Rent. 3.1 Tenant agrees to pay to Landlord in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect. 3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent. 3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term. 3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord. 3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant. 3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 3 contracts
Samples: Office Building Lease Agreement (Local Matters Inc.), Office Building Lease Agreement (Local Matters Inc.), Office Building Lease Agreement (Local Matters Inc.)
Rent. 3.1 7.1. Tenant agrees to shall pay to Landlord as Base Rent for the Premises, commencing on the Term Commencement Date, the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each every calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 7.2. In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofRent, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity as additional rent (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”) at times hereinafter specified in this Lease (a) Tenant’s Share (as defined in Section 9.l(c) below) of Operating Expenses (as defined below), (b) the Property Management Fee (as defined below) and (c) any other amounts that Tenant assumes or agrees to pay under the provisions of this Lease that are owed to Landlord, including any and all other sums that may become due by reason of any default of Tenant or failure on Tenant’s part to comply with the agreements, terms, covenants and conditions of this Lease to be performed by Tenant, after notice and the lapse of any applicable cure periods.
7.3. Base Rent and Additional Rent are herein referred to collectively as shall together be denominated “Rent”.” Rent shall be paid to Landlord, without abatement, deduction or offset, in lawful money of the United States of America at the office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. All In the event the Term commences or ends on a day other than the first day of a calendar month, then the Rent due hereunder for such fraction of a month shall bear interest from be prorated for such period on the due date until basis of the number of days in the month and shall be paid in full at a the then-current rate equal for such fractional month.
7.4. Except as expressly provided herein, Tenant’s obligation to the lesser of: pay Rent shall not be discharged or otherwise affected by (a) any Applicable Laws now or hereafter applicable to the prime interest rate in effect from day to day at NationsBank of GeorgiaPremises, N.A., plus three (3) percentage points; or (b) any other restriction on Tenant’s use, (c) any casualty or taking or (d) any other occurrence; and Tenant waives all rights now or hereafter existing to terminate or cancel this Lease or quit or surrender the maximum legal rate allowed by law (the “Default Rate”)Premises or any part thereof, or to xxxxx rent. If more than the maximum legal rate of interest should ever be collected Tenant’s obligation to pay Rent with regard respect to any sum due hereunderperiod or obligations arising, said excess amount existing or pertaining to the period prior to the date of the expiration or earlier termination of the Term or this Lease shall be credited against future payments of Rent accruing thereafter. If no survive any such further Rent accrues hereunderexpiration or earlier termination; provided, said excess sums however, that nothing in this sentence shall be promptly refunded by Landlord in any way affect Tenant’s obligations with respect to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedyperiod.
Appears in 3 contracts
Samples: Sublease (Zentalis Pharmaceuticals, Inc.), Sublease (Zentalis Pharmaceuticals, LLC), Sublease (Zentalis Pharmaceuticals, LLC)
Rent. 3.1 Tenant agrees shall pay as rent to pay to Landlord in advance Owner without deduction or offset on or before the first day of each month month:
3.1. The Monthly Rent may be increased at any time based on 90 days advance written notice in accordance with the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month provisions of the entire Lease TermMobilehome Residency Law and as allowed by state and local laws. One such monthly installment together with the Security Deposit shall be Rent and all other charges are due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand in advance on or before the first day of each month. Utility charges are also due by the first day of each month. Billed submetered utilities reflect prior usage last recorded. If the entire amount owed by you is not paid by 8:00 a.m. on the 6th day of each month, you must pay a late charge specified on page 1 “SUMMARY OF PROVISIONS”. You must also pay us a handling charge in the sum set forth for “NSF” checks (returned by the bank due to insufficient funds or for any other reason the bank gives) as specified on page 1 “SUMMARY OF PROVISIONS”. All rents and other charges shall be paid by check or money order. We may, however, upon 10 days’ written notice to you, require that payment be made in cash, or its equivalent. Monies received for rent or utility payments may be applied to the earliest outstanding sums (“first in, first out”) despite payer’s instructions or endorsements purporting to restrict application of payment to a specific month or time period, or purporting to extinguish all arrearage due. Partial payments received shall not be construed as an accord and satisfaction or release of other debt, despite xxxxx’s purported instructions or endorsements to the contrary. The late charges are not a grace period or an option to pay late.
3.2. All utility charges billed to Tenant by Owner during each month. (Please note: Utility rates for utilities billed to Tenant by Owner are set by the Public Utilities Commission and other governmental agencies. Therefore charges for these utilities and services may be increased at any time in accordance with the rates established by these other parties and no advance notice of increases in these rates will be given to Tenant by Owner.)
3.3. Charges for recreational and other extra vehicles that may be stored in any available recreational vehicle storage are subject to the fees imposed by the Park’s Storage Agreement. Recreational vehicle storage is a separate obligation subject of separate agreement. Such fees may be stated on the monthly billing.
