Rent. The fixed rent (hereinafter “Fixed Rent”) payable by the Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day of each and every month during the Term and any extension or renewal thereof. Fixed Rent for any partial month shall be prorated. In the event any Fixed Rent, additional rent or any other payments are not paid within ten (10) days of the due date thereof, Tenant shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition to and not in exclusion of additional remedies herein provided to Landlord.
Appears in 2 contracts
Samples: Assignment, Assumption, Amendment and Consent (Paratek Pharmaceuticals, Inc.), Assignment, Assumption, Amendment and Consent (Paratek Pharmaceuticals Inc)
Rent. The fixed rent (hereinafter “Fixed Rent”) payable by the A. Tenant covenants to pay to Landlord during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeitedLease Term, without limitation any setoff or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occursdeduction except as otherwise expressly provided herein, the payment full amount of all Base Rent and Additional Rent due hereunder and the full amount of all such other sums of money as shall be applied to the first monthly installment become due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatementall of which hereinafter may be collectively called “Rent.” In addition, deduction or setoffTenant shall pay, as Additional Rent, all sumsrent, impositionssales and use taxes or other similar taxes, costsif any, expenses and levied or imposed by any city, state, county or other governmental body having authority, such payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have be in addition to any all other rights and remedies, all payments required to be paid to Landlord by Tenant under this Lease. Such payments shall be paid concurrently with the payments of the rights Rent on which the tax is based. Base Rent and remedies provided by law Additional Rent for each calendar year or provided for in portion thereof during the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are Term, shall be due and payable in advance without demand, deduction or set-off in monthly installments on the first day of each and every calendar month during the Lease Term, without demand. If the Lease Term commences on a day other than the first day of a month or terminates on a day other than the last day of a month, then the installments of Base Rent (if any) and any extension Additional Rent (if any) for such month or renewal thereof. Fixed Rent for any partial month months shall be prorated, based on the number of days in such month. In All amounts received by Landlord from Tenant hereunder shall be applied first to the event earliest accrued and unpaid Rent then outstanding. Tenant’s covenant to pay Rent shall be independent of every other covenant set forth in this Lease.
B. If Tenant fails to pay any Fixed Rent, additional rent installment of Base Rent and Additional Rent or any other payments are not paid item of Rent within ten (10) days of after the same becomes due date thereofand payable hereunder, Tenant shall be charged a late fee of 1.5% “Late Charge” equal to five percent (5%) of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall unpaid amount will be due and payable in addition to and not in exclusion with the next installment of additional remedies herein provided Base Rent by Tenant to Landlord.
Appears in 2 contracts
Samples: Office Lease (Proquest Co), Sublease Agreement (Voyager Learning CO)
Rent. The fixed rent (hereinafter “Fixed Rent”a) payable Tenant shall pay to Landlord Adjusted Rental, which is the sum of the monthly Basic Rental, the monthly Excess Operating Expenses and the monthly Excess Taxes (as defined in the Basic Lease Information), as estimated by the Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable Landlord from time to time, in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin in advance on the Term Commencement Date. Tenant first day of each month in lawful money of the United States to Landlord at its address set forth above (or such other address as Landlord shall deposit the first month’s rent with Landlord upon execution hereof, designate in writing to be held as advance rental and security to be forfeited, Tenant) without limitation notice or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, demand and without any abatement, deduction or setoffset-off, all sums, impositions, costs, expenses and other payments which Tenant in any for each month of the provisions entire Term, except as expressly set forth herein. One such monthly installment, shall be payable by Tenant to Landlord upon the execution of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord Lease. A like monthly installment shall have in addition to any other rights be due and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance payable without demand, deduction or set-off demand beginning on the first day of the calendar month immediately following the month in which the Commencement Date occurs and continuing thereafter on or before the first day of each and every succeeding calendar month during the Term and any extension or renewal thereofLease Term. Fixed 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 prorateddue 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 Terms above. In The dates described in this Section for computing the event 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 Fixed Rentsum due under this Lease is not received within five (5) days after written notice from Landlord that it is due, additional rent or any other payments are not paid within 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%) days 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 ten percent (10%) 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 or 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 same becomes due hereunder, then, in either such event, Tenant shall pay Landlord interest on such overdue amounts from the due date thereofthereof 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, Tenant interest or fee for dishonor shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition to all other rights and remedies available to Landlord hereunder or at law or in equity and shall not be construed as liquidated damages or limiting Landlord’s remedies in exclusion 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 “Rent”) hereunder are unconditional and independent of additional remedies herein provided to Landlordany other covenant or condition imposed on either Landlord or Tenant, whether under this Lease, at law or in equity.
Appears in 2 contracts
Samples: Office Building Lease Agreement (Vivint Solar, Inc.), Office Building Lease Agreement (Vivint Solar, Inc.)
Rent. The fixed rent (hereinafter “Fixed Rent”) payable by the A. Tenant covenants to pay to Landlord during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeitedLease Term, without limitation any setoff or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occursdeduction except as otherwise expressly provided herein, the payment full amount of all Base Rent and Additional Rent due hereunder and the full amount of all such other sums of money as shall be applied to the first monthly installment become due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatementall of which hereinafter may be collectively called “Rent.” In addition, deduction or setoffTenant shall pay, as Additional Rent, all sumsrent, impositionssales and use taxes or other similar taxes, costsif any, expenses and levied or imposed by any city, state, county or other governmental body having authority, such payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have be in addition to any all other rights and remedies, all payments required to be paid to Landlord by Tenant under this Lease. Such payments shall be paid concurrently with the payments of the rights Rent on which the tax is based. Base Rent and remedies provided by law Additional Rent for each calendar year or provided for in portion thereof during the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are Term, shall be due and payable in advance without demand, deduction or set-off in monthly installments on the first day of each and every calendar month during the Lease Term, without demand. If the Lease Term commences on a day other than the first day of a month or terminates on a day other than the last day of a month, then the installments of Base Rent and any extension or renewal thereof. Fixed Additional Rent for any partial such month or months shall be prorated, based on the number of days in such month. In All amounts received by Landlord from Tenant hereunder shall be applied first to the event any Fixed Rentearliest accrued and unpaid Rent then outstanding. Tenant’s covenant to pay Rent shall be independent of every other covenant set forth in this Lease.
B. To the extent allowed by law, additional rent or any other payments are all installments of Rent not paid within ten (10) days of when due shall bear interest at the Default Rate from the date due date thereofuntil paid, provided, Tenant shall be charged entitled to a grace period of three (3) days after notice from Landlord with respect to the first two (2) late fee payments in any calendar year. In addition, if Tenant fails to pay any installment of 1.5% Base Rent and Additional Rent or any other item of Rent when due and payable hereunder, a “Late Charge” equal to five percent (5%) of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee unpaid amount will be due and payable immediately by Tenant to Landlord, provided, Tenant shall be payable entitled to a grace period of three (3) days after notice from Landlord with respect to the first two (2) late payments in addition to and not in exclusion of additional remedies herein provided to Landlordany calendar year.
Appears in 2 contracts
Samples: Office Lease Agreement (Lpath, Inc), Office Lease (Enernoc Inc)
Rent. The fixed rent 4.01 From and after the Commencement Date, Tenant shall pay Landlord, without any setoff or deduction, unless expressly set forth in this Lease, all Base Rent and Additional Rent due for the Term (hereinafter collectively referred to as “Fixed Rent”). “Additional Rent” means all sums (exclusive of Base Rent) payable by the that Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations is required to pay Fixed Rent shall begin on the Term Commencement DateLandlord under this Lease. Tenant shall deposit the first month’s rent with Landlord pay and be liable for all rental, sales and use taxes (but excluding income taxes), if any, imposed upon execution hereof, to be held as advance rental or measured by Rent. Base Rent and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment recurring monthly charges of Additional Rent shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due payable in advance without demand, deduction or set-off on the first day of each calendar month without notice or demand. All other items of Rent shall be due and every payable by Tenant on or before thirty (30) days after billing by Landlord. Rent shall be made payable to the entity, and sent to the address, Landlord designates and shall be made by good and sufficient check payable in United States of America currency or by other means designated by Landlord from time to time. If Tenant does not pay any Rent when due hereunder, Tenant shall pay Landlord an administration fee in the amount of $500.00, provided that Tenant shall be entitled to a grace period of up to five (5) days for the first late payment of Rent in a calendar year; provided, however, Landlord shall waive the administration fee for one (1) late payment in any twelve (12) month period during the Term Term. In addition, past due Rent shall accrue interest at twelve percent (12%) per annum, and Tenant shall pay Landlord a reasonable fee for any extension checks returned by Tenant’s bank for any reason. Nothing in this paragraph shall be deemed to waive or renewal thereofcondition any claim of Default by Landlord for Tenant’s failure to timely pay Rent, which is governed by Section 18, below. Fixed Landlord’s acceptance of less than the correct amount of Rent shall be considered a payment on account of the oldest obligation due from Tenant hereunder, then 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 prorated. In No endorsement or statement on a check or letter accompanying payment shall be considered an accord and satisfaction. Tenant’s obligation so to pay Rent under the event Lease shall be absolute, unconditional, and independent and shall not be discharged or otherwise affected by any Fixed Rentlaw or regulation now or hereafter applicable to the Premises, additional rent or any other payments are not paid within ten (10) days restriction on Tenant’s use, or, except as expressly provided in the Lease, any casualty or taking, or any failure by Landlord to perform or other occurrence; and Tenant waives all rights now or hereafter existing to assert any defense in the nature of the due date thereof, Tenant shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition constructive eviction to and not in exclusion of additional remedies herein provided any action seeking to Landlordrecover Rent.
Appears in 2 contracts
Samples: Office Lease Agreement, Office Lease Agreement (scPharmaceuticals Inc.)
Rent. The fixed rent (a) Each Lease Year (as hereinafter “Fixed defined), Tenant shall pay to Landlord Base Rent”) payable by the Tenant during the original Term shall be the annual rent , without setoff or deductions of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 any kind ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable except as otherwise set forth in this Lease), in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, andinstallments, in case of any nonpayment thereofadvance, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day of each and every calendar month during of the Term and any extension at the address of Landlord stated above or renewal thereof. Fixed Rent such other place as Landlord may designate in writing from time to time, with payment in advance of appropriate fractions of a monthly payment for any partial portion of a month at the commencement and termination of the Term. Every amount payable by Tenant to Landlord hereunder shall (except as otherwise set forth in this Lease) be proratedpaid without setoff or deductions of any kind on demand. In the event any Fixed Base Rent and Additional Rent are herein collectively called “Rent, additional rent or any other payments are ”. Any Rent not paid by Tenant within ten (10) days after its due date shall thereafter be payable with a late charge equal to five (5%) percent of the due date thereofunpaid rent installment, as Additional Rent.
(b) Tenant’s obligation to pay Base Rent under this Lease shall commence on the Rent Commencement Date.
(c) The obligation of Tenant to pay all sums of Additional Rent shall commence on the Commencement Date of the Lease and there shall be charged no abatement whatsoever of the obligation of Tenant to pay such sums during any period or part of any lease year during the term of the Lease.
(d) The term “Lease Year” shall mean a late fee period of 1.5% twelve (12) consecutive calendar months. The first “Lease Year” shall commence on the Commencement Date, and shall end with the expiration of such late payment for the next succeeding twelve (12) months, plus the number of days, if any, required to have the period end at the expiration of the calendar month, and each late payment for each month or portion thereof that said payment remains outstanding. Said late fee Lease Year shall be payable in addition to and not in exclusion of additional remedies herein provided to Landlordrun consecutively thereafter.
Appears in 2 contracts
Samples: Lease (Surgiquest Inc), Lease (Surgiquest Inc)
Rent. The fixed Tenant shall pay to Landlord as the base rent for the Premises (hereinafter the “Fixed Base Rent”) payable by the Tenant during the original Term amount set forth in Section 1, subject to adjustment as hereinafter provided. Nothing contained herein shall be construed at any time so as to reduce the annual rent Base Rent payable hereunder below the amount set forth above. Base Rent shall be adjusted in accordance with the following provisions (any such adjustment is “Additional Rent”). Prior to January 1 of Two Hundred Eleven Thousand Eight Hundred Thirty Five each year in the Term or as soon thereafter as reasonably possible, Landlord shall provide Tenant with Landlord’s good faith estimate (which Landlord may re-estimate at any time) of Operating Expenses and 52/100 Taxes for the next calendar year in the Term ($211,835.52each, an “Operating Period”), and commencing on January 1 of each Operating Period, one-twelfth (1/12) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations Pro-rata Share of the estimated Operating Expenses and Taxes will be due each month from Tenant as Tenant’s Additional Rent during such Operating Period. If Landlord’s statement is furnished after the start of an Operating Period, then Tenant shall continue to pay Fixed the monthly amount of its Additional Rent shall begin due for the prior Operating Period and on the Term Commencement Date. next monthly Additional Rent payment date after Tenant shall deposit the first monthreceives Landlord’s rent with Landlord upon execution hereofstatement, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under any excess amounts allocable to the prior months in that Operating Period. As of the Effective Date of this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments Landlord’s estimate is that the amount that will be due as Additional Rent hereunder for the year in which the Commencement Date occurs will be $18.80 per RSF of the Rentable Area of Premises per year. Until further written notice is forwarded from Landlord to Tenant in any of accordance with the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day of each and every month during the Term and any extension or renewal thereof. Fixed Rent for any partial month shall be prorated. In the event any Fixed Rent, additional rent or any other payments are not paid within ten (10) days of the due date thereofLease, Tenant shall remit 1/12th of this amount to Landlord monthly as Additional Rent, to be charged a late fee paid at the same time and in the same manner as Tenant’s monthly payments of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition to and not in exclusion of additional remedies herein provided to LandlordBase Rent.
Appears in 2 contracts
Samples: Lease Agreement (Upland Software, Inc.), Lease Agreement (Upland Software, Inc.)
Rent. The fixed rent (hereinafter “Fixed Rent”) payable by the Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin 7.1 Commencing on the Term Commencement Date. , Tenant shall deposit pay to Landlord the first month’s rent with Landlord upon execution hereofsums set forth in Section 2.3 as Base Rent for the Premises, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior subject to the Term Commencement Dateabatement of Base Rent to the extent set forth in Section 8 below. If no default occurs, the payment Base Rent shall be applied to the first paid in equal monthly installment due hereunder. Tenant shall also pay installments as additional rent without noticeset forth in Section 2.3, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due each in advance without demand, deduction or set-off on the first day of each and every calendar month during the Term and any extension or renewal thereofTerm. Fixed For the avoidance of doubt, Tenant’s payment of Base Rent for any partial the first (1st) month of the Term shall be prorateddelivered to Landlord on the Term Commencement Date.
7.2 In addition to Base Rent, Tenant shall pay to Landlord as additional rent (“Additional Rent”), commencing on the Term Commencement Date (or the Expense Trigger Date (as defined below) with respect to Operating Expenses) and at times hereinafter specified in this Lease, notwithstanding any abatement of Base Rent provided in Section 8 below, (a) Tenant’s Adjusted Share (as defined below) of Operating Expenses (as defined below), (b) the Property Management Fee (as defined below) and (c) any other amounts that Tenant assumes or agrees to pay under the provisions of this Lease that are owed to Landlord, including any and all other sums that may become due by reason of any default of Tenant or failure on Tenant’s part to comply with the agreements, terms, covenants and conditions of this Lease to be performed by Tenant, after notice and the lapse of any applicable cure periods.
7.3 Base Rent and Additional Rent shall together be denominated “Rent.” Rent shall be paid to Landlord, without abatement, deduction or offset, in lawful money of the United States of America to the address set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing (which may, at Tenant’s election, include payment of Rent by ACH, subject to an ACH authorization form reasonably acceptable to Landlord (which form shall stipulate that such authorization is for credit entries only to Landlord’s bank account)). In the event the Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of the number of days in the month and shall be paid at the then-current rate for such fractional month.
7.4 Tenant’s obligation to pay Rent shall not be discharged or otherwise affected by (a) any Fixed RentApplicable Laws now or hereafter applicable to the Premises, additional rent (b) any other restriction on Tenant’s use, (c) except as expressly provided herein, any casualty or taking or (d) any other occurrence; and Tenant waives all rights now or hereafter existing to terminate or cancel this Lease or quit or surrender the Premises or any other payments are not paid within ten (10) days part thereof, or to assert any defense in the nature of constructive eviction to any action seeking to recover rent. Tenant’s obligation to pay Rent with respect to any period or obligations arising, existing or pertaining to the period prior to the date of the due date thereofexpiration or earlier termination of the Term or this Lease shall survive any such expiration or earlier termination; provided, Tenant however, that nothing in this sentence shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition any way affect Tenant’s obligations with respect to and not in exclusion of additional remedies herein provided to Landlordany other period.
Appears in 2 contracts
Rent. The fixed rent 4.01 Tenant shall pay Landlord, without any setoff or deduction, unless expressly set forth in this Lease, all Base Rent and Additional Rent (as hereinafter defined) due for the Term (collectively referred to as “Fixed Rent”) payable by ). Base Rent shall commence on the Tenant during Commencement Date, subject to the original Term Base Rent Abatement Periods. Anything herein to the contrary notwithstanding, an amount equal to the first full monthly installment of Base Rent, which shall be applied toward the annual rent seventh (7th) month of Two Hundred Eleven Thousand Eight Hundred Thirty Five the Term, plus any fraction of a monthly payment for any portion of a month at the commencement of the Term, shall be due and 52/100 payable together with the Security Deposit ($211,835.52as defined herein) Dollars upon the execution hereof. Landlord’s receipt of the foregoing payments shall be a condition precedent to the effectiveness of this Lease. All Additional Rent shall commence on the Commencement Date except as expressly provided otherwise. “Additional Rent” means all sums ($14.04 per square foot exclusive of rentable floor areaBase Rent) payable in equal monthly installments of $17,652.96. Tenant’s obligations that Tenant is required to pay Fixed Rent shall begin on the Term Commencement DateLandlord under this Lease. Tenant shall deposit the first month’s rent with Landlord pay and be liable for all rental, sales and use taxes (but excluding income taxes), if any, imposed upon execution hereof, to be held as advance rental or measured by Rent. Base Rent and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment recurring monthly charges of Additional Rent shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due payable in advance without demand, deduction or set-off on the first day of each calendar month without notice or demand. Unless otherwise specified herein to the contrary, all other items of Rent shall be due and every month during payable by Tenant on or before thirty (30) days after billing by Landlord. Rent shall be made payable to the Term entity, and any extension sent to the address, Landlord otherwise designates and shall be made by good and sufficient check drawn on a local bank or renewal thereofby other means acceptable to Landlord. Fixed Tenant shall pay Landlord an administration fee equal to five percent (5%) of all past due Rent, provided that Tenant shall be entitled to a grace period of five (5) days for the first two (2) late payments of Rent in a calendar year. In addition, past due Rent shall accrue interest at twelve percent (12%) per annum or the maximum rate permitted by law, whichever is less. Landlord’s acceptance of less than the correct amount of Rent shall be considered a payment on account of the earliest Rent due. Rent for any partial month during the Term shall be prorated. In the event any Fixed Rent, additional rent No endorsement or any other payments are not paid within ten (10) days of the due date thereof, Tenant statement on a check or letter accompanying payment shall be charged a late fee considered an accord and satisfaction. Tenant’s covenant to pay Rent is independent of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable every other covenant in addition to and not in exclusion of additional remedies herein provided to Landlordthis Lease.
Appears in 2 contracts
Samples: Office Lease Agreement, Office Lease Agreement (Loxo Oncology, Inc.)
Rent. The fixed rent 4.1 Tenant hereby agrees to pay Landlord the Base Rent. For purposes of Rent adjustment under the Lease, (hereinafter a) if the Commencement Date falls on a date that is prior to the 15th day of the calendar month, the number of months is measured from the first day of the calendar month in which the Commencement Date falls, or (b) if the Commencement Date falls on a date that is the 15th or a later day of the calendar month, the number of months is measured from the first day of the calendar month after the calendar month in which the Commencement Date falls. Each monthly installment (the “Fixed Monthly Rent”) shall be payable by the Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin check, wire, ACH transfer or by money order on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on before the first day of each calendar month. Landlord agrees to accept payment by Federal Reserve Automated Clearing House (ACH) deposit only so long as such system is available for Landlord’s use. In addition to the Base Rent, Tenant also agrees to pay Tenant’s Share of Operating Expenses and every month during the Term Taxes (each as hereinafter defined), and any extension and all other sums of money as shall become due and payable by Tenant as hereinafter set forth, all of which shall constitute additional rent under this Lease (the “Additional Rent”). Landlord expressly reserves the right to apply any payment received to Base Rent or renewal thereofany other items of Rent that are not paid by Tenant. Fixed The Monthly Rent for any partial month and the Additional Rent are sometimes hereinafter collectively called “Rent” and shall be prorated. paid when due in lawful money of the United States without demand, deduction, abatement, or offset to the addresses for the rental payment set forth in the Basic Lease Information, or as Landlord may designate from time to time.
4.2 In the event any Fixed Rent, additional rent Monthly or any Additional Rent or other payments are amount payable by Tenant hereunder is not paid within ten five (105) days of the after its due date thereofdate, Tenant shall be charged pay to Landlord a late fee charge (the “Late Charge”), as Additional Rent, in an amount of 1.5% five percent (5%) of the amount of such late payment for each late payment for each month or portion thereof that said payment remains outstandingpayment. Said late fee Failure to pay any Late Charge shall be payable deemed a Monetary Default (as hereinafter defined). Provision for the Late Charge shall be in addition to all other rights and remedies available to Landlord hereunder, at law or in equity, and shall not be construed as liquidated damages or limiting Landlord’s remedies in exclusion any manner. Failure to charge or collect such Late Charge in connection with any one (1) or more such late payments shall not constitute a waiver of additional remedies herein provided Landlord’s right to Landlordcharge and collect such Late Charges in connection with any other similar or like late payments. Notwithstanding the foregoing provisions of this Section 4.2, the Late Charge shall not be imposed with respect to the first late payment in the twelve (12) months following the Commencement Date or with respect to the first late payment in any succeeding twelve (12) month period during the Term unless the applicable payment due from Tenant is not received by Landlord within five (5) days following written notice from Landlord that such payment was not received when due. Following the first such written notice from Landlord in the twelve (12) months following the Commencement Date and the first such written notice in any succeeding twelve (12) month period during the Term (but regardless of whether such payment has been received within such five (5) day period), the Late Charge will be imposed without notice for any subsequent payment due from Tenant during such applicable twelve (12) month period which is not received within five (5) days after its due date.
4.3 Simultaneously with the execution hereof, Tenant shall deliver to Landlord (i) the Rent Payable Upon Execution as payment of the first installment of Monthly Rent and Tenant’s Share of Operating Expenses and Taxes due hereunder and (ii) if applicable, an amount equal to the Security Deposit Amount to be held by Landlord as security for Tenant’s faithful performance of all
Appears in 2 contracts
Samples: Lease Agreement (Talend SA), Lease Agreement (Talend SA)
Rent. The fixed rent 7.1. Tenant shall pay to Landlord as Base Rent for the Premises, commencing on (hereinafter a) with respect to the Original Premises, July 1, 2015 (the “Fixed RentRent Commencement Date”) payable by and (b) with respect to the Tenant during Expansion Space, twelve (12) months following the original Term Commencement Date (the “Expansion Space Rent Commencement Date”), the sums set forth in Section 2.3, subject to the rental adjustments provided in Article 8 hereof. Base Rent shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable paid in equal monthly installments of $17,652.96. Tenant’s obligations as set forth in Section 2.3, subject to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution rental adjustments provided in Article 8 hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due each in advance without demand, deduction or set-off on the first day of each and every calendar month during the Term Term.
7.2. In addition to Base Rent, Tenant shall pay to Landlord as additional rent (“Additional Rent”) at times hereinafter specified in this Lease (a) Tenant’s Share (as defined below) of Operating Expenses (as defined below), including the Property Management Fee (as defined below) and (b) any extension other amounts that Tenant assumes or renewal thereofagrees to pay under the provisions of this Lease that are owed to Landlord, including any and all other sums that may become due by reason of any default of Tenant or failure on Tenant’s part to comply with the agreements, terms, covenants and conditions of this Lease to be performed by Tenant, after notice and the lapse of any applicable cure periods.
7.3. Fixed Base Rent for any partial month and Additional Rent shall together be denominated “Rent.” Rent shall be proratedpaid to Landlord, without abatement, deduction or offset, in lawful money of the United States of America at the office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of the number of days in the month and shall be paid at the then-current rate for such fractional month.
7.4. Except as otherwise expressly set forth herein, Tenant’s obligation to pay Rent shall not be discharged or otherwise affected by (a) any Fixed RentApplicable Laws now or hereafter applicable to the Premises, additional rent (b) any other restriction on Tenant’s use, (c) except as expressly provided herein, any casualty or taking or (d) any other occurrence; and in all events Tenant waives all rights now or hereafter existing to terminate or cancel this Lease or quit or surrender the Premises or any other payments are not paid within ten (10) days part thereof, or to assert any defense in the nature of constructive eviction to any action seeking to recover rent. Tenant’s obligation to pay Rent with respect to any period or obligations arising, existing or pertaining to the period prior to the date of the due date thereofexpiration or earlier termination of the Term or this Lease shall survive any such expiration or earlier termination; provided, however, that nothing in this sentence shall in any way affect Tenant’s obligations with respect to any other period.
7.5. Upon the occurrence of any Default by Tenant under this Lease, the abatement of Base Rent provided herein shall automatically and forever terminate, and Tenant shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition required to pay the full Base Rent provided herein from and not in exclusion of additional remedies herein provided to Landlordafter the Term Commencement Date without any abatement whatsoever.
Appears in 2 contracts
Samples: Lease Agreement (Spark Therapeutics, Inc.), Lease Agreement (Spark Therapeutics, Inc.)
Rent. 7.1 The fixed Tenant covenants and agrees that it shall be responsible for the payment of the Basic Rent annually and proportionately for any fraction of a Lease Year from and including the Commencement Date and from and including the Rent Adjustment Date such other Basic Rent as may become payable under the provisions of SCHEDULE 2. Following the first rent payment on the Commencement Date (hereinafter “Fixed Rent”with respect to the period defined in the next sentence below), the Basic Rent shall be divided into four (4) equal portions and each portion will be paid quarterly in advance on each Rent Payment Date in every Lease Year. The first (1st) rent payment shall be made on the Commencement Date and to be in respect of the period from and including the Commencement Date to and including the Working Day immediately preceding the next following Rent Payment Date calculated on a daily basis.
7.2 From and including the Commencement Date, the Tenant shall pay all Outgoings, VAT and any and all other taxes or sums whatsoever as become payable or refundable by the Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required Landlord under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of Clause 10.9 of this Lease.
7.3 The Tenant shall, if possible, ensure that direct contractual relationships are established between the Tenant and the contractor for the services included in the Outgoings. If direct contractual relationships between the Tenant and a contractor cannot be established, the Landlord shall direct all such contractors to account on a monthly basis directly to Tenant (or shall provide copies on a monthly basis of any such accounting statements provided by such contractor to Landlord together with the applicable statement), payment of which shall be made by Tenant to the applicable contractor within thirty (30) days following receipt of an Invoice from Landlord or contractor, as applicable.
7.4 If required by the Landlord, the Tenant shall pay the Basic Rent reserved by Clause 7.1 and VAT by wire transfer or banker's standing order to a bank account or bank accounts (but not more than two (2)) either in Germany or another country which the Landlord has notified in writing to the Tenant. If Landlord requires Basic Rent and VAT to be paid to a bank account located outside of Germany and the cost to wire transfer Basic Rent and VAT to such account exceeds the cost to wire transfer such funds to an account in Germany, then such excess cost shall be borne by Landlord.
7.5 Any payments from the Tenant to the Landlord under this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all (including the payment of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Basic Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day of each and every month during the Term and any extension or renewal thereof. Fixed Rent for any partial month ) shall be prorated. In made against Invoices issued by the event any Fixed Rent, additional rent or any other payments are not paid within ten (10) days of Landlord to the due date thereof, Tenant shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition to and not in exclusion of additional remedies herein provided to LandlordTenant.
Appears in 2 contracts
Samples: Lease Agreement (Corporate Property Associates 17 - Global INC), Lease Agreement (Corporate Property Associates 17 - Global INC)
Rent. The fixed rent (hereinafter “Fixed Rent”a) payable by Tenant shall pay to Landlord as rental for the Tenant Premises during each year of the original Term term of this Lease the amount set forth in Section 1(g) hereof. Such rental shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in advance, in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day of each and every month during throughout the Term and any extension term of this Lease; provided, however, that if the lease term shall commence on a day other than the first day of a calendar month or renewal thereof. Fixed Rent shall end on a day other than the last day of a calendar month, the rental for any partial such first or last fractional month shall be proratedsuch proportion of the 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 rate of interest equal to two percent in excess of the “Prime Rate” published from time to time by The Wall Street Journal (hereinafter referred to as the “Interest Rate”). In the event addition, if any Fixed Rent, additional payment of rent or any other payments are is not paid within ten (10) days of the due date thereofwhen due, Tenant shall be charged pay to Landlord a late fee charge equal to three and one half percent of 1.5% of such late payment for 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 occasions during each calendar year, provided such payments are made to Landlord within ten 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 for each month obligations or portion thereof constitute a waiver of Landlord’s entitlement to any charges not timely billed by Landlord.
(d) Tenant agrees that said payment remains outstanding. Said late fee all Basic Rental and additional rent (collectively “Rent”) due under this Lease shall be payable paid to Landlord by (i) check mailed to the address set forth in addition Section 1(l) hereof or such other address as Landlord shall designate by written notice to and not in exclusion Tenant, (ii) wire transfer of additional remedies herein provided to Landlordimmediately available funds, or (iii) electronic funds transfer.
Appears in 2 contracts
Samples: Lease Agreement (Rocket Companies, Inc.), Lease Agreement (Rocket Companies, Inc.)
Rent. The fixed rent (hereinafter “Fixed Rent”) payable by the Except as otherwise expressly set forth in this Lease, Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations agrees to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit to Landlord at the first month’s rent with Landlord upon execution hereofoffice specified in Section 1.01 (2), or to be held as advance rental and security to be forfeitedsuch other persons, or at such other places, designated by Landlord, without limitation any prior demand therefor in immediately available funds and without any deduction or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without noticeoffset whatsoever, except as required under otherwise set forth in this Lease, all Rent during the Term as and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of when due pursuant to this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord Lease. Monthly Base Rent shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due be paid monthly in advance without demand, deduction or set-off on the first day of each and every month during of the Term and any extension or renewal thereof. Fixed Term, except that the installment of Monthly Base Rent for any partial month at the beginning of the Term shall be prorated. In paid prior to the event any Fixed Rent, additional rent or any other payments are not Commencement Date and the installment of Monthly Base Rent due for the sixth (6th) month of the Term shall be paid by Tenant to Landlord within ten thirty (1030) days following the Date of this Lease. 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 date thereofuntil paid provided, however, that Tenant shall be charged a late fee entitled to notice and an additional three (3) business day grace period before the imposition of 1.5% of such late payment for each late payment for each month or portion thereof Default Interest the first time in any calendar year that said payment remains outstandingTenant does not timely pay Rent hereunder. Said late fee Tenant’s covenant to pay Rent shall be independent of every other covenant in this Lease. Notwithstanding the foregoing, Tenant’s obligation to pay Rent shall be conditionally abated during the first five (5) full calendar months of the Term (the “Rent Abatement Period”) in an amount not to exceed $958,013.75. Such abatement shall apply to Rent only and shall not apply to any other sums payable under this Lease. The abatement of Rent described above is expressly conditioned on Tenant’s performance of its obligations under this Lease throughout the Term, and the amount of the abated Rent is based in part on the amount of Rent due under this Lease for the full Term. If Tenant Defaults under this Lease and such Default continues beyond the applicable notice and cure period, then Tenant shall immediately, on demand, pay to Landlord, in addition to all other amounts and not in exclusion damages to which Landlord is entitled, the unamortized amount of additional remedies herein provided to LandlordRent which would otherwise have been due and payable during the Rent Abatement Period (based on the straight-line amortization of the abated Rent across the initial Term plus interest at the rate of 8% per annum).
Appears in 2 contracts
Samples: Office Lease (Accolade, Inc.), Office Lease (Accolade, Inc.)
Rent. The fixed rent (hereinafter “Fixed Rent”) payable by the Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date4.01. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeitedpay Landlord, without limitation any setoff or other remediesdeduction, unless expressly set forth in this Lease, all Base Rent and Additional Rent due for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs(collectively referred to as “Rent”), the payment shall be applied parties acknowledging that this Lease expressly provides for the abatement of the Abated Base Rent as provided in Section 1.03 hereof. “Additional Rent” means all sums (exclusive of Base Rent) that Tenant is required to the first monthly installment due hereunderpay Landlord under this Lease. Tenant shall also pay as additional rent without noticeand be liable for all rental, except as required under this Leasesales and use taxes (but excluding income taxes), and without any abatementif any, deduction imposed upon or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided measured by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Base Rent payments are and recurring monthly charges of Additional Rent shall be due and payable in advance without demand, deduction or set-off on the first day of each calendar month without notice or demand, provided that the installment of Base Rent for the first full calendar month of the Term, and every month during the Term first monthly installment of Additional Rent for Expenses and Taxes, shall be payable upon the execution of this Lease by Tenant. All other items of Rent shall be due and payable by Tenant on or before 30 days after billing by Landlord. Rent shall be made payable to the entity, and sent to the address, Landlord designates and shall be made by good and sufficient check payable in United States of America currency or by other means acceptable to Landlord. If Tenant does not pay any extension Rent when due hereunder, Tenant shall pay Landlord an administration fee in the amount of $250.00, provided that Tenant shall be entitled to a grace period of up to 5 Business Days for the first 2 late payments of Rent in a calendar year. In addition, past due Rent shall accrue interest at 10% per annum, and Tenant shall pay Landlord a reasonable fee for any checks returned by Tenant’s bank for any reason. Landlord’s acceptance of less than the correct amount of Rent shall be considered a payment on account of the oldest obligation due from Tenant hereunder, then to any current Rent then due hereunder, notwithstanding any statement to the contrary contained on or renewal thereofaccompanying any such payment from Tenant. Fixed Rent for any partial month during the Term shall be prorated. In the event any Fixed Rent, additional rent No endorsement or any other payments are not paid within ten (10) days of the due date thereof, Tenant statement on a check or letter accompanying payment shall be charged a late fee considered an accord and satisfaction. Except as specifically set forth in this Lease, Tenant’s covenant to pay Rent is independent of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable every other covenant in addition to and not in exclusion of additional remedies herein provided to Landlordthis Lease.
