposit for the assigned unit will be assessed to the Xxxxxx account. Additional fines for improper check-out will also be levied if necessary. Permanent residents who provide written notification with less than 30 days remaining in the current term will be asked to leave at the end of the current term. In this event, the resident will only be billed until the end of the term and the housing deposit will still be forfeited. Additional fines for improper check-out will be levied if necessary. Permanent residents who choose to vacate at the completion of the Fall semester must notify the Housing Office through the online renewal form on in writing no later than November 18, 2015. They will be responsible for all charges incurred during the Lease TermFall semester, or as soon thereafter as practicablebut will be eligible for housing deposit refund. Move-out will be no later than December 18, Landlord shall give Tenant written notice 2015. Commuter residents who cancel their hosing after the second week of Landlordclasses will be responsible for the entire semester’s estimate rental fees, but will be eligible for the housing deposit refund. Written notification must be received by the end of the amounts payable under sections 3.1(b) and 3.1(c) hereof for second week of classes. All keys are due promptly to the ensuing calendar yearHousing Office. On or before The Seminary reserves the first day of each month during such ensuing calendar yearright to cancel this contract in the event that the resident is non-compliant with the regulations set forth in this contract. In most cases, Tenant shall pay to Landlord, as monthly rent, the resident will receive one twelfth of such estimated amountswarning from the Seminary. If such notice is not given for any calendar yearthe resident continues to be non-compliant with the terms of this contract, Tenant shall continue the Seminary will cancel the contract and the resident will be evicted without refund of rent or security deposit. In cases in which the resident may cause harm to pay self or other community members, the warning will be forgone. The Seminary can act solely on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord concern without proof that the amounts payable under sections 3.1(b) and 3.1(c) hereof concern is validated. Out of the welfare for the current calendar year will vary from Landlord’s estimatecommunity, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day any behavior or actions of a calendar year, or if Landlord revises its estimate for a calendar year, then upon no less than thirty (30) days prior written notice subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate residents that disrupts any part of the amounts payable under sections 3.1(b) and 3.1(c) hereof community in a way that causes others to be concerned about their safety can be deemed bases for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b) and 3.1(c) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses, Property Taxes and other amounts charged to Tenant as additional rent pursuant to section 3.1, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord which shall, along with Tenant, be required to execute a confidentially agreement prepared by Landlord; provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred twenty (120) days after Landlord shall have delivered the written statement pertaining to such period. If Xxxxxx’s audit of Xxxxxxxx’s books and records shows an aggregate overstatement of Operating Expenses owed by Tenant of five percent (5%) or more and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall pay to Tenant, Tenant’s reasonable cost of conducting the audit (either for internal or outside auditors) not to exceed Ten Thousand Dollars ($10,000). Internal auditors shall be billed at the hourly payroll cost of those employees to Tenant (based on a 40 hour work week and including wages and benefits) multiplied eviction without validation by the reasonable number of hours spent auditing plus reasonable travel costs. If Xxxxxx’s audit shows a difference of less than five percent (5%), then Tenant shall be responsible for all costs of such reviewSeminary.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly rent (i.e., monthly installments of Base Rent and monthly installments of Landlord’s estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof) to Landlord, in advance, on or before the first day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If Xxxxxx’s obligation to pay Base Rent hereunder commences on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such partial month shall be appropriately prorated on the basis of a thirty (30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar month.
Appears in 1 contract
Samples: Housing Contract