3.4. The Guest charge listed on page 1 shall be assessed for each calendar month succeeding the Commencement Date during the Lease Term. Base Rent or any portion thereof for any period of less each Guest who has stayed more than a full month shall be prorated, based on one thirtieth total twenty (1/3020) consecutive days or a total of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity thirty (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (530) days in any calendar year. Such guest fee shall commence the day after a Guest has exceeded the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do grace time specified in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages preceding sentence and shall be payable in full for each calendar month or portion thereof. This additional charge for Guests shall not however apply if the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there Guest is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate member of Xxxxxx’s immediate family as defined by the parties of Mobilehome Residency Law or if the extent of such damages and does not constitute interest. Notwithstanding person occupies the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant homesite pursuant to this LeaseCivil Code §798.34.
3.5. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is Guest fees and charges for vehicle storage and utilities not honored regulated by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest Public Utilities Commission or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit governmental agencies may be co-mingled or combined with other accounts or funds of Landlordincreased upon ninety (90) days notice.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 3 contracts
Samples: Mobile Home Rental Agreement, Mobile Home Rental Agreement, Mobile Home Rental Agreement
Rent. 3.1 (a) Tenant agrees to pay to Landlord the Annual Base Rent and Additional Rent (“Rent”) in advance equal consecutive monthly installments on or before the first day of each full calendar month during the Base Rent, subject Term. Rent for any period during the Term which is less than one frill month shall be a prorated portion of the monthly installment of Rent based upon the actual number of calendar days in such month. Said Rent shall be paid to adjustment as hereinafter providedLandlord, without deduction or offset and without notice or demand at Landlord’s address, as set offforth on the Reference Page, for each month or to such other person or at such other place as Landlord may from time to time designate in writing.
(b) Tenant recognizes that late payment of any Rent or other sum due hereunder will result in administrative expense to Landlord, the entire Lease Termextent of which additional expense is extremely difficult and economically impractical to ascertain. One such monthly installment together with the Security Deposit shall be Tenant therefore agrees that, if Rent or any other sum is due and payable by Tenant pursuant to Landlord upon execution of this leaseLease, and a like Each monthly installment when such amount remains due and unpaid ten (10) calendar days after said amount is due, such amount shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than increased by a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is late charge in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser greater of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia$50.00, N.A., plus three (3) percentage points; or (b) a sum equal to 5% of the maximum legal rate allowed unpaid Rent or other payment. The amount of the late charge to be paid by law Tenant shall be, reassessed and added to Tenant’s obligation for each successive monthly period until paid. The provisions of this paragraph in no way relieve Tenant of the obligations to pay Rent or other payments on or before the date on which they are due, nor do the terms of this paragraph in any way affect Landlord’s remedies pursuant to Paragraph 23 of this Lease.
(c) Tenant shall pay interest to Landlord at the “Default Rate”). If more than the maximum legal rate Overdue Interest Rate (as defined below) on account of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future (i) all overdue installments of Annual Base Rent and payments of Additional Rent accruing thereafterdue on a regular basis from the tenth day from the due date thereof to the date of payment, and (ii) on all payments of Additional Rent that are not payable to Landlord hereunder on a regular basis from the date of demand for payment until the date of payment. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment Upon default by Tenant or receipt by Landlord in the payment of a lesser amount than the correct Additional Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.or
Appears in 2 contracts
Samples: Lease Agreement (Avago Technologies LTD), Lease Agreement (Cyoptics Inc)
Rent. 3.1 Tenant Xxxxxx agrees to pay to Landlord in advance on Landlord, without demand, deduction, setoff, counterclaim or before offset, Rent for the first day of each month Term. Tenant shall pay the Monthly Base Rent, subject to adjustment as hereinafter providedin advance, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first (1st) day of each calendar month succeeding during the Term, at Landlord’s address designated in Section 1 above unless Landlord designates, in writing, otherwise. If the Commencement Date during is not the Lease Term. first day of the month, the Monthly Base Rent for any period of less than a full that partial month shall be prorated, based apportioned on one thirtieth (1/30) of a per diem basis and shall be paid on or before the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Commencement Date. Tenant shall pay to Landlord an amount a service and handling charge equal to 5% of any Rent not paid within five (5) days after the sum of all taxes on Rentdate due. In addition, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received paid within five (5) days after the due date thereofwill bear interest at the Interest Rate from the date due to the date paid. Tenant shall pay before delinquent all taxes levied or assessed upon, without implying Landlord’s consent to such late paymentmeasured by, or if Landlord pays a sum on behalf of or for Tenant arising from: (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10a) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant conduct of Tenant’s covenants and business; (b) Tenant’s leasehold estate; (c) Tenant’s property; or (d) amounts payable by Tenant under this Lease, including all sales, use, transaction privilege, or other excise tax. Monthly Base Rent plus Tenant’s reimbursement for Operating Expenses shall comprise all of Tenant’s monetary obligations under this Lease. Such deposit shall not be considered an advance payment of This Lease is a Net Lease. Monthly Base Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event to Landlord absolutely net of default by Tenantall Operating Expenses, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit subject to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination provisions of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit The provision for Tenant’s payment of Operating Expenses is intended to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord pass on to Tenant upon demand by Tenantand reimburse Landlord for all Operating Expenses.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 2 contracts