Appears in 2 contracts
Samples: Office Lease Agreement (Akebia Therapeutics, Inc.), Office Lease Agreement (Akebia Therapeutics, Inc.)
Rent. The fixed rent A. On the Commencement Date, in connection with Landlord’s acquisition of the Premises pursuant to the Purchase Agreement, Tenant shall pay to Landlord the sum of [*], an amount equal to the Base Rent for the first (hereinafter 1st) year of the Term.
B. On the first (1st) anniversary of the Commencement Date (the “Fixed RentMonthly Base Rent Commencement Date”) payable by ), Tenant shall commence to pay Base Rent to Landlord in the Tenant during manner provided in Section 5.C in equal consecutive monthly installments in advance on or before the original 1st day of each calendar month commencing as of such date and continuing through the Term. If the Monthly Base Rent Commencement Date is a day other than the first day of a calendar month, or if the Term ends on a day other than the last day of a calendar month, the Base Rent for such month shall be prorated by multiplying such Base Rent by a fraction, the annual rent numerator of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot which is the number of rentable floor area) payable in equal monthly installments days of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Datewithin such calendar month and the denominator of which is the total number of days within such calendar month. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the pay its first monthly installment due hereunderof Base Rent, which may be prorated pursuant to this Section 5.B, on or before the Monthly Base Rent Commencement Date.
C. For purposes of this Lease, the Base Rent, the Real Estate Taxes, the Utility Charges and any and all other amounts, sums, charges, liabilities and obligations which Tenant assumes or agrees to pay or may become liable for under this Lease at any time and from time to time are sometimes collectively referred to as “Rent”; and, in the event of any failure on the part of Tenant to pay any portion of the Rent, every fine, penalty, interest and cost which may be added for nonpayment or late payment of such items, including, without limitation, all amounts for which Tenant is or may become liable to indemnify Landlord and the Landlord Indemnified Parties under this Lease (including reasonable attorneys’ fees and court costs) shall be deemed to be Rent. Tenant shall also pay as additional rent All Rent is payable in lawful money of the United States of America and legal tender for the payment of public and private debts without notice, except demand, abatement, deduction, or setoff under any circumstances, in accordance with the wire or ACH information as required Landlord designates to Tenant in writing from time to time.
D. Tenant hereby acknowledges that late payment by Tenant to Landlord of Rent will cause Landlord to incur costs and administrative complications not contemplated hereunder, the exact amount and scope of which are presently anticipated to be extremely difficult to ascertain. Accordingly, if any installment of Rent due to Landlord is not paid on the date it is due for any reason, Tenant shall pay Landlord upon demand a late charge equal to the lesser of (i) five and one-half percent (5.5%) of the delinquent installment of Rent and (ii) the highest amount allowed by applicable Law (each a “Late Charge”). The parties agree that this late charge represents a fair and reasonable estimate of the costs and expenses (including economic losses) that Landlord will incur by reason of late payment by Tenant. The parties further agree that such late charge is Rent and not interest and such assessment does not constitute a lender or borrower/creditor relationship between Landlord and Tenant. In addition, any amount of delinquent Rent (including the amount of any Late Charge) due to Landlord shall accrue interest at the Default Rate from the date on which such Rent was due up to the date that such Rent is paid. The payment of such late charge or such interest shall not constitute waiver of, nor excuse or cure, any default under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, nor prevent Landlord shall have in addition to from exercising any other rights and remedies, all remedies available to Landlord. Without limitation of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demandforegoing, deduction or set-off on the first day of each and every month during the Term and any extension or renewal thereof. Fixed Rent for any partial month Tenant shall be prorated. In responsible for payment of all interest, late charges, and other costs and fees imposed by third parties with respect to late payments of Utilities or other third party charges that are the event responsibility of Tenant hereunder.
E. For any Fixed Rentnon-scheduled payment of Rent hereunder that is payable by Tenant on demand by Landlord, additional rent or any other payments are not paid within such shall be due ten (10) days of the due date thereoffollowing written demand therefor by Landlord, Tenant shall be charged a late fee of 1.5% of such late payment for each late payment for each month without abatement, deduction, or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition to and not in exclusion of additional remedies herein provided to Landlordsetoff under any circumstances.
Appears in 2 contracts
Samples: Lease Agreement (Big Lots Inc), Lease Agreement (Big Lots Inc)
Rent. The fixed rent Tenant shall pay all Base Rent and Additional Rent (hereinafter defined below) (collectively, “Fixed Rent”) payable by 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 during the original Term is required to pay Landlord hereunder. Monthly payments of Base Rent and monthly payments of Additional Rent for Expenses (defined in Section 4.2.2), Taxes (defined in Section 4.2.3) and parking (collectively, “Monthly Rent”) shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due paid in advance without demand, deduction on or set-off on before the first day of each and every calendar month during the Term Term; provided, however, that the installment of Base Rent for the first full calendar month for which Base Rent is payable hereunder shall be paid upon Tenant’s execution and any extension or renewal thereofdelivery hereof. Fixed Except as otherwise provided herein, 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 proratedprorated based on the actual number of days in such month. In 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 event overdue amount (provided, however, that such late charge shall not apply to any Fixed Rentsuch delinquency unless either (i) such delinquency is not cured within five (5) business days after notice from Landlord, additional rent or (ii) Tenant previously received notice from Landlord of a delinquency that occurred earlier in the same calendar year); and (b) any other payments are Rent that is not paid within ten (10) 10 days of the after its due date thereofshall bear interest, Tenant shall be charged a late fee from its due date until paid, at the lesser of 1.518% per annum or the highest rate permitted by Law (defined in Section 5). Tenant’s covenant to pay Rent is independent of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition to and not in exclusion of additional remedies herein provided to Landlordevery other covenant herein.
Appears in 2 contracts
Samples: Office Lease (Apigee Corp), Office Lease (Apigee Corp)
Rent. The fixed rent (hereinafter “Fixed Rent”a) payable by Tenant shall pay to Landlord as rental for the Tenant Premises during each year of the original Term term of this Lease the amount set forth in Section 1(g) hereof. Such rental shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in advance, in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day of each and every month during throughout the Term and any extension term of this Lease; provided, however, that if the lease term shall commence on a day other than the first day of a calendar month or renewal thereof. Fixed Rent shall end on a day other than the last day of a calendar month, the rental for any partial such first or last fractional month shall be proratedsuch proportion of the 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 rate of interest equal to two percent in excess of the “Prime Rate” published from time to time by The Wall Street Journal (hereinafter referred to as the “Interest Rate”). In the event addition, if any Fixed Rent, additional payment of rent or any other payments are is not paid within ten (10) days of the due date thereofwhen due, Tenant shall be charged pay to Landlord a late fee charge equal to three and one half percent of 1.5% of such late payment for 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 occasions during each calendar year, provided such payments are made to Landlord within ten 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 for each month obligations or portion thereof constitute a waiver of Landlord’s entitlement to any charges not timely billed by Landlord.
(d) Tenant agrees that said payment remains outstanding. Said late fee all Basic Rental and additional rent (collectively “Rent”) due under this Lease shall be payable paid to Landlord by (i) check mailed to the address set forth in addition Section 1(n) hereof or such other address as Landlord shall designate by written notice to and not in exclusion Tenant, (ii) wire transfer of additional remedies herein provided to Landlordimmediately available funds, or (iii) electronic funds transfer.
Appears in 2 contracts
Samples: Lease Agreement (Rocket Companies, Inc.), Lease Agreement (Rocket Companies, Inc.)
Rent. The fixed rent (hereinafter “Fixed Rent”) payable by the Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit pay to Landlord, at Landlord's Address for Payment of Rent designated in the first month’s rent with Basic Lease Information, or at such other address as Landlord upon execution hereof, may from time to be held as advance rental and security time designate in writing to be forfeited, without limitation or other remedies, Tenant for any default by Tenant occurring prior to the Term Commencement Date. If no default occurspayment of Rent, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent Base Rent, without notice, except as required under this Leasedemand, and without any abatement, deduction offset or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, anddeduction, in case of any nonpayment thereofadvance, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day of each calendar month. Landlord shall have no obligation to notify Tenant of any increase in Rent and every month during the Term Tenant's obligation to pay all Rent (and any extension increases) when due shall not be modified or renewal thereofaltered by such lack of notice from Landlord. Fixed It is intended that this Lease be a "triple net lease," and that the Rent for to be paid hereunder by Tenant will be received by Landlord without any partial month deduction or offset whatsoever by Tenant, foreseeable or unforeseeable. Except as expressly provided to the contrary in this Lease, Landlord shall not be prorated. In required to make any expenditure, incur any obligation, or incur any liability of any kind whatsoever in connection with this Lease or the event any Fixed Rentownership, additional rent construction, maintenance, operation or any other payments are not paid within ten (10) days repair of the due date thereofPremises or the Project Upon the execution of this Lease, Tenant shall be charged pay to Landlord the first month's Base Rent. If the Term commences (or ends) on a late fee date other than the first (or last) day of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee a month, Base Rent shall be prorated on the basis of a thirty (30) day month. All sums other than Base Rent which Tenant is obligated to pay under this Lease shall be deemed to be additional rent due hereunder ("Additional Rent"), whether or not such sums are designated Additional Rent and, together with the Base Rent, shall be due and payable in addition to Landlord commencing on the Possession Date. The term "Rent" means the Base Rent and not in exclusion of additional remedies herein provided to Landlordall Additional Rent payable hereunder.
Appears in 2 contracts
Samples: Multi Tenant Industrial Triple Net Lease (Brooks Automation Inc), Multi Tenant Industrial Triple Net Lease (Brooks Automation Inc)
Rent. The fixed rent (hereinafter “Fixed Rent”) payable by On the date that Tenant during executes this Lease, Tenant shall deliver to Landlord the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occursexecuted Lease, the payment Base Rent (which shall be applied against the Rent payable for the first month Tenant is required to pay Base Rent), and all insurance certificates or, alternatively, the letter required pursuant to Section 12.5 hereof, evidencing the insurance required to be obtained by Tenant under Section 12 of this Lease and under the provisions of Exhibit B hereto. Tenant agrees to pay Landlord, without prior notice or demand, or abatement (except as otherwise set forth in Sections 27 and 41 hereof), offset, deduction or claim, the Base Rent described on Page 1, payable in advance at Landlord's address shown on Page 1 on the Commencement Date and thereafter on the first (1st) day of each month throughout the Term of the Lease. In addition to the first monthly installment due hereunder. Base Rent set forth on Page 1, Tenant shall also pay as additional rent without noticeLandlord in advance, except as required under on the Commencement Date and thereafter on the first (1st) day of each month throughout the Term of this Lease, as Additional Rent, Tenant's Share of Operating Expenses, Tax Expenses, Common Area Utility Costs, and Utility Expenses. The term "Rent" whenever used herein refers to the aggregate of all these amounts. If Landlord permits Tenant to occupy the Premises to conduct business operations therein without any abatementrequiring Tenant to pay rental payments for a period of time, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any the waiver of the provisions of this Lease assume or agrees requirement to pay, and, in case of any nonpayment thereof, Landlord pay rental payments shall have in addition only apply to any other rights and remedies, all waiver of the rights Base Rent and remedies provided by law Tenant shall otherwise perform all other obligations of Tenant required hereunder. The Rent for any fractional part of a calendar month at the commencement or provided for in termination of the Lease term shall be a prorated amount of the Rent for a full calendar month based upon a thirty (30) day month. The prorated Rent shall be paid on the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on Commencement Date and the first day of each and every the calendar month during in which the Term and any extension or renewal thereof. Fixed Rent for any partial month shall be prorated. In date of termination occurs, as the event any Fixed Rent, additional rent or any other payments are not paid within ten (10) days of the due date thereof, Tenant shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition to and not in exclusion of additional remedies herein provided to Landlordcase may be.
Appears in 2 contracts
Samples: Lease Agreement (Cisco Systems Inc), Lease Agreement (Cisco Systems Inc)
Rent. The fixed rent 2.1 Tenant shall pay to Landlord all sums due hereunder from time to time from the Commencement Date without prior demand, together with all applicable Florida sales tax thereon; however, unless otherwise provided in this Lease, payments other than Tenant's regular monthly payments of Base Rent and "Increased Operating Costs" (hereinafter “Fixed Rent”) subsequently defined), shall be payable by the Tenant during the original Term to Landlord within five (5) days following demand, except as otherwise provided in this Lease. All other charges other than Base Rent that are required to be paid by Tenant to Landlord under this Lease shall constitute Additional Rent. Base Rent and Additional Rent (Base Rent and Additional Rent are collectively referred to as "Rent"), for any "Lease Year" consisting of more than twelve (12) months shall be prorated on a per diem basis, based upon a period of 365 days. Rent payable for any partial month shall be prorated on a per diem basis, based upon a thirty (30) day month. Tenant agrees that its covenant to pay Rent and all other sums under this Lease is an independent covenant and that all such amounts are payable without counterclaim, set-off, deduction, abatement, or reduction whatsoever, except as may be expressly provided for in this Lease.
2.2 Subject to any escalation which may be provided for in this Lease, Tenant shall pay Base Rent for the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 Term in the initial amount specified in the Lease Summary, which, except for the first installment ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) which shall be payable upon Lease execution), shall be payable throughout the Term in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day of each calendar month of each year of the Term, such monthly installments to be in the amounts (subject to escalation) specified in the Lease Summary. The obligation of Tenant to pay Rent shall commence on the [Rent ] Commencement Date. The Base Rent described above shall be adjusted at the beginning of the second and every month each succeeding Lease Year during the Term of this Lease as provided in the Lease Summary.
2.3 In addition to the Base Rent specified in this Lease, commencing January 1, 2001. Tenant shall pay to Landlord as Additional Rent for the Premises Tenant's Proportionate Share of the amount by which the annual "Operating Costs" (as subsequently defined) exceed the Operating Costs incurred during the Base Year. Such excess is referred to as the "Increased Operating Costs." Tenant's obligation to pay its proportionate share of Increased Operating Costs shall commence as of the first day immediately subsequent to the last day of the Base Year. The amount of Increased Operating Costs payable to Landlord by Tenant may be estimated by Landlord for such period(s) as Landlord may determine from time to time (not to exceed twelve (12) months), and Tenant shall pay to Landlord the amounts so estimated in equal installments, in advance, on the first day of each month during such period. Within a reasonable period of time after the end of the period for which estimated payments have been made, Landlord shall furnish to Tenant a statement, showing the actual amount payable by Tenant based upon actual costs. If such actual Increased Operating Expenses for such calendar year shall exceed Tenant's payment so made, Tenant shall pay to Landlord the deficiency within twenty (20) days after receipt of said statement. If Tenant's payments shall exceed such actual Increased Operating Expenses, as shown on such statement, such excess shall be applied against payments next becoming due under this Lease, or, if the Lease has expired, shall be promptly refunded to Tenant. For purposes of this Lease, Operating Costs means are but not limited to all "Taxes," "Common Area Maintenance Charges," "Insurance Premiums" (as such terms are subsequently defined), and all other charges payable by the owner(s) of the Building under that certain Declaration of Protective Covenants and Restrictions for Lakes Corporate Park dated _______________and recorded in Official Records Book _____, Page _____, of the Public Records of Miami-Dade County, Florida and any extension supplements, amendments, replacements or renewal thereof. Fixed Rent additions thereto (collectively, the "Declaration").
2.3.1 Notwithstanding anything to the contrary contained in Section 2.3, the aggregate amount of the Tenant's pro rata share of Operating Costs pursuant to this Article 2 shall not increase by more than 5% per Lease Year except with respect to insurance premiums and real property taxes for any partial month which there shall be proratedno cap.
2.4 Rent shall be paid to or upon the order of Landlord at Landlord's Address or as otherwise designated in writing by Landlord. In Landlord may change its address by notice to Tenant of such change pursuant to Section 19.2 hereof. No payment by Tenant or receipt by Landlord of an amount less than the event Rent due hereunder shall be deemed to be other than on account of the earliest stipulated Rent due hereunder. Nor shall any Fixed Rent, additional rent endorsement or statement on any check or any other payments are letter accompanying any check be deemed to be an accord and satisfaction.
2.5 Any Base Rent or Additional Rent payable by Tenant to Landlord under this Lease which is not paid within ten (10) days after due, will be subject to (i) a late payment charge, as Additional Rent, of five percent (5%) of the delinquent amount, in each instance, to cover Landlord's additional administrative costs and (ii) if any payment shall remain overdue for more than twenty (20) days, interest on all such unpaid sums (other than the late charge), at a per annum rate equal to the lesser of the highest rate permitted by law or eighteen percent (18%)]. The rate of interest determined pursuant to the preceding sentence is sometimes hereinafter referred to as the "Maximum Interest Rate." Such late charges and interest will be due and payable upon demand, and will accrue from the date thereofthat such Base Rent, Additional Rent, late charges or other sums are payable under the provisions of this Lease until actually paid by Tenant. Such late charges and interest shall not be considered the granting of a grace period.
2.6 Tenant shall also pay all applicable Florida sales tax levied on Rent, as well as any taxes attributable to the personal property and trade fixtures owned by Tenant.
2.7 Landlord acknowledges receipt of a security deposit in the amount specified on the Lease Summary to be held by Landlord, without any liability for interest thereon, as security for the performance by Tenant of all its obligations under this Lease. Landlord shall be entitled to commingle the security deposit with Landlord's other funds. If Tenant defaults in any of its obligations under this Lease, Landlord may at its option, but without prejudice to any other rights which Landlord may have, apply all or part of the security deposit to compensate Landlord for any loss, damage, or expense sustained by Landlord as a result of such default (including sales taxes). If all or any part of the security deposit is so applied, Tenant shall restore the security deposit to its original amount on demand of Landlord. Subject to the provisions of this Section 2.7, within thirty (30) days following termination of this Lease, if Tenant is not then in default or if no default would occur after a lapse of time, the security deposit will be charged a late fee returned by Landlord to Tenant.
2.8 To secure the payment of 1.5% all Rent and other sums of money due and to become due hereunder and the faithful performance of this Lease by Tenant, Tenant hereby gives to Landlord an express first and prior contract and landlord's lien and security interest on all property now or hereafter acquired (including fixtures, equipment, chattels, and merchandise) by Landlord (and not by any customer of Landlord) which may be placed in the Premises and also upon all proceeds of any insurance which may accrue to Tenant by reason of destruction of or damage to any such late payment for each late payment for each month or portion thereof that property. Such property shall not be removed therefrom without the written consent of Landlord until all arrearages in rental and other sums of money then due to Landlord hereunder shall first have been paid. All exemption laws are hereby waived in favor of said payment remains outstandinglien and security interest. Said late fee shall be payable This lien and security interest is given in addition to Landlord's statutory lien and not shall be cumulative thereto. Landlord shall, in exclusion addition to all of additional its rights hereunder, also have all of the rights and remedies herein provided of a secured party under the Uniform Commercial Code as adopted in the State of Florida. To the extent permitted by law, this Lease shall constitute a security agreement under Article 9 of the Florida Uniform Commercial Code. Notwithstanding the foregoing, Landlord agrees to Landlordsubordinate its lien to a bona fide institutional lender providing acquisition financing or lease financing for Tenant's furniture, fixtures, and equipment, so that Landlord will have a second lien on such furniture, fixtures and equipment.
Appears in 2 contracts
Samples: Commercial/Industrial Building Lease (World Diagnostics Inc), Commercial/Industrial Building Lease (World Diagnostics Inc)
Rent. The fixed rent (hereinafter “Fixed Rent”a) payable by Tenant shall pay to Landlord as rental for the Tenant Premises during each year of the original Term term of this Lease the amount set forth in Section 1(g) hereof. Such rental shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in advance, in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day of each and every month during throughout the Term and any extension term of this Lease; provided, however, that if the lease term shall commence on a day other than the first day of a calendar month or renewal thereof. Fixed Rent shall end on a day other than the last day of a calendar month, the rental for any partial such first or last fractional month shall be proratedsuch proportion of the 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 rate of interest equal to two percent (2%) in excess of the “Prime Rate” published from time to time by The Wall Street Journal (hereinafter referred to as the “Interest Rate”). In addition, if any payment of rent is not paid when due, Tenant shall pay to Landlord a late charge equal to three and one half percent (3.5%) of each late payment. Landlord shall have no obligation to accept less than the event 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 Fixed Rentof Tenant’s obligations at Xxxxxxxx’s discretion. Notwithstanding the foregoing, additional rent Tenant shall not be required to pay the late charge or any other the interest provided for therein on up to two (2) occasions during each calendar year, provided such payments are not paid made to Landlord within ten (10) days after Xxxxxx’s receipt of written notice that the same are past due.
(c) Landlord’s failure to timely xxxx Xxxxxx 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) Xxxxxx agrees that all Basic Rental and additional rent (collectively “Rent”) due date thereof, Tenant under this Lease shall be charged a late fee paid to Landlord by (i) check mailed to the address set forth in Section l(n) hereof or such other address as Landlord shall designate by written notice to Tenant, (ii) wire transfer of 1.5% of such late payment for each late payment for each month immediately available funds, or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition to and not in exclusion of additional remedies herein provided to Landlord(iii) electronic funds transfer.
Appears in 2 contracts
Samples: Lease Agreement (Rocket Companies, Inc.), Lease Agreement (Rocket Companies, Inc.)
Rent. The fixed Tenants shall pay Landlord as rent (hereinafter “Fixed Rent”) for the premises during the term of this lease the sum of $ . Said rent shall be payable pursuant to the Rent Schedule which is a part of this Lease. Rents will be considered as paid on the date they are actually received by the Tenant during Landlord. Tenants will pay a late charge equal to 5% of the original Term shall rental payment due to Landlord. Payments that are more than 10 days late will be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments assessed a Delinquency Charge of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have 100 in addition to any other rights and remediesthe 5% Late Fee. After said 10 days, in addition thereto, interest shall accrue at the rate of 15% thereafter. There shall also be a return check handling fee of $50, in addition to all of the rights and remedies provided by law or provided for in previously described charges which shall also apply. As to the Lease for Delinquency Charge, the nonpayment parties acknowledge that this is part of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on liquidated damages since the first day exact amount of each and every month during the Term and any extension or renewal thereof. Fixed Rent for any partial month shall be prorated. In the event any Fixed Rent, additional rent or any other payments are not paid within ten (10) days damages as a result of the due date thereof, Tenant shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstandingis uncertain and difficult to prove and this is a reasonable solution. Said late fee shall be payable in addition to and not in exclusion of additional remedies herein provided to LandlordTHE FAILURE TO TIMELY PAY A RENTAL PAYMENT AS SET FORTH IN THIS LEASE SHALL BE GROUNDS FOR THE TERMINATION OF THIS LEASE. LANDLORD SHALL BE ENTITLED TO EVICT TENANTS AND COLLECT ALL REMAINING RENTAL PAYMENTS, OTHER CHARGES, FEES, COSTS AND DAMAGES ACCORDING TO THIS LEASE AND THE OHIO LAW FOR SUCH BREACH OF LEASE. TENANTS AND CO-SIGNERS/GUARANTORS OF THIS LEASE ARE JOINTLY AND SEVERALLY (INDIVIDUALLY) LIABLE. THE FAILURE OF THE LANDLORD TO ENFORCE ANY OF THE ABOVE PROVISIONS IN ANY GIVEN PERIOD SHALL NOT CONSTITUTE A WAIVER OF ANY REMEDY AFFORDED TO LANDLORD OR TO COLLECT SAID CHARGES AT A LATER DATE.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
Rent. The fixed rent 4.1 Tenant hereby agrees to pay Landlord the Base Rent. For purposes of Rent adjustment under the Lease, the number of months is measured from the first day of the calendar month in which the Commencement Date falls. Each monthly installment (hereinafter the “Fixed Monthly Rent”) shall be payable by the Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin check or by money order on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on before the first day of each calendar month. In addition to the Base Rent, Tenant also agrees to pay Tenant’s Share of Operating Expenses and every month during the Term Taxes, and any extension and all other sums of money as shall become due and payable by Tenant to Landlord as set forth in this Lease, all of which shall constitute additional rent under this Lease (the “Additional Rent”). Landlord expressly reserves the right to apply any payment received to Base Rent or renewal thereofany other items of Rent that are not paid by Tenant. Fixed The Base Rent, the Monthly Rent for any partial month and the Additional Rent are sometimes hereinafter collectively called “Rent” and shall be prorated. paid when due in lawful money of the United States without demand, deduction, abatement, or offset (except as otherwise expressly provided in this Lease) to the addresses for the rental payment set forth in the Basic Lease Information, or as Landlord may designate from time to time.
4.2 In the event any Fixed Rent, additional rent Monthly or any Additional Rent or other payments are amount payable by Tenant to Landlord hereunder is not paid within ten five (105) days of the after its due date thereofdate, Tenant shall be charged pay to Landlord a one-time late fee charge (the “Late Charge”), as Additional Rent, in an amount of 1.5% five percent (5%) of the amount of such late payment for each late payment for each month or portion thereof that said payment remains outstandingpayment. Said late fee Failure to pay any Late Charge shall be payable deemed a Monetary Default (as hereinafter defined). Provision for the Late Charge shall be in addition to all other rights and remedies available to Landlord hereunder, at law or in equity, and shall not be construed as liquidated damages or limiting Landlord’s remedies in exclusion any manner. Failure to charge or collect such Late Charge in connection with any one (1) or more such late payments shall not constitute a waiver of additional remedies herein provided Landlord’s right to Landlordcharge and collect such Late Charges in connection with any other similar or like late payments. Notwithstanding the foregoing provisions of this Section 4.2, the Late Charge shall not be imposed with respect to the first late payment in the twelve (12) months following the Commencement Date or with respect to the first late payment in any succeeding twelve (12) month period during the Term unless the applicable payment due from Tenant is not received by Landlord within five (5) days following written notice from Landlord that such payment was not received when due. Following the first such written notice from Landlord in the twelve (12) months following the Commencement Date and the first such written notice in any succeeding twelve (12) month period during the Term (but regardless of whether such payment has been received within such five (5) day period), the Late Charge will be imposed without notice for any subsequent payment due from Tenant during such applicable twelve (12) month period which is not received within five (5) days after its due date.
Appears in 2 contracts
Samples: Lease Agreement (Adicet Bio, Inc.), Lease Agreement (resTORbio, Inc.)
Rent. The fixed Tenant shall pay base rent (hereinafter referred to herein as “Fixed Base Rent” or “Rent”) payable by to Landlord at the Tenant during the original Term place as Landlord may from time to time designate, in coin or currency which, shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 Sixty ($211,835.5260) Dollars ($14.04 Million Japanese Yen per square foot of rentable floor area) year, payable in equal monthly installments of $17,652.96Five (5) Million Japanese Yen. Tenant’s obligations to pay Fixed Such Base Rent shall begin 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 Term Commencement Datefollowing Lease Year. Landlord shall inform Tenant shall deposit of the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior annual adjusted Rent amount pursuant to the Term Commencement Date. If no default occursform of Landlord Notice of Annual Rent Adjustment, the payment which is attached hereto as Exhibit D. All rent payments shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due made in advance without demand, deduction on or set-off on before the first 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. If the Term and any extension commences other than on the first day of a month or renewal thereof. Fixed ends other than on the last day of the month, the Rent for any partial such month shall be prorated. In Notwithstanding the event foregoing, with respect to Rent due from the Effective Date until the execution date of this Lease, Landlord shall send applicable monthly invoices reflecting all such Rent due by Tenant and Tenant shall promptly pay such Rent pursuant to the terms of this Lease. All of any Fixed sums and payments due and owning under this Lease shall be deemed “Rent.” For purposes of this Lease, additional rent or any other payments are not paid within ten a lease year shall be the twelve (1012) days month period commencing with the first day of the due date thereofmonth following the Commencement Date (or, Tenant 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 be charged a late fee then terminate, unless extended, on the last day of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition to and not in exclusion of additional remedies herein provided to Landlordthe twentieth Lease Year (the “Expiration Date”).
Appears in 2 contracts
Samples: Lease Agreement (Opnext Inc), Lease Agreement (Opnext Inc)
Rent. The fixed rent 4.1 Tenant hereby agrees to pay Landlord the Base Rent. For purposes of Rent adjustment under the Lease, (hereinafter a) if the Commencement Date falls on a date that is prior to the 15th day of the calendar month, the number of months is measured from the first day of the calendar month in which the Commencement Date falls, or (b) if the Commencement Date falls on a date that is the 15th or a later day of the calendar month, the number of months is measured from the first day of the calendar month after the calendar month in which the Commencement Date falls. Each monthly installment (the “Fixed Monthly Rent”) shall be payable by the Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin check or by money order on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on before the first day of each calendar month. In addition to the Base Rent, Tenant also agrees to pay Tenant’s Share of Operating Expenses and every month during the Term Taxes (each as hereinafter defined), and any extension and all other sums of money as shall become due and payable by Tenant as set forth in this Lease, all of which shall constitute additional rent under this Lease (the “Additional Rent”). Landlord expressly reserves the right to apply any payment received to Base Rent or renewal thereofany other items of Rent that are not paid by Tenant. Fixed The Base Rent, the Monthly Rent for any partial month and the Additional Rent are sometimes hereinafter collectively called “Rent” and shall be prorated. paid when due in lawful money of the United States without demand, deduction, abatement, or offset to the addresses for the rental payment set forth in the Basic Lease Information, or as Landlord may designate from time to time.
4.2 In the event any Fixed Rent, additional rent Monthly or any Additional Rent or other payments are amount payable by Tenant hereunder is not paid within ten five (105) days of the after its due date thereofdate, Tenant shall be charged pay to Landlord a late fee charge (the “Late Charge”), as Additional Rent, in an amount of 1.5% five percent (5%) of the amount of such late payment for each late payment for each month or portion thereof that said payment remains outstandingpayment. Said late fee Failure to pay any Late Charge shall be payable deemed a Monetary Default (as hereinafter defined). Provision for the Late Charge shall be in addition to all other rights and remedies available to Landlord hereunder, at law or in equity, and shall not be construed as liquidated damages or limiting Landlord’s remedies in exclusion any manner. Failure to charge or collect such Late Charge in connection with any one (1) or more such late payments shall not constitute a waiver of additional remedies herein provided Landlord’s right to Landlordcharge and collect such Late Charges in connection with any other similar or like late payments. Notwithstanding the foregoing provisions of this Section 4.2, the Late Charge shall not be imposed with respect to the first late payment in any calendar year during the Term unless the applicable payment due from Tenant is not received by Landlord within five (5) days following written notice from Landlord that such payment was not received when due. Following the first such written notice from Landlord in any calendar year during the Term (but regardless of whether such payment has been received within such five (5) day period), the Late Charge will be imposed without notice for any subsequent payment due from Tenant during such calendar year which is not received within five (5) days after its due date.
4.3 Simultaneously with the execution hereof, Tenant shall deliver to Landlord (i) the Rent Payable Upon Execution as payment of the first full installment of Monthly Rent and Tenant’s Share of Operating Expenses and Taxes due hereunder and (ii) an amount equal to the Security Deposit Amount to be held by Landlord as security for Tenant’s faithful
Appears in 2 contracts
Samples: Lease Agreement (Allakos Inc.), Lease Agreement (Allakos Inc.)
Rent. The fixed rent (hereinafter “Fixed Rent”) payable by the Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit timely pay to Landlord Rent (as defined in the first month’s rent with Landlord upon execution hereofBasic Lease Information), to be held as advance rental including Base Rent and security to be forfeitedthe amounts set forth in Exhibit B hereto, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off (except as otherwise expressly provided herein), by good and sufficient check drawn on a national banking association at Landlord’s address provided for in this Lease or as otherwise specified by Landlord and shall be accompanied by all applicable state and local rental, transaction privilege, sales or use taxes. The obligations of Tenant to pay Base Rent (as defined in the Basic Lease Information) and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Base Rent, adjusted as herein provided, shall be payable monthly in advance. The monthly installment of Base Rent payable under this Lease for the sixth (6th) full calendar month of the Term shall be payable contemporaneously with the execution of this Lease; thereafter, Base Rent shall be payable on or before the first (1st) day of each and every month during the Term Term. The monthly Base Rent payable for the remainder of any calendar month in which the Rent Abatement expires shall equal the product of 1/365 (or in the event of a leap year, 1/366) of the annual Base Rent in effect during such month and any extension or renewal thereofthe number of days remaining in such month after the expiration of the Rent Abatement, and shall be due on the date that the Rent Abatement expires. Fixed Payments of Base Rent for any partial fractional calendar month at the end of the Term shall be similarly prorated. In the event any Fixed Rent, additional rent or any other payments are not paid within ten (10) days of the due date thereof, Tenant shall be charged a late fee of 1.5% of such late payment for pay Operating Costs, Taxes and Insurance (each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable as defined in addition to Exhibit B) at the same time and not in exclusion of additional remedies herein provided to Landlordthe same manner as Base Rent.
Appears in 2 contracts
Samples: Office Lease Agreement (Dermavant Sciences LTD), Office Lease Agreement (Dermavant Sciences LTD)
Rent. The fixed rent (hereinafter “Fixed Rent”) payable by On the date that Tenant during executes this Lease, Tenant shall deliver to Landlord the original executed Lease, the Advance Rent (which shall be applied against the Rent payable for the first month(s) Tenant is required to pay Rent), the Security Deposit, and all insurance certificates evidencing the insurance required to be Obtained by Tenant under Section 12 and Exhibit of this Lease. Tenant agrees to pay Landlord the Base Rent, without prior notice or demand, abatement, offset, deduction or claim except as expressly otherwise set forth herein, in advance at Landlord's Address on the Commencement Date and thereafter on the first (1st) day of each month throughout the balance of the Term of the Lease. In addition to the Base Rent, Tenant shall pay Landlord in advance on the Commencement Date and thereafter on the first (1st) day of each month throughout the balance of the Term of this Lease, as Additional Rent, Tenants Share of Operating Expenses, Tax Expenses, Common Area Utility Costs, and Utility Expenses. The term "Rent" whenever used herein refers to the aggregate of all these amounts. If Landlord permits Tenant to occupy the Premises without requiring Tenant to pay rental payments for a period of time, the waiver of the requirement to pay rental payments shall only apply to the waiver of the Base Rent. The Rent for any fractional part of a calendar month at the commencement or expiration or termination of the Lease Term shall be a prorated amount of the annual rent Rent for a full calendar month based upon a thirty (30) day month. To the extent not already paid as part of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed the Advance Rent any prorated Rent shall begin be paid on the Term Commencement Date. Tenant shall deposit , and any prorated Rent for the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment final calendar month hereof shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off paid on the first day of each and every the calendar month during in which the Term and any extension date of expiration or renewal thereof. Fixed Rent for any partial month shall be prorated. In the event any Fixed Rent, additional rent or any other payments are not paid within ten (10) days of the due date thereof, Tenant shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition to and not in exclusion of additional remedies herein provided to Landlordtermination occurs.