Samples: Lease (JFrog LTD), Lease Agreement (JFrog LTD)
Rent. 3.1 Tenant agrees to During the Lease Term, Tenants, jointly and severally, shall pay a total rent to Landlord in the amount of $ . Said total rent shall be paid by Tenant to Landlord in equal monthly installments of $ (“Rent”) to Landlord, at Landlord’s address set forth above, in advance and shall be received in hand or postmarked on or before the first (1st) day of each calendar month during the Base RentLease Term and without demand, subject to adjustment as hereinafter provideddelay or offset for any reason and without a grace period. If the Rent is not received in hand or postmarked on or before the 1st day of each month, without deduction or set off, the Tenant is in default of this said lease. Time is of the essence for each month of the entire Lease Term. One such and every monthly installment together with the Security Deposit shall be Rent payment and for all other monies due and payable owing under this Lease, including security deposit, damages, invoices or other costs or expenses chargeable by law by Landlord to Tenant. Tenant shall submit all rental payments in full and acknowledges that, in the event there is more than one Tenant, then Tenants agree that all separate payments will be paid at the same time in the same envelope. Landlord reserves the right to refuse individual or partial payments. Tenant acknowledges that Rent amount for Premises specified herein may vary from similar Premises within the building and that such variation is due to either a discount granted to other Tenants for longevity of leasing with Landlord or water usage by double occupancy of any bedroom (Example: 2 tenants occupying a 1-bedroom apartment, 3-4 tenants occupying a 2-bedroom apartment, or 4-6 tenants occupying a 3-bedroom apartment) Tenants, shall jointly and severally, immediately pay to Landlord upon execution a late fee of this lease, and a like Each Fifty Dollars ($50) for any monthly installment shall be due and payable without demand payment of Rent not received in hand by Landlord on or before the first (1st) day of each calendar month succeeding month, and an ongoing $5 per day late fee after the Commencement Date during the Lease Term5th day that Rent has not been received in hand by Landlord. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease It is in effect.
3.2 In addition Tenant’s responsibility to ensure that Landlord receives said Rent. Tenants jointly and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant severally shall pay to Landlord an amount equal to the sum a fee of all taxes on Rent, directly or indirectly imposed by any government entity Fifty Dollars (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent$50), or any other sums owed amounts charged by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late paymentbank if greater than $50, for each check of Tenants jointly or if Landlord pays severally returned by a sum on behalf of banking institution for insufficient funds or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such any other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunderreason. If there is Landlord receives a late payment returned check issued jointly or severally by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes Tenants from a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoeverbanking institution, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered require that Tenants make all future payments to Landlord by Tenant during in the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, form money order or cashier’s certified cashiers check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by only. Landlord as security for the performance by will first deduct all fees, damages, costs and charges, including late fees, NSF fees, and other damages and costs set forth herein, from all amounts received from Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or on a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on monthly basis before applying said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit amounts to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlorddue.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement
Rent. 3.1 7.1. Tenant agrees to shall pay to Landlord as Base Rent for the Premises, commencing on the Term Commencement Date the sums set forth in Section 2.3, subject to the rental adjustments provided in Article 8 hereof. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, subject to the rental adjustments provided in Article 8 hereof, each in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each every calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 7.2. In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofRent, Tenant shall pay to Landlord an amount equal to the sum of all taxes on as additional rent (“Additional Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) at times hereinafter specified in this Lease (a) Tenant’s Share (as Additional Rent.
3.3 If any installment defined below) of Operating Expenses (as defined below), (b) the Base Rent, or Property Management Fee (as defined below) and (c) any other sums owed by amounts that Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, assumes or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to paypay under the provisions of this Lease that are owed to Landlord, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such including any and all other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose that may become due by reason of reimbursing Landlord for additional costs and expenses which Landlord expects any default of Tenant or failure on Tenant’s part to incur in connection comply with the handling agreements, terms, covenants and processing conditions of late installment payments of the Base Rent and such other sums owed by Tenant this Lease to Landlord hereunder. If there is a late payment be performed by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, after notice and the foregoing charge constitutes a reasonable and good faith estimate by the parties lapse of the extent of such damages and does not constitute interestany applicable cure periods. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to)to pay any portion of Tenant’s Pro Rata Share of Operating Expenses (other than the cost of utilities servicing the Premises, without prejudice to any other remedy, use which shall not be capped) in excess of Fifty Cents ($0.50) (the Security Deposit to the extent necessary to fund any arrearage “PSF Cap”) per month per square foot of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application Rentable Area of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of LandlordPremises.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”7.3. Base Rent and Additional Rent are herein referred to collectively as shall together be denominated “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct ” Rent shall be deemed paid to be 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 payment calendar month, then the Rent for such fraction of a month shall be prorated for such period on account, nor the basis of a thirty (30) day month and shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept paid at the then-current rate for such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedyfractional month.
Appears in 2 contracts
Samples: Lease (Ambit Biosciences Corp), Lease (Ambit Biosciences Corp)
Rent. 3.1 3.1. The Tenant agrees shall punctually pay the Rent for the Leased Premises for the Term to the Landlord in the amounts and at the times set forth below, without bxxx or other demand and without any offset, deduction or abatement whatsoever, except as may be otherwise specifically set forth in this Agreement.
3.2. The Basic Rent for the Leased Premises during the Initial Term shall be at the rate per year set forth below. The annual rate of Basic Rent for the Leased Premises during any Renewal Term shall be calculated as set forth in subsection 6.1.4 of this Agreement for the respective Renewal Term.
3.3. The Tenant shall punctually pay to Landlord the applicable Basic Rent in equal monthly installments in advance on or before the first day of each month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, with the exception of Basic Rent for each the first full calendar month of the entire Lease Initial Term and for any period of less than a full calendar month at the beginning of the Term. One such monthly installment together with The Tenant shall pay the Security Deposit shall be due and payable by Tenant to Landlord Basic Rent for the first full calendar month of the Initial Term upon execution and delivery of this lease, and Agreement. The Tenant shall punctually pay the Basic Rent for a like Each monthly installment shall be due and payable without demand on or before the first day period of each less than a full calendar month succeeding at the beginning of the Term on the Commencement Date during Date.
3.4. The Basic Rent and the Lease Term. Base Additional Rent for any period of less than a full calendar month shall be prorated. In the event that any installment of Basic Rent cannot be calculated by the time payment is due, based on one thirtieth (1/30) such portion as is then known or calculable shall be then due and payable; and the balance shall be due upon the Landlord’s giving notice to the Tenant of the current Base amount of the balance due.
3.5. The Additional Rent for each day of the partial month Leased Premises during the Term shall be promptly paid by the Tenant in the respective amounts and at the respective times set forth in this Lease is in effectAgreement.
3.2 In addition to and along with 3.6. That portion of any amount of Rent or other amount due under this Agreement which is not paid on the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant day it is first due shall pay to Landlord an amount incur a late charge equal to the sum of: (i) five percent of all taxes that portion of any amount of Rent or other amount due under this Agreement which is not paid on Rent, directly the day it is first due and (ii) interest on that portion of any amount of Rent or indirectly imposed by any government entity (other amount due under this Agreement which is not paid on the “Rent Tax”) as Additional Rent.
3.3 If any installment of day it is first due at the Base Rent, or any other sums owed Rate(s) in effect from time to time plus two additional percentage points from the day such portion is first due through the day of receipt thereof by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to . Any such late payment, or if Landlord pays a sum on behalf of or for charge due from the Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, shall be due immediately. Anything hereinabove contained to the extent permitted by lawcontrary notwithstanding, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a it is expressly understood and agreed that no late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional imposed if Rent is not honored paid by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) fifth day of the amount of such returned check, whichever is greater, each time a check month provided that if Rent is not honored and returned to Landlord. Such returned check service paid by the fifth day of the month more than twice in any twelve month period then, thereafter, the late charge shall be in addition to and imposed if Rent is not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored paid by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance first day of the Lease Termmonth.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 2 contracts
Samples: Lease Agreement (Foamix Pharmaceuticals Ltd.), Lease Agreement (Foamix Pharmaceuticals Ltd.)
Rent. 3.1 Tenant agrees to pay to Landlord in advance on or before the first day For use and occupancy of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit but subject to the transferee terms timely payment requirements set forth below, Resident agrees to pay Owner the sum of $«Total contract amount» (which includes applicable federal, state, and thereafter local taxes) (the "Rent").Rent is due and payable in periodic installments, on or before the dates specified below (the "Due Dates") regardless of when these dates occur, including weekends, holidays, semester breaks or vacations, with no exceptions. Upon timely payment of each of these installments, Resident shall have no further liability for be entitled to occupy the return of Premises. Resident shall tender all sums to the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord Owner’s agent under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”Lease. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon paid in United States currency and shall be paid in full, without demand by Tenant.