Appears in 1 contract
Samples: Lease Agreement (New Focus Inc)
Rent. The fixed (i) Commencing on July 1, 2015 (the “Rent Commencement Date”) and continuing throughout the Term, Subtenant covenants and agrees to pay to Sublandlord, in lawful money of the United States, base rent (hereinafter “Fixed Base Rent”) payable by the Tenant during the original Term shall be at the annual rent rate of Two One Million Four Hundred Eleven Forty Nine Thousand Eight Seven Hundred Thirty Five Forty Three and 52/100 ($211,835.52) 40/100 Dollars ($14.04 per square foot of rentable floor area) 1,449,743.40), payable in equal monthly installments of One Hundred Twenty Thousand Eight Hundred Eleven and 95/100 Dollars ($17,652.96120,811.95). Upon each anniversary of the Commencement Date, Base Rent shall increase by three percent (3.00%).
(ii) From and after the Rent Commencement Date Subtenant shall be responsible for Tenant’s obligations to pay Fixed Rent shall begin on Share (as that term is defined in the Term Commencement Date. Tenant shall deposit Prime Lease) of Operating Expenses and Taxes (as such terms are defined in the first month’s rent Prime Lease) in accordance with Landlord upon execution hereofthe Prime Lease, to be held except that (i) the Base Year (as advance rental and security to be forfeited, without limitation or other remedies, that term is defined in the Prime Lease) for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment Premises shall be applied the calendar year 2015 and (ii) Operating Expenses shall be grossed up to 100% occupancy in accordance with Section 7(d) of the Original Lease.
(iii) Subtenant shall pay the first monthly installment of Base Rent payable under this Sublease upon execution of this Sublease.
(i) From and after the Rent Commencement Date, Base Rent shall be due hereunderand payable in equal monthly installments in advance on the first (1st) day of each month during the Term. Tenant If the Rent Commencement Date shall also be other than the first day of a month or the expiration or sooner termination of the Term is other than the last day of a month, the monthly installments of Base Rent payable hereunder for any such month shall be prorated on a per diem basis based on the actual number of days in such month.
(ii) All of the amounts payable by Subtenant pursuant to this Sublease, including, without limitation, Base Rent, payments for Tenant’s Share of Operating Expenses and Taxes and all other costs, charges, sums and deposits payable by Subtenant hereunder (collectively, “Rental”), shall constitute rent under this Sublease and shall be payable to Sublandlord or its designee at such address as Sublandlord shall from time to time direct in writing.
(iii) Subtenant shall promptly pay the Rental as additional rent and when the same shall become due and payable without noticesetoff, offset or deduction of any kind except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant may be provided in any of the provisions of this Prime Lease assume or agrees to pay, and, in case the event of any nonpayment thereofSubtenant’s failure to pay same when due, Landlord Sublandlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Prime Lease for or at law or in equity in the case of nonpayment of Fixed Rentrent. All Fixed Rent payments are due in advance without demand, deduction Subtenant’s obligation to pay Rental shall survive the expiration or set-off on the first day sooner termination of each and every month during the Term and any extension or renewal thereof. Fixed Rent for any partial month shall be prorated. In the event any Fixed Rent, additional rent or any other payments are not paid within ten (10) days of the due date thereof, Tenant shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition to and not in exclusion of additional remedies herein provided to Landlordthis Sublease.
Appears in 1 contract
Rent. The fixed rent (hereinafter “Fixed Section 4.01 Tenant covenants to pay to Landlord in lawful United States currency the Annual Base Rent”) payable by the Tenant during the original Term . All Annual Base Rent shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable payable, in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin installments, in advance, beginning on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off continuing on the first day of each and every calendar month thereafter during the Term and any extension or renewal thereof. Fixed Term, provided that no Annual Base Rent for any partial month shall be prorated. In the event any Fixed Rent, additional rent or any other payments are not paid within ten (10) days of the due date thereof, Tenant shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable during the Free Rent Period. Should the Commencement Date fall on a day other than the first day of the month, then Tenant shall pay Rent for the fractional month commencing on the Commencement Date and ending on the last day of the month in addition which the Commencement Date occurs on a per diem basis (calculated on the basis of a thirty-day month), payable upon occupancy of the Premises by Tenant. All Rent, including, without limitation, Additional Rent, and other payments to and not in exclusion of additional remedies herein provided Landlord under this Lease shall be paid to Landlord, without demand, setoff, or deduction whatsoever, except as specifically provided in this Lease, at Landlord’s Notice Address or at such other place as Landlord shall designate in writing to Tenant. Except to the extent otherwise provided herein, Tenant’s obligations to pay Rent and other amounts due under this Lease are covenants independent of the Landlord’s obligations under this Lease.
Section 4.02 All monetary obligations of Tenant to Landlord under this Lease, of any type or nature, other than Annual Base Rent, shall be denominated as “Additional Rent”. Landlord shall have the same rights and remedies with respect to defaults in the payment of Additional Rent as set forth in this Lease with respect to payment of Annual Base Rent. The term “Rent” when used in this Lease shall be deemed to include Annual Base Rent and all forms of Additional Rent.
Appears in 1 contract
Samples: Lease Agreement (Microphase Corp)
Rent. The fixed (a) Tenant shall pay to Landlord, as base rent (hereinafter the “Fixed Monthly Base Rent”) payable by for the Tenant during Premises for the original initial twelve (12) months of the Term shall be the annual rent of Two this Lease, a monthly amount equal to Twenty Seven Thousand Nine Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot 27,900.00), subject to any credit provided in this Lease if Tenant does not expend the entire Tenant Improvement Allowance (as defined and provided in Exhibit C), the Incentive Credit (as defined herein) and/or any abatement of rentable floor areaRent provided in Paragraph 2(b) hereof. Subject to Paragraph 2(b) below, the Monthly Base Rent shall be payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day of each and every calendar month during the Term of this Lease, provided such Monthly Base Rent will be subject to increase as provided in Paragraph 2(d), below. The Monthly Base Rent shall be in addition to all other amounts required to be paid to Landlord pursuant to the provisions of this Lease.
(b) If the Term of this Lease commences on a date other than the first day of a calendar month, rent for the period from the date of commencement of the Term hereof through the last day of the calendar month in which such Term commences shall be prorated on the basis of a thirty-day month. In the event the Term of this Lease ends on a day other than the last day of the calendar month, rent for the period from the first day of the last calendar month of such Term to the end of such Term shall be prorated on the basis of a thirty-day month. One (1) full month of Monthly Base Rent will be payable in advance upon execution of this Lease, and shall be applied as a credit against installment(s) of Monthly Base Rent due hereunder. If the Commencement Date does not occur by the Deadline Date and the cause of the delay in the occurrence of the Commencement Date is not attributable to Tenant’s interference with Landlord’s completion of the Initial Improvements (it being understood that Tenant shall not be entitled to an abatement of Monthly Base Rent for each day of any extension such delay attributable to Tenant’s interference), then the Monthly Base Rent provided and reserved in section (a) above shall be abated one (1) day for each day of delay in delivery of the Premises to Tenant beyond the Deadline Date. In addition, Tenant will be entitled to a credit of Fifty Thousand Dollars ($50,000.00) against Monthly Base Rent hereunder (the “Incentive Credit”), to be applied against payments of Monthly Base Rent until such Incentive Credit is exhausted.
(c) The installments of rent specified herein shall be paid, without deduction or renewal offset, and without prior notice or demand, except as otherwise specifically provided herein, to Landlord at 0000 Xxxx Xxxxxx, Xxxxx 000, Xxxxx, Xxxxxxxxxx 00000, or at such other address as Landlord may from time to time specify by written notice to Tenant. All amounts of money payable by Tenant to Landlord hereunder, if not paid within a ten (10) day grace period commencing when due, shall bear interest from the due date until paid at the rate of 7% per annum or the highest amount allowed by applicable law, whichever is less.
(d) On the first anniversary date of the Commencement Date, (or, in the event said first anniversary date occurs on a date other than the first day of a calendar month, on the first day of the thirteenth (13th ) full calendar month of the Term of this Lease,) and on each succeeding anniversary date thereof. Fixed , the Monthly Base Rent for the next succeeding twelve-month period of the Term of this Lease shall be increased by three percent so that the Monthly Base Rent for the following twelve (12) month period will be one hundred three percent (103%) of the Monthly Base Rent in effect in the month immediately preceding the month in which the adjustment occurs as follows: Months 1-12* $ 27,900.00 * Months 13-24 $ 28,737.00 Months 25-36 $ 29,599.11 Months 37-48 $ 30,487.08 Months 49-60 $ 31,401.70 * (plus the prorated portion for any partial month shall be prorated. In due at the event any Fixed Rent, additional rent or any other payments are not paid within ten (10) days commencement of the due date thereof, Tenant shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition to and not in exclusion of additional remedies herein provided to LandlordTerm).
Appears in 1 contract
Samples: Lease (Marrone Bio Innovations Inc)
Rent. The fixed rent On the date that Tenant executes this Lease, Tenant shall deliver to Landlord the original executed Lease, the Base Rent (hereinafter “Fixed which shall be applied against the Rent payable for the first month Tenant is required to pay Base Rent”), the Security Deposit, and all insurance certificates evidencing the insurance required to be obtained by Tenant under Section 12 of this Lease. Tenant agrees to pay Landlord, without prior notice or demand, or abatement, offset, deduction or claim, the Base Rent specified in the Basic Lease Information, payable in advance at Landlord's address specified in the Basic Lease Information on the Commencement Date and thereafter on the first (1st) payable by day of each month throughout the balance of the Term of the Lease and Tenant agrees and acknowledges that Tenant shall commence paying Rent on the Commencement Date, regardless of whether or not the Tenant during Improvements are completed as of the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. In addition to the Base Rent set forth in the Basic Lease Information, Tenant shall deposit pay Landlord in advance on the Commencement Date and thereafter on the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to (1st) day of each month throughout the balance of the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under of this Lease, as Additional Rent, Tenant's Share of Operating Expenses, Tax Expenses, Common Area Utility Costs, and Utility Expenses. The term "Rent" whenever used herein refers to the aggregate of all these amounts. If Landlord permits Tenant to occupy the Premises without any abatementrequiring Tenant to pay rental payments for a period of time, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any the waiver of the provisions of this Lease assume or agrees requirement to pay, and, in case of any nonpayment thereof, Landlord pay rental payments shall have in addition only apply to any other rights and remedies, all waiver of the rights Base Rent and remedies provided by law Tenant shall otherwise perform all other obligations of Tenant required hereunder. The Rent for any fractional part of a calendar month at the commencement or provided for in termination of the Lease term shall be a prorated amount of the Rent for a full calendar month based upon a thirty (30) day month. The prorated Rent shall be paid on the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on Commencement Date and the first day of each and every the calendar month during in which the Term and any extension or renewal thereof. Fixed Rent for any partial month shall be prorated. In date of termination occurs, as the event any Fixed Rent, additional rent or any other payments are not paid within ten (10) days of the due date thereof, Tenant shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition to and not in exclusion of additional remedies herein provided to Landlordcase may be.
Appears in 1 contract
Samples: Lease Agreement (Phase Metrics Inc)
Rent. The fixed rent (hereinafter “Fixed Rent”) payable by Beginning on the Rent Commencement Date and continuing thereafter throughout the Term, Tenant during will pay the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable Rent in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereofin advance, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off offset, in lawful money of the United States commencing on the Rent Commencement Date, and continuing on the first day of each and every month during thereafter until the Term and any extension or renewal thereofTermination Date. Fixed Rent payments for any partial fractional calendar month shall at the end, or the beginning of the term of the Lease, will be prorated. In the event Tenant fails to pay any Fixed Rent, additional rent or any other payments are not paid installment of Rent hereunder within ten (10) days of the due date of such installment, Tenant will pay to Landlord on demand a late charge in an amount equal to four percent (4%) of such installment. The provision for such late charge will be in addition to all of Landlord’s other rights and remedies hereunder or at law and will not be construed as liquidated damages or as limiting Landlord’s remedies in any manner. Commencing with the second Lease Year hereunder, Base Annual Rent will increase on each anniversary of the Rent Commencement Date by the Base Annual Rent Escalation over the Base Annual Rent paid the previous Lease Year. Commencing January 1 of the year following the Commencement Date and continuing thereafter for each calendar year during the Term, Landlord will present to Tenant Tenant’s Forecast Operating Expenses. Tenant will pay without deduction, offset, or counter claim, and otherwise in the same manner as Base Annual Rent on the first day of each calendar month during the Term, an amount equal to one twelfth (1/12) of Tenant’s Forecast Operating Expenses as Additional Rent. From time to time during any calendar year, Landlord may revise Tenant’s Forecast Operating Expense and adjust Tenant’s monthly payments to reflect Landlord’s such revisions. Promptly after the full execution of this Lease (and delivery to Tenant of a copy thereof), Tenant shall be charged a late fee pay Landlord the first month’s Rent due hereunder. Notwithstanding the foregoing, and provided there is no default or event of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee default hereunder by Tenant, Base Annual Rent (but not Operating Expenses) shall be payable in addition to abated hereunder for the first five (5) months after the Commencement Date (the “Rent Abatement”). Tenant will be responsible for its Proportionate Share of the Operating Expenses for the Building as well as its utilities and not in exclusion of additional remedies herein provided to Landlordjanitorial services.
Appears in 1 contract
Rent. The fixed rent (hereinafter “Fixed Rent”a) payable by the Tenant shall pay as "BASE RENT" for each Lease Year during the original Initial Term shall be the annual rent sum of Two Hundred Eleven Sixty-Six Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) No/100 Dollars ($14.04 per square foot of rentable floor area) 66,000.00), payable in advance, in equal monthly installments of Five Thousand Five Hundred and No/100 Dollars ($17,652.965,500.00). Tenant’s obligations If Tenant exercises its option(s) to extend the Term, Tenant shall pay Fixed as Base Rent shall begin during the Renewal Term(s) a rental based upon the "market rate" for the Premises. The first and last monthly installments are due and payable on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments remaining installments are due and payable in advance without demand, deduction or set-off on the first day of each and every month during the Term Term, without offset or deduction, to Landlord at the address set forth in PARAGRAPH 26 or at such other place as Landlord may hereafter designate in writing. Rent checks are to be made payable to Landlord, or such other person, firm or corporation as Landlord may designate in writing.
(b) All sums due and any extension payable by Tenant under this Lease other than Base Rent are "ADDITIONAL RENT", whether or renewal thereofnot so called in the text of this Lease. Fixed Any Additional Rent for any partial month which no time for payment is specified in this Lease shall be prorated. In the event any Fixed Rent, additional rent or any other payments are not paid due and payable within ten (10) days after demand is made therefor.
(c) All Rent, whether Base Rent or Additional Rent, is due and payable in full without demand, deduction or set-off and Tenant's obligation to pay the same shall survive the expiration or other termination of this Lease. Tenant's covenant to pay Rent is an independent covenant.
(d) Rent shall be equitably pro rated for any partial Lease Year or calendar year, as the due date thereofcase may be, during the Term.
(e) For each Renewal Term, Tenant shall be charged a late fee notify Landlord that Tenant desires to exercise its option to extend the Term of 1.5% this Lease for the next ensuing five (5) year period, and to obtain an appraisal of the Premises to determine the market rent for the Premises by delivering written notice to Landlord not less than one hundred twenty (120) days prior to the beginning of each Renewal Term. Tenant shall include in such notice the name of an MAI appraiser selected by Tenant which has an office in Licking County, Ohio. Landlord shall within thirty (30) days following receipt of such late payment for each late payment for each month or portion thereof that notice from Tenant give written notice to Tenant setting forth the name of a second MAI appraiser with an office in Licking County, Ohio. If Landlord fails to notify Tenant of the name of an appraiser within the thirty (30) day period, then the appraiser selected by Tenant shall determine the market rent and the decision of said payment remains outstanding. Said late fee appraiser shall be payable binding upon the parties hereto. If Landlord has selected an appraiser in addition accordance with the provisions of this Paragraph, then the appraiser selected by Landlord and the appraiser selected by Tenant shall meet and select a third MAI appraiser with an office in Licking County, Ohio. The appraiser selected by Landlord and the appraiser selected by Tenant shall each appraise the Premises for purposes of obtaining said market rent. The third appraiser shall determine and notify Landlord and Tenant which of the two appraisals made by Landlord's and Tenant's appraisers more closely reflects the market rent of the Premises, and the decision of the third appraiser shall be binding upon the parties hereto. Notwithstanding anything in this paragraph to and not the contrary, in exclusion of additional remedies herein provided to Landlordno event shall the Base Rent for any Renewal Term be less than the Base Rent for the previous Renewal Term or the Initial Term, as applicable.
Appears in 1 contract
Rent. The fixed rent (hereinafter “Fixed Rent”) payable by the Tenant during the original Term Rent shall be prorated for the annual month in which the Closing Date occurs, with Seller entitled to receive rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on for the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring period prior to the Term Commencement Closing Date, and with Purchaser entitled to receive rent for the period from and after the Closing Date. If no default occurs, the payment No rent proration shall be applied made for rents other than rents which have been received by either Seller or Purchaser; no credit proration shall be made at any time for rents which have accrued but which have not been paid in cash. Seller's remedies for rent unpaid at the time of Closing are stated in Section 6.4.3. below. Rents which have been received by Seller for the month in which the Closing occurs will be considered prepaid rent for the portion of that month occurring from and after the Closing, and Purchaser shall receive credit for prepaid rents hereunder.
6.4.2.1. Seller shall be entitled to fixed, minimum and base rents for the period prior to the first monthly installment due hereunderClosing Date. Tenant Seller shall also pay be entitled to retain payments it has received from Tenant, or for which it has billed Tenant, for heat, electricity and real estate taxes, for the month in which Closing occurs. Purchaser and Seller will prorate these items as additional rent without noticeprovided in Sections 6.4.1. and 6.4.6.
6.4.2.2. Overage rents ("OVERAGE RENTS") to be prorated hereunder shall include consumer price index, except as required escalation payments and other similar rental payments in excess of fixed, minimum and base rents under this Leasethe Leases, and without any abatementwhether finally determined before or after the expiration of the fiscal years under the Leases. Charges ("CHARGES") to be prorated hereunder shall include maintenance charges, deduction or setofftaxes, all sums, impositions, costs, operating expenses and other payments which similar expenses to the extent Tenant in any under Lease pays monthly estimates with an adjustment at the end of each fiscal year applicable to Charges. Overage Rents and Charges shall be separately prorated under each Lease on the basis of the provisions of this Lease assume or agrees to pay, and, fiscal year set forth in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the each Lease for the nonpayment payment of Fixed RentOverage Rents and Charges. All Fixed interim Overage Rent and Charges payments are due in advance without demand, deduction or set-off on made before the first day of each and every month during the Term and any extension or renewal thereof. Fixed Rent for any partial month Closing Date shall be prorated. In the event any Fixed Rent, additional rent or any other payments are not paid within ten (10) days of the due date thereof, Tenant shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition to retained by Seller until year-end adjustment and not in exclusion of additional remedies herein provided to Landlord.determination
Appears in 1 contract
Rent. The fixed Tenant shall pay to Landlord over the 10-year term of this Lease, base rent (hereinafter “Fixed Rent”) payable by prior to any adjustment in the Tenant during the original Term shall be the annual rent amount of Two Fourteen Million Five Hundred Eleven Ten Thousand Eight Four Hundred Thirty Five Ninety and 52/100 ($211,835.52) 00/100 Dollars ($14.04 14,510,490.00) (hereinafter "Term Rent"). The Term Rent is based upon a rental rate of Fourteen Dollars and Twenty-Five Cents ($14.25), exclusive of electricity per square foot of cross rentable floor areaarea in the Premises and will be paid to Landlord on a monthly basis of equal installments ("Monthly Base Rent") of One Hundred Twenty Thousand Nine Hundred Twenty Dollars and Seventy-Five Cents ($120,920.75), payable in equal monthly installments of $17,652.96advance. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the The first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment installment shall be applied payable promptly upon the commencement of Tenant's non-building standard work in an amount equal to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Leasea full month's installment, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord remaining installments shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due be payable in advance without demand, deduction or set-off on the first day of the second full calendar month and each and every calendar month thereafter during the Term and any extension or renewal thereofTerm. Fixed Landlord hereby waives its right to collect the Monthly Base Rent for any partial the second full calendar month of the Term of this Lease. If the Lease Commencement Date occurs on a day other than the first day of a month, the Monthly Base Rent from the Lease Commencement Date until the first day of the following month shall be proratedprorated at the rate of one-thirtieth (1/30) of the Monthly Base Rent for each day, and shall he payable on the first day of the third full calendar month of the term of this Lease, together with the Monthly Base Rent for the third full calendar month. In addition to Monthly Base Rent as adjusted pursuant to Section 5, Tenant shall pay to Landlord as additional rent ("Additional Rent") consisting of all other sums of money as shall become due from Tenant under this Lease. Tenant will pay the event any Fixed rent without demand, deduction, set-off or counterclaim. Any installment of Monthly Base Rent, additional rent Additional Rent or any other payments are sums required to be paid to Landlord hereunder which is not paid within ten five (105) days of after the same becomes due date thereof, Tenant and payable shall be charged subject to a late fee charge of 1.55% of such late payment for each late payment for each month installment. If Landlord shall at any time or portion thereof that said payment remains outstanding. Said late fee times accept any rent after it has become due and payable such acceptance shall be payable in addition to and not in exclusion excuse delay at subsequent times, or constitute a waiver of additional remedies herein provided to any of Landlord's rights under this Lease.
Appears in 1 contract
Rent. The fixed rent (hereinafter “Fixed Rent”) payable by On the date that Tenant during executes this Lease, Tenant shall deliver to Landlord the original executed Lease, the Advance Rent (which shall be applied against the Rent payable for Month 6 of the Lease Term that Tenant is required to pay Rent), the Security Deposit, and all insurance certificates evidencing the insurance required to be obtained by Tenant under Section 12 of this Lease. Xxxxxx agrees to pay Landlord the Base Rent, without prior notice or demand, abatement, offset, deduction or claim, in advance at Landlord's Address on the Commencement Date and thereafter on the first (1st) day of each month throughout the balance of the Term of the Lease. In addition to the Base Rent, Tenant shall pay Landlord in advance on the Commencement Date and thereafter on the first (1st) day of each month throughout the balance of the Term of this Lease, as Additional Rent, Tenant's Share of Operating Expenses, Tax Expenses, Common Area Utility Costs, and Utility Expenses. The term "Rent" whenever used herein refers to the aggregate of all these amounts. If Landlord permits Tenant to occupy the Premises without requiring Tenant to pay rental payments for a period of time, the waiver of the requirement to pay rental payments shall only apply to the waiver of the Base Rent. The Rent for any fractional part of a calendar month at the commencement or expiration or termination of the Lease Term shall be a prorated amount of the annual rent Rent for a full calendar month based upon a thirty (30) day month. To the extent not already paid as part of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed the Advance Rent any prorated Rent shall begin be paid on the Term Commencement Date. Tenant shall deposit , and any prorated Rent for the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment final calendar month hereof shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off paid on the first day of each and every the calendar month during in which the Term and any extension date of expiration or renewal thereof. Fixed Rent for any partial month shall be prorated. In the event any Fixed Rent, additional rent or any other payments are not paid within ten (10) days of the due date thereof, Tenant shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition to and not in exclusion of additional remedies herein provided to Landlordtermination occurs.
Appears in 1 contract
Rent. The fixed Lessee agrees to pay to Lessor, as rent (hereinafter “Fixed Rent”) payable by the Tenant during the original Initial Term shall be of this Lease and the annual rent first renewal term, the sum of Two Hundred Eleven Fourteen Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 14,000.00) per square foot month (“Base Rent”), commencing on the Commencement Date and on the 1st day of rentable floor area) payable each calendar month thereafter. Notwithstanding anything contained in equal monthly installments of $17,652.96. Tenantthe preceding sentence, unless and until Lessee defaults beyond any applicable notice and cure periods, with respect to any covenant or obligation set forth in this Lease or in the Business Note (the “Note”), executed on even date herewith by and between Lessee and Lessor, Lessee’s obligations obligation to pay Fixed Rent rent from the Commencement Date up through and including January 31, 2010, shall begin xxxxx (the “Rental Abatement Period”). In the event that Lessee defaults, with respect to any covenant or obligation set forth in this Lease or in the Note during the Rental Abatement Period, which such default is not cured within fourteen (14) days of Lessor’s written notice to Lessee (the “Notice Period”), then this Lease shall terminate on the Term last day of the Notice Period and all Base Rent that would have been due to Lessor from Lessee during the Rental Abatement Period shall be immediately due and payable. In the event that Lessee defaults with respect to any covenant or obligation set forth in the Note during the Rental Abatement Period and such default is cured during the Notice Period, then this Lease will not terminate, but the rental abatement shall be revoked retroactive to the Commencement Date. Tenant Thereafter, Lessee’s Base Rent shall deposit the first month’s rent with Landlord upon execution hereof, be increased to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior an amount equal to the Term Commencement Date. If no default occurstotal of Lessee’s Base Rent that would have been due during the Rental Abatement Period but for the abatement of such Base Rent, plus the payment shall be applied to total of all Base Rent due throughout the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any balance of the provisions Initial Term of this Lease assume or agrees to paydivided by the number of months remaining in the Initial Term of this Lease. Said increased Base Rent shall be due and payable on the first day of the first month immediately after the end of the Notice Period, during which Lessee’s default was cured, and, in case of any nonpayment thereofthereafter, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day of each and every month during thereafter throughout the Term and any extension or balance of the Initial Term. During the first renewal thereof. Fixed term, however, Lessee’s Base Rent for any partial month shall be proratedreduced to Fourteen Thousand Dollars ($14,000.00) per month payable on the first day of the first month of the first renewal term and on the same day of each successive month thereafter. In the event any Fixed Rentthat Lessee shall exercise Lessee’s option to renew this Lease for a second renewal term, additional rent or any other payments then Lessee’s monthly rental obligation, throughout the entire second renewal term, shall be equal to ninety-five percent (95%) of the prevailing market rate for commercial premises of like kind construction, design, use, and location (the “Prevailing Market Rate”). For purposes of this Lease, the Prevailing Market Rate shall be determined, as of the first day of the second renewal term, by the written mutual agreement of Lessor and Lessee. In the event that Lessee and Lessor have not mutually agreed as to the Prevailing Market Rate by a date that is forty-five (45) days prior to the first day of the second renewal term, then Lessor shall, at Lessor’s expense, obtain an independent written determination of the Prevailing Market Rate from a qualified commercial real estate broker familiar with the Premises and commercial real estate, in general, in Outagamie County, Wisconsin. Lessee shall also, at Lessee’s expense, obtain an independent written determination of the Prevailing Market Rate from a qualified commercial real estate broker familiar with the Premises and commercial real estate, in general, in Outagamie County, Wisconsin. If the two (2) opinions are within ten percent (10%) of each other, determined according to ten percent (10%) of the higher of the two (2) opinions, then the Prevailing Market Rate shall be equal to the average of the two (2) opinions. If the two (2) opinions are not paid within ten percent (10%) days of each other, determined according to ten percent (10%) of the due date thereofhigher of the two (2) opinions, Tenant and Lessor and Lessee are still unable to agree as to the Prevailing Market Rate, then the two (2) commercial real estate brokers shall appoint a third qualified commercial real estate broker familiar with the Premises and commercial real estate, in general, in Outagamie County, Wisconsin, the expense of which shall be charged a late fee divided equally between Lessor and Lessee, and the opinion of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee the third commercial real estate broker shall be payable the Prevailing Market Rate. Notwithstanding anything contained in addition this Section 3 to the contrary, for any month during the second renewal term during which Lessee’s Base Rent is in dispute and not in exclusion subject to the dispute resolution process set forth above, Lessee’s monthly rental obligation shall be Fourteen Thousand Dollars ($14,000.00) subject to adjustment, upward or downward, upon the determination of additional remedies herein provided Lessee’s Base Rent due and owing throughout the second renewal term. Any such adjustment shall be made to Landlordthe first and, if necessary, second Base Rent payments due immediately after the final second renewal term Base Rent determination.
Appears in 1 contract
Rent. The fixed rent (hereinafter “Fixed Rent”a) During each Fiscal Year, Tenant shall pay to Landlord the Base Rent and Additional Rent in accordance with the terms of this Lease.
(b) For so long as an Affiliate of Landlord owns, directly or indirectly, an equity interest in Tenant, Tenant shall pay to Landlord the Base Rent and Additional Rent out of Income After Debt Service, to the extent of Available Cash, in accordance with the priority of distribution set forth in Section 18.4 of the Partnership Agreement for the applicable Fiscal Year. To the extent that there is insufficient Income After Debt Service to pay to Landlord all or any portion of Base Rent or Additional Rent for a Fiscal Year, such Base Rent or Additional Rent or portion thereof shall not be deemed earned or payable with respect to such Fiscal Year, and shall not be curried forward to any subsequent Fiscal Year.
(c) If an Affiliate of Landlord does not own, directly or indirectly, an equity interest in Tenant, Tenant shall pay to Landlord the Base Rent and Additional Rent out of Income After Debt Service, to the extent of Available Cash, in accordance with the priority of distributions and the other provisions set forth in Schedule 4.1 hereto for the applicable Fiscal Year, except that the amount of debt service that shall be deducted when computing Income After Debt Service and the amount of Capital Investment for each Partner used for calculating the Priority Returns before any payment of Additional Rent shall each be determined as follows:
(A) the ratio of secured debt to Non-Affiliated Lenders to total capital contributions plus secured debt to Non-Affiliated Lenders and loans provided by the Tenant during the original Term Partners shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin determined on the Term Commencement Date. Tenant shall deposit last day of the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring most recently completed Fiscal Year prior to the Term Commencement Date. If date on which an Affiliate of Landlord no default occurslonger owned, directly or indirectly, an equity interest in Tenant;
(B) on each date on which Income After Debt Service is determined for purposes of distributions in accordance with Schedule 4.1 hereto, a deemed amount of secured debt and a deemed amount of capital contributions shall be determined by adding together the actual amount of secured debt to Non-Affiliated Lenders, the actual amount of loans provided by Partners and the actual amount of capital contributions (collectively, “Total Financing”), in each case as of such date, and then multiplying such Total Financing by the ratio determined pursuant to (A) above;
(C) the amount of deemed debt service to be used solely for purposes of determining Income After Debt Service shall then be calculated by multiplying the then existing interest rate of the actual secured debt to Non-Affiliated Lenders by the deemed amount of such secured debt determined pursuant to (B) above, which amount shall not exceed one hundred ten (110%) percent of the interest payments paid during the most recently completed Fiscal Year prior to the date on which an Affiliate of Landlord no longer owned, directly or indirectly, an equity interest in Tenant; and
(D) the amount of deemed capital contributions to be used solely for purposes of calculating the priority return on Capital Investment for each Partner set forth in subparagraph (a)(v) of Schedule 4.1 before any payment of Additional Rent shall be applied Total Financing minus the deemed amount of secured debt determined pursuant to (B) above. To the first monthly installment due hereunder. Tenant shall also extent that there is insufficient Income After Debt Service (as determined pursuant to this Section 4.1(c)) to pay as additional rent without notice, except as required under this Lease, and without to Landlord all or any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any portion of the provisions of this Lease assume Base Rent or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day of each and every month during the Term and any extension or renewal thereof. Fixed Additional Rent for any partial month shall be prorated. In the event any Fixed Renta Fiscal Year, additional rent or any other payments are not paid within ten (10) days of the due date thereof, Tenant shall be charged a late fee of 1.5% of such late payment for each late payment for each month Base Rent and such Additional Rent or portion thereof that said payment remains outstanding. Said late fee shall not be deemed earned or payable in addition with respect to such Fiscal Year, and shall not in exclusion of additional remedies herein provided be carried forward to Landlordany subsequent Fiscal Year.
Appears in 1 contract
Rent. The fixed rent (hereinafter “Fixed Rent”a) payable by the Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit pay all Rent (Minimum Rent and Additional Rent) to Landlord in lawful money of the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeitedUnited States, without limitation offset or deduction and without previous demand therefore, at the address set forth in Section 25 in regard to notices or at such other remedies, for any default place as Landlord may by notice in writing to Tenant occurring prior from time to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. time direct.
(b) Tenant shall also pay the Minimum Rent, as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, andhereinafter defined, in case of any nonpayment thereofadvance, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day of each month of the Lease Year.
(1) During the original term, the Minimum Rent per month for the Premises (including land and every buildings and improvements) shall be $291.67 for the months of March and April of 2003 and thereafter shall be $2083.33 per month. The first rental payment shall be due July 1, 2004, in addition to the payment required under Section 5(d) of this Agreement.
(2) During the five (5) year extension period (if such period shall have been elected by Tenant), the Minimum Rent shall be $2,500.00 per month for such period, to be paid monthly and in the same manner as during the original term.
(c) In addition to the Minimum Rent, and as part of the total Rent to be paid by Tenant to Landlord, Tenant shall pay to Landlord, for each calendar year, or portion thereof during the Term, as Additional Rent, (i) Tenant’s proportionate share of Common Area Costs as set forth in Section 6, and (ii) Tenant’s proportionate share of Real Estate Taxes as set forth in Section 8. Payment on account of the Additional Rent for each calendar year shall be made in monthly installments, as part of Tenant’s total Rent, at the times and in the manner herein provided for the payment of the Minimum Rent. Initially, the amount so to be paid each month shall be Two Hundred Seventy-Four Dollars and Seventy-Eight Cents ($274.78). Promptly after the end of the first calendar year during the Term and any extension or renewal thereof. Fixed promptly after the end of each calendar year thereafter, Landlord shall make a determination of the Additional Rent for any partial month the immediately preceding calendar year and shall furnish to Tenant a statement in reasonable detail showing the computation of such Additional Rent; and if the aforesaid monthly installments paid by Tenant during such calendar year shall exceed the Additional Rent owed by Tenant for such calendar year, the overpayment shall be prorated. In credited against the event any Fixed Rentpayments thereafter, additional rent or any other payments are not to be made by Tenant pursuant to this paragraph (c); and if the Additional Rent owed by Tenant for such calendar year is greater than the installments theretofore paid within ten (10) days on account of the due date thereofsuch calendar year, Tenant shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstandingimmediately pay the difference to Landlord. Said late fee The Initial Monthly Assessment shall be payable in replaced after the first calendar year,’ and after each subsequent calendar year, following Landlord’s determination of the Additional Rent, by a new monthly assessment which is based on the Additional Rent for the immediately preceding calendar year. Landlord shall have the right, at its election and upon notice to Tenant, to (i) compute and charge the Additional Rent on a Lease Year basis rather than a calendar year basis and/or (ii) to compute and adjust the Additional Rent that is due hereunder more frequently than once each year.