3.6 No payment by Tenant or set off. Payment or receipt by Landlord of a lesser amount an installment of less than the correct Rent amount stated in the Lease shall be deemed to be other nothing more than a partial payment on the account. Under no circumstances shall Owner’s acceptance of a partial payment constitute accord and satisfaction. Nor will Owner’s acceptance of a partial payment forfeit Owner’s right to collect the balance due on the account, nor shall despite any endorsement endorsement, stipulation, or other statement on any check or any letter accompanying any check or payment be deemed an accord and satisfactionother writing. Landlord The Owner may accept such any partial payment check of payment with any conditional endorsement without prejudice to Landlord’s its right to recover the balance remaining due, or to pursue any other remedyremedy available under this Lease. Deletions, annotations, or other modifications to documents relevant to the Lease by applicant, Resident, or Guarantor, except by Owner’s written consent, and may render Lease null and void at Owner’s option. All payments will be first applied to any outstanding delinquent portions of the Rent, late fees, and other fees and charges owed by Resident and then applied to the monthly installment currently due.
Appears in 2 contracts
Samples: Individual Residential Lease Agreement, Residential Lease Agreement
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first (1st) day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first (1st) full month’s rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in writing. Unless specified in this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of contrary, all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other amounts and sums owed payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent. Unless specified in this Lease to the contrary, all amounts and sums payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent
3.2 Tenant recognizes that late payment of any rent or other sum due under this LeaseLease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not received paid within five (5) business days after the due date thereof, without implying Landlord’s consent to following notice from Landlord that such late payment, or if Landlord pays payment is overdue (a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion“Late Notice”), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, then a late payment charge shall be imposed in an amount equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned checkunpaid rent or other payment which is overdue (a “Late Charge”); provided, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenanthowever, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to deliver a Late Notice to Tenant more often than once in any other remedy, use twelve (12) month period in order to collect a Late Charge for amounts which are not paid on or before the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of defaultdate when due. Following such application The amount of the Security Deposit, late charge to be paid by Tenant shall pay be reassessed and added to Landlord on demand the amount so applied to restore the Security Deposit to its original amountTenant’s obligation for each successive month until paid. If there is not then an event The provisions of default, any remaining balance this Section 3.2 shall in no way relieve Tenant of the Security Deposit shall be returned by Landlord obligation to Tenant upon termination pay rent or other payments on or before the date on which they are due, nor do the terms of this Lease. If Landlord transfers its interest Section 3.2 in any way affect Landlord’s remedies pursuant to Article 19 of this Lease in the Premises during event said rent or other payment is unpaid after the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlorddate due.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 2 contracts
Rent. 3.1 Effective as of the Rent Commencement Date, Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first month’s rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each based upon a thirty (30) day of month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Landlord’s address, as set forth on the Reference Page, or to such other person or at such other place as Landlord may from time to time designate in effectwriting.
3.2 In addition Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and along with the monthly installments of Base Rent economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid when due and payable pursuant to Subsection 3.1 hereofthis Lease, Tenant a late charge shall pay to Landlord be imposed in an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity greater of: (the “Rent Tax”a) as Additional Rent.
3.3 If any installment of the Base RentFifty Dollars ($50.00), or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5b) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) per month of the unpaid rent or other payment. The amount of such returned check, whichever is greater, each time a check is not honored and returned the late charge to Landlord. Such returned check service charge be paid by Tenant shall be in addition to reassessed and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice added to Tenant, that any and all subsequent payments ’s obligation for each successive monthly period until paid. The provisions of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance this Section 3.2 in no way relieve Tenant of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for obligation to pay rent or other payments on or before the performance by Tenant date on which they are due, nor do the terms of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Section 3.2 in any way affect Landlord’s damages remedies pursuant to Article 19 in a default by Tenant. No interest the event said rent or other such return shall be paid on said Security Depositpayment is unpaid after date due. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use Notwithstanding the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Depositforegoing, Tenant shall pay be entitled, not more than once per calendar year, to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event a notice of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee non-payment and a five-day grace period thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit before a late charge may be co-mingled or combined with other accounts or funds of Landlordassessed.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 2 contracts
Samples: Lease Agreement (Aspen Aerogels Inc), Lease (Aspen Aerogels Inc)
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month’s rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in effect.
3.2 In addition writing. If an Event of Default occurs, Landlord may require by notice to and along with the monthly installments of Base Rent pursuant Tenant that all subsequent rent payments be made by an automatic payment from Tenant’s bank account to Subsection 3.1 hereofLandlord’s account, without cost to Landlord. Tenant shall pay to Landlord an amount equal must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore Landlord’s notice, whichever is made, Tenant, later. Unless specified in this Lease to the extent permitted by lawcontrary, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other all amounts and sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed payable by Tenant to Landlord hereunder. If there is a pursuant to this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment by Tenantof any rent or other sum due under this Lease will result in administrative expense to Landlord, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages which additional expense is extremely difficult and does economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant paid when due and payable pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service late charge of shall be imposed in an amount equal to the greater of: (a) Fifty Dollars ($15.00 50.00), or (b) five percent (5%) of the unpaid rent or other payment. The amount of such returned check, whichever is greater, each time a check is not honored and returned the late charge to Landlord. Such returned check service charge be paid by Tenant shall be in addition to reassessed and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice added to Tenant’s obligation for each successive month until paid. The provisions of this Section 3.13.2 in no way relieve Tenant of the obligation to pay rent or other payments on or before the date on which they are due, nor do the terms of this Section 3.13.2 in any way affect Landlord’s remedies pursuant to Article 19 of this Lease in the event said rent or other payment is unpaid after date due.
3.3 Tenant hereby acknowledges and agrees that the obligations of Tenant hereunder shall be separate and independent covenants and agreements, that any rent shall continue to be payable in all events and all subsequent payments that the obligations of Base Rent Tenant hereunder shall continue unaffected, unless the requirement to pay or Additional Rent be made by either cash, money order or cashier’s check for perform the balance same shall have been terminated pursuant to an express provision of this Lease. Landlord and Tenant each acknowledges and agrees that the independent nature of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for obligations of Tenant hereunder represents fair, reasonable, and accepted commercial practice with respect to the performance by Tenant type of Tenant’s covenants and obligations under property subject to this Lease. Such deposit shall not be considered an advance payment of Rent or acknowledgements by Tenant are a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice material inducement to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of landlord entering into this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 2 contracts
Samples: Lease (Alnylam Pharmaceuticals, Inc.), Lease (Alnylam Pharmaceuticals, Inc.)
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first month's rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each based upon a thirty (30) day of month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Landlord's address, as set forth on the Reference Page, or to such other person or at such other place as Landlord may from time to time designate in effectwriting.
3.2 In addition Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and along with the monthly installments of Base Rent economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid when due and payable pursuant to Subsection 3.1 hereofthis Lease, Tenant a late charge shall pay to Landlord be imposed in an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity greater of: (the “Rent Tax”a) as Additional Rent.
3.3 If any installment of the Base RentFifty Dollars ($50.00), or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5b) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) per month of the unpaid rent or other payment. The amount of such returned check, whichever is greater, each time a check is not honored and returned the late charge to Landlord. Such returned check service charge be paid by Tenant shall be in addition to reassessed and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice added to Tenant, that any and all subsequent payments 's obligation for each successive monthly period until paid. The provisions of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance this Section 3.2 in no way relieve Tenant of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest obligation to pay rent or other such return shall be paid payments on said Security Deposit. Upon any event of default by Tenantor before the date on which they are due, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use nor do the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination terms of this Lease. If Landlord transfers its interest Section 3.2 in any way affect Landlord's remedies pursuant to Article 19 of this Lease in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled event said rent or combined with other accounts or funds of Landlordpayment is unpaid after date due.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 2 contracts
Samples: Lease Agreement (Accufacts Pre Employment Screening Inc), Lease (Aksys LTD)
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month’s rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in effect.
3.2 In addition writing. If an Event of Default occurs, Landlord may require by notice to and along with the monthly installments of Base Rent pursuant Tenant that all subsequent rent payments be made by an automatic payment from Tenant’s bank account to Subsection 3.1 hereofLandlord’s account, without cost to Landlord. Tenant shall pay to Landlord an amount equal must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned checkLandlord’s notice, whichever is greater, each time a check is not honored and returned to Landlordlater. Such returned check service charge shall be Unless specified in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the this Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent contrary, all amounts and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid when due and payable pursuant to this Lease, a late charge shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid be imposed in full at a rate an amount equal to the lesser greater of: (a) the prime interest rate in effect from day to day at NationsBank of GeorgiaFifty Dollars ($50.00), N.A., plus three (3) percentage points; or (b) six percent (6%) of the maximum legal rate allowed unpaid rent or other payment. The amount of the late charge to be paid by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount Tenant shall be credited against future reassessed and added to Tenant’s obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant on or receipt by Landlord of a lesser amount than before the correct Rent shall be deemed to be other than a payment date on accountwhich they are due, nor shall do the terms of this Section 3.2 in any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to way affect Landlord’s right remedies pursuant to recover Article 19 of this Lease in the balance event said rent or to pursue any other remedypayment is unpaid after date due.