(d) In addition to Rent payment due on July 1, 2004, Tenant shall pay to Landlord Twenty-Five Thousand Eighty-Three and 24/100 Dollars ($25,083.24) with the first Rent installment due July 1, 2004, which constitutes all amounts currently due and owing from Tenant to Landlord pursuant to Sections 4, 5 or 6 of this Lease, including, but not in exclusion limited to, any Additional Rent due thereunder and the difference between the rent paid by Tenant to Landlord for the period since March 1, 2003, and Rent payable under this Lease.
(e) It is the intention of additional remedies the parties that the Rent payable hereunder shall be net to Landlord so that this Lease shall yield to Landlord the net Rent specified herein provided during the Term, and that all costs, expenses and obligations of every kind and nature whatsoever relating to Landlordthe Premises shall be paid by Tenant. Tenant shall not be entitled to any abatement, reduction, setoff, counterclaim, defense or deduction with respect to any Rent or other sum payable hereunder. Notwithstanding the foregoing, Landlord agrees that when Tenant makes the payment required by Section 5(d) above, Tenant shall have satisfied its obligations under this Section 5(e) with regard to any payments arising under the Original Lease and arising between termination of the Original Lease and the Commencement Date of this Lease.
Appears in 1 contract
Rent. The fixed 3.1 Tenant shall pay to Landlord the following amounts as rent for the Premises:
(hereinafter a) During the term of this Lease, Tenant shall pay to Landlord, as base monthly rent, the amounts of monthly rent specified in the Basic Lease Information (the “Fixed RentTriple Net Base Rental Rates”).
(b) payable by During the term of this Lease, Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal pay to Landlord, as additional monthly installments of $17,652.96. rent, Tenant’s obligations to pay Fixed Rent shall begin on Percentage Share (as hereinafter defined) of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year or part thereof.
(c) During the Term Commencement Date. term of this Lease, Tenant shall deposit pay to Landlord, as additional monthly rent, Tenant’s Percentage Share of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year or part thereof.
(d) Throughout the first month’s rent with Landlord upon execution hereofterm of this Lease, Tenant shall pay, as additional rent, all other amounts of money and charges required to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default paid by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, whether or not such amounts of money and without any abatementcharges are designated “additional rent.” As used in this Lease, deduction or setoff“rent” shall mean and include all Base Rent, all sums, impositions, costs, expenses additional monthly rent and other payments which additional rent payable by Tenant in any accordance with this Lease.
3.2 The additional monthly 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) On or before the first day of each calendar year during the term of this Lease, 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 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 year’s estimate until the month after such notice is given and subsequent payments by Tenant shall be based on Landlord’s estimate contained in such notice. 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 year, and subsequent payments by Tenant for such year shall be based on such revised estimate.
(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, within thirty (30) days after the delivery of such statement, refund Tenant the amount of such excess. 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. During the term of this Lease Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses and Property Taxes, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Building or at such other location as Landlord may reasonably designate, for the purpose of verifying the information in such statement; provided, however, that if Tenant utilizes an independent accountant to perform such review it shall be one of national standing which is reasonably acceptable to Landlord and is not compensated on a contingency basis. 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.
(c) If the term of this Lease 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.
(d) Notwithstanding the foregoing provisions of this Lease assume or agrees to pay, andSection 3.2, in case no event shall the amount payable by Tenant for Operating Expenses and Property Taxes in any year during the term of any nonpayment thereof, Landlord shall have in addition to any other rights this Lease exceed by more than four percent (4%) the amount payable by Tenant for Operating Expenses and remedies, all of the rights and remedies provided by law or provided for Property Taxes in the Lease for immediately preceding year. Notwithstanding the nonpayment of Fixed Rent. All Fixed Rent payments are due foregoing, this provision 3.2(d) shall expire January 9, 2008.
3.3 Tenant shall pay all monthly rent to Landlord, in advance without demandadvance, deduction on or set-off on before the first day of each and every calendar month during the Term and any extension term of this Lease, without notice, demand, deduction or renewal thereof. Fixed Rent for any partial month shall be prorated. In the event any Fixed Rentoffset, additional rent or any other payments are not paid within ten (10) days in lawful money of the due date thereofUnited States of America. Landlord instructs Tenant to pay all such monthly rent to the address specified in the Basic Lease Information, Tenant shall be charged a late fee of 1.5% of or to such late payment for each late payment for each month other person or portion thereof that said payment remains outstanding. Said late fee shall be payable at such other place as Landlord may from time to time designate in addition to and not in exclusion of additional remedies herein provided to Landlordwriting.
Appears in 1 contract
Samples: Office Lease (PeopleSupport, Inc.)
Rent. The fixed rent (hereinafter “Fixed Rent”) payable by Commencing on the Commencement Date, Tenant during shall pay to Landlord the original Term shall be the annual rent Base Rent without demand and without setoff or deductions of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable any kind, in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Base Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, and electric as follows: All monthly installments are to be held as advance rental and security to be forfeitedpaid in advance, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day of each and every calendar' month during of the Term and any extension at the address of Landlord stated above or renewal thereof. Fixed Rent such other place as Landlord may designate in writing from time to time, with payment in advance of appropriate fractions of a monthly payment for any partial portion of a month at the expiration or prior termination of the Term. Every amount payable by Tenant hereunder in addition to Base Rent shall be prorateddeemed Additional Rent. In Base Rent and Additional Rent are herein collectively referred to as the event any Fixed "Rent, additional rent or any other payments are ". Any Rent not paid within ten (10) days of by Tenant on or before the fifth day following the due date thereofthereof shall thereafter be payable with a late charge equal to 10 % of the unpaid installment, payable as Additional Rent. On or before the Commencement Date, Tenant will deliver to Landlord a five (5) year Warrant Agreement (Exhibit G) with rights to purchase 200,000 shares of Tenant's common stock at an exercise price per-share of Three Dollars and no cents ($3.00). The number of shares of Warrant Stock to be issued and the Warrant Price are subject to adjustments in certain events as set forth on the Warrant Agreement. Notwithstanding anything to the contrary contained in this Lease, all payments of non-recurring Additional Rent shall be charged a late fee paid by Tenant within thirty (30) days after receipt of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition to and not in exclusion of additional remedies herein provided to Landlordinvoice.
Appears in 1 contract
Rent. The fixed rent 4.01 From and after the Rent Commencement Date, Tenant shall and hereby covenants to pay to Landlord, without any setoff or deduction, unless expressly set forth in this Lease, all Base Rent and Additional Rent (hereinafter as defined below) due for the Term (collectively referred to as “Fixed Rent”). “Additional Rent” means all sums (exclusive of Base Rent) payable by the that Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations is required to pay Fixed Rent shall begin on the Term Commencement DateLandlord under this Lease. Tenant shall deposit the first month’s rent with Landlord pay and be liable for all rental, sales and use taxes (but excluding income taxes), if any, imposed upon execution hereof, to be held as advance rental or measured by Rent. Base Rent and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment recurring monthly charges of Additional Rent shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due payable in advance without demand, deduction or set-off on the first (1st) day of each calendar month without notice or demand. All other items of Rent shall be due and every month during payable by Tenant on or before thirty (30) days after billing by Landlord. Rent shall be made payable to the Term entity and sent to the address that Landlord designates and shall be made by good and sufficient check payable in United States of America currency or by other means designated by Landlord from time to time. If Tenant does not pay any extension Rent when due hereunder, Tenant shall pay Landlord an administration fee in the amount of $500.00; provided, that, Tenant shall be entitled to a grace period of up to five (5) days for the first two (2) late payments of Rent in a calendar year. In addition, past due Rent not paid within five (5) days of when due shall accrue interest at the rate of five percent (5%) per annum, and Tenant shall pay Landlord a reasonable fee for any checks returned by Tenant’s bank for any reason. Nothing in this paragraph shall be deemed to waive or renewal thereofcondition any claim of Default (as defined below) by Landlord for Tenant’s failure to timely pay Rent, which is governed by Article 18, below. Fixed Landlord’s acceptance of less than the correct amount of Rent shall be considered a payment on account of the oldest obligation due from Tenant hereunder, then 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 proratedprorated on a per diem basis. In No endorsement or statement on a check or letter accompanying payment shall be considered an accord and satisfaction. Tenant’s obligation so to pay Rent under this Lease shall be absolute, unconditional, and independent and shall not be discharged or otherwise affected by any law or regulation now or hereafter applicable to the event any Fixed RentPremises, additional rent or any other payments restriction on Tenant’s use or, except as expressly provided in this Lease, any Casualty or Taking (as such terms are not paid within ten (10) days defined in Articles 15 and 17 below, respectively), or, except as expressly provided in this Lease, any failure by Landlord to perform or other occurrence, and Tenant waives all rights now or hereafter existing to terminate, quit or surrender this Lease or the Premises or any part thereof or to assert any defense in the nature of the due date thereof, Tenant shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition constructive eviction to and not in exclusion of additional remedies herein provided any action seeking to Landlordrecover Rent.
Appears in 1 contract
Rent. The fixed rent (hereinafter “Fixed Rent”) payable by On the date that Tenant during executes this Lease, Tenant shall deliver to Landlord the original executed Lease, the Advance Rent (which shall be applied against the Rent payable for the first month(s) Tenant is required to pay Rent), the Security Deposit, and all insurance certificates evidencing the insurance required to be obtained by Tenant under Section 12 and Exhibit B of this Lease. Tenant agrees to pay Landlord, without prior notice or demand, abatement, offset, deduction or claim, in advance at Landlord’s Address (i) with respect to Base Rent, on the first (1st) day of the seventeenth (17th) month of the Term and thereafter on the first (1st) day of each month throughout the balance of the Term of this Lease and (ii) with respect to Additional Rent, Operating Expenses, Tax Expenses, and Utility Expenses, on the Commencement Date and thereafter on the first (1st) day of each month throughout the Term. The term “Rent” whenever used herein refers to the aggregate of all these amounts. If Landlord permits Tenant to occupy the Premises without requiring Tenant to pay rental payments for a period of time, the waiver of the requirement to pay rental payments shall only apply to the waiver of the Base Rent. The Rent for any fractional part of a calendar month at the commencement or expiration or termination of the Lease Term shall be a prorated amount of the annual rent Rent for a full calendar month based upon a thirty (30) day month. To the extent not already paid as part of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed the Advance Rent any prorated Rent shall begin be paid on the Term Commencement Date. first date that Tenant shall deposit is obligated to make a payment of Rent hereunder, and any prorated Rent for the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment final calendar month hereof shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off paid on the first day of each and every the calendar month during in which the Term and any extension date of expiration or renewal thereof. Fixed Rent for any partial month shall be prorated. In the event any Fixed Rent, additional rent or any other payments are not paid within ten (10) days of the due date thereof, Tenant shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition to and not in exclusion of additional remedies herein provided to Landlordtermination occurs.
Appears in 1 contract
Rent. The fixed rent 4.01 Tenant shall pay Landlord, without any setoff or deduction, unless expressly set forth in this Lease, all Base Rent and Additional Rent due for the Term (hereinafter collectively referred to as “Fixed Rent”). “Additional Rent” means all sums (exclusive of Base Rent) payable by the that Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations is required to pay Fixed Rent shall begin on the Term Commencement DateLandlord under this Lease. Tenant shall deposit the first month’s rent with Landlord pay and be liable for all rental, sales and use taxes (but excluding income taxes), if any, imposed upon execution hereof, to be held as advance rental or measured by Rent. Base Rent and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment recurring monthly charges of Additional Rent shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due payable in advance without demand, deduction or set-off on the first day of each calendar month without notice or demand, provided that the installment of Base Rent for the first full calendar month of the Term, and every month during the Term first monthly installment of Additional Rent for Expenses and Taxes, shall be payable upon the execution of this Lease by Tenant. All other items of Rent shall be due and payable by Tenant on or before thirty (30) days after billing by Landlord. Rent shall be made payable to the entity, and sent to the address. Landlord designates and shall be made by good and sufficient check payable in United States of America currency or by other means acceptable to Landlord. If Tenant does not pay any extension Rent when due hereunder. Tenant shall pay Landlord an administration fee in the amount of $250.00, provided that Tenant shall be entitled to a grace period of up to five (5) days for the first late payment of Rent in a calendar year. In addition, past due Rent shall accrue interest at twelve percent (12%) per annum, and Tenant shall pay Landlord a reasonable fee for any checks returned by Tenant’s bank for any reason. Landlord’s acceptance of less than the correct amount of Rent shall be considered a payment on account of the oldest obligation due from Tenant hereunder, then to any current Rent then due hereunder, notwithstanding any statement to the contrary contained on or renewal thereofaccompanying any such payment from Tenant. Fixed Rent for any partial month during the Term shall be prorated. In the event any Fixed Rent, additional rent No endorsement or any other payments are not paid within ten (10) days of the due date thereof, Tenant statement on a check or letter accompanying payment shall be charged a late fee considered an accord and satisfaction. Tenant’s covenant to pay Rent is independent of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable every other covenant in addition to and not in exclusion of additional remedies herein provided to Landlordthis Lease.
Appears in 1 contract
Samples: Office Lease Agreement (Clementia Pharmaceuticals Inc.)
Rent. The fixed a. Payment of rent shall commence on December 15, 1988, except if (hereinafter “Fixed Rent”i) payable Landlord shall not substantially complete its inside work on the space by said date, rental shall not commence until such date as Landlord substantially completes its inside work on the space and obtains a Temporary or Permanent Certificate of Occupancy; or (ii) in the event that Tenant shall take occupancy and operates its business of any portion of the space prior to said date, the rental shall commence as of said occupancy date. Landlord agrees to give Tenant ten (10) days written notice of the commencement of the term of the Lease. In the event that Landlord shall provide Tenant with a Temporary Certificate of Occupancy, Landlord will diligently proceed to obtain a Permanent Certificate of Occupancy. Tenant may begin any work from the date hereof Tenant may wish to do so long as said work does not unreasonably interfere with Landlord's work. Landlord agrees that it shall diligently correct any "punch list" items that are Landlord's responsibility under this Lease.
b. In the event that the Commencement Date does not occur by December 15, 1988, Tenant may elect by written notice to Landlord received by Landlord no later than December 31, 1988 to postpone the Commencement Date until February 1, 1989. In such event, notwithstanding the Commencement Date occupancy prior to February 1, 1989, the Commencement Date shall not deemed to have occurred until February 1, 1989, unless Tenant shall take occupancy and operates it business prior to said date. Anything contained herein to the contrary
c. Tenant covenants and agrees to pay Landlord during the original Term shall be the term of this Lease a fixed annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable rental for said demised premises in equal monthly installments as follows: FIXED ANNUAL MONTHLY PERIOD RENTAL INSTALLMENTS ------ ------------ ------------ First Lease Year Second Lease Year Third Lease Year Fourth Lease Year Fifth Lease Year Sixth Lease Year through Seven and One-Half Seven and One-Half through Tenth
d. Except as otherwise provided, all payments of $17,652.96. Tenant’s obligations rent shall be made by the Tenant to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereofwithout notice or demand in equal monthly installments, to be held as advance rental and security to be forfeitedin advance, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off or deduction of any kind (except in the case of a judgment obtained by Tenant), and shall be due and payable on the first day of each and every calendar month during the Term and any extension or renewal thereof. Fixed Rent for any partial month shall be proratedof each lease year. In the event any Fixed Rent, additional rent or any that the Commencement Date shall be other payments are not paid within ten than the first (101st) days day of the due date thereofmonth, Tenant the rent shall be charged pro rated on a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition to and not in exclusion of additional remedies herein provided to Landlordper diem basis.
Appears in 1 contract
Samples: Lease (Viasource Communications Inc)
Rent. The fixed rent (hereinafter “Fixed Rent”) payable by the A. Tenant covenants to pay to Landlord during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeitedLease Term, without limitation any setoff or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occursdeduction except as otherwise expressly provided herein, the payment full amount of all Base Rent and Additional Rent due hereunder and the full amount of all such other sums of money as shall be applied to the first monthly installment become due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatementall of which hereinafter may be collectively called “Rent.” In addition, deduction or setoffTenant shall pay, as Additional Rent, all sumsrent, impositionssales and use taxes or other similar taxes, costsif any, expenses and levied or imposed by any city, state, county or other governmental body having authority, such payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have be in addition to any all other rights and remedies, all payments required to be paid to Landlord by Tenant under this Lease. Such payments shall be paid concurrently with the payments of the rights Rent on which the tax is based. Base Rent and remedies provided by law Additional Rent for each calendar year or provided for in portion thereof during the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are Term, shall be due and payable in advance without demand, deduction or set-off in monthly installments on the first day of each and every calendar month during the Lease Term, without demand. If the Lease Term commences on a day other than the first day of a month or terminates on a day other than the last day of a month, then the installments of Base Rent and any extension or renewal thereof. Fixed Additional Rent for any partial such month or months shall be prorated, based on the number of days in such month. In All amounts received by Landlord from Tenant hereunder shall be applied first to the event any Fixed Rentearliest accrued and unpaid Rent then outstanding. Tenant’s covenant to pay Rent shall be independent of every other covenant set forth in this Lease.
B. To the extent allowed by law, additional rent or any other payments are all installments of Rent not paid within ten (10) days of when due shall bear interest at the Default Rate from the date due date thereofuntil paid, provided, Tenant shall be charged entitled to a grace period of three (3) Business Days after written notice from Landlord with respect to the first two (2) late fee payments in any consecutive twelve (12) month period. In addition, if Tenant fails to pay any installment of 1.5% Base Rent and Additional Rent or any other item of Rent when due and payable hereunder, a “Late Charge” equal to five percent (5%) of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee unpaid amount will be due and payable immediately by Tenant to Landlord, provided, Tenant shall be payable entitled to a grace period of three (3) Business Days after notice from Landlord with respect to the first two (2) late payments in addition to and not in exclusion of additional remedies herein provided to Landlordany consecutive twelve (12) month period.
Appears in 1 contract
Samples: Office Lease (Enernoc Inc)
Rent. The fixed rent reserved under this Lease for the term hereof shall be and consist of the amounts set forth in the following schedule, plus sales tax thereon, and rent shall first be payable commencing on the date that is ninety (hereinafter 90) days following the commencement date of this Lease as established in Paragraph 1 hereof (the “Fixed RentRent Commencement Date”) payable by ). The first day of Lease Year “1” in the Tenant during the original Term following schedule shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) Rent Commencement Date.
a. Base Rent in the following amounts: Base Rent shall be payable in advance, in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeitedinstallments, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off offs and without prior demand therefore, on the first day of each and every calendar month during the Term term of this Lease except that Tenant shall pay, upon execution and delivery of this Lease by Tenant, the sum of $7,008.33, representing Base Rent due for the first month hereunder, to be applied against the first installment of Base Rent becoming due under this Lease, together with $2,310.33, representing the first month’s portion of the estimated share of expenses per section 14 of this Lease entitled “Additional Rent”, plus applicable sales tax, .
b. All taxes in the nature of sales, use, or similar taxes, now or hereinafter assessed or levied by any extension taxing authority upon the payment of fixed rent or renewal thereof. Fixed Additional Rent as hereinafter defined, and which Landlord is required or permitted to collect from Tenant, shall be payable simultaneously with the payment of Base Rent or Additional Rent.
c. Tenant covenants and agrees to pay any late charge for ay payment of Base Rent not received by Landlord on or before the tenth (10th) day of each month and for any partial month other payment, such as Additional Rent, not received by Landlord on or before the date when same is due. Said late charge shall be proratedcomputed from the first day of the month in the case of Rent and from the date when same is due in case of Additional Rent. The amount of the late charge shall be an amount equal to the interest commencing on the dates aforesaid, ending on the date of receipt of the sum(s) by Landlord and having a rate equal to eighteen percent (18%) per annum. In the event any Fixed Rentlate charge is due to Landlord, additional rent Landlord shall advise Tenant in writing and Tenant shall pay said late charge to Landlord not later than the date when the next payment of Rent is due.
d. Additional Rent consisting of all such other sums of money as shall become due from and payable by Tenant to Landlord hereunder (for default in payment of which Landlord shall have the same remedies as for a default in payment of fixed rent); all to be paid to Landlord without demand, deduction, or any set off at its office, or such agent or such other payments are not paid within ten (10) days place as Landlord may designate by notice to Tenant, in lawful money of the due date thereof, Tenant United States of America. Rent and Additional Rent shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be made payable in addition to and not in exclusion of additional remedies herein provided to Landlord.to:
Appears in 1 contract
Rent. (a) The fixed Tenant shall pay all rent (hereinafter “Fixed Rent”) payable and other charges to be paid by the Tenant hereunder to the Authority at the office of the Authority in Richmond, Virginia, or to such other individual, firm or corporation and at such other place as may be designated by the Authority.
(b) The Tenant shall pay a monthly rent (the "Monthly Rent") during the original Term shall be the term hereof based upon an initial rental rate of $19.57 per square foot per year, creating a total annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 $24,247.23. No reduction or increase in rent shall be available for non-material discrepancies in actual square footage. During the first Lease Year the Monthly Rent shall be $2,020.60 per month. Thereafter, the Monthly rent shall be increased annually as of the date the first payment of each Lease Year is due beginning with the second Lease Year by an amount equal to 3% of the Monthly Rent payable during the preceding Lease year.
($211,835.52c) Dollars ($14.04 per square foot of rentable floor area) The Monthly Rent is to be payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin advance on the Term Commencement Date. Tenant shall deposit fifth day of each calendar month during the first month’s rent with Landlord upon execution hereof, term hereof without notice or demand and without setoff and it is to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to received at the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on Authority's offices within five (5) days after the first day of each and every rental month. If the Commencement Date is not the fifth day of a calendar month, the Tenant shall pay on the fifth day of the first calendar month during following the Term and any extension or renewal thereof. Fixed Commencement Date a proportionate amount of the monthly Rent for any partial month shall be prorated. In the event any Fixed Rent, additional rent or any other payments are not paid within ten period of time from the Commencement Date to the date on which such first monthly payment is due.
(10d) days of the due date thereof, Tenant shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable 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 deemed to be additional rent (the "Additional Rent"). Such amounts or charges, if not paid at the time provided in this Lease, shall be collectible as Additional Rent with the next installment of the rent due and not in exclusion payable hereunder; provided, however, that nothing herein contained shall be deemed to suspend or delay the time for any payment to be made by the Tenant hereunder or to limit any other remedy of additional remedies herein provided to Landlordthe Authority.
Appears in 1 contract
Samples: Lease Agreement (Insmed Inc)
Rent. The fixed rent rents shall be and consist of Base Rent (hereinafter “Fixed Rent”herein called "BASE RENT") payable by the Tenant during the original Term and Additional Rent (herein called "ADDITIONAL RENT"). For purposes of this Lease Agreement, Base Rent and Additional Rent are referred to collectively as "RENT." Base Rent shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) amount indicated in the Basic Lease Information. Base Rent shall be payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day of each and every calendar month during the Term term of this Lease (except to the extent otherwise specifically provided elsewhere in this Lease. Payment of Base Rent and any extension or renewal thereof. Fixed Additional Rent for the 5th Floor of the Premises shall commence on the 5th Floor Commencement Date and shall be equal to the 5th Floor rentable square feet multiplied by the (i) Base Rent per rentable square foot set forth in the Basic Lease Information, plus (ii) Additional Rent per rentable square foot as set forth in Section 4.1. Payment of Base Rent and Additional Rent for the 6th Floor of the Premises shall commence on the 6th Floor Commencement Date and shall be equal to the 6th Floor rentable square feet multiplied by the (i) Base Rent per rentable square foot set forth in the Basic Lease Information, plus (ii) Additional Rent per rentable square foot as set forth in Section 4.1 per rentable square foot set forth in the Basic Lease Information. Payment of Base Rent for the 15th Floor of the Premises shall commence on the 15th Floor Commencement Date and shall be equal to the 15th Floor rentable square feet multiplied by the Base Rent per rentable square foot set forth in the Basic Lease Information. Payment of Additional Rent for the 15th Floor of the Premises shall commence on the date Tenant occupies the 5th Floor for the operation of business and shall be equal to Additional Rent as set forth in Section 4.1 per rentable square foot set forth in the Basic Lease Information. Additional Rent shall consist of all other sums of money as shall become due from and payable by Tenant to Landlord hereunder. All Rent shall be paid in lawful money of the United States of America to Landlord at its office or such other place, as Landlord shall designate by notice to Tenant. Tenant shall pay the Base Rent and Additional Rent promptly when due without notice or demand therefor and without any abatement, deduction or setoff for any reason whatsoever, except as expressly provided in this Lease. If the Commencement Date for any floor occurs on a day other than the first day of a calendar month, or the Expiration Date occurs on a day other than the last day of a calendar month, the Base Rent for such floor for that partial calendar month shall be prorated. In the event any Fixed Rent, additional rent or any other payments are not paid within ten (10) days of the due date thereof, Tenant shall be charged prorated on a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition to and not in exclusion of additional remedies herein provided to Landlorddaily basis.
Appears in 1 contract
Samples: Lease Agreement (Webtrends Corp)
Rent. The fixed rent Tenant shall pay to Landlord: (hereinafter “Fixed Rent”a) payable by the Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable Base Rent in equal monthly installments installments, in advance, on the first day of $17,652.96each calendar month during the Term; and (b) the Additional Rent, at the respective times required hereunder. Tenant’s obligations to pay Fixed One monthly installment of Base Rent shall begin be paid in advance on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon date of Tenant's execution hereof, to be held as advance rental of this Lease and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment of Base Rent coming due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any . Payment of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day of each and every month during the Term and any extension or renewal thereof. Fixed Base Rent for any partial month shall be proratedprorated for such month. In Tenant shall pay the event any Fixed RentRent all in accordance with the terms and provisions of this Lease without notice, additional rent demand, offset or deduction, except as may be expressly provided in this Lease, and in lawful money of the United States at Landlord's Address for Payment, or at such other place as Landlord shall designate in writing from time to time. Tenant's covenant to pay Rent is independent of any other payments are covenant, condition, provision or agreement of this Lease. All past due installments of Rent shall: (i) be subject to a late charge of five percent (5%) of the past due amounts; provided, however, the first two such past due installments during any twelve-month period shall not paid be subject to such late charge, so long as Tenant pays each such installment within ten (10) days of after Landlord gives written notice that such installment is past due; and (ii) bear interest at the Interest Rate accruing from the due date thereofuntil paid. The late charge is intended to reimburse Landlord for administrative costs incurred by Landlord as a result of Tenant's late payment, Tenant and is not a penalty. On the first annual anniversary of the Commencement Date, and on each and every annual anniversary of the Commencement Date thereafter during the Term, the Base Rent shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable increased as specified in addition to and not in exclusion of additional remedies herein provided to LandlordSection 1.1(F).
Appears in 1 contract
Samples: Lease Agreement (Viryanet LTD)
Rent. The fixed rent 4.01 Tenant shall pay Landlord in lawful money of the United States of America, without any setoff or deduction, unless expressly set forth in this Lease, all Base Rent and Additional Rent due for the Term (hereinafter “Fixed collectively referred to as "Rent”"). "Additional Rent" means all sums (exclusive of Base Rent) payable by the that Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations is required to pay Fixed Rent shall begin on the Term Commencement DateLandlord under this Lease. Tenant shall deposit the first month’s rent with Landlord pay and be liable for all rental, sales and use taxes (but excluding Landlord's federal, state and local income taxes or any gross receipts tax payable in lieu of income tax), if any, imposed upon execution hereof, to be held as advance rental or measured by Rent. Base Rent and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment recurring monthly charges of Additional Rent shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due payable in advance without demand, deduction or set-off on the first day of each and every calendar month during without notice or demand, provided that the installment of Base Rent for the first full calendar month of the Term and the first monthly installment of Expense Rent and Tax Rent (as defined in Exhibit B), shall be payable upon the execution of this Lease by Tenant. All other items of Rent shall be due and payable by Tenant on or before 30 days after billing by Landlord. All payments of Rent shall be made by electronic money transfer in accordance with Xxxxxxxx's written instructions regarding the same or by such other means or method of payment as Landlord may direct in writing. If Tenant does not pay any extension Rent when due hereunder, Tenant shall, if not cured within 2 business days following written notice, pay Landlord an administration fee in the amount of five percent (5%) of the past due Rent, provided that Tenant shall be entitled to a grace period of up to 5 days for the first 2 late payments of Rent in a calendar year. In addition, past due Rent shall accrue interest at a rate (the "Interest Rate") per annum equal to the greater of (i) 12% per annum and (ii) 4 percentage points above the rate of interest then most recently publicly announced by a federally insured bank selected by Landlord as its "prime rate" or renewal thereof"base rate" (the "Prime Rate") until paid in full, including after the entry of any judgment. Fixed If accrual or payment of interest at the Interest Rate should be unlawful, then the Interest Rate shall be the maximum legal rate. Tenant shall pay Landlord a reasonable fee for any checks returned by Xxxxxx's bank for any reason. Xxxxxxxx's acceptance of less than the correct amount of Rent shall be considered a payment on account of the oldest obligation due from Tenant hereunder, then to any current Rent then due hereunder, notwithstanding any statement to the contrary contained on or accompanying any such payment from Tenant and acceptance of any such partial payment shall not be deemed a waiver of Landlord's right to the full amount due. Rent for any partial month during the Term shall be proratedprorated based on the number of days in such month. In the event any Fixed Rent, additional rent No endorsement or any other payments are not paid within ten (10) days of the due date thereof, Tenant statement on a check or letter accompanying payment shall be charged a late fee considered an accord and satisfaction. Tenant's covenant to pay Rent is independent of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable every other covenant in addition to and not in exclusion of additional remedies herein provided to Landlordthis Lease.
Appears in 1 contract
Samples: Industrial Real Estate Lease Agreement (Aqua Power Systems Inc.)
Rent. The fixed rent (hereinafter “Fixed Rent”) payable by the Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit pay to Landlord the first month’s rent with Landlord upon execution hereofBase Rent, to be held Real Property Taxes (as advance rental herein defined) and security to be forfeitedOperating Expenses (as herein defined), without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Leasedemand, and without any abatement, deduction offset or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, anddeduction, in case of any nonpayment thereofadvance, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day of each calendar month. All Rent and every month during the Term and any extension or renewal thereof. Fixed Rent for any partial month payments required to be paid by Tenant to Landlord shall be proratedmade by Tenant payable to the entity and sent to the address Landlord designates and shall be made by good and sufficient check payable in United States of America currency or by other means acceptable to Landlord or by Electronic Fund Transfer of immediately available federal funds before 11:00 a.m. Eastern Time. In Upon the event any Fixed Rent, additional rent or any other payments are not paid within ten (10) days execution of the due date thereofthis Lease, Tenant shall pay to Landlord the third month’s Base Rent (subject to Abated Base Rent), the Security Deposit, and the first monthly installment of estimated Operating Expenses. If the Term commences (or ends) on a date other than the first (or last) day of a month, Base Rent shall be charged prorated on the basis of a thirty (30) day month. All sums other than Base Rent that Tenant is obligated to pay under this Lease shall be deemed to be additional rent due hereunder (“Additional Rent”), whether or not such sums are designated Additional Rent. The term “Rent” means the Base Rent and all Additional Rent payable hereunder. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to xxxxx, reduce, or set-off any rent due hereunder except as may be expressly provided in this Lease. If Tenant is delinquent in any monthly installment of Base Rent or Additional Rent for more than five (5) days, Tenant shall pay to Landlord on demand a late fee of 1.5% charge equal to ten percent (10%) of such delinquent sum and such delinquent sum shall also bear interest from the date such amount was due until paid in full at the lesser of (i) fifteen percent (15%); or (ii) at the maximum rate permitted by law (“Applicable Interest Rate”). The provision for such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee charge shall be payable in addition to all of Landlord’s other rights and remedies hereunder or at law and shall not in exclusion of additional remedies herein provided to Landlordbe construed as a penalty.
Appears in 1 contract
Samples: Multi Tenant Industrial Triple Net Lease (Thorne Healthtech, Inc.)
Rent. The fixed rent (hereinafter “Fixed Rent”) payable by Tenant shall pay to Landlord, as Base Rent for the Tenant during Premises, the original Term rental set forth in subparagraph D of Paragraph 1 hereof. Rent for the first month of the term hereof shall be prorated based upon the annual number of days during said month that the Lease Term was in effect. All other rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off payable on the first day of each and every calendar month during the Term and any extension or renewal thereofterm hereof. Fixed Rent for any partial month All such rent shall be proratedpaid in advance without notice, abatement, demand, deduction or offset at the office of the Landlord or to such other place as Landlord may designate in writing. It is the understanding of the parties that the Base Rent is to be absolutely “net” to the Landlord and, except as otherwise expressly provided herein, Tenant shall bear all costs and expenses of whatever kind relating to the Premises, the Building and the Premises’ pro rata share, if any, of the expenses of the Building Complex. Notwithstanding the foregoing, Base Rent shall xxxxx for the first three (3) months of the Term (the “Abated Rent”) and if the Commencement Date is other than the first day of a month the Abated Rent shall apply to the Base Rent as prorated for that month and the remaining days of the first month abatement shall be applied to reduce the payment due for the third month of the term so that Tenant has a total of three full months of Abated Rent. The abatement of Base Rent provided herein shall not relieve Tenant from the performance of Tenant’s other obligations under this Lease, including, without limation, the obligation to pay on a timely basis Operating Expenses, as hereinafter defined, and all other additional rent and other obligations under this Lease, which shall become due and payable during the entire Term. In the event any Fixed of Tenant’s default hereunder, the entire amount of the Abated Rent shall become immediately due and payable and Tenant shall, upon demand of Landlord, immediately pay to Landlord the amount of the Abated Rent. All amounts payable to Landlord under this Lease, including without limitation Base Rent, shall be paid by Tenant to Landlord at the address shown above, or such other place as Landlord may designate in writing from time to time. In the event Tenant shall fail to pay, when the same is due and payable, any installment of the Base Rent or any additional rent or any other payments are not to be paid within ten (10) days by Tenant to Landlord under the terms of this Lease, then at Landlord’s election to do so, such unpaid amounts shall bear interest from the due date thereofthereof to the date of payment at the rate of two percent (2%) per annum in excess of the prime or base rate set by XX Xxxxxx Chase Bank, or its successor, as such rate is increased or decreased, from time to time (the “Default Rate”). In any event, however, Tenant shall be charged a late fee service charge with respect to each monthly installment of 1.5% rental not received by the due date for said installment. Such service charge shall reimburse Landlord for the additional administrative expenses incurred by Landlord in connection with the collection of such late payment for each late payment for each month or portion thereof that said payment remains outstandinginstallment of monthly rental. Said late fee The service charge shall be payable in addition the greater of five percent (5%) of the amount over due or unpaid or Fifty and Dollars ($50.00) for any rental not paid by the seventh (7th) day of the month. Any interest and service charge to and not in exclusion be paid by Tenant pursuant to the foregoing provisions shall be paid along with the next scheduled installment of Base Rent without any additional remedies herein provided to Landlordnotice whatsoever.
Appears in 1 contract
Samples: Lease Agreement (Somanetics Corp)
Rent. The fixed rent 7.1. Tenant shall pay to Landlord as Base Rent for the Premises, commencing on the later of (hereinafter a) May 1, 2020, and (b) one (1) calendar month after the Term Commencement Date if the Term Commencement Date occurs after March 31, 2020 (such later date, the “Fixed RentRent Commencement Date”) payable by ), the Tenant during sums set forth in Section 2.3, subject to the original Term rental adjustments provided in Article 8 hereof. Base Rent shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable paid in equal monthly installments of $17,652.96. Tenant’s obligations as set forth in Section 2.3, subject to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution rental adjustments provided in Article 8 hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due each in advance without demand, deduction or set-off on the first day of each and every calendar month during the Term Term.
7.2. In addition to Base Rent, Tenant shall pay to Landlord as additional rent (“Additional Rent”) at times hereinafter specified in this Lease (a) Tenant’s Adjusted Share (as defined below) of Operating Expenses (as defined below), (b) the Property Management Fee (as defined below), and (c) any extension other amounts that Tenant assumes or renewal thereofagrees to pay under the provisions of this Lease that are owed to Landlord, including any and all other sums that may become due by reason of any default of Tenant or failure on Tenant’s part to comply with the agreements, terms, covenants and conditions of this Lease to be performed by Tenant, after notice and the lapse of any applicable cure periods. Fixed {A0622646.2 } 7
7.3. Base Rent for any partial month and Additional Rent shall together be denominated “Rent.” Rent shall be proratedpaid to Landlord, without abatement, deduction or offset, in lawful money of the United States of America to the address set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of the number of days in the month and shall be paid at the then-current rate for such fractional month.
7.4. Tenant’s obligation to pay Rent shall not be discharged or otherwise affected by (a) any Fixed RentApplicable Laws now or hereafter applicable to the Premises, additional rent (b) any other restriction on Tenant’s use, (c) except as expressly provided herein, any casualty or taking or (d) any other occurrence; and Tenant waives all rights now or hereafter existing to terminate or cancel this Lease or quit or surrender the Premises or any other payments are not paid within ten (10) days part thereof, or to assert any defense in the nature of constructive eviction to any action seeking to recover rent. Tenant’s obligation to pay Rent with respect to any period or obligations arising, existing or pertaining to the period prior to the date of the due date thereofexpiration or earlier termination of the Term or this Lease shall survive any such expiration or earlier termination; provided, Tenant however, that nothing in this sentence shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition any way affect Tenant’s obligations with respect to and not in exclusion of additional remedies herein provided to Landlordany other period.
Appears in 1 contract
Rent. The fixed rent (hereinafter “Fixed Rent”a) payable by Minimum Rent for the Tenant during the original Term period commencing January 1, 2001 through December 31, 2001 shall be reduced to the annual rent extent required so that in no event shall the Minimum Rent exceed an amount equal to 14.1% of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments the excess of $17,652.96146,000,000 over the Encumbered Lease Rental Amount. Tenant’s obligations Notwithstanding anything in Section 3.1(b) of the Lease to the contrary, during such Lease Year, Tenant shall have no obligation whatsoever to pay Fixed Percentage Rent under the Lease.
(b) Minimum Rent for the period commencing January 1, 2002 through December 31, 2002 shall begin be reduced to the extent required so that in no event shall the Minimum Rent exceed an amount equal to 14.1% of the excess of $150,000,000 over the Encumbered Lease Rental Amount. Notwithstanding anything in Section 3.1(b) of the Lease to the contrary, during such Lease Year Tenant shall have no obligation to pay Percentage Rent under the Lease until such time as the aggregate amount of Percentage Rent payable for such Lease Year, pursuant to the terms of the Lease and each of the Other Leases as in effect immediately prior to the date hereof, shall exceed $43,500,000 (such amount, the "2002 Percentage Rent Threshold"). Once the 2002 Percentage Rent Threshold is achieved, Tenant shall pay 14.1% of the aggregate Percentage Rent that would otherwise have been payable under the Lease and each of the Related Leases, as in effect immediately prior to the date hereof, in excess of the 2002 Percentage Rent Threshold.
(c) For Lease Years 2001 and 2002, Tenant shall estimate (i) the Minimum Rent for such Lease Year, (ii) the "Minimum Rent" under the Related Leases for such Lease Year, (iii) the Encumbered Lease Rental Amount for such Lease Year, (iv) the portions of such Encumbered Lease Rental Amount (on a month-by-month basis) that Landlord will recognize as income under GAAP and (v) the Term Commencement Datepercentage of Tenant's EBITDA for such Lease Year that will accrue in each month of such Lease Year (each such percentage, the "Monthly EBITDA Percentage"). Each such estimate shall be subject to the approval of Landlord, such approval not to be unreasonably withheld. Tenant shall deposit pay the first month’s rent with Minimum Rent hereunder in monthly installments so that each such installment shall equal 14.1% of X, where: 3 X plus the portion of the Encumbered Lease Rental Amount installment for such month that Landlord upon execution hereofwill recognize as income under GAAP during such month ---------------------------------------------------------- Minimum Rent hereunder, to be held as advance rental plus the "Minimum Rent" under the Related Leases, plus the Encumbered Lease Rental Amount, in each case estimated for such Lease Year = Monthly EBITDA Percentage
(d) Not later than sixty (60) days after the end of each of the Lease Years described in clauses (a) and security to be forfeited(b) above, without limitation or other remedies, for any default Landlord and Tenant shall jointly determine the amount of Minimum Rent actually payable by Tenant occurring with respect to such prior Lease Year. To the extent such joint determination discloses a deficiency in the amount of Minimum Rent actually paid by Tenant with respect to the Term Commencement Date. If no default occursapplicable Lease Year, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Leasepromptly, and without any abatement, deduction or setoff, in all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day of each and every month during the Term and any extension or renewal thereof. Fixed Rent for any partial month shall be prorated. In the event any Fixed Rent, additional rent or any other payments are not paid events within ten (10) days of the due date thereof, Tenant shall be charged a late fee of 1.5% Business Days of such late determination, pay the Landlord the amount of such deficiency. To the extent such joint determination discloses an overpayment of Minimum Rent by Tenant with respect to the applicable Lease Year, then (provided no Event of Default has occurred and is continuing) Landlord shall grant Tenant a credit equal to the amount of such overpayment against the Rent next coming due in the amount of such difference together with interest at the Interest Rate accruing from the date of payment for each late payment for each month or portion thereof that said payment remains outstandingby Tenant until the date such credit is applied. Said late fee Adjustments to Percentage Rent payable during the Lease Year occurring in 2002 shall continue to be payable in addition to and not in exclusion of additional remedies herein provided to Landlord.governed by Section 3.1(b)
Appears in 1 contract
Rent. The fixed rent (hereinafter “Fixed Rent”) payable by a. During each year of the Term, the Tenant during agrees to pay to the original Term Landlord, without demand or set off, in lawful money of the United States, at the address specified in this Lease, or at such other location as the Landlord may hereafter designate in writing, Base Rent for the Premises in the amount of One Dollar ($1.00) per annum.
b. The annual Base Rent shall be the annual rent paid in full in advance. The first payment of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Base Rent shall begin be due and payable on or before the Term Commencement Date. Each subsequent annual payment of Base Rent shall be due and payable in advance on each anniversary date of the Commencement Date.
c. The Base Rent (if any), the Additional Rent (as defined below), and all other sums payable under the Lease shall be paid without notice, demand, counterclaim, set off, deduction, or defense and without abatement, suspension, diminution, or reduction, and the obligations and liabilities of the Tenant under the Lease shall deposit the first month’s rent with Landlord upon execution hereofin no way be released, to be held discharged, or otherwise affected by reason of any occurrence whatsoever, except as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to otherwise expressly provided in this Lease.
d. During the Term Commencement Date. If no default occursof this Lease, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, ("Additional Rent") all sums, impositionsImpositions (as defined in the Section below), costs, expenses expenses, and other payments which that the Tenant in any of the provisions of this Lease assume or agrees is required to pay, andeither to the Landlord or to others, in case under the terms of this Lease. In the event of any nonpayment thereofnon-payment of Additional Rent, the Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the this Lease for the nonpayment non-payment of Fixed Base Rent. All Fixed The Base Rent payments are due and the Additional Rent shall sometimes be referred to together in advance without demand, deduction or set-off this Lease as the “Rent”.
e. The Landlord has agreed to lease the Premises to the Tenant for less than fair market rent on the first day of each and every month during explicit condition that the Term and any extension or renewal thereofPremises be used by the Tenant for its non-profit purposes described in Section 4 above. Fixed Rent If, for any partial month reason, the Tenant alters its organizational structure or operations at the Premises so as to lose its non-profit, 501(c)(3) status, this Lease shall be proratedautomatically modified, without action by or consent of the Tenant, to require the payment of fair market rent effective as of the date of the loss of the Tenant’s non-profit, 501(c)(3) status. In the event any Fixed Rentthat the Landlord and the Tenant cannot agree on fair market rent, additional the parties agree to hire a qualified appraiser to determine the fair market rent. The parties shall share equally the expense of hiring the appraiser. In the event the parties cannot agree on an appraiser, each party shall hire its own appraiser, at its sole cost and expense, and the fair market rent or any other payments are not paid within ten (10) days shall be the average of the due date thereofresults of each appraisal. The fair market rent, Tenant as determined pursuant to this subsection (e), shall become the Base Rent payable pursuant to subsection (a) above. Nothing in this subsection (e) shall be charged a late fee construed as approval of 1.5% Tenant’s change of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition its non-profit use, which would require the Landlord’s consent pursuant to and not in exclusion of additional remedies herein provided to LandlordSection above.
Appears in 1 contract
Samples: Ground Lease
Rent. The fixed rent (hereinafter “Fixed Rent”a) payable Tenant shall pay to Landlord Adjusted Rental, which is the sum of the monthly Basic Rental, the monthly Excess Operating Expenses and the monthly Excess Taxes (as defined in the Basic Lease Information), as estimated by the Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable Landlord from time to time, in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin in advance on the Term Commencement Date. Tenant fifth day of each month in lawful money of the United States to Landlord at its address set forth above (or such other address as Landlord shall deposit the first month’s rent with Landlord upon execution hereof, designate in writing to be held as advance rental and security to be forfeited, Tenant) without limitation notice or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, demand and without any abatement, deduction or setoffset-off, all sums, impositions, costs, expenses and other payments which Tenant in any for each month of the provisions entire Term. One such monthly installment, shall be payable by Tenant to Landlord upon the execution of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord Lease. A like monthly installment shall have in addition to any other rights be due and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance payable without demand, deduction or set-off demand beginning on the first day of the calendar month immediately following the month in which the Commencement Date occurs and continuing thereafter on or before the first day of each and every succeeding calendar month during the Term and any extension or renewal thereofLease Term. Fixed Rent for any fractional month at the beginning of the Lease Term shall be prorated based on one-three hundred sixty-fifth (1/365) of the current annual Adjusted Rental for each day of the partial month this Lease is in effect, and shall be prorateddue 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 outlined above in the Basic Lease Terms. In The dates described in this Section for computing the event 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 Fixed Rentsum due under this Lease is not received by its due date, additional rent then Tenant, to the extent permitted by law, shall pay, in addition to the sum owed, a late payment charge equal to five percent (5%) of the sum (or portion thereof) which is overdue. If a check remitted to pay any other 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 are to be made hereunder to be made by certified check or money order. Also, if Landlord does not paid receive any Adjusted Rental within ten thirty (1030) days of after the due date thereof, or 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 same becomes due hereunder, then, in either such event, Tenant shall be charged a pay Landlord interest on such overdue amounts from the due date thereof until paid at an annual rate (the “Past Due Rate”) which equals the lesser of (i) eighteen percent ( 18%) or (ii) the highest rate then permitted by law. All late fee 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 1.5% of late or dishonored payments. Provision for such late payment charge, interest or fee for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee dishonor shall be payable in addition to all other rights and remedies available to Landlord hereunder or at law or in equity and shall not be construed as liquidated damages or limiting Landlord's remedies in exclusion any manner.
(d) Tenant's covenants and obligations to pay Adjusted Rental and all additional rental (collectively, the “Rent”) hereunder are unconditional and independent of additional remedies herein provided to Landlordany other covenant or condition imposed on either Landlord or Tenant, whether under this Lease, at law or in equity.
Appears in 1 contract
Rent. The fixed rent (hereinafter “Fixed Rent”) payable by On the date that Tenant during executes this Lease, Tenant shall deliver to Landlord the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occursexecuted Lease, the payment Base Rent (which shall be applied to against the Rent payable for the first monthly installment due hereunder. month Tenant shall also is required to pay as additional rent without noticeBase Rent), except as required under this Leasethe Security Deposit, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day of each and every month during the Term and any extension or renewal thereof. Fixed Rent for any partial month shall be prorated. In the event any Fixed Rent, additional rent or any other payments are not paid within ten (10) days thereafter, all insurance certificates evidencing the insurance required to be obtained by Tenant under Section 12 of this Lease. Tenant agrees to pay Landlord, without prior notice or demand, or abatement, offset, deduction or claim, the Base Rent specified in the Basic Lease Information, payable in advance at Landlord's address specified in the Basic Lease Information on the Commencement Date and thereafter on the first (1st) day of each month throughout the balance of the due date thereofTerm of the Lease. In addition to the Base Rent set forth in the Basic Lease Information, Tenant shall be charged a late fee pay Landlord in advance on the Commencement Date and thereafter on the first (1st) day of 1.5% of such late payment for each late payment for each month throughout the balance of the Term of this Lease, as Additional Rent, Tenant's Share of Operating Expenses, Tax Expenses, Common Area Utility Costs, and Utility Expenses. The term "Rent" whenever used herein refers to the aggregate of all these amounts. If Landlord permits Tenant to occupy the Premises without requiring Tenant to pay rental payments for a period of time, the waiver of the requirement to pay rental payments shall only apply to waiver of the Base Rent and Tenant shall otherwise perform all other obligations of Tenant required hereunder. The Rent for any fractional part of a calendar month at the commencement or portion thereof that said payment remains outstanding. Said late fee termination of the Lease term shall be payable a prorated amount of the Rent for a full calendar month based upon a thirty (30) day month. The prorated Rent shall be paid on the Commencement Date and the first day of the calendar month in addition to and not in exclusion which the date of additional remedies herein provided to Landlordtermination occurs, as the case may be.
Appears in 1 contract
Samples: Lease Agreement (Ditech Corp)
Rent. (a) Tenant's liability for rent shall commence to accrue on the Commencement Date as defined in Section 2(b) above, provided that this lease has not been terminated prior thereto. If the Commencement Date begins on a date other than the first of a calendar quarter, the rent for such partial initial quarter shall be prorated and shall be due and payable on the Commencement Date, and the term will be extended to terminate on the last day of the calendar quarter in which the term would otherwise expire. The fixed annual base rent (hereinafter “Fixed "Base Rent”") payable to be paid by the Tenant during the original Term to Landlord shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) 200,000.00). Such rental shall be payable in equal monthly quarterly installments of Fifty Thousand Dollars ($17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off 50,000.00) on the first day of each and every month calendar quarter during the Term term hereof. For the period from the Closing Date until the beginning of the first full calendar quarter, the prorated portion of the prior calendar quarter shall be payable to Landlord on the Closing Date.
(1) All payments of rent hereunder shall be made to Landlord as the same become due in lawful money of the United States. Nothing contained in this lease shall be construed to be or create a partnership or joint venture between Landlord and Tenant.
(2) Receipt and acceptance by Landlord of any rentals, additional rentals and charges with knowledge of the breach of any covenant or condition of this lease by Tenant shall not be deemed a waiver of such breach.
(c) In addition to the payments required herein as Base Rent to the Landlord, the Tenant shall also pay the following:
(1) All occupational licenses, other licenses, franchise taxes and business taxes arising from or necessary in the operation of the business to be carried on in the Demised Premises.
(2) All utility services provided to the Demised Premises and used by Tenant, including, but not limited to, water, gas, electric, and telephone, as they from time to time shall accrue and be due and payable during the term of this lease.
(3) Tenant shall pay to the appropriate governmental agencies all real estate and other ad valorem taxes (including without limitation, special assessments) with respect to the Demised Premises and the improvements thereon during the term of this lease or any extension thereof and upon request shall furnish Landlord a copy of the receipted tax xxxx. These taxes include, but are not limited to, any real estate tax, real estate rental receipt or renewal thereof. Fixed Rent for any partial month shall be prorated. In the event any Fixed Rent, additional rent gross receipt tax or any other payments are not paid within ten (10) days tax imposed by Federal, state or local taxing or assessing authorities as a substitution for or in addition to the current method of property taxation. It is further understood and agreed that all real estate and ad valorem taxes assessed during the first and last years of the due date term of this lease shall be prorated and that Tenant shall only be liable for such portions of such taxes assessed for said first and last years as its months of occupancy during any of said years shall bear to the total of twelve (12) months. Tenant shall have the right in its name or in Landlord's name, whichever shall be appropriate, but at its own cost and expense, to file and prosecute applications for reduction of assessed valuation and to institute legal proceedings for the reduction thereof. Notwithstanding such contest, Tenant shall be charged pay all taxes before the Demised Premises, or any portion thereof, may become subject to a late fee sale by governmental authority by reason of 1.5% the non-payment thereof. Upon the final determination of any such late payment for each late payment for each month contest by a court or portion thereof that said payment remains outstanding. Said late fee governmental department or authority having final jurisdiction in the matter, Tenant shall pay the same, together with such fines, interest, penalties, cost and charges as may, in accordance with such determination, be payable in addition connection therewith. In no event shall Tenant be liable for payment of any income, estate or inheritance taxes imposed upon the Landlord or the estate of the Landlord with respect to the Demised Premises. Landlord agrees to promptly deliver copies of all tax notices and not in exclusion tax bills to the Tenant so that Tenant may timely contest any proposed tax increase and promptly pay the tax due so as to take advantage of additional remedies herein provided any discounts allowed for timely payment.
(4) It is the intention of the parties that this lease is a "triple-net" lease for all purposes and that Tenant shall bear all expenses associated with the Demised Premises and the lease shall be construed consistent with such intention.
(d) All rental due hereunder shall continue to Landlordbe payable to the date of closing under the Purchase Option Agreement.
Appears in 1 contract
Rent. The fixed rent On the date that Tenant executes this Lease, Tenant shall deliver to Landlord the original executed Lease, the Advance Rent (hereinafter “Fixed which shall be applied against the Rent payable for the first month(s) Tenant is required to pay Rent”) payable ), and the Security Deposit. On or prior to the Commencement Date or any early occupancy pursuant to the terms of the Lease, Tenant shall deliver to Landlord all insurance certificates evidencing the insurance required to be obtained by Tenant under Section 12 of this Lease. Tenant agrees to pay Landlord the Base Rent, without prior notice or demand, abatement, offset; deduction or claim, in advance at Landlord’s Address on the Commencement Date (except to the extent covered by the Advance Rent) and thereafter on the first (1st) day of each month throughout the balance of the Term of the Lease. In addition to the Base Rent, Tenant during shall pay Landlord, as Additional Rent, Tenant’s Share of Operating Expenses, Tax Expenses, Common Area Utility Costs, and Utility Expenses. The term “Rent” whenever used herein refers to the original aggregate of all these amounts. The Rent for any fractional part of a calendar month at the commencement or expiration or termination of the Lease Term shall be a prorated amount of the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 Rent for a full calendar month based upon a thirty ($211,835.5230) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96day month. Tenant’s obligations to pay Fixed The prorated Rent shall begin be paid on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior Date (except to the Term Commencement Date. If no default occurs, extent covered by the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, Advance Rent) and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day of each and every the calendar month during in which the Term and any extension date of expiration or renewal thereof. Fixed Rent for any partial month shall be prorated. In the event any Fixed Rent, additional rent or any other payments are not paid within ten (10) days of the due date thereof, Tenant shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition to and not in exclusion of additional remedies herein provided to Landlordtermination occurs.
Appears in 1 contract
Rent. The fixed rent (hereinafter “Fixed Rent”) payable by On the date that Tenant during executes this Lease, Tenant shall deliver to Landlord the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occursexecuted Lease, the payment Base Rent (which shall be applied to against the Rent payable for the first monthly installment due hereundermonth Tenant is required to pay Base Rent) and the Security Deposit. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day of each and every month during the Term and any extension or renewal thereof. Fixed Rent for any partial month shall be prorated. In the event any Fixed Rent, additional rent or any other payments are not paid within At least ten (10) days of prior to the due date thereofCommencement Date, Tenant shall deliver to Landlord all insurance certificates evidencing the insurance required to be charged a late fee obtained by Tenant under Section 12 of 1.5% this Lease. Tenant agrees to pay Landlord, without prior notice or demand, or abatement, offset, deduction or claim, the Base Rent specified in the Basic Lease Information, payable in advance at Landlord’s address specified in the Basic Lease Information on the Rent Commencement Date and thereafter on the first (1st) day of such late payment for each late payment for each month throughout the balance of the Term of the Lease. In addition to the Base Rent set forth in the Basic Lease Information, Tenant shall pay Landlord in advance on the Commencement Date and thereafter on the first (1st) day of each month throughout the balance of the Term of this Lease, as Additional Rent, Tenant’s Share of Operating Expenses, Tax Expenses, Common Area Utility Costs, and Utility Expenses. The term “Rent” whenever used herein refers to the aggregate of all these amounts. If Landlord permits Tenant to occupy the Premises without requiring Tenant to pay rental payments for a period of time, the waiver of the requirement to pay rental payments shall only apply to waiver of the Base Rent and Tenant shall otherwise perform all other obligations of Tenant required hereunder. The Rent for any fractional part of a calendar month at the commencement or portion thereof that said payment remains outstanding. Said late fee termination of the Lease term shall be payable a prorated amount of the Rent for a full calendar month based upon a thirty (30) day month. The prorated Rent shall be paid on the Commencement Date and the first day of the calendar month in addition to and not in exclusion which the date of additional remedies herein provided to Landlordtermination occurs, as the case may be.
Appears in 1 contract
Samples: Lease Agreement (Synplicity Inc)
Rent. The fixed rent 4.01 Tenant shall pay Landlord, without any setoff or deduction, unless expressly set forth in this Lease, all Base Rent and Additional Rent due for the Term (hereinafter collectively referred to as “Fixed Rent”). “Additional Rent” means all sums (exclusive of Base Rent) payable by the that Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations is required to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease. Commencing on the respective Rent Commencement Date, Base Rent and without any abatement, deduction or setoff, all sums, impositions, costs, expenses recurring monthly charges of Additional Rent shall be due and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due payable in advance without demand, deduction or set-off on the first day of each calendar month without notice or demand. All other items of Rent shall be due and every month during payable by Tenant on or before 30 days after billing by Landlord. Rent shall be made payable to the Term entity, and sent to the address, Landlord designates and shall be made by good and sufficient check or by other means acceptable to Landlord. If Tenant does not pay any extension Rent when due hereunder, Tenant shall pay Landlord an administration fee in the amount of $250.00, provided that Tenant shall be entitled to a grace period of up to 5 days for the first 2 late payments of Rent in a calendar year. In addition, past due Rent shall accrue interest at 12% per annum if not paid within five (5) days of the due date, and Tenant shall pay Landlord a reasonable fee for any checks returned by Tenant’s bank for any reason. Landlord’s acceptance of less than the correct amount of Rent shall be considered a payment on account of the oldest obligation due from Tenant hereunder, then to any current Rent then due hereunder, notwithstanding any statement to the contrary contained on or renewal thereofaccompanying any such payment from Tenant. Fixed Rent for any partial month during the Term shall be prorated. In the event any Fixed Rent, additional rent No endorsement or any other payments are not paid within ten (10) days of the due date thereof, Tenant statement on a check or letter accompanying payment shall be charged a late fee considered an accord and satisfaction. Tenant’s covenant to pay Rent is independent of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable every other covenant in addition to and not in exclusion of additional remedies herein provided to Landlordthis Lease.
Appears in 1 contract
Rent. The fixed 5.1. Monthly rent (hereinafter “Fixed Rent”) payable by that the Tenant shall pay to the Landlord during the original first Term of Lease within its meaning hereinabove shall be the annual monthly rent as specified hereinabove. Statutory VAT shall be added to the said rent.
5.2. In addition to the Rent, the Tenant shall make additional payment for the parking spaces, within their meaning hereinabove. The additional Parking Payment shall be paid together with the monthly rent and all terms set forth with regard to the monthly rent shall also apply to the additional Parking Payment.
5.3. At the time of signing this Agreement the Tenant shall furnish to the Landlord postdated checks for the entire Term of Lease in a manner that 7 days before commencement of each term of payment, within its meaning hereinabove, a check shall be repaid for each term of payment. The first check shall be a cash check as of the date of signing this Agreement. Two Hundred Eleven Thousand Eight Hundred Thirty Five months prior to commencement of each Option Term, and 52/100 ($211,835.52) Dollars ($14.04 per square foot to the extent that no notice was delivered regarding termination of rentable floor area) payable lease, the Tenant shall furnish to the Landlord new checks in equal monthly installments respect of $17,652.96the additional term, in accordance with the provisions set forth hereinabove, otherwise its right to exercise the option shall expire.
5.4. Tenant’s obligations to pay Fixed Rent shall begin on be paid in new Israeli shekels and shall be linked to the index in a manner that upon expiration of the Term Commencement Date. of Lease and upon expiration of each Option Term the Tenant shall deposit pay to the first month’s rent with Landlord upon execution hereofthe difference between linkage of each payment to the Basic Index and the Known Index, to be held as advance rental and security to be forfeited, without limitation or other remedieswithin their meaning hereinabove. In any event of delay in payment, for any default by reason that is contingent on the Tenant, the Tenant occurring shall make payment according to the index known on the payment date applicable in accordance with this Agreement, or on the date of payment – upon the higher.
5.5. In the event the Tenant vacated the Leased Premises for any reason prior to expiration of the first Term Commencement Date. If no default occursof Lease, or in the middle of an Option Term, the payment Tenant shall be applied obligated to pay rent for the entire Term of Lease and/or Option Term.
5.6. Without derogating from for any relief and/or remedy that Landlord may seek in accordance with the provisions set forth in this Agreement and/or in accordance with the provisions set forth in any law then any default in payment of any amount shall incur 1.5% interest per month.
5.7. A one-time default in payment for a period of up to 7 days shall not grant interest to the first monthly installment due hereunderLandlord as said. Tenant Default in payment for a period that is longer than 7 days shall also pay entitle the Landlord with interest in arrears as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day of each default and every month during until payment is made.
5.8. A default in payment for a period of 14 days shall constitute a fundamental breach of this Agreement, and in such circumstances the Term and Landlord shall not be obligated to deliver to the Tenant any extension additional notice prior to termination of the Agreement.
5.9. The said in this sub-clause shall not derogate or renewal thereofaffect the provisions set forth in clause 16 hereunder. Fixed Rent for any partial month Interest shall be prorateddeemed as rent.
5.10. In To dispel any doubt, furnishing the event any Fixed Rent, additional rent or any other payments are checks shall not be deemed as payment however only 3 days after their cashing on the dates designated for that purpose. Rent shall be paid within ten (10) days in the address of the due date thereof, Tenant Landlord or shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable deposited in addition to and not the Landlord’s bank account in exclusion of additional remedies herein provided to accordance with the instructions set forth by the Landlord.
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Rent. (a) The fixed Tenant shall pay all rent (hereinafter “Fixed Rent”) payable and other charges to be paid by the Tenant hereunder to the Authority at the office of the Authority in Richmond, Virginia, or to such other individual, firm or corporation and at such other place as may be designated by the Authority.
(b) The Tenant shall pay a monthly rent (the “Monthly Rent") without notice, demand or setoff during the original Term shall be the term hereof based upon an initial total annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 $17,972.75. No reduction or increase in rent shall be available for non-material discrepancies in actual square footage. During the first Lease Year the Monthly Rent shall be $1,497.73 per month. Thereafter, the Monthly rent shall be increased annually as of the date the first payment of each Lease Year is due beginning with the second Lease Year by an amount equal to 3% of the last Monthly Rent payable during the preceding Lease year.
($211,835.52c) Dollars ($14.04 per square foot of rentable floor area) The Monthly Rent is to be payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day of each and every calendar month during the Term term hereof without notice or demand and any extension or renewal thereofwithout setoff and it is to be received at the Authority’s offices within five (5) days after the first day of each rental month. Fixed If the Monthly Rent is not received in the Authority’s office within five (5) days after the first day of each rental month, there shall be imposed upon the Tenant a late charge equal to 5% of the monthly rental amount and the total outstanding balance will be assessed an interest rate equivalent to 12% per annum. If the Commencement Date is not the first day of a calendar month, the Tenant shall pay on the first day of the first calendar month following the Commencement Date a proportionate amount of the monthly Rent for any partial month shall be prorated. In the event any Fixed Rent, additional rent or any other payments are not paid within ten period of time from the Commencement Date to the date on which such first monthly payment is due.
(10d) days of the due date thereof, Tenant shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable 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 deemed to be additional rent (the "Additional Rent"). Such amounts or charges, if not paid at the time provided in this Lease, shall be collectible as Additional Rent with the next installment of the rent due and not in exclusion payable hereunder, provided, however, that nothing herein contained shall be deemed to suspend or delay the time for any payment to be made by the Tenant hereunder or to limit any other remedy of additional remedies herein provided to Landlordthe Authority.
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Rent. The fixed rent (hereinafter “Fixed Rent”) payable by the 4.1. Master Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations covenants to pay Fixed Rent shall begin on to Landlord, in lawful money of the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeitedUnited States of America, without limitation notice or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, demand and without any abatementset-off, deduction or setoffabatement whatsoever (except as otherwise set forth herein), all sumsthe Rent as follows:
4.1.1. Master Tenant shall pay the annual amount as set forth and identified as “Base Rent” on Exhibit A hereto (“Base Rent”), impositions, costs, expenses and other payments which Tenant payable in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off arrears on the first last day of each and every calendar month during the Term and of this Agreement, or, if earlier, no later than such other day as may be required by the holder of a Permitted Mortgage under its applicable Loan Documents. Notwithstanding the foregoing, as an administrative convenience to Landlord, Landlord hereby irrevocably directs Master Tenant to pay such Base Rent directly to the holder of any extension Permitted Mortgage, or renewal thereofotherwise in accordance with any Permitted Mortgage, on or before the due date thereunder. Fixed Landlord will, for purposes of this Section, keep Master Tenant informed of any changes to such obligations; and
4.2. [Intentionally omitted].
4.3. Any Rent for any partial month not paid when due shall be proratedbear interest from the due date at the Default Rate until paid in full.
4.4. [Intentionally omitted].
4.5. In the event that the Projected Uncontrollable Costs for any Fixed Rentcalendar year (or stub period thereof, in the event that a lease year begins after January 1 of a calendar year or ends before December 31 of a calendar year) exceed the actual Uncontrollable Costs for such calendar year or stub period thereof, Master Tenant shall pay to Landlord, as additional rent or any other payments are not paid Rent hereunder, the amount of such excess, within ten ninety (1090) days following the end of the due date applicable calendar year (or stub period thereof). If, however, the actual Uncontrollable Costs for any calendar year (or stub period thereof) exceed the Projected Uncontrollable Costs for such calendar year (or stub period thereof) (such amount the “Excess Uncontrollable Costs”), then Master Tenant shall be charged a late fee of 1.5% responsible for payment of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee Excess Uncontrollable Costs, but shall be entitled to reimbursement of such Excess Uncontrollable Costs by offsetting such amount against Rent payable to the Trust pursuant to Section 4.1.2 beginning with the first lease month that begins on or after ninety (90) days following the end of such calendar year (or stub period thereof), and against such amounts payable to Landlord in addition later months, if and as needed, until the full amount of the Excess Uncontrollable Costs incurred for such calendar year (or stub period thereof) have been reimbursed to the Master Tenant. Notwithstanding the foregoing, so long as a Permitted Mortgage is outstanding, Master Tenant shall not xxxxx any Base Rent or Impositions.
4.6. To the extent that monthly escrows are required by a holder of a Permitted Mortgage, Master Tenant shall deposit monthly with Landlord (or Landlord’s designee), simultaneously with its payment of Base Rent, one-twelfth (1/12) of the Impositions and not premiums for insurance required under Section 8 hereof, which amounts may be adjusted from time to time depending on such Impositions and insurance premiums from time to time, in exclusion of additional remedies herein provided amounts sufficient to Landlordpay the same when due.
Appears in 1 contract
Samples: Master Lease Agreement (Jones Lang LaSalle Income Property Trust, Inc.)
Rent. The fixed rent (hereinafter “Fixed Rent”A) payable by Rent for the Tenant during the original Term Premises shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable paid in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin $ per month payable in advance, on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on before the first day of each and every calendar month during the Term and any extension of the Lease at the location set forth below, without notice or renewal thereof. Fixed demand (“Rent”).
(B) Tenant shall also pay additional rent of $ _ per month to Landlord for
(C) Unless Landlord notifies Tenant of a change in address, all payments must be mailed or delivered to Landlord at the following address: .
(D) Rent for any partial month during the Term will be prorated accordingly, on a per diem basis. The first (1st) monthly installment of Rent shall be proratedpaid to Landlord contemporaneously with the execution of this Lease.
(E) Rent (including any Additional Rent) is due on the first (1st) day of each calendar month. In Any payments paid after the event day of any Fixed Rent, additional rent or any other calendar month shall be deemed late. Any late payments are not paid within ten (10) days of the due date thereof, Tenant shall be charged a $ late fee for the first day rent is late. An additional fee of 1.5% of such late payment $ per day shall be assessed for each additional day Rent is late, until Rent is paid in full. Additionally, any Rent (including any Additional Rent) due to Landlord that is not paid when due shall bear interest, from the date due, at a rate of eighteen percent (18%) per annum. All late fees and interest shall be deemed Additional Rent payable by Tenant.