Appears in 2 contracts
Samples: Lease Agreement (Schrodinger, Inc.), Memorandum of Understanding (Cygne Designs Inc)
Rent. 3.1 Tenant agrees to Lessee shall pay to Landlord Lessor rent for the Premises of Eighteen Thousand ---- Five Hundred Twenty-Eight Dollars ($18,528.00) per month in advance on or before lawful money of the first day United States of each month the Base RentAmerica, subject to adjustment as hereinafter provided, provided in Section A of this Paragraph. Rent shall be paid without deduction or set offoffset, for each month prior notice, or demand, at such place as may be designated from time to time by Lessor as follows: $18,528.00 shall be paid upon execution of the entire Lease Termby both Lessor and Lessee, which sum represents the amount of the first month's rent. One such monthly installment together with the A deposit of $18,528.00 as a Security Deposit shall be due made by Lessee and payable held by Tenant Lessor pursuant to Landlord Paragraph 5 of this Lease, and shall be paid upon execution of the Lease by both Lessor and Lessee. If Lessee is not in default of any provision of this leaseLease, and a like Each monthly installment this sum, without interest thereon, shall be applied toward the rent due and payable without demand for the last month of the term of this Lease or the extended term, pursuant to any extension of the initial term in accordance with the provisions of this Lease. Monthly rent shall be paid in advance on or before the first (1st) day of each calendar month succeeding the Commencement Date during the Lease Term. Base as follows: Months Monthly Rent/NNN ------ ---------------- 01-12 $18,528.00 13-24 $19,300.00 25-36 $20,072.00 37-48 $20,844.00 Rent for any period of during the term hereof which is for less than a one (1) full month shall be prorated, based on one thirtieth (1/30) a pro-rata portion of the current Base Rent for each day monthly rent payment. Lessee acknowledges that late payment by Lessee to Lessor of rent or any other payment due Lessor will cause Lessor to incur costs not contemplated by this Lease, the partial month this Lease is in effect.
3.2 In addition exact amount of such costs being extremely difficult and impracticable to fix. Such costs include, without limitation, processing and along with accounting charges, and late charges that may be imposed on Lessor by the monthly installments terms of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed any encumbrance and note secured by any government entity (encumbrance covering the “Rent Tax”) as Additional Rent.
3.3 If Premises. Therefore, if any installment of the Base Rent, rent or any other sums owed by Tenant to Landlord under this Lease, payment due from Lessee is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum by Lessor within ten (10) days after demand therefore following the date it is madedue and payable, Tenant, Lessee shall pay to the extent permitted by law, agrees to pay, in addition to said installment Lessor an additional sum of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment overdue amount as a late charge. The parties agree that this late charge represents a fair and reasonable estimate of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose costs that Lessor will incur by reason of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by TenantLessee. Acceptance of any late charge shall not constitute a waiver of Lessee's default with respect to the overdue amount, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties nor prevent Lessor from exercising any of the extent of such damages other rights and does not constitute interestremedies available to Lessor. Notwithstanding the foregoingIf, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) Lessor cannot deliver possession of the amount of such returned checkPremises on the commencement date set forth in Paragraph 2 above, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the this Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent void or a measure of Landlord’s damages voidable, nor shall Lessor be liable to Lessee for any loss or damage resulting therefrom; but in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenantevent, Landlord may (but Lessee shall not be obligated to), without prejudice to any other remedy, use pay rent until possession of the Security Deposit Premises is tendered to Lessee and the commencement and termination dates of this Lease shall be revised to conform to the extent necessary date of Lessor's delivery of possession. In the event that Lessor shall permit Lessee to fund any arrearage of Rent and any other damage, injury, expense or liability caused occupy the Premises prior to Landlord by such event of default. Following such application the commencement date of the Security Depositterm, Tenant such occupancy shall pay be subject to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance all of the Security Deposit shall be returned by Landlord to Tenant upon termination provisions of this Lease, including the obligation to pay rent at the same monthly rate as that prescribed for the first month of the Lease term. If Landlord transfers its Lessee shall have the right to enter the Premises prior to commencement date to install fixtures and equipment, provided Lessee shall not unreasonably interfere with construction of improvements by Lessor's contractors.
A. Cost-of-Living Increase. Not applicable. ----------------------- --------------
B. All taxes, insurance premiums, Outside Area Charges, late charges, costs and expenses which Lessee is required to pay hereunder, together with all interest and penalties that may accrue thereon in the Premises during event of Lessee's failure to pay such amounts, and all reasonable damages, costs, and attorney's fees and expenses which Lessor may incur by reason of any default of Lessee or failure on Lessee's part to comply with the Lease Termterms of this Lease, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a additional rent (hereinafter, "Additional Rent"), and, in the event of non-payment on accountby Lessee, nor Lessor shall any endorsement or statement on any check or any letter accompanying any check or have all of the rights and remedies with respect thereto as Lessor has for the non-payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedymonthly installment of rent.