(F) Payments shall be deemed received when actually delivered to, and received by, Landlord at the payment for each month or portion thereof that said payment remains outstandinglocation. Said Dishonored checks and any checks received late in the mail will be treated as late payments. A fee of $ shall be applied by Landlord to any dishonored check, which fee shall be payable deemed Additional Rent. Any additional bank and handling charges that are assessed in addition the event of a dishonored check shall also be deemed Additional Rent. Landlord may require Tenant to replace any dishonored check with a money order, cashier’s check, or bank check. Landlord may further require that all subsequent payments after a dishonored check be paid with a money order, cashier’s check, or bank check.
(G) Acceptable forms of payment of Rent (including Additional Rent) are personal check, cashier’s check, bank check, money order, and not in exclusion the following online/ACH payment methods . No other forms of additional remedies herein provided to payment will be accepted by Landlord.
Appears in 1 contract
Samples: Residential Lease Agreement
Rent. The fixed rent (hereinafter “Fixed Section 4.01 Tenant shall pay to Landlord in lawful United States currency the Annual Base Rent”) payable by the Tenant during the original Term . All Annual Base Rent shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable payable, in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin installments, in advance, beginning on the Term Rent Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off continuing on the first day of each and every calendar month thereafter during the Term and any extension or renewal thereofTerm. Fixed Should the Rent Commencement Date fall on a day other than the first day of the month, then Tenant shall pay Rent for the fractional month commencing on the Rent Commencement Date and ending on the last day of the month in which the Rent Commencement Date occurs on a per diem basis (calculated on the basis of a thirty-day month), payable upon occupancy of the Premises by Tenant. The Rent payment due under this Lease for any partial fractional month shall be proratedcalculated and paid on a per diem basis. In the event any Fixed All Rent, additional rent or any including, without limitation, Additional Rent, and other payments to Landlord under this Lease shall be paid to Landlord, without demand, setoff, or deduction whatsoever, except as specifically provided in this Lease, at Landlord’s Notice Address or at such other place as Landlord shall designate in writing to Tenant. Except to the extent otherwise provided herein, Tenant’s obligations to pay Rent and other amounts due under this Lease are not paid within ten (10) days covenants independent of the due date thereofLandlord’s obligations under this Lease.
Section 4.02 All monetary obligations of Tenant to Landlord under this Lease, Tenant of any type or nature, other than Annual Base Rent, shall be charged a late fee denominated as “Additional Rent”. Landlord shall have the same rights and remedies with respect to defaults in the payment of 1.5% Additional Rent as set forth in this Lease with respect to payment of such late payment for each late payment for each month or portion thereof that said payment remains outstandingAnnual Base Rent. Said late fee The term “Rent” when used in this Lease shall be payable in addition deemed to include Annual Base Rent and not in exclusion ail forms of additional remedies herein provided to LandlordAdditional Rent.
Appears in 1 contract
Samples: Lease (Cara Therapeutics, Inc.)
Rent. The fixed Tenant shall pay rent consisting of (hereinafter “Fixed i) Base Rent”, and (ii) all other sums that become payable by the Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, whether to Landlord directly, or to a third party for the benefit of Landlord and the Premises (“Additional Rent”). Base Rent and Additional Rent are referred to herein as “Rent.” All Rent shall be paid in advance on the first day of each month unless otherwise provided herein. Notwithstanding any other provision hereof, Tenant shall pay to Landlord, with all Rent, any rent, transaction, privilege or other tax now or hereafter imposed on any Rent due or paid under this Lease. All Rent shall be paid in lawful money of the United States to Landlord, at such place as Landlord shall designate by written notice to Tenant from time to time. Tenant shall pay all Rent promptly when due without notice or demand therefor and without any abatement, deduction or setoffoff set, all sumsfor any reason whatsoever, impositions, costs, expenses and other payments which Tenant except as may be expressly provided in any of this Lease. If the provisions of this Lease assume or agrees Tenant’s obligation to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed pay Base Rent payments are due in advance without demand, deduction or set-off does not commence on the first day of each and every a calendar month, or does not expire on the last day of the calendar month, the Base Rent payable by Tenant on the first fractional month, or the last fractional month, as the case may be, shall be prorated for said month. Base Rent for the first full calendar month during of the Term for which Base Rent is payable shall be paid upon execution of this Lease, and any extension or renewal thereof. Fixed Base Rent for any partial month at the beginning of the Term shall be prorateddue on the Commencement Date. In Tenant acknowledges that Tenant’s late payment of Rent due Landlord will cause Landlord to incur costs not contemplated by this Lease, the event exact amount of such cost being extremely difficult and impractical to ascertain. Therefore, if Landlord does not receive any Fixed Rent, additional rent or any other payments are not paid Rent due from Tenant within ten five (105) days of the due date thereofwhen due, Tenant shall pay to Landlord an additional sum equal to five percent (5%) of the overdue amount, which late charge shall be charged a due and payable on demand. The payment of late fee charges and the payment of 1.5% interest are distinct and separate from one another in that the payment of interest is to compensate Landlord for the use of Landlord’s money by Tenant, while the payment of late charges is to compensate Landlord for the additional administrative expenses incurred by Landlord in handling and processing delinquent payments. By their execution of this Lease, Landlord and Tenant confirm that such late payment for each charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of any such late payment for each month or portion thereof payment, that said payment remains outstanding. Said the late fee shall be payable charge is in addition to any and all remedies available to Landlord and that the assessment and/or collection of the late charge shall not in exclusion be deemed a waiver by Landlord of additional remedies herein provided such failure or of any other default under this Lease. Additionally, all such delinquent Rent, plus any late charge, shall bear interest at the rate of nine percent (9%) per annum, or, if lower, the maximum interest rate permitted by law (as applicable, the “Default Rate”), from the date due until paid. If any payment of Rent is returned for insufficient funds, Landlord may require Tenant to Landlordpay all future payments by cashier’s check.
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Rent. The fixed (a) Commencing on the Sublease Commencement Date, and during the remainder of the Sublease Term, Subtenant shall pay monthly base rent (hereinafter “Fixed Base Rent”) payable by to Sublandlord in the Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 amounts set out hereinbelow: Years 1-3: $ per square foot of rentable floor area) month Year 4: $ per month Year 5: $ per month Base Rent is payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin advance on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on before the first day of each and every month during the Term Sublease Term. If Sublandlord is in default of the Prime Lease beyond the expiration of any applicable cure period as a result of Sublandlord’s failure to pay rent due to Prime Landlord under the Lease (and provided such default is not the result of Subtenant’s failure to perform any extension of its obligations under this Sublease or renewal thereofPrime Lease), Subtenant shall have the right, until such time as Sublandlord’s default under the Prime Lease is cured, and so long as Subtenant is not in default of its own obligations under this Sublease beyond the expiration of any applicable cure period, to pay Base Rent due to Sublandlord hereunder directly to Prime Landlord (with such payment to Prime Landlord constituting payment to Sublandlord hereunder).
(b) As used in this Sublease, the term “Additional Rent” means all charges, fees or other sums of money of any kind other than Base Rent which Subtenant is or becomes obligated to pay to Sublandlord under the terms of this Sublease or in connection with the Subleased Premises. Fixed Unless otherwise expressly provided herein, Additional Rent for any partial month shall be prorateddue and payable within thirty (30) days from the date Sublandlord notifies Subtenant in writing of the amount of such Additional Rent. In As used in this Sublease, the event any Fixed term “Rent” includes Base Rent and Additional Rent, additional rent or any other payments are not paid within ten (10) days of the due date thereof, Tenant and all Rent shall be charged a late fee paid to Sublandlord, without notice, demand or setoff, at its address for Notice in Section 17 of 1.5% of this Sublease, or such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition other address designated by Sublandlord from time to and not in exclusion of additional remedies herein provided to Landlordtime.
Appears in 1 contract
Samples: Sublease Agreement
Rent. The fixed rent (hereinafter a) Except as provided for in the “Fixed Rent”) payable Rent Abatement” section, Tenant shall pay to Landlord Adjusted Rental, which is the sum of the monthly Basic Rental, the monthly Excess Operating Expenses and the monthly Excess Taxes (as defined in the Basic Lease Information), as estimated by the Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable Landlord from time to time, in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin in advance on the Term Commencement Date. Tenant first day of each month in lawful money of the United States to Landlord at its address set forth above (or such other address as Landlord shall deposit the first month’s rent with Landlord upon execution hereof, designate in writing to be held as advance rental and security to be forfeited, Tenant) without limitation notice or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, demand and without any abatement, deduction or setoffset-off, all sums, impositions, costs, expenses and other payments which Tenant in any for each month of the provisions entire Term. One such monthly installment, shall be payable by Tenant to Landlord upon the execution of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord Lease. A like monthly installment shall have in addition to any other rights be due and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance payable without demand, deduction or set-off demand beginning on the first day of the calendar month immediately following the month in which the Commencement Date occurs and continuing thereafter on or before the first day of each and every succeeding calendar month during the Term and any extension or renewal thereofLease Term. Fixed Rent for any fractional month at the beginning of the Lease Term shall be prorated based on one-three hundred sixty-fifth (1/365) of the current annual Adjusted Rental for each day of the partial month this Lease is in effect, and shall be prorateddue 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 by $.50 per rental square foot. In The dates described in this Section for computing the event 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 Fixed Rentsum due under this Lease is not received by its due date, additional rent then Tenant, to the extent permitted by law, shall pay, in addition to the sum owed, a late payment charge equal to five percent (5%) of the sum (or portion thereof) which is overdue. If a check remitted to pay any other 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 are to be made hereunder to be made by certified check or money order. Also, if Landlord does not paid receive any Adjusted Rental within ten thirty (1030) days of after the due date thereof, or 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 same becomes due hereunder, then, in either such event, Tenant shall pay Landlord interest on such overdue amounts from the due date thereof until paid at an annual rate (the “Past Due Rate”) which equals the lesser of (i) eighteen percent (18%) or (ii) the highest rate then permitted by law. The “Past Due Rate” will be charged a applied after thirty (30) days on the unpaid sum but not the five percent (5%) late fee penalty fee. 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 1.5% of late or dishonored payments. Provision for such late payment charge, interest or fee for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee dishonor shall be payable in addition to all other rights and remedies available to Landlord hereunder or at law or in equity and shall not be construed as liquidated damages or limiting Landlord’s remedies in exclusion any manner.
(d) Tenant’s covenants and obligations to pay Adjusted Rental and all additional rental (collectively, the “Rent”) hereunder are unconditional and independent of additional remedies herein provided to Landlordany other covenant or condition imposed on either Landlord or Tenant, whether under this Lease, at law or in equity.
Appears in 1 contract
Rent. The fixed rent (hereinafter “Fixed Rent”) payable by the Tenant during the original Term In addition to all other sums required of Lessee herein to be paid, Lessee shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five pay, and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations hereby unconditionally promises to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance Lessor without demand, deduction or set-off off, and without any contingency or excuse whatever, all the sums provided for in this Section 4.1. The Lessor will invoice Lessee for each monthly rent at least five (5) business days prior to the due date of the monthly rent and each monthly payment of rent shall be transmitted by Lessee to Lessor at such time and in such manner as to be actually received by Lessor on or before the day on which such payment is due. Commencing on the Commencement Date and on the first day of each and every month thereafter occurring during the Primary Term and of this Lease Agreement, Lessee shall pay Lessor rental as set forth below (“Rent”); provided, however, so long as Lessee has not defaulted hereunder past any extension or renewal thereof. Fixed applicable notice and/or cure periods, the Rent for any partial month the period from the Commencement Date until the earlier of (a) the end of Lease Year 1 and (b) the date of full energization of Tenant’s operations in the Building Premises is installed (for the avoidance of doubt, the completion of the construction of certain electric facilities in the AEP Premises shall not be deemed as the full energization of Tenant's operations) (the “Initial Rent Reduction Period”) shall be proratedreduced by [***] (the “Initial Rent Reduction”). In If at any time Lessee defaults under this Lease past any applicable notice and/or cure period, the event any Fixed Rent, additional rent or any other payments are not paid within ten Initial Rent Reduction Period shall immediately terminate and Lessee shall be responsible for the entire Rent for Lease Year 1 (10) days without regard to the Initial Rent Reduction). Commencing on the first day of the due date thereofFirst Extended Term, Tenant and each anniversary thereof occurring during any Extended Term, Annual Rent for the Office Premises shall increase by [***]. The Rent for the Ground Premises shall be charged a late fee adjusted to reflect the actual acreage of 1.5% the Ground Premises following the removal of such late the AEP Premises. The funds represented by each Rent payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee made by Lessee to Lessor shall be payable in addition to and not in exclusion become the property of additional remedies herein provided to LandlordXxxxxx as and when paid.
Appears in 1 contract
Rent. The fixed rent (hereinafter “Fixed Rent”) payable by the Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit pay in advance to Landlord as rent for the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent Premises without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off any setoff whatsoever at the address of Landlord as set forth in Paragraph J of the Basic Lease Provisions or such other address as may be specified by Landlord, the following amounts:
A. Annual minimum rent (herein called' "Minimum Rent") in the total sum and in the manner set forth in Paragraph G of the Basic Lease provisions together with all applicable taxes as set forth in Article 11 herein, payable monthly on the first day of each and every month during the Term term hereof, with adjustments for fractional months. Said rent shall commence on the date set forth in Paragraph F of the Basic Lease Provisions.
B. The annual Minimum Rent shall be adjusted and any extension or renewal thereof. Fixed increased as of the first day of January of each lease year (hereinafter the "Adjustment Date") commencing January 1, 1995, by the amount equal to 4 percent of the Minimum Rent for any partial month shall be prorated. In the event any Fixed Rent, additional rent or any other payments are not paid within ten (10) days of the due date thereof, Tenant shall be charged a late fee of 1.5% of immediately preceding lease year and such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee adjusted Minimum Rent shall be payable in addition monthly, as provided herein, beginning with the Adjustment Date.
C. The term "lease year" as used herein shall be deemed to mean a period of twelve (12) consecutive months commencing with the 1st day of January and not in exclusion ending with the 31st day of additional remedies herein December of each year, both dates inclusive, provided to Landlordthat the first "lease year" shall begin with the date the term of this Lease commences and shall end on the succeeding December 3lst, and except that the last "lease year" shall end on the last day of the lease term.
Appears in 1 contract
Samples: Lease Agreement (Universal Technical Institute Inc)
Rent. The fixed rent (hereinafter “Fixed Rent”) payable by a. During each year of the Term, the Tenant during agrees to pay to the original Term Landlord, without demand or set off, in lawful money of the United States, at the address specified in this Lease, or at such other location as the Landlord may hereafter designate in writing, Base Rent for the Premises in the amount of One Dollar ($1.00) per annum.
b. The annual Base Rent shall be the annual rent paid in full in advance. The first payment of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Base Rent shall begin be due and payable on or before the Term Commencement Date. Each subsequent annual payment of Base Rent shall be due and payable in advance on each anniversary date of the Commencement Date.
c. The Base Rent (if any), the Additional Rent (as defined below), and all other sums payable under the Lease shall be paid without notice, demand, counterclaim, set off, deduction, or defense and without abatement, suspension, diminution, or reduction, and the obligations and liabilities of the Tenant under the Lease shall deposit the first month’s rent with Landlord upon execution hereofin no way be released, to be held discharged, or otherwise affected by reason of any occurrence whatsoever, except as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to otherwise expressly provided in this Lease.
d. During the Term Commencement Date. If no default occursof this Lease, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, ("Additional Rent") all sums, impositionsImpositions (as defined in the Section below), costs, expenses expenses, and other payments which that the Tenant in any of the provisions of this Lease assume or agrees is required to pay, andeither to the Landlord or to others, in case under the terms of this Lease. In the event of any nonpayment thereofnon-payment of Additional Rent, the Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the this Lease for the nonpayment non-payment of Fixed Base Rent. All Fixed The Base Rent payments are due and the Additional Rent shall sometimes be referred to together in advance without demand, deduction or set-off on this Lease as the first day of each and every month during the Term and any extension or renewal thereof. Fixed Rent for any partial month shall be prorated. In the event any Fixed “Rent, additional rent or any other payments are not paid within ten (10) days of the due date thereof, Tenant shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition to and not in exclusion of additional remedies herein provided to Landlord”.
Appears in 1 contract
Samples: Ground Lease
Rent. The fixed rent 3.01 Tenant shall pay to Landlord without notice or demand and without abatement, deduction or set-off, in lawful money of the United States of America (hereinafter “Fixed Rent”) payable or by check, subject to collection, drawn on a bank or trust company which is a member of the Tenant during New York Clearing House Association), at the original Term shall be office of the annual rent Landlord as specified on Page 1 hereof or at such other place as Landlord may designate in writing, the Base Rent reserved under this Lease for each year of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) the Term, payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day of each and every calendar month during the Term Term; and any extension or renewal thereofAdditional Rent consisting of all such other sums of money due hereunder including, without being limited to, its Percentage Share of Impositions, its Percentage Share of Costs of Operation, costs, expenses and other payments as shall become due from and payable by Tenant hereunder (for default in payment of which Landlord shall have the same remedies as for a default in payment of Base Rent) ("Additional Rent"). Fixed Rent for any partial month There shall be proratedno Base Rent or Additional Rent due hereunder for the first ninety days after the date hereof. In It is intended by the event any Fixed Rentparties hereto that the Base Rent and Additional Rent shall be absolutely net to Landlord so that this Lease shall be considered a so called "triple net" lease.
3.02 Tenant shall pay the Base Rent and Additional Rent herein reserved promptly as and when the same shall become due and payable under this Lease. If the Commencement Date shall occur on a day other than the first day of a calendar month the Base Rent and Additional Rent shall be prorated for the period from the Commencement Date to the last day of the said calendar month and shall be due and payable on the Commencement Date. If the Expiration Date shall occur on a day other than the last day of a calendar month, additional rent the Base Rent and Additional Rent shall be prorated for the period from the first day of said month to the Expiration Date.
3.03 Whenever used in this Lease, the term (insofar as it pertains to this Lease) "fixed rent", "minimum rent", "base rent" or "basic rent", or any other payments are not paid within ten such term using the word "rental", "rents", or "rentals" in lieu of "rent", shall mean Base Rent; and whenever used in this Lease, the term (10insofar as it pertains to this Lease) days "rent", "rental", "Rent", or the plural of the due date thereofany of them, Tenant shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition to mean Base Rent and not in exclusion of additional remedies herein provided to LandlordAdditional Rent.
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Rent. The fixed rent During the Initial Term of this Lease, Tenant shall pay to Landlord at the address herein provided, the Rent as set out in Section 1.01 (hereinafter “Fixed Rent”E) payable by the Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable above, in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin in advance, commencing on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or The Rent provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off hereunder shall adjust on the first day of each and every month Renewal Term (each a "Change Date") to reflect any change in the cost of living during the previous five (5) year Initial Term or Renewal Term just ended, as applicable, based upon the Consumer Price Index, All Urban Consumers, U.S. City Average, all Items, base period 1982-84 (hereinafter referred to as the "Index"), published by the Bureau of Labor Statistics of the United States Department of Labor. As to the first Renewal Term, the index number for the month of the Commencement Date shall be the "Base Index Number" and as to each subsequent Renewal Term(s) the index number for the first month of the Renewal Term just completed shall be the "Base Index Number", as the case may be. The index number on each Change Date shall be the "Current Index Number" for the Renewal Term which is commencing. The Base Index Number shall be subtracted from the Current Index Number, and the result obtained shall be converted to a percentage of the Base Index Number. The Rent payable during any extension Renewal Term of this Lease shall then be increased or renewal thereof. Fixed decreased by such percentage (the "Adjusted Rent"), as applicable, effective as of the first day of the applicable Renewal Period, and the Adjusted Rent for any partial month Renewal Term shall be proratedpayable in equal monthly installments, in the manner provided for under the terms of this Lease. Tenant shall continue payment of the rental rate in effect for the expiring period until notified in writing by Landlord of any change. Landlord shall provide to Tenant written notice of any rental adjustment, including a memorandum showing the calculations used by Landlord in determining the new monthly rental. On the first day of the calendar month immediately succeeding receipt of such notice, Tenant shall commence payment of the new monthly rental specified in the notice, and shall also pay to Landlord, with respect to the month(s) already expired, the difference, if any of the required monthly rentals specified in the notice over the monthly amounts actually paid by Tenant. If publication of the Index shall be discontinued, the most comparable index published by any branch or department of the United States Government shall be substituted, and such adjustments in the method of computation shall be made as may be necessary to carry out the intent of this cost-of-living provision. It is the intention of Landlord and Tenant that the monthly rental shall be adjusted either upward or downward on each Change Date in the event of an increase or decrease in the Index or an equivalent increase or decrease in the event of reevaluation or revision of the Index. In the event that the Adjusted Rent for any Fixed RentRenewal Term is less than the Rent payable for the preceding Renewal Term, additional rent or any other payments are not credit for excess Rent paid within ten (10) days of the due date thereof, by Tenant shall be charged a late fee applied as an offset against subsequent installments of 1.5% Rent to come due under the terms of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition to and not in exclusion of additional remedies herein provided to Landlordthis Lease.
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Rent. The fixed rent (hereinafter “Fixed Rent”) payable by the 3.1 Tenant covenants to pay to Landlord during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeitedLease Term, without limitation any setoff or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occursdeduction except as otherwise specifically provided in this Lease, the payment full amount of all Base Rent and Additional Rent due hereunder and the full amount of all such other sums of money as shall become due under this Lease, all of which hereinafter may be applied to collectively called “Rent.” Notwithstanding the foregoing, the first monthly installment due hereunderof Base Rent shall be paid to Landlord upon execution and delivery of this Lease by Tenant. In addition, Tenant shall also pay pay, as additional rent without noticeAdditional Rent, except as all rent, sales and use taxes or other similar taxes, if any, levied or imposed by any city, county, state or other governmental body having authority upon the Base Rent or Additional Rent hereunder, such payments to be in addition to all other payments required to be paid by Tenant to Landlord under this Lease, . Such payments shall be paid concurrently with payments of Taxes. Base Rent and without any abatement, deduction Additional Rent for each calendar year or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in portion thereof during the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are Term, shall be due and payable in advance without demand, deduction or set-off in monthly installments on the first day of each and every calendar month during the Lease Term, without demand. If the Lease Term commences on a day other than the first day of a month or terminates on a day other than the last day of a month, then the installments of Base Rent and any extension or renewal thereof. Fixed Additional Rent for any partial such month or months shall be prorated, based on the number of days in such month. In All amounts received by Landlord from Tenant hereunder shall be applied first to the event earliest accrued and unpaid Rent then outstanding. Tenant’s covenant to pay Rent shall be independent of every other covenant set forth in this Lease.
3.2 To the extent allowed by law, if Tenant fails to pay any Fixed Base Rent, additional rent Additional Rent, or other item of Rent when due and payable hereunder, such item (A) shall bear interest at the Default Rate from the date due until the date paid and (B) shall bear a “Late Charge” equal to five percent (5%) of the unpaid amount, both (A) and (B) of which shall be due and payable to Landlord immediately upon demand. Notwithstanding the foregoing, Landlord agrees to waive the foregoing interest assessment and Late Charge once per calendar year so long as Tenant cures such nonpayment within five (5) days following the date when such payment was due.
3.3 Additional Rent payable hereunder shall be adjusted from time to time in accordance with the provisions of Exhibit C (Provisions Regarding Additional Rent) attached hereto.
3.4 Tenant’s obligation so to pay Rent under this Lease shall be absolute, unconditional, and independent and shall not be discharged or otherwise affected by any law or regulation now or hereafter applicable to the Premises, or any other payments are restriction on Tenant’s use, or, except as otherwise specifically provided in this Lease, any casualty or taking, or any failure by Landlord to perform or other occurrence; and Tenant waives all rights now or hereafter existing to quit or surrender this Lease or the Premises or any part thereof, other than on account of a constructive eviction.
3.5 Provided that Tenant is not paid within ten then in an Event of Default (10as hereinafter defined) days under this Lease, then, during the first month of the due date thereofLease Term (the “Rent Abatement Period”), Tenant shall not be obligated to pay any Base Rent otherwise attributable to the Premises during such Rent Abatement Period (the “Rent Abatement”). Landlord and Tenant acknowledge and agree that the amount of the Rent Abatement equals $13,559.50. Tenant acknowledges and agrees that the foregoing Rent Abatement has been granted to Tenant as additional consideration for entering into this Lease, and for agreeing to pay the rental and performing the terms and conditions otherwise required under this Lease. If, prior to the expiration of the Rent Abatement Period, Tenant shall be charged a late fee in an Event of 1.5% Default under this Lease, beyond any applicable notice and cure period, or if this Lease is terminated for any reason other than Landlord’s breach of this Lease, fire or other casualty (pursuant to Section 18), or eminent domain (pursuant to Section 19), then the dollar amount of the unapplied portion of the Rent Abatement as of the date of such late payment for each late payment for each month default or portion thereof that said payment remains outstanding. Said late fee termination, as the case may be, shall be payable converted to a credit to be applied to the Base Rent applicable at the end of the Lease Term and Tenant shall immediately be obligated to begin paying Base Rent for the Premises in addition full. Notwithstanding anything to the contrary contained herein, at any time prior to or during the Rent Abatement Period, Landlord shall have the option to purchase, by check or wire transfer of available funds, all or any part of the remaining Rent Abatement by providing Tenant with written notice thereof (“Landlord’s Rent Abatement Purchase Notice”). Landlord’s Rent Abatement Purchase Notice shall set forth the total portion of the remaining Rent Abatement that Landlord elects to purchase (the “Purchase Amount”). The Purchase Amount shall be paid by Landlord to Tenant simultaneously with the giving of Landlord’s Rent Abatement Purchase Notice. Upon Landlord’s tender of the Purchase Amount, the Rent Abatement shall be reduced by the number of months of Rent Abatement so purchased by Landlord. Upon request by Landlord, Landlord and not in exclusion Tenant shall enter into an amendment to this Lease to reflect the Purchase Amount paid by Landlord and the corresponding reduction of additional remedies herein provided to Landlordthe Rent Abatement.
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Rent. Tenant shall pay to Landlord, as rent for the Initial Term and the Renewal Term(s), if any, without offset, demand, setoff or counterclaim, at the address from time to time provided by Landlord, the Annual Rent for the applicable Lease Year in Monthly Installments plus sales tax as follows:
(a) The fixed rent first Monthly Installment (hereinafter “Fixed Rent”or a pro-rated portion thereof if the Commencement Date is not the first day of the month) payable by the Tenant during the original Term plus applicable sales tax shall be paid to Landlord simultaneously with Tenant's execution of this Lease. Thereafter, each Monthly Installment plus applicable sales tax shall be paid in advance on or before the annual first day of each month. Tenant may or may not be invoiced for rent and the failure to receive an invoice shall not excuse timely rent payment.
(b) If Tenant defaults in the payment of Two Hundred Eleven Thousand Eight Hundred Thirty Five any installment of rent hereunder, such installment shall bear interest at the rate of eighteen percent (18%) per annum from ten (10) days after the day it is due until actually paid. In like manner, all other obligations, benefits, and 52/100 monies which may become due to Landlord from Tenant under the terms hereof, or which are paid by Landlord because of Tenant's default hereunder, shall bear interest at the rate of eighteen percent ($211,835.5218%) Dollars per annum, from ten ($14.04 per square foot 10) days after the due date until paid, or, in the case of rentable floor areasums paid by Landlord, because of Tenant's default hereunder, from the date such payments are made by Landlord until the date Landlord is reimbursed by Tenant therefor. In addition, Tenant shall pay Landlord a ten percent (10%) payable late charge on all rent payments not made and received in equal monthly installments advance of the fifth (5th) day of each month. Should Tenant remit a partial payment for any rent or other charges due hereunder, Landlord may apply said partial payment to any rent or other charges owed by Tenant to Landlord as Landlord deems necessary or appropriate in its sole discretion.
(c) Tenant shall pay any increases in the applicable sales tax during this Lease period or any renewal thereof.
(d) The acceptance of partial payments of rent shall not, under any circumstances, constitute a waiver by Landlord of the right to collect the balance of rent due nor affect any notice or legal proceedings which may have been commenced pursuant to this Lease or Florida Statutes.
(e) Tenant agrees to pay a service charge of $17,652.9625.00 or five percent (5%) of the amount of the check, whichever is greater, for all dishonored or returned checks. Tenant’s obligations to pay Fixed Rent In the event Landlord _______ Page 2 Tenant _________ Tenant tenders a check which is returned or dishonored, all future rental payments shall begin on be made in the Term Commencement Dateform of a cashier's check or money order. Tenant All rents lost in the mail shall deposit the first month’s rent be treated as if unpaid until received by Landlord.
(f) All costs, expenses and obligations, together with Landlord upon execution hereofall taxes, interest and penalties thereon, required to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default paid by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in Landlord incurs because of Tenant's default under any of the provisions terms or conditions of this Lease assume Lease, including but not limited to, (i) attorney's fees and costs through appellate proceedings; (ii) all charges for labor, services and materials used in connection with any improvements or agrees repairs to paythe Premises undertaken by Tenant; and/or (iii) taxes and assessments now or hereafter taxed, andassessed, imposed or levied by law upon all fixtures and personal property of Tenant placed on, attached to or used in case of any nonpayment thereofconnection with the Premises, shall be deemed Additional Rent and Landlord shall have in addition to any other rights and remedies, all of the rights and remedies with respect to such Additional Rent as are provided by law or provided herein for in the Lease for the nonpayment of Fixed Rentthe base rental. All Fixed Any Additional Rent payments are due in advance without demandthat relates to any delayed performance, deduction nonperformance, or set-off any default by Tenant, shall be deemed payable on the first day of each and every the month during the Term and any extension next following such occurrence or renewal thereof. Fixed Rent for any partial month shall be prorated. In the event any Fixed Rentnonoccurrence, additional rent or any other payments are not paid within ten (10) days of the due date thereof, Tenant shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable unless otherwise stated in addition to and not in exclusion of additional remedies herein provided to Landlordthis Lease.
Appears in 1 contract
Rent. The fixed rent Tenant shall pay to Landlord as Base Rent for the Premises and, to the extent Tenant is subject to payment of sales tax on rentals of real property, all applicable Florida sales or use tax levied on Base Rent, commencing on the date that is six (hereinafter 6) full calendar months after the Term Commencement Date (the “Fixed RentRent Commencement Date”) payable by the Tenant during the original Term ). Base Rent shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable paid in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereofas set forth in Section 2.3, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior subject to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under rental adjustments provided in this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, andArticle 8, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day of each and every calendar month during the Term and any extension Term. If the Rent Commencement Date is on a day other than the first day of a calendar month, or renewal thereof. Fixed if the last day of the Term, whether by expiration or termination, is on a day other than the last day of a calendar month, then the Base Rent for any partial such fractional month shall be proratedprorated on the basis of the number of days in the month of occupancy, and shall continue to be due and payable on the Rent Commencement Date or the first day of the last month of the Term, as applicable. In addition to Base Rent, commencing January 1, 2022, Tenant shall pay to Landlord as additional rent (“Additional Rent”) at times thereafter (a) Tenant’s Pro Rata Share of the amount by which Operating Expenses, as defined below, exceeds the Operating Expenses for calendar year 2021 (the “Base Year”)(or with respect to real estate taxes, the year in which the Building and improvements on the property have been fully assessed)(“Operating Expense Increase”), and (b) any other amounts that Tenant assumes or agrees to pay under the provisions of this Lease that are owed to Landlord, including any and all other sums that may become due by reason of any default of Tenant or failure on Tenant’s part to comply with the agreements, terms, covenants and conditions of this Lease to be performed by Xxxxxx, after notice and the lapse of any applicable cure periods. In the event any Fixed the Building is less than 95% occupied during the Base Year, the Operating Expenses for such year shall be extrapolated upward to reflect a 95% occupancy level. In addition to Base Rent and Additional Rent, additional rent or commencing on the Rent Commencement Date and continuing through the initial Term of this Lease (but not any other payments are not paid within ten (10) days of the due date thereofOption Term(s)), Tenant shall pay to Landlord the monthly sum of $ (the “Capital Rent”). The Capital Rent is being paid to Landlord to compensate Landlord for the cost to construct and install specific upgrades to the Building and/or Premises made at the request of Tenant, and that the Landlord has determined to be charged in excess of improvements typically provided in a late fee Class A office building in the Tampa, Florida market, all as more fully detailed on Exhibit L, Upgrades, attached hereto and incorporated herein by reference. The amount of 1.5% Capital Rent allocated to each upgrade is listed on Exhibit L. To the extent certain upgrades are actually paid for from the TI Allowance, the upgrades are eliminated or reduced, or the cost for any upgrades are paid directly by the tenant, then the amount of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee the Capital Rent shall be payable in addition to adjusted downward by the allocable sum using the same formula set forth on Exhibit L. Base Rent, Additional Rent and not in exclusion of additional remedies herein provided Capital Rent shall together be denominated “Rent.” Rent shall be paid to Landlord, without abatement, deduction or offset, in lawful money of the United States of America to the address set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of the number of days in the month and shall be paid at the then-current rate for such fractional month. Tenant’s obligation to pay Rent shall not be discharged or otherwise affected by (a) any Applicable Laws now or hereafter applicable to the Premises, (b) any other restriction on Tenant’s use, (c) except as expressly provided herein, any casualty or taking, or (d) any other occurrence. Tenant’s obligation to pay Rent with respect to any period or obligations arising, existing or pertaining to the period prior to the date of the expiration or earlier termination of the Term or this Lease shall survive any such expiration or earlier termination; provided, however, that nothing in this sentence shall in any way affect Tenant’s obligations with respect to any other period.
Appears in 1 contract
Samples: Lease
Rent. The fixed rent (hereinafter a) Tenant shall pay to Owner an annual lease fee of EIGHTEEN THOUSAND and 00/100 DOLLARS ($18,000.00) (“Fixed Rent”) payable by the Tenant during the original Term shall be the annual rent in monthly payments of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ONE THOUSAND FIVE HUNDRED AND 00/100 DOLLARS ($211,835.521,500.00) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day of each and every month during month. If the Term and any extension obligations to pay Rent commences or renewal thereof. Fixed ends on a day other than the first day of the month, then the Rent for any partial month shall be proratedprorated for that month. In The Rent shall increase on each anniversary of the event any Fixed Rent, additional rent or any other payments are not paid Commencement Date by an amount equal to Two Percent (2.0%) over the Rent in existence for the immediately preceding year. The first Rent payment shall be delivered within ten twenty (1020) business days of the due date thereofCommencement Date.
(b) In addition to Rent, Tenant shall pay Owner a fee (each, a “Sublease Fee”) for each third-party user (a “Subtenant”) of the Premises, except as provided for below. The Sublease Fee shall be charged THREE HUNDRED FIFTY and NO/DOLLARS ($350.00) per month per Subtenant, payment with Rent. The Sublease Fee for each Subtenant shall commence with the next Rent payment following receipt of the first rent payment by the Subtenant to Tenant pursuant to the agreement (the “Sublease”) between said parties. The Sublease Fee for a late fee Subtenant shall terminate upon the termination or cancellation of 1.5% of such late the Sublease. Owner acknowledges and agrees that the Rent under Section 4(a), above, includes payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee the first Subtenant and therefore, no Sublease Fee shall be payable in addition due for the earliest existing Subtenant to use the Premises, as determined by the full execution date of the Subleases. Should the Sublease for such Subtenant expire or be terminated or cancelled, then no Sublease Fee shall be due for the next earliest existing Subtenant, and not in exclusion so forth, and Tenant may cease to pay the Sublease Fee for such Subtenant upon the expiration, cancellation or termination of additional remedies herein provided the prior Subtenant’s Sublease.
(c) Owner shall also be entitled to Landlorda one-time payment of TEN THOUSAND and NO/DOLLARS ($10,000.00) upon the Commencement Date, which Tenant shall pay with, or before, the first payment of Rent.
Appears in 1 contract
Samples: Land Lease Agreement
Rent. The fixed rent 4.1 Tenant hereby agrees to pay Landlord the Base Rent. For purposes of Rent adjustment under the Lease, the number of months is measured from the first day of the calendar month in which the Commencement Date falls. Each monthly installment (hereinafter “Fixed the "Monthly Rent”") shall be payable by the Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin check or by money order on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on before the first day of each calendar month. In addition to the Base Rent, Tenant also agrees to pay Tenant's Share of increases in Operating Expenses and every month during the Term Tenant's Tax Share of increases in Taxes (each as hereinafter defined), and any extension and all other sums of money as shall become due and payable by Tenant as set forth in this Lease, all of which shall constitute additional rent under this Lease (the "Additional Rent"). Landlord expressly reserves the right to apply any payment received to Base Rent or renewal thereofany other items of Rent that are not paid by Tenant. Fixed The Base Rent, the Monthly Rent for any partial month and the Additional Rent are sometimes hereinafter collectively called "Rent" and shall be prorated. paid when due in lawful money of the United States without demand, deduction, abatement, or offset to the addresses for the rental payment set forth in the Basic Lease Information, or as Landlord may designate from time to time.
4.2 In the event any Fixed Rent, additional rent Monthly or any Additional Rent or other payments are amount payable by Tenant hereunder is not paid within ten five (105) days of the after its due date thereofdate, Tenant shall be charged pay to Landlord a late fee charge (the "Late Charge"), as Additional Rent, in an amount of 1.5% five percent (5%) of the amount of such late payment for each late payment for each month or portion thereof that said payment remains outstandingpayment. Said late fee Failure to pay any Late Charge shall be payable deemed a Monetary Default (as hereinafter defined). Provision for the Late Charge shall be in addition to all other rights and remedies available to Landlord hereunder, at law or in equity, and shall not be construed as liquidated damages or limiting Landlord's remedies in exclusion any manner. Failure to charge or collect such Late Charge in connection with any one (1) or more such late payments shall not constitute a waiver of additional remedies herein provided Landlord's right to charge and collect such Late Charges in connection with any other similar or like late payments. Notwithstanding the foregoing provisions of this Section 4.2, the Late Charge shall not be imposed with respect to the first late payment in the twelve (12) months following the Commencement Date or with respect to the first late payment in any succeeding twelve (12) month period during the Term unless the applicable payment due from Tenant is not received by Landlord within five (5) days following written notice from Landlord that such payment was not received when due. Following the first such written notice from Landlord in the twelve (12) months following the Commencement Date and the first such written notice in any succeeding twelve (12) month period during the Term (but regardless of whether such payment has been received within such five (5) day period), the Late Charge will be imposed without notice for any subsequent payment due from Tenant during such applicable twelve (12) month period which is not received within five (5) days after its due date.
4.3 Simultaneously with the execution hereof, Tenant shall deliver to Landlord (i) the Rent Payable Upon Execution as payment of the first installment of Monthly Rent due hereunder and (ii) an amount equal to the Security Deposit Amount to be held by Landlord as security for Tenant's faithful performance of all of the terms, covenants, conditions, and obligations required to be performed by Tenant hereunder (the "Security Deposit"). The Security Deposit shall be held by Landlord as security for the performance by Tenant of all of the covenants of this Lease to be performed by Tenant and Tenant shall not be entitled to interest thereon. The Security Deposit is not an advance rent deposit, an advance payment of any other kind, or a measure of Landlord.'s damages in any case of Tenant's default. If Tenant fails to
Appears in 1 contract
Samples: Lease Agreement (Everbridge, Inc.)
Rent. The fixed rent (hereinafter “Fixed Rent”) payable by On the date that Tenant during executes this Lease, Tenant shall deliver to Landlord the original executed Lease, the Security Deposit, and all insurance certificates evidencing the insurance required to be obtained by Tenant under Section 12 and Exhibit B of this Lease. Tenant agrees to pay Landlord the Base Rent, without prior notice or demand, abatement, offset, deduction or claim, in advance at Landlord’s Address on the Commencement Date and thereafter on the first (1st) day of each month throughout the balance of the Term of the Lease. In addition to the Base Rent, Tenant shall pay Landlord in advance on the Commencement Date and thereafter on the first (1st) day of each month throughout the balance of the Term of this Lease, as Additional Rent, Tenant’s Share of Operating Expenses, Tax Expenses, Common Area Utility Costs, and Utility Expenses. The term “Rent” whenever used herein refers to the aggregate of all the amounts. If Landlord permits Tenant to occupy the Premises without requiring Tenant to pay rental payments for a period of time, the waiver of the requirement to pay rental payments shall only apply to the waiver of the Base Rent. The Rent for any fractional part of a calendar month at the commencement or expiration or termination of the Lease Term shall be a prorated amount of the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 Rent for a full calendar month based upon a thirty ($211,835.5230) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96day month. Tenant’s obligations to pay Fixed Any prorated Rent shall begin be paid on the Term Commencement Date. Tenant shall deposit , and any prorated Rent for the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment final calendar month hereof shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off paid on the first day of each and every the calendar month during in which the Term and any extension date of expiration or renewal thereof. Fixed Rent for any partial month shall be prorated. In the event any Fixed Rent, additional rent or any other payments are not paid within ten (10) days of the due date thereof, Tenant shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition to and not in exclusion of additional remedies herein provided to Landlordtermination occurs.
Appears in 1 contract
Rent. The fixed rent 4.1 Tenant hereby agrees to pay Landlord the Base Rent subject to recalculation as provided in Section 1.2. For purposes of Rent adjustment under the Lease, the number of months is measured from the first day of the calendar month in which the Commencement Date falls. Notwithstanding the foregoing, in consideration of Tenant entering into this lease, the monthly Base Rent and Tenant’s Share of Operating Expenses and Taxes shall be abated for the first three (hereinafter 3) months after the Commencement Date and Tenant shall have no obligation to make any payment of Base Rent, Taxes or other Operating Expenses during such three (3) month period. Landlord and Tenant agree for tax reporting purposes that none of the Base Rent or Tenant’s Share of Operating Expenses and Taxes due in periods in which Base Rent and Tenant’s Share of Operating Expenses and Taxes is not being abated shall be allocated to any other period. Each monthly installment (the “Fixed Monthly Rent”) shall be payable by the Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin check or by money order on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on before the first day of each calendar month. In addition to the Base Rent, Tenant also agrees to pay Tenant’s Share of Operating Expenses and every month during the Term Taxes (each as hereinafter defined), and any extension and all other sums of money as shall become due and payable by Tenant as hereinafter set forth, all of which shall constitute additional rent under this Lease (the “Additional Rent”). Landlord expressly reserves the right to apply any payment received to Base Rent or renewal thereofany other items of Rent that are not paid by Tenant. Fixed The Monthly Rent for any partial month and the Additional Rent are sometimes hereinafter collectively called “Rent” and shall be prorated. paid when due in lawful money of the United States without demand, deduction, abatement, or offset to the addresses for the rental payment set forth in the Basic Lease Information, or as Landlord may designate from time to time.
4.2 In the event any Fixed Monthly or Additional Rent or other amount payable by Tenant hereunder is not paid within five (5) days after its due date, Tenant shall pay to Landlord a late charge (the “Late Charge”), as Additional Rent, additional in an amount of five percent (5%) of the amount of such late payment. Failure to pay any Late Charge shall be deemed a Monetary Default (as hereinafter defined). Provision for the Late Charge shall be in addition to all other rights and remedies available to Landlord hereunder, at law or in equity, and shall not be construed as liquidated damages or limiting Landlord’s remedies in any manner. Failure to charge or collect such Late Charge in connection with any one (1) or more such late payments shall not constitute a waiver of Landlord’s right to charge and collect such Late Charges in connection with any other similar or like late payments. Notwithstanding the foregoing provisions of this Section 4.2, the 5% Late Charge shall not be imposed with respect to the first late payment in the twelve (12) months following the Commencement Date or with respect to the first late payment in any succeeding twelve (12) month period during the Term unless the applicable payment due from Tenant is not received by Landlord within five (5) days following written notice from Landlord that such payment was not received when due. Following the first such written notice from Landlord in the twelve (12) months following the Commencement Date and the first such written notice in any succeeding twelve (12) month period during the term (but regardless of whether such payment has been received within such five (5) day period), the Late Charge will be imposed without notice for any subsequent payment due from Tenant during such applicable twelve (12) month period which is not received within five (5) days after its due date.
4.3 Simultaneously with the execution hereof, Tenant shall deliver to Landlord (i) the Rent Payable on Execution as payment of the first installment due (which covers the fourth month of the Lease Term) of Monthly Rent and Tenant’s Share of Operating Expenses and Taxes due hereunder and (ii) an amount equal to the Security Deposit Amount to be held by Landlord as security for Tenant’s faithful performance of all of the terms, covenants, conditions, and obligations required to be performed by Tenant hereunder (the “Security Deposit”). The Security Deposit shall be held by Landlord as security for the performance by Tenant of all of the covenants of this Lease to be performed by Tenant and Tenant shall not be entitled to interest thereon. The Security Deposit is not an advance rent deposit, an advance payment of any other kind, or a measure of Landlord’s damages in any case of Tenant’s default. If Tenant fails to perform any of the covenants of this Lease to be performed by Tenant, including without limitation the provisions relating to payment of Rent, the removal of property at the end of the Term, the repair of damage to the Premises caused by Tenant, and the cleaning of the Premises upon termination of the tenancy created hereby, then Landlord shall have the right, but no obligation, to apply the Security Deposit, or so much thereof as may be necessary, for the payment of any Rent or any other payments are not paid within ten (10) days of the due date thereof, Tenant shall be charged a late fee of 1.5% of sum in default and/or to cure any other such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition to and not in exclusion of additional remedies herein provided to Landlordfailure by Tenant.
Appears in 1 contract
Samples: Lease Agreement (Imperva Inc)
Rent. The fixed rent 4.1 Tenant hereby agrees to pay Landlord the Base Rent subject to recalculation as provided in Section 1.2. For purposes of Rent adjustment under the Lease, the number of months is measured from the first day of the calendar month in which the Commencement Date falls. Each monthly installment (hereinafter the “Fixed Monthly Rent”) shall be payable by the Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin check or by money order on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on before the first day of each calendar month. In addition to the Base Rent, Tenant also agrees to pay Tenant’s Share of Operating Expenses and every month during the Term Taxes (each as hereinafter defined), and any extension and all other sums of money as shall become due and payable by Tenant as hereinafter set forth, all of which shall constitute additional rent under this Lease (the “Additional Rent”). Landlord expressly reserves the right to apply any payment received to Base Rent or renewal thereofany other items of Rent that are not paid by Tenant. Fixed The Monthly Rent for any partial month and the Additional Rent are sometimes hereinafter collectively called “Rent” and shall be proratedpaid when due in lawful money of the United States without demand, deduction, abatement, or offset to the addresses for the rental payment set forth in the Basic Lease Information, or as Landlord may designate from time to time. As an inducement to Tenant entering into this Lease, Base Rent shall be abated for the first sixty (60) days after the Commencement Date. Landlord and Tenant agree for tax reporting purposes that none of the Base Rent due in periods in which the Base Rent is not being abated shall be allocated to any other period.
4.2 In the event any Fixed Monthly or Additional Rent or other amount payable by Tenant hereunder is not paid within five (5) days after its due date, Tenant shall pay to Landlord a late charge (the “Late Charge”), as Additional Rent, additional rent in an amount of five percent (5%) of the amount of such late payment. Failure to pay any Late Charge shall be deemed a Monetary Default (as hereinafter defined). Provision for the Late Charge shall be in addition to all other rights and remedies available to Landlord hereunder, at law or in equity, and shall not be construed as liquidated damages or limiting Landlord’s remedies in any manner. Failure to charge or collect such Late Charge in connection with any one (1) or more such late payments shall not constitute a waiver of Landlord’s right to charge and collect such Late Charges in connection with any other similar or like late payments.
4.3 Simultaneously with the execution hereof, Tenant shall deliver to Landlord (i) the Rent Payable on Execution set forth in the Basic Lease Information as payment of the first installment of Monthly Rent due hereunder and (ii) an amount equal to the Security Deposit to be held by Landlord as security for Tenant’s faithful performance of all of the terms, covenants, conditions, and obligations required to be performed by Tenant hereunder (the “Security Deposit”). The Security Deposit shall be held by Landlord as security for the performance by Tenant of all of the covenants of this Lease to be performed by Tenant and Tenant shall not be entitled to interest thereon. The Security Deposit is not an advance Rent deposit, an advance payment of any other kind, or a measure of Landlord’s damages in any case of Tenant’s default. If Tenant fails to perform any of the covenants of this Lease to be performed by Tenant, including without limitation the provisions relating to payment of Rent, the removal of property at the end of the Term, the repair of damage to the Premises caused by Tenant, and the cleaning of the Premises upon termination of the tenancy created hereby, then Landlord shall have the right, but no obligation, to apply the Security Deposit, or so much thereof as may be necessary, for the payment of any Rent or any other payments sum in default and/or to cure any other such failure by Tenant. If Landlord applies the Security Deposit or any part thereof for payment of such amounts or to cure any such other failure by Tenant, then Tenant shall immediately pay to Landlord the sum necessary to restore the Security Deposit to the full amount then required by this Section 4.3. Landlord’s obligations with respect to the Security Deposit are those of a debtor and not paid within ten (10) days a trustee. Landlord shall not be required to maintain the Security Deposit separate and apart from Landlord’s general or other funds and Landlord may commingle the Security Deposit with any of Landlord’s general or other funds. Upon termination of the due date thereoforiginal Landlord’s or any successor owner’s interest in the Premises or the Building, Tenant the original Landlord or such successor owner shall be charged a late fee of 1.5% of released from further liability with respect to the Security Deposit upon the original Landlord’s or such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition to and not in exclusion of additional remedies herein provided to Landlordsuccessor owner’s complying with California Civil Code Section 1950.
Appears in 1 contract
Samples: Lease Agreement (Biotime Inc)
Rent. The fixed rent (hereinafter Rent due for the entire Lease Term is $ . Rent shall also include any other charges identified in this Lease as “Fixed Rent” or “Additional Rent”. Rent and Additional Rent is payable in one of the following payment options: If Rent is not paid in accordance with the terms set forth above, Landlord will commence with the removal of the Tenant. Rent is due on the specified dates in the amounts shown above. Any Rent received more than five (5) payable by days after the Tenant during due date shown above (the original Term 1st of every month for the monthly option) is subject to a Fifty Dollar ($50.00) late fee which shall be due as Additional Rent. In addition, beginning with the annual sixth day after the due date of a rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments payment, you will be charged an additional charge of $17,652.965.00 per day until payment is received in full. Tenant’s right of possession and all of Landlord’s obligations are expressly contingent on prompt payment of Rent and use of the Premises by Tenant is granted only on the condition that Rent is paid on time. If Tenant fails to pay Fixed Rent shall begin on or Additional Rent due under this Lease, Landlord will give Tenant a three (3) day notice to pay or vacate Premises (excluding weekends and holidays). Should Tenant fail to pay in full, Landlord will refer the Term Commencement Datematter to an attorney to proceed with eviction. Landlord will not accept partial payment of Rent or Additional Rent. Should Tenant elect to vacate the Apartment, Tenant continues to remain liable for all Rent and charges due through the balance of the Lease Term. Tenant is responsible to pay all court costs and attorney’s fees in an eviction suit, or for any other legal action commenced by Landlord for the enforcement of the terms and conditions of this Lease. Owed rent will be sent to Collections and a 30% Collections Fee will be assessed. Payments shall deposit the be applied first month’s rent with Landlord upon execution hereofto any unsatisfied charges, to be held as advance rental and security to be forfeitedlate fees, without limitation repairs, or other remediesfees owed by Tenant, for any default by Tenant occurring prior and then to the Term Commencement DateAdditional Rent that is owed, then to Rent. If no default occurs, the payment shall Rent payments will be applied to the first monthly installment due hereunderearliest date owing. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any This Lease does not automatically renew upon expiration of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day of each and every month during the Term and any extension or renewal thereof. Fixed Rent for any partial month shall be prorateddesignated. In order for Current Tenants to remain in their current room, they must contact the event Management office and submit a Lease renewal form. Apartments are filled on a first come basis. Current Tenants must reserve early or risk losing their current room assignment. Landlord may accept or deny any Fixed Rent, additional rent or any other payments are not paid within ten (10) days of the due date thereof, Tenant shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition to and not in exclusion of additional remedies herein provided to Landlordrenewal request at its sole discretion.
Appears in 1 contract
Samples: Lease Agreement
Rent. The fixed rent 4.1. As rental for the use and occupancy of the Leased Premises (hereinafter sometimes called “Fixed RentBase Rental”) payable by the Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental pay (and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or hereby agrees to pay) to Landlord, andat the Building office (or at such other address as designated by Landlord), in case of any nonpayment thereofadvance, Landlord shall have in addition to any other rights and remedieswithout demand, all of the rights and remedies provided by law deduction, set-off or abatement (except as expressly provided for in this Lease), the Lease for the nonpayment of Fixed Rentsums described in Article 4.1.1. All Fixed Rent payments are due in advance without demandbelow, deduction or set-off payable on the first day of each calendar month for each and every month during the Term of this Lease, in lawful money of the United States of America, the first such payment of Base Rental to be due and any extension payable for the month of September, 2005 on or renewal thereof. Fixed Rent for any partial month before September 1, 2005, in the amount of Twenty-seven Thousand Thirty-five and 17/100 ($27,035.17) which includes the Storage Rental, and subsequent installments of Base and Storage Rental shall be prorateddue and payable, in advance, on the first day of each month thereafter in accordance with the Base Rental Schedule for the remainder of the Term of this Lease. In If the event Commencement Date or the date of Substantial Completion of the Finish Out Work is not the first day of a calendar month, or the Lease terminates on a day other than the last day of a calendar month, Tenant will pay a pro rata part of such monthly amount as rental for the first or last partial month, as the case may be. Tenant shall also pay to Landlord all other sums of money as shall become due from and payable by Tenant to Landlord under the terms of this Lease (“Additional Rent”). Subject to notice and cure periods as expressly provided for in Article 19.1.1 of this Lease, Landlord shall have the same remedies for default for the payment of Additional Rent as are available to Landlord in the case of a default in the payment of Base Rental.
4.1.1. Base Rental Schedule will be as follows: 09/01/05 — Substantial Completion $14.00 per NRA/annum $25,693.50 Substantial Completion through Month 7 ABATED ABATED Months 08 — 18 $15.00 per NRA/annum* $48,807.50 per month Months 19 — 54 $15.00 per NRA/annum $55,057.50 per month Months 55 — 78 $15.50 per NRA/annum $56,892.75 per month Storage Rental (as hereinafter defined in the Addendum) 09/01/05 — Expiration Date $10.00 per NRA/annum $ 1,341.67 per month * The 39,046 square feet of NRA represents the entire Leased Premises of 44,046 NRA less 5,000 square feet of space to be known as the “Growth Space”.
4.2. Any payment of Base Rental received after the fifth (5th) business day of the month, or any Fixed payment of Additional Rent, additional rent or any other payments are not paid within sums due to Landlord hereunder received later than ten (10) days of after the due date, shall he considered a late payment, and such amounts shall bear interest from the due date thereof, Tenant shall be charged a late fee of 1.5% of until paid at the lesser of: (1) twelve percent (12%) per annum; or (2) two percent (2%) below the highest nonusurious interest rate permitted by applicable law. Any such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee interest shall be payable in addition as Additional Rent hereunder and shall be payable to and not in exclusion of additional remedies herein provided to LandlordLandlord immediately on demand.
Appears in 1 contract
Samples: Lease Agreement (Franklin Bank Corp)
Rent. The fixed rent (hereinafter “Fixed Rent”) payable by the 5.1 Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin agrees, commencing on the Term Commencement Date, to pay Landlord as Basic Annual Rent for the Demised Premises the sum set forth in Section 2.1.4 subject to the rental adjustments provided in Article 6 hereof. Tenant Basic Annual Rent shall deposit be paid in the first month’s rent with Landlord upon execution equal monthly installments set forth in Section 2.1.5, subject to the rental adjustments provided in Article 6 hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due each in advance without demand, deduction or set-off on the first day of each and every calendar month during the Term and any extension or renewal thereofTerm. Fixed Notwithstanding anything to the contrary set forth herein, Tenant shall have no obligation to pay Basic Annual Rent for any partial month periods prior to the Term Commencement Date.
5.2 In addition to Basic Annual Rent, Tenant agrees to pay to Landlord as additional rent ("Additional Rent") at times hereinafter specified in this Lease (i) Tenant's pro rata share which is set forth in Section 2.1.6 and 2.1.7 ("Tenant's Pro Rata Share") of Operating Expenses for the Building and the Project as provided in Article 7 and (ii) any other amounts that Tenant assumes or agrees to pay under the provisions of this Lease that are owed to Landlord, including, without limitation, any and all other sums that may become due by reason of any default of Tenant or failure on Tenant's part to comply with the agreements, terms, covenants and conditions of this Lease to be performed by Tenant, after notice and lapse of applicable cure period. The pro rata share of Tenant's portion of Building Operating Expenses which is set forth in Section 2.1.6 ("Tenant's Pro Rate Share of Building") and of Tenant's portion of Project Operating Expenses which is set forth in Section 2.1.7 ("Tenant's Pro Rata Share of Project") shall be prorateddetermined on or before the execution of this Lease when the actual Rentable Square Footage of the Building, the Demised Premises and the Project are established pursuant to Section 8 hereof, and Landlord and Tenant shall attach an acknowledgment of such actual Tenant's Pro Rate Share of Building and Tenant's Pro Rata Share of Project to this Lease as part of Exhibit "E", however, failure to execute and deliver such acknowledgment shall not affect Landlord's or Tenant's rights or liabilities hereunder.
5.3 Basic Annual Rent and Additional Rent shall together be denominated "Rent". Rent shall be paid to Landlord, without abatement, deduction, or offset, in lawful money of the United States of America, at the office of Landlord as set forth in Section 2.1.10 or to such other person or at such other place as Landlord may from time designate in writing. In the event any Fixed Rent, additional rent of Term commences or any ends on a day other payments are not paid within ten (10) than the first days of a calendar month, then the due date thereof, Tenant Rent for such fraction of a month shall be charged prorated for such period on the basis of a late fee of 1.5% of such late payment for each late payment for each thirty (30) day month or portion thereof that said payment remains outstanding. Said late fee and shall be payable in addition to and not in exclusion of additional remedies herein provided to Landlordpaid at the then current rate for such fractional month.
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Rent. The fixed rent (hereinafter “Fixed Rent”) payable by the Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. 3.1 Tenant shall deposit pay to Landlord the first month’s following amounts as rent with Landlord upon execution hereoffor the Premises:
(a) During the Lease Term, Tenant shall pay to be held Landlord, as advance rental monthly rent, the base rent specified in the Basic Lease Information (the "Base Rent"). Notwithstanding anything to the contrary contained herein and security to be forfeited, without limitation or other remedies, for any provided that no default by Tenant occurring occurs under the Lease beyond any applicable notice and cure period, Landlord hereby agrees that Tenant shall not be required to pay Base Rent with respect to the Premises for the first month of the Lease Term, provided that such amount of abated Base Rent shall not exceed $26,126.10. If a default by Tenant occurs under the terms of this Lease that results in termination of this Lease in accordance with the provisions of this Lease, then as a part of the recovery set forth in this Lease, Landlord shall be entitled to the immediate recovery, as of the day prior to such termination, of the Base Rent that was abated under the provisions of this section 3.1(a).
(b) 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 all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year (prorated for any portion of the Lease Term Commencement Date. If no default occursthat is less than a full calendar year).
(c) During each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant's Percentage Share of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year (prorated for any portion of the Lease Term that is less than a full calendar year).
(d) During each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, the payment actual cost incurred by Landlord with respect to all electricity, chilled water, air conditioning, gas, fuel, steam, heat, light, power and other utilities consumed within the Premises, as more particularly described herein (all such costs payable by Tenant pursuant to this section 3.1(d) shall be applied referred to as “Tenant’s Monthly Utility Charge”, and all such amounts shall constitute rent hereunder).
(i) All electricity directly serving the Premises (“Direct Electrical Costs”) shall be metered or submetered and Tenant shall pay, as monthly rental, the actual cost (without mark up by Landlord) of all such Direct Electrical Costs either to Landlord as a reimbursement, or, at Landlord’s election, as a payment directly to the first monthly installment due hereunderentity providing such electricity. Such payments to Landlord of Direct Electrical Costs shall be made within thirty (30) days of Landlord’s delivery of an invoice to Tenant therefor.
(ii) With respect to all utility costs for the Premises other than Direct Electrical Costs (collectively, “Other Utility Costs”), Landlord shall have the right, from time to time, to equitably allocate some or all of such Other Utility Costs among different portions or occupants of the Building (“Cost Pools”), in Landlord’s reasonable discretion. Such Cost Pools may include, but shall not be limited to, office space tenants, residential space occupants, and retail space tenants of the Building (if any). The utility costs within each such Cost Pool shall be allocated and charged to the tenants within such Cost Pool in an equitable manner.
(e) Throughout the Lease Term, Tenant shall also pay pay, as additional rent without noticerent, except as all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and without any abatementcharges are otherwise designated "additional rent." As used in this Lease, deduction or setoff"rent" shall mean and include all Base Rent, all sums, impositions, costs, expenses additional rent and all other payments which amounts payable by Tenant in any accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b), 3.1(c), and 3.1(d)(ii) hereof shall be calculated and paid in accordance with the following procedures:
(a) On or before 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 provisions amounts payable by Tenant under sections 3.1(b), 3.1(c), and 3.1(d)(ii) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year during the Lease Term, 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), 3.1(c), and 3.1(d)(ii) 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 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), 3.1(c), and 3.1(d)(ii) hereof for such calendar year, or applicable portion thereof.
(b) Within a reasonable time after the end of each calendar year, but in no event later than 120 days following the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b), 3.1(c), and 3.1(d)(ii) 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 by Tenant under sections 3.1(b), 3.1(c), and 3.1(d)(ii) hereof, if applicable, or shall be refunded by Landlord to Tenant within thirty (30) days following the date such excess amount has been determined. 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), 3.1(c), and 3.1(d)(ii) 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 utilities charges, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord's office in the Building or at such other location in Santa Xxxxx County 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 and is not compensated on a contingency basis; and provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred eighty (180) days after Landlord shall have delivered the written statement pertaining to such period.
(c) If the Lease Term begins on a day other than the first day of a calendar year, the amounts payable by Tenant under sections 3.1(b), 3.1(c), and 3.1(d)(ii) hereof applicable to the calendar year in which the Lease Term commences shall be prorated on the basis which the number of days from the Commencement Date of this Lease assume or agrees to payand including the end of the calendar year in which this Lease commences bears to three hundred sixty-five (365). If the Lease Term ends on a day other than the last day of a calendar year, andthe amounts payable by Tenant under sections 3.1(b), 3.1(c), and 3.1(d)(ii) 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 installments of Base Rent and monthly installments of Landlord's estimates of amounts payable under sections 3.1(b), 3.1(c), and 3.1(d)(ii) hereof (collectively, "Monthly Rent") to Landlord, in case of any nonpayment thereofadvance, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law on or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on 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 and any extension or renewal thereof. Fixed terminates on a day other than the last day of a calendar month, then the Base Rent payable for any such partial month shall be proratedappropriately prorated on the basis of a thirty (30)-day month. In the event any Fixed Rent, additional rent or any other payments are not paid within ten (10) days of the due date thereofUpon signing this Lease, Tenant shall be charged a late fee pay to Landlord an amount equal to the Base Rent for the first full calendar month of 1.5% the Term in which monthly Base Rent is payable (i.e., the second full calendar month of the Term), which amount Landlord shall apply to the Base Rent for such late payment for each late payment for each second full calendar month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition to and not in exclusion of additional remedies herein provided to Landlordthe Term.
Appears in 1 contract
Samples: Lease (Talis Biomedical Corp)
Rent. The fixed Lessee agrees to pay to Lessor, as rent (hereinafter “Fixed Rent”) payable by the Tenant during the original Initial Term shall be of this Lease and the annual rent first renewal term, the sum of Two Hundred Eleven Fourteen Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 14,000.00) per square foot month (“Base Rent”), commencing on the Commencement Date and on the 1st day of rentable floor area) payable each calendar month thereafter. Notwithstanding anything contained in equal monthly installments of $17,652.96. Tenantthe preceding sentence, unless and until Lessee defaults beyond any applicable notice and cure periods, with respect to any covenant or obligation set forth in this Lease or in the Business Note (the “Note”), executed on even date herewith by and between Lessee and Lessor, Lessee’s obligations obligation to pay Fixed Rent rent from the Commencement Date up through and including January 31, 2010, shall begin axxxx (the “Rental Abatement Period”). In the event that Lessee defaults, with respect to any covenant or obligation set forth in this Lease or in the Note during the Rental Abatement Period, which such default is not cured within fourteen (14) days of Lessor’s written notice to Lessee (the “Notice Period”), then this Lease shall terminate on the Term last day of the Notice Period and all Base Rent that would have been due to Lessor from Lessee during the Rental Abatement Period shall be immediately due and payable. In the event that Lessee defaults with respect to any covenant or obligation set forth in the Note during the Rental Abatement Period and such default is cured during the Notice Period, then this Lease will not terminate, but the rental abatement shall be revoked retroactive to the Commencement Date. Tenant Thereafter, Lessee’s Base Rent shall deposit the first month’s rent with Landlord upon execution hereof, be increased to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior an amount equal to the Term Commencement Date. If no default occurstotal of Lessee’s Base Rent that would have been due during the Rental Abatement Period but for the abatement of such Base Rent, plus the payment shall be applied to total of all Base Rent due throughout the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any balance of the provisions Initial Term of this Lease assume or agrees to paydivided by the number of months remaining in the Initial Term of this Lease. Said increased Base Rent shall be due and payable on the first day of the first month immediately after the end of the Notice Period, during which Lessee’s default was cured, and, in case of any nonpayment thereofthereafter, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day of each and every month during thereafter throughout the Term and any extension or balance of the Initial Term. During the first renewal thereof. Fixed term, however, Lessee’s Base Rent for any partial month shall be proratedreduced to Fourteen Thousand Dollars ($14,000.00) per month payable on the first day of the first month of the first renewal term and on the same day of each successive month thereafter. In the event any Fixed Rentthat Lessee shall exercise Lessee’s option to renew this Lease for a second renewal term, additional rent or any other payments then Lessee’s monthly rental obligation, throughout the entire second renewal term, shall be equal to ninety-five percent (95%) of the prevailing market rate for commercial premises of like kind construction, design, use, and location (the “Prevailing Market Rate”). For purposes of this Lease, the Prevailing Market Rate shall be determined, as of the first day of the second renewal term, by the written mutual agreement of Lessor and Lessee. In the event that Lessee and Lessor have not mutually agreed as to the Prevailing Market Rate by a date that is forty-five (45) days prior to the first day of the second renewal term, then Lessor shall, at Lessor’s expense, obtain an independent written determination of the Prevailing Market Rate from a qualified commercial real estate broker familiar with the Premises and commercial real estate, in general, in Outagamie County, Wisconsin. Lessee shall also, at Lessee’s expense, obtain an independent written determination of the Prevailing Market Rate from a qualified commercial real estate broker familiar with the Premises and commercial real estate, in general, in Outagamie County, Wisconsin. If the two (2) opinions are within ten percent (10%) of each other, determined according to ten percent (10%) of the higher of the two (2) opinions, then the Prevailing Market Rate shall be equal to the average of the two (2) opinions. If the two (2) opinions are not paid within ten percent (10%) days of each other, determined according to ten percent (10%) of the due date thereofhigher of the two (2) opinions, Tenant and Lessor and Lessee are still unable to agree as to the Prevailing Market Rate, then the two (2) commercial real estate brokers shall appoint a third qualified commercial real estate broker familiar with the Premises and commercial real estate, in general, in Outagamie County, Wisconsin, the expense of which shall be charged a late fee divided equally between Lessor and Lessee, and the opinion of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee the third commercial real estate broker shall be payable the Prevailing Market Rate. Notwithstanding anything contained in addition this Section 3 to the contrary, for any month during the second renewal term during which Lessee’s Base Rent is in dispute and not in exclusion subject to the dispute resolution process set forth above, Lessee’s monthly rental obligation shall be Fourteen Thousand Dollars ($14,000.00) subject to adjustment, upward or downward, upon the determination of additional remedies herein provided Lessee’s Base Rent due and owing throughout the second renewal term. Any such adjustment shall be made to Landlordthe first and, if necessary, second Base Rent payments due immediately after the final second renewal term Base Rent determination.
Appears in 1 contract
Rent. The fixed rent (hereinafter “Fixed Rent”a) Tenant shall pay to Landlord at its principal office, or at such other address as Landlord shall designate to Tenant in writing from time to time, the Base Rent set forth on the Lease Summary and in Exhibit D, payable by on the first business day of each calendar month in the monthly installments as set forth in Exhibit D, in advance, without demand and without set off, except as expressly permitted herein, beginning as of the Rent Commencement Date and continuing until the expiration of the Term.
(b) In the event the Term commences on a day other than the first business day of a calendar month, the Tenant during shall pay to the original Term shall Landlord, on or before the Rent Commencement Date, a pro rata portion of the monthly installment of Base Rent, such pro rata portion to be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin based on the Term number of days remaining in such partial month after the Rent Commencement Date. In event the Term expires on other than the last business day of a calendar month, the final month's installment of Base Rent shall be prorated accordingly.
(c) Tenant hereby further covenants and agrees to pay as and when due, Additional Rent, as hereinafter set forth. Nonpayment of the same when due shall deposit constitute a default under this Lease to the first month’s rent with same extent, and shall entitle the Landlord upon execution hereofto the same remedies as nonpayment of Base Rent.
(d) At Landlord's option, if any payment of Base Rent required to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default made by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided is not made by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day of each and every month during the Term and any extension or renewal thereof. Fixed Rent for any partial month shall be prorated. In the event any Fixed Rent, additional rent or any other payments are not paid Tenant within ten (10) days after the due date and Tenant's receipt of written notice of such non-payment or any other payment that is not made within thirty (30) days of the due date thereofdate, Tenant shall pay a one time late charge equal to five percent (5%) of the amount due. Landlord shall not be charged a late fee of 1.5% of required to give Tenant more than two such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable notices in addition to and not in exclusion of additional remedies herein provided to Landlordany lease year.
Appears in 1 contract
Samples: Office Building Lease Agreement (Bluestar Communications Group Inc)
Rent. The fixed rent (hereinafter “Fixed Rent”) payable by 4.1 On the Tenant during first day of every calendar month of the original Lease Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin commencing on the Term Commencement Date, Tenant will pay Rent, without deduction, offset, prior notice or demand, at the place designated by Landlord. Tenant shall deposit Notwithstanding the foregoing, an amount equal to the Base Monthly Rent plus taxes for the first month’s rent with Landlord upon execution hereof, to be held as advance rental (1st) full calendar month of the Lease Term is due and security to be forfeited, without limitation or other remedies, payable within five (5) Business Days after the Effective Date of this Lease. Rent for any default by Tenant occurring prior to the Term month in which the Commencement Date. If no default Date occurs, the payment Lease Term expires, or the Rent adjusts, if other than the first or last day of the month, shall be applied prorated on a per diem basis.
4.2 All payments of Rent shall be in lawful money of the United States of America by good and sufficient check or by other means (such as automatic debit or electronic transfer) acceptable to the first monthly installment due hereunder. Landlord.
4.3 The obligation of Tenant to pay Rent shall also pay as additional rent without notice, except as required under be independent of every other obligation contained in this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees shall not be entitled to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day of each and every month during the Term and any extension or renewal thereof. Fixed an offset against Rent for any partial month amounts due or to become due from Landlord.
4.4 Notwithstanding any practice of Landlord from time to time of issuing to Tenant courtesy statements of setting forth Rent due, Tenant’s obligation to pay Rent by its due date shall not be conditioned on Tenant’s receipt of any such statement.
4.5 Landlord’s acceptance of less than the correct amount of Rent shall be prorated. In considered a payment on account of the event any Fixed earliest Rent due.
4.6 No payment by Tenant or receipt by Landlord of a lesser amount than the Rent then due shall be deemed to be other than on account of the Rent, additional rent nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the balance of such Rent or pursue any other payments are not paid within ten (10) days of the due date thereof, remedy provided in this Lease.
4.7 Tenant shall also be charged a late fee obligated to pay monthly with the payment of 1.5% of Base Monthly Rent, any and all transaction privilege and/or rental taxes imposed upon the Base Monthly Rent and such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee taxes shall be payable in addition deemed to and not in exclusion be part of additional remedies herein provided to LandlordBase Monthly Rent for all purposes under this Lease.
Appears in 1 contract
Rent. The fixed rent Commencing on the Lease Commencement Date, Tenant covenants and agrees to pay to Landlord in lawful money of the United States of America, during each lease year, an annual rental pursuant to the following schedule (hereinafter the “Fixed Rent”) payable by ), which amounts are equal to the Tenant during rent due under the original Term Prime Lease: YEAR 1 $15,500.00 monthly $186,000.00 annually YEAR 2 $16,145.83 monthly $193,750.00 annually YEAR 3 $16,791.67 monthly $201,500.00 annually YEAR 4 $17,437.50 monthly $209,250.00 annually YEAR 5 $18,083.33 monthly $217,000.00 annually The Rent shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, andinstallments, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law advance on or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on before the first day of each and every calendar month of the Term of this Lease. The Rent shall be paid in addition to and over and above all other payments to be made by Tenant herein. The first lease year shall be a full year commencing on the Lease Commencement Date and each following lease year shall be an annual period commencing on the anniversary date of the Lease Commencement Date. Appropriate proration shall be made if the Lease Commencement Date is not on the first day of a calendar month, or if the date of termination of the lease is not on the last day of a calendar month. During each Extension Term, the Rent for the Premises shall be the “Fair Market Rent” determined as hereinafter provided. Within fifteen (15) days after receipt of Tenant’s notice of exercise of its option to extend the Term of this Lease, Landlord shall give Tenant written notice of the Fair Market Rent proposed by Landlord for the Renewal Term. Within fifteen (15) days of Landlord’s notice of the proposed Fair Market Rent, the Tenant may, by written notice to the Landlord, (i) accept the proposed Fair Market Rent, (ii) revoke its election to renew the applicable term, or (iii) reject the proposed Fair Market Rent and elect that Fair Market Rent be determined in accordance with the procedures set forth herein. Within five (5) days after Tenant gives notice of its election under subsection (iii) above, each party, at its sole cost and by giving notice to the other party, shall appoint a fully licensed and certified real estate appraiser with at least five (5) years commercial appraisal experience in Massachusetts to appraise and establish the Fair Market Rent for the Premises. Fair Market Rent shall be based upon rent for comparable buildings for comparable uses in the Greater Woburn area for a similar term taking into consideration factors such as the building age, size, amenities and location. If a party does not appoint an appraiser within five (5) days after the other party has given notice of the name of its appraiser, the single appraiser appointed shall be the sole appraiser and shall set the Fair Market Rent for the Premises for the Extension Term. If the two appraisers are appointed by the parties as stated in this paragraph, they shall each submit within fifteen (15) days of the appointment of the second appraiser, a written appraisal stating the Fair Market Rent for the Premises. If the lower of the two appraisals is less than ten percent (10%) lower than the higher appraisal, the average of the two appraisals will be deemed the Fair Market Rent for the Premises. If the lower appraisal is more than ten percent (10%) lower than the higher appraisal, then the two appraisers shall within five (5) days select a third appraiser who meets the qualifications stated in this paragraph. Each of the parties shall bear one half of the cost of paying for the third appraiser’s fee. Within fifteen (15) days after the selection of the third appraiser, a majority of the appraisers shall set the Fair Market Rent for the Premises. If a majority of the appraisers are unable to set the Fair Market Rent within the stipulated period of time, the three appraisals shall be added together and their total divided by three. The resulting quotient shall be the Fair Market Rent for the Premises, unless the low appraisal and/or the high appraisal is/are more than 10% lower and/or higher than the middle appraisal, in which case the lower appraisal and/or the high appraisal shall be disregarded. If only one appraisal is disregarded, the remaining two appraisals shall be added together and their total divided by two. The resulting quotient shall be the Fair Market Rent for the Premises. In no event shall the Fair Market Rent during the Extension Term be lower than the Fair Market Rent for the last year of the Term or prior Extension Term, as the case may be. Notwithstanding the foregoing provisions for the payment of Rent, which provisions correspond to the rent provisions in the Prime Lease, it is anticipated that Landlord will close on the acquisition of the Premises on August 13, 2001 or shortly thereafter (the “Closing”). Effective upon the occurrence of the Closing, this Lease shall no longer be a sublease but shall continue as a direct Lease between Landlord, as owner of the Premises, and Tenant upon all of the terms and conditions set forth herein. Concurrent with the Closing, Landlord shall reimburse Tenant in full for all amounts advanced by Tenant toward the cost of completing Landlord’s Work, which amounts are estimated to total approximately $1,600,000.00 (the “Reimbursement Amount”). Accordingly, upon the latter to occur of: (i) the Closing; and (ii) the payment of the Reimbursement Amount (hereinafter referred to as the “Recalculation Date”), the Rent previously referenced in this Lease shall be deleted and, in lieu thereof, the Rent shall be calculated by taking the actual costs incurred by Landlord to purchase the Premises (i.e.- the cost of the building and the land, which amount Landlord estimates to be approximately $1,810,000.00 plus reasonable closing costs) and adding thereto the Reimbursement Amount and taking this sum and multiplying it by the Cap Rate (as hereinafter defined) to arrive at the per annum rent figure for the remaining Lease Term. Landlord shall provide to Tenant a copy of the closing statement for the purchase of the Premises and such other reasonable documentation requested by Tenant. The Cap Rate shall be 11.5% per annum for the remaining Lease Term if Landlord obtains financing at a fixed rate of interest. If Landlord’s financing provides for an adjustable interest rate (the “Mortgage Rate”), then the Cap Rate for the first five (5) years after the Recalculation Date shall be 11.5% per annum. Thereafter, if Landlord’s existing mortgagee increases the Mortgage Rate, then Tenant’s Cap Rate shall also increase by the same percentage point increase but Tenant’s Cap Rate shall not increase by more than two (2) percentage points once every five (5) year period (“ceiling”). By way of example, if Landlord’s Mortgage Rate as of the Recalculation Date is 8.5% per annum and, after a five (5) year period, Landlord’s mortgagee increases Landlord’s Mortgage Rate by one (1) percent to 9.5% per annum, then Tenant’s Cap Rate shall be adjusted to 12.5% per annum (i.e.-one (1) percentage point). Should Landlord’s Mortgage Rate decrease, then Tenant’s Cap Rate shall also decrease by the same percentage point decrease, but in no event shall Tenant’s Cap Rate decrease to a rate less than 11.5% per annum (“floor”). Prior to any adjustment in the Cap Rate, Landlord shall provide Tenant with reasonable documentation showing the adjustment in the Mortgage Rate, the recalculation of the Cap Rate and the recalculation of the Rent for the next five (5) year period. The increase or decrease in the Rent, as the case may be, shall be retroactive to the date the Mortgage Rate was adjusted (provided that the Cap Rate shall only be adjusted once every five (5) years throughout the Lease Term and all extensions thereof and subject to the ceiling and floor on the Cap Rate as described herein). If, subsequent to the Closing, Landlord refinances its mortgage on the Premises with a bona fide third party lender, then the provisions of this paragraph shall continue to apply including the limitation on adjustment of the Cap Rate once every five (5) years during the Term and any extension or renewal thereofsubject to the ceiling and the floor as provided herein. Fixed Payment of the recalculated Rent for any partial month shall be proratedretroactive to the Recalculation Date and the appropriate proration shall be made if the Recalculation Date is not the first day of a calendar month. The parties shall execute, acknowledge and deliver to each other the written statement attached hereto as Exhibit “C” specifying the Recalculation Date and the recalculated Rent payable by Tenant hereunder. Further, upon request of either party, the parties shall re-execute the written statement after any adjustment in the Rent hereunder. In the event any Fixed Rentthe Closing does not occur or in the event the Closing does occur but Landlord fails to pay Tenant the Reimbursement Amount, additional rent or any other payments are then the Rent shall not paid within ten (10) days be calculated pursuant to the foregoing formula in the first paragraph of the due date thereof, Tenant shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition to and not in exclusion of additional remedies herein provided to Landlordthis Section 4.1.
Appears in 1 contract
Samples: Lease Agreement (Nationsrent Inc)
Rent. (a) Tenant shall pay to Landlord as rental the amount specified in the Basic Lease Information as the Monthly Base Rent. The fixed rent (hereinafter “Fixed Rent”) first Monthly Base Rent due under this Lease shall be payable by Tenant immediately prior to term commencement and all subsequent Monthly Base Rent payments shall be payable in advance on or before the Tenant first day of the first full calendar month following commencement of the term and of each successive calendar month thereafter during the original Term term. If the term commences on other than the first day of a calendar month, any excess payment of Monthly Base Rent shall be credited against the annual rent next payment of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 Monthly Base Rent otherwise due.
($211,835.52b) Dollars ($14.04 per square foot Effective as of rentable floor area) payable in equal monthly installments each anniversary date of $17,652.96. Tenant’s obligations to pay Fixed the Commencement Date, the Monthly Base Rent shall begin on be increased as indicated in the Term Commencement Date. Basic Lease Information.
(c) Tenant shall deposit the first month’s rent with Landlord upon execution hereofpay, as additional rent, all amounts of money required to be held as advance rental paid to Landlord by Tenant hereunder in addition to monthly rent, whether or not the same be designated "additional rent."
(d) Tenant hereby acknowledges that late payment by Tenant to Landlord of rent and security other amounts due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges, and late charges which may be imposed on Landlord by the terms of any loan secured by the Building. Accordingly, if any installment of rent or any other sums due from Tenant shall not be received by Landlord within five (5) days after Landlord shall have given Tenant notice that the some is past due, Tenant shall pay to Landlord a late charge equal to four percent (4%) of such overdue amount. The parties hereby agree that such late charge represents a fair and reasonable estimate of the costs Landlord will incur by reason of late payment by Tenant. Acceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant's default with respect to such overdue amount, nor prevent Landlord from exercising any of the other rights and remedies under this Lease.
(e) Any amount payable by Tenant to Landlord, if not paid within five (5) days of when due, shall bear interest from the date due until paid at the rate of ten percent (10%) per annum or, if a higher rate is legally permissible, at the highest rate legally permitted provided that interest shall not be payable on late charges incurred by Tenant nor on any amounts upon which late charges are paid by Tenant to the extent such interest would cause the total interest to be forfeited, without limitation in excess of that legally permitted. Payment of interest shall not excuse or other remedies, for cure any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and .
(f) All payments due from Tenant to Landlord hereunder shall be made to Landlord without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant offset in any lawful money of the provisions United States of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of America at the rights and remedies provided by law or provided address for payment set forth in the Basic Lease for the nonpayment of Fixed Rent. All Fixed Rent payments Information, or to such other person or at such other place as Landlord may from time to are due in advance without demand, deduction or set-off on the first day of each and every month during the Term and any extension or renewal thereof. Fixed Rent for any partial month shall be prorated. In the event any Fixed Rent, additional rent or any other payments are not paid within ten (10) days of the due date thereof, Tenant shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition designate by notice to and not in exclusion of additional remedies herein provided to LandlordTenant.
Appears in 1 contract
Samples: Net Office Lease (Doubletwist Inc)
Rent. The fixed rent (hereinafter “Fixed Rent”) payable by the Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit pay to Landlord the first month’s rent with Landlord upon execution hereofBase Rent, to be held Real Property Taxes (as advance rental herein defined) and security to be forfeitedOperating Expenses (as herein defined), without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, demand, offset or deduction (except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, andexpressly provided herein), in case of any nonpayment thereofadvance, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day of each calendar month. All Rent and every month during payments required to be paid by Tenant to Landlord shall be made by Tenant payable to the entity and sent to the address Landlord designates and shall be made by good and sufficient check payable in United States of America currency or by other means acceptable to Landlord or by Electronic Fund Transfer of immediately available federal funds before 11:00 a.m. Eastern Time. Upon the execution of this Lease, Tenant shall pay to Landlord the first full calendar month’s Base Rent and the first full calendar month’s installment of estimated Operating Expenses. If the Term and any extension or renewal thereof. Fixed commences on a date other than the first day of a month, Base Rent for any partial month shall be prorated. In prorated on the event any Fixed Rent, additional rent or any other payments are not basis of a thirty (30) day month (and such prorated amount shall be paid within ten three (103) days of the Commencement Date). All sums other than Base Rent which Tenant is obligated to pay under this Lease shall be deemed to be additional rent due date thereofhereunder (“Additional Rent”), whether or not such sums are designated Additional Rent. The term “Rent” means the Base Rent and all Additional Rent payable hereunder. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to xxxxx, reduce, or set-off any rent due hereunder except as may be expressly provided in this Lease. If Tenant is delinquent in any monthly installment of Base Rent or Additional Rent for more than five (5) days, Tenant shall be charged pay to Landlord on demand a late fee of 1.5% charge equal to [***] of such delinquent sum and such delinquent sum shall also bear interest from the date such amount was due until paid in full at the lesser of (i) [***] per annum; or (ii) at the maximum rate permitted by law (“Applicable Interest Rate”). Notwithstanding the foregoing, before assessing a late payment charge the first time in any calendar year, Landlord shall provide Tenant written notice of the delinquency and will waive the right if Tenant pays such delinquency within five (5) days thereafter. The provision for each such late payment for each month or portion thereof that said payment remains outstanding. Said late fee charge shall be payable in addition to all of Landlord’s other rights and remedies hereunder or at law and shall not in exclusion of additional remedies herein provided to Landlordbe construed as a penalty.
Appears in 1 contract
Samples: Single Tenant Industrial Triple Net Lease (GenMark Diagnostics, Inc.)
Rent. The fixed Rent due for the entire Lease Term is $ . Rent shall also include any other charges identified in this Lease as “Rent” or “Additional Rent”. Rent and Additional Rent is payable in one of the following payment options: Option #1 Equal payments of $ due the 1st day of each month. If Rent is not paid in accordance with the terms set forth above, Landlord will commence with the removal of the Tenant. Rent is due on the specified dates in the amounts shown above. Any Rent received more than five (5) days after the due date shown above (the 1st of every month for the monthly option) is subject to a late fee of 5% of the Tenant’s monthly rent (hereinafter “Fixed Rent”but will not exceed $50.00) payable by the Tenant during the original Term which shall be due as Additional Rent. In addition, beginning with the annual sixth day after the due date of a rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments payment, you will be charged an additional charge of $17,652.965.00 per day until payment is received in full. Tenant’s right of possession and all of Landlord’s obligations are expressly contingent on prompt payment of Rent and use of the Premises by Tenant is granted only on the condition that Rent is paid on time. If Tenant fails to pay Fixed Rent shall begin on or Additional Rent due under this Lease, Landlord will give Tenant a fourteen (14) day notice to pay or vacate Premises (excluding weekends and holidays). Should Tenant fail to pay in full, Landlord will refer the Term Commencement Datematter to an attorney to proceed with eviction. Landlord will not accept partial payment of Rent or Additional Rent. Should Tenant elect to vacate the Apartment, Tenant continues to remain liable for all Rent and charges due through the balance of the Lease Term. Tenant is responsible to pay all court costs and attorney’s fees in an eviction suit, or for any other legal action commenced by Landlord for the enforcement of the terms and conditions of this Lease. Owed rent will be sent to Collections and a 30% Collections Fee will be assessed. Payments shall deposit the be applied first month’s rent with Landlord upon execution hereofto any unsatisfied charges, to be held as advance rental and security to be forfeitedlate fees, without limitation repairs, or other remediesfees owed by Tenant, for any default by Tenant occurring prior and then to the Term Commencement DateAdditional Rent that is owed, then to Rent. If no default occurs, the payment shall Rent payments will be applied to the first monthly installment due hereunderearliest date owing. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any This Lease does not automatically renew upon expiration of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day of each and every month during the Term and any extension or renewal thereof. Fixed Rent for any partial month shall be prorateddesignated. In order for Current Tenants to remain in their current room, they must contact the event Management office and submit a Lease renewal form. Apartments are filled on a first come basis. Current Tenants must reserve early or risk losing their current room assignment. Landlord may accept or deny any Fixed Rent, additional rent or any other payments are not paid within ten (10) days of the due date thereof, Tenant shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition to and not in exclusion of additional remedies herein provided to Landlordrenewal request at its sole discretion.
Appears in 1 contract
Samples: Lease Agreement
Rent. The fixed rent 4.1 Tenant hereby agrees to pay Landlord the Base Rent. For purposes of Rent adjustment under the Lease, the number of months is measured from the first day of the calendar month in which the Commencement Date falls. Each monthly installment (hereinafter “Fixed the "Monthly Rent”") shall be payable by the Tenant during the original Term shall be the annual rent check or by money order or electronic transfer of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin funds on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation SMRH:422502059.9 -6- or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on before the first day of each calendar month. In addition to the Base Rent, Tenant also agrees to pay Tenant's Share of Operating Expenses and every month during the Term Taxes (each as hereinafter defined), and any extension and all other sums of money as shall become due and payable by Tenant as hereinafter set forth, all of which shall constitute additional rent under this Lease (the "Additional Rent"). Landlord expressly reserves the right to apply any payment received to Base Rent or renewal thereofany other items of Rent that are not paid by Tenant. Fixed The Monthly Rent for any partial month and the Additional Rent are sometimes hereinafter collectively called "Rent" and shall be prorated. paid when due in lawful money of the United States without demand, deduction, abatement, or offset to the addresses for the rental payment set forth in the Basic Lease Information, or as Landlord may designate from time to time.
4.2 In the event any Fixed Monthly or Additional Rent or other amount payable by Tenant hereunder is not paid within five (5) days after its due date, Tenant shall pay to Landlord a late charge (the "Late Charge"), as Additional Rent, additional in an amount of five percent (5%) of the amount of such late payment. Failure to pay any Late Charge shall be deemed a Monetary Default (as hereinafter defined). Provision for the Late Charge shall be in addition to all other rights and remedies available to Landlord hereunder, at law or in equity, and shall not be construed as liquidated damages or limiting Landlord's remedies in any manner. Failure to charge or collect such Late Charge in connection with any one (1) or more such late payments shall not constitute a waiver of Landlord's right to charge and collect such Late Charges in connection with any other similar or like late payments. Notwithstanding the foregoing provisions of this Section 4.2, the Late Charge shall not be imposed with respect to the first late payment in any calendar year during the Term unless the applicable payment due from Tenant is not received by Landlord within five (5) days following written notice from Landlord that such payment was not received when due. Following the first such written notice from Landlord in any calendar year during the Term (but regardless of whether such payment has been received within such five (5) day period), the Late Charge will be imposed without notice for any subsequent payment due from Tenant during such calendar year which is not received within five (5) days after its due date.
4.3 Simultaneously with the execution hereof, Tenant shall (i) deliver to Landlord the Rent Payable Upon Execution as payment of the first installment of Monthly Rent and Tenant's Share of Operating Expenses and Taxes due hereunder and (ii) be deemed to have delivered to Landlord an amount equal to the Security Deposit Amount to be held by Landlord as security for Tenant's faithful performance of all of the terms, covenants, conditions, and obligations required to be performed by Tenant hereunder (the "Security Deposit"). The Security Deposit shall be held by Landlord as security for the performance by Tenant of all of the covenants of this Lease to be performed by Tenant and Tenant shall not be entitled to interest thereon. The Security Deposit is not an advance rent deposit, an advance payment of any other kind, or a measure of Landlord's damages in any case of Tenant's default. If Tenant fails to perform any of the covenants of this Lease to be performed by Tenant, including without limitation the provisions relating to payment of Rent, the removal of property at the end of the Term, the repair of damage to the Premises caused by Tenant, and the cleaning of the Premises upon termination of the tenancy created hereby, then Landlord shall have the right, but no obligation, to apply the Security Deposit, or so much thereof as may be necessary, for the payment of any Rent or any other payments are not paid within ten (10) days of the due date thereof, Tenant shall be charged a late fee of 1.5% of sum in default and/or to cure any other such late payment for each late payment for each month or portion thereof that said payment remains outstandingfailure by Tenant. Said late fee shall be payable in addition to and not in exclusion of additional remedies herein provided to Landlord.SMRH:422502059.9 -7-
Appears in 1 contract
Samples: Lease Agreement (Ipass Inc)
Rent. The fixed (a) Tenant shall pay to Landlord (or to Lender, if directed by Landlord), as minimum annual rent for the Leased Premises during the Term, the amounts set forth in Exhibit “B” attached hereto (hereinafter “Fixed Basic Rent”) payable by the Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) ), payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin advance commencing on the Term first day of the first month following the month in which the Commencement Date occurs (unless the Commencement Date is the first day of a month, in which case commencing on the Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off ) continuing on the first day of each and every calendar month thereafter during the Term (the said days being called the “Basic Rent Payment Dates”), and any extension shall pay the same at Landlord’s address set forth below, or renewal thereofat such other place as Landlord from time to time may designate to Tenant in writing, in funds which at the time of such payment shall be legal tender for the payment of public or private debts in the United States of America and if required by Lender or Landlord by wire transfer in immediately available federal funds to such account in such bank as Lender or Landlord shall designate, from time to time. Fixed Upon request by Landlord, Tenant shall establish arrangements whereby payments of the Basic Rent and Additional Rent are transferred by Automated Clearing House Debit from an account established by Tenant at a United States bank or other financial institution to such account as Landlord may designate. Basic Rent shall be adjusted on certain anniversaries of the Lease Year Commencement Date, as set forth on Exhibit “B”. If the Commencement Date shall occur on a date other than the first day of a calendar month, then, Basic Rent for any partial the period from and including the Commencement Date through and including the last day of the month in which the Commencement Date occurs shall be proratedpaid, in advance, on the date hereof, in an amount prorated by (i) dividing the monthly installment of Basic Rent due for the month in which the Commencement Date occurs by the number of days in such month, and (ii) multiplying such sum by the numbers of days remaining in such month from and after the Commencement Date.
(b) Tenant shall pay and discharge before the imposition of any fine, lien, interest or penalty may be added thereto for late payment thereof, the following (“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 Fixed failure by Tenant to pay or discharge any of the foregoing, Landlord shall have the same rights, powers and remedies provided herein, by Law or otherwise as are available to Landlord in the event of nonpayment of Basic Rent, additional rent or .
(c) If any other payments are installment of Basic Rent is not paid within ten days after written notice is given by Landlord or Lender (10or Lender’s servicer or other designee of Lender) days of to Tenant that the due date thereofsame is overdue, Tenant shall be charged pay to Landlord or Lender, as the case may be, on demand, as Additional Rent, a late fee charge equal to five percent (5%) (the “Late Charge”) on such overdue installment of 1.5% Basic Rent. Tenant acknowledges and agrees that late payment of Basic Rent or Additional Rent by Tenant will cause Landlord to incur increased costs not contemplated by this Lease. The exact amount of such costs is extremely difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges. The assessment of the forgoing late charge represents a fair and reasonable estimate of certain costs which Landlord will incur by reason of a late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition to and not in exclusion of additional remedies herein provided to Landlordby Tenant.
Appears in 1 contract
Samples: Lease Agreement (Jo-Ann Stores Inc)
Rent. The fixed rent (hereinafter “Fixed a. Tenant shall pay to Landlord as monthly rental the amount specified in Section 1.g. of the Basic Lease Information as the Base Rent”) payable by . Base Rent for the Tenant during the original Term first month shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. upon Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Lease, and without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction on or set-off on before the first day of each and every the first full calendar month during following commencement of the Term and of each successive calendar month thereafter during the Term. If the Term commences on other than the first day of a calendar month any extension or renewal thereof. Fixed excess payment of Base Rent for any partial month shall be prorated. In credited against the event any Fixed last payment of Base Rent otherwise due.
b. Tenant shall pay, as additional rent, all amounts of money required to be paid to Landlord by Tenant hereunder in addition to the Base Rent, whether or not the same be designated “additional rent.”
c. Tenant acknowledges that late payment of any installment of Base Rent or additional rent or any other payments are amount required under this Lease will cause Landlord to incur costs not contemplated by this Lease and that the exact amount of such costs would be extremely difficult and impracticable to fix. Such costs include, without limitation, processing and accounting charges, late charges that may be imposed on Landlord by the terms of any encumbrance or note secured by the Property and the loss of the use of the delinquent funds. Accordingly, if any installment of rent or any other sums due from Tenant shall not be received by Landlord within five (5) days following the date due, Tenant shall pay to Landlord a late charge equal to eight percent (8%) of such overdue amount; provided, however, Landlord shall waive the application of such late charge once per calendar year provided that Tenant pays the delinquent sum within five (5) days after receipt of written notice from Landlord that such amount was not paid when due. Acceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant’s default with respect to such overdue amount, nor prevent Landlord from exercising any of the other rights and remedies granted hereunder.
d. Any amount due to Landlord, if not paid within ten five (105) days of the date when due, shall bear interest from the date due date thereofuntil paid at the rate of ten percent (10%) per year or, if less, the highest rate permissible under applicable law (the “Interest Rate”). Payment of interest shall not excuse or cure any default hereunder by Tenant.
e. All payments due from Tenant to Landlord hereunder shall be charged a late fee made to Landlord without prior notice, demand, deduction or offset in lawful money of 1.5% the United States of America at the address for payment set forth in the Basic Lease Information, or to such late payment for each late payment for each month other person or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition at such other place as Landlord may from time to and not in exclusion of additional remedies herein provided time designate by notice to LandlordTenant.
Appears in 1 contract
Samples: Office Lease (Life360, Inc.)
Rent. The fixed 4.1 Tenant shall pay, as rent for the Leased Premises, the following:
(hereinafter a) During the first year of the Term, an annual base rent for the Leased Premises, excluding the basement, of $13.00 per square foot, for an aggregate annual base rent of $1,072,760.00 (“Fixed Above-Ground Base Rent”), payable monthly in the sum of $89,396.66. In addition, during the first through the fifth year of the Term, Tenant shall pay an annual base rent of $6.00 per square foot for basement space for annual base rent of $127,200.00 (“Base Basement Rent”, and together with the Above-Ground Base Rent, the “Base Rent”) based upon an occupancy of 21,200 square feet, payable monthly in the sum of $10,600.
(b) Commencing on the first anniversary of the Lease Commencement date, and on every anniversary date of the Commencement Date thereafter, the Above-Ground Base Rent shall be increased by 3%. Commencing on the sixth anniversary of the Lease Commencement Date, and on every anniversary date of the Commencement Date thereafter, Tenant shall pay Base Basement Rent, based upon an escalation from the Commencement Date at the rate of 3% per year. For avoidance of doubt, annual Base Basement Rent during the original Term sixth Lease year shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 6.96 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96foot. Tenant’s obligations to pay Fixed Thereafter the Base Basement Rent shall begin continue to escalate by 3% on each anniversary of the Term Commencement Date. Tenant shall deposit the first month’s rent with Landlord upon execution hereof, to be held as advance rental and security to be forfeited, without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. .
4.2 Tenant shall also pay the following which shall be referred to herein as additional rent without notice, except “Additional Rent”:
(a) Common Area Expenses as required under hereafter defined in paragraph 8.1.
(b) Any other charges as provided in this Lease. The Base Rent and Additional Rent shall be referred to hereafter as “Rent”.
4.3 Tenant covenants to pay the Rent in lawful money of the United States which shall be legal tender for the payment of all debts, public and private, at the time of payment. Such Rent shall be paid to Landlord via wire transfer or other electronic transfer to an account provided by Landlord, or at such other place or means as Landlord may, from time to time, designate by notice to Tenant.
4.4 The Rent shall be payable by Tenant without any abatement, deduction or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, and, in case of any nonpayment thereof, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day or deduction of each any kind or nature whatsoever and every month during the Term and any extension without notice or renewal thereof. Fixed Rent for any partial month shall be prorated. In the event any Fixed Rent, additional rent or any other payments are not paid within ten (10) days of the due date thereof, Tenant shall be charged a late fee of 1.5% of such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee shall be payable in addition to and not in exclusion of additional remedies herein provided to Landlorddemand.
Appears in 1 contract
Rent. The fixed rent (hereinafter “Fixed Rent”) payable by the Tenant during the original Term shall be the annual rent of Two Hundred Eleven Thousand Eight Hundred Thirty Five and 52/100 ($211,835.52) Dollars ($14.04 per square foot of rentable floor area) payable in equal monthly installments of $17,652.96. Tenant’s obligations to pay Fixed Rent shall begin on the Term Commencement Date. Tenant shall deposit pay to Landlord the first month’s rent with Landlord upon execution hereofBase Rent, to be held Real Property Taxes (as advance rental herein defined) and security to be forfeitedOperating Expenses (as herein defined), without limitation or other remedies, for any default by Tenant occurring prior to the Term Commencement Date. If no default occurs, the payment shall be applied to the first monthly installment due hereunder. Tenant shall also pay as additional rent without notice, except as required under this Leasedemand, and without any abatement, deduction offset or setoff, all sums, impositions, costs, expenses and other payments which Tenant in any of the provisions of this Lease assume or agrees to pay, anddeduction, in case of any nonpayment thereofadvance, Landlord shall have in addition to any other rights and remedies, all of the rights and remedies provided by law or provided for in the Lease for the nonpayment of Fixed Rent. All Fixed Rent payments are due in advance without demand, deduction or set-off on the first day of each calendar month. All Rent and every month during the Term and any extension or renewal thereof. Fixed Rent for any partial month payments required to be paid by Tenant to Landlord shall be proratedmade by Tenant payable to the entity and sent to the address Landlord designates and shall be made by good and sufficient check payable in United States of America currency or by other means acceptable to Landlord or by Electronic Fund Transfer of immediately available federal funds before 11:00 a.m. Eastern Time. In Upon the event any Fixed Rent, additional rent or any other payments are not paid within ten (10) days execution of the due date thereofthis Lease, Tenant shall pay to Landlord the first month’s Base Rent, the Security Deposit, and the first monthly installment of estimated Operating Expenses. If the Term commences (or ends) on a date other than the first (or last) day of a month, Base Rent shall be charged prorated on the basis of a thirty (30) day month. All sums other than Base Rent which Tenant is obligated to pay under this Lease shall be deemed to be additional rent due hereunder (“Additional Rent”), whether or not such sums are designated Additional Rent. The term “Rent” means the Base Rent and all Additional Rent payable hereunder. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to xxxxx, reduce, or set-off any rent due hereunder except as may be expressly provided in this Lease. If Tenant is delinquent in any monthly installment of Base Rent or Additional Rent for more than five (5) days, Tenant shall pay to Landlord on demand a late fee of 1.5% charge equal to ten percent (10%) of such delinquent sum and such delinquent sum shall also bear interest from the date such amount was due until paid in full at the lesser of (i) fifteen percent (15%) per annum; or (ii) at the maximum rate permitted by law (“Applicable Interest Rate”). The provision for such late payment for each late payment for each month or portion thereof that said payment remains outstanding. Said late fee charge shall be payable in addition to all of Landlord’s other rights and remedies hereunder or at law and shall not in exclusion of additional remedies herein provided to Landlordbe construed as a penalty.
Appears in 1 contract
Samples: Multi Tenant Industrial Triple Net Lease (Chardan NexTech Acquisition 2 Corp.)