Appears in 2 contracts
Samples: Lease (Oratec Interventions Inc), Lease (Oratec Interventions Inc)
Rent. 3.1 Tenant agrees to During the Term, Xxxxxx will pay to Landlord the Rent and Additional Charges in lawful money of the United States of America and legal tender for the payment of public and private debts, in the manner provided in Section 3.3. The Base Rent during any Lease Year is payable in advance in consecutive monthly installments on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day fifth (5th) Business Day of each calendar month succeeding during that Lease Year is payable in advance in consecutive monthly installments on the fifth (5th) Business Day of each calendar month during that Lease Year; provided that Tenant shall be entitled to set off against a Rent payment due hereunder any rent payments made by Tenant’s Parent or one of its Subsidiaries to third-party lessors (and not previously set off) under leases (or subleases) existing on the Commencement Date during Date, which leases (or subleases) are related to any Facility subject to this Master Lease or provide access or other similar rights to such Facility, if such lease (or sublease) has not been transferred to Landlord either (i) solely because the Lease Term. Base Rent for any period requisite consents to transfer have not been obtained or (ii) because the rent payable under such lease is satisfied through the payment of less than a full month shall be proratedlocal development taxes, based on one thirtieth fees or other amounts paid by Tenant (1/30) of the current Base Rent for provided that, in each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofcase, Tenant shall pay certify to Landlord an amount equal in writing on a periodic basis as reasonably requested by Landlord the applicable lease (or sublease) and third-party lessor and include reasonable detail regarding the amounts paid thereunder). Unless otherwise agreed by the parties, Rent and Additional Charges shall be prorated as to any partial months at the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment beginning and end of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum Term. The parties will agree on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment an allocation of the Base Rent or such other sum owed, on a late payment charge equal to ten percent (10%) declining basis for federal income tax purposes within the 115/85 safe harbor of Section 467 of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is Code, assuming a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment projected schedule of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Termthis purpose.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 2 contracts
Samples: Master Lease (Gaming & Leisure Properties, Inc.), Master Lease (PENN Entertainment, Inc.)
Rent. 3.1 Tenant covenants and agrees to pay to unto Landlord the base net rentals in advance accordance with Exhibit C attached hereto and made a part hereof commencing as of the date hereof and on or before the first day of each and every month hereafter, in advance, through the Base Rententire term of this Lease, subject to adjustment together with such increase of said annual and monthly fixed net rent, in accordance with the provisions of this Lease as hereinafter provided. If Landlord so requires, without deduction Tenant shall make all or set off, for each month part of the entire Lease Termrental payments directly to Landlord's lender provided Tenant receives written notice from Landlord directing Tenant to make such payments to lender. One such monthly installment together All rent (including all sums payable as rent in accordance with the Security Deposit preceding paragraph and as hereinafter provided) shall be due and construed in every instance as an absolute net rent payable by Tenant to Landlord upon execution of this Landlord. This Lease is an absolute net lease, and a like Each monthly installment the annual rent and all other sums payable hereunder to or on behalf of Landlord shall be due paid without notice or demand and payable without demand on setoff, counterclaim, abatement, suspension, deduction, or before defense. It is the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) express intent of the current Base Rent for each day of parties hereto that the partial month this Lease is in effect.
3.2 In addition annual rent provided to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed be paid by Tenant to Landlord under this Leasethe terms of Article 3 hereof shall be an absolute net rent payable to Landlord and that Tenant shall, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, in any or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s all events and at its sole cost and absolute discretion), expense and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to the said installment monthly rental, pay any and all other items of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur expense in connection with the handling Premises of whatever nature, including but not limited to all taxes and processing of late installment payments of assessments imposed by any governmental authority on the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by TenantPremises, the damages resulting to Landlord will be difficult to ascertain preciselybuilding now or hereafter existing thereon or attached thereto, the contents thereof, and the foregoing charge constitutes a reasonable use thereof, together with the procurement and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance maintenance by Tenant of Tenant’s covenants the insurance hereinafter specified. This Lease shall always be construed in order to effectuate the foregoing declared intent of the parties hereto. If Tenant or Landlord shall so require, Landlord and obligations under this Lease. Such deposit Tenant shall not be considered an advance payment enter into a memorandum of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return lease, which shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest recorded in the Premises during appropriate land records in order to document the Lease Term, Landlord may assign the Security Deposit to the transferee terms and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlordconditions hereof.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease Agreement (Mony Group Inc)
Rent. 3.1 (a) Tenant agrees shall pay to pay Landlord rent (the "Base Rent") for each Property in the amounts specified for such Property on Exhibit A attached hereto, as may be amended by the parties from time to time. Each monthly installment of the Base Rent shall be paid (i) to Landlord in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding during the Term and (ii) at the office of Landlord or such other place as Landlord may designate. Should the Commencement Date during fall on any day other than the Lease Term. first day of a month, then the Base Rent for any period of less than a full such month shall be proratedpro-rated on a per diem basis, based on one thirtieth (1/30) of and Tenant shall pay the current Base Rent amount thereof for each day of the such partial month this Lease is in effect.
3.2 In addition on the Commencement Date. With reasonable prior notice to and along with Tenant, Landlord shall have the monthly installments right to require the payment of Base Rent pursuant to Subsection 3.1 hereofon an annual, quarterly or other basis with such new payment structure commencing on the date specified in Landlord's notice.
(b) Tenant shall pay pay, as additional rent, all costs and expenses incurred in connection with use, ownership, maintenance, operation or repair of each Property (including, without limitation, (i) the cost of electric, gas, water, sewer, heating, air-conditioning and other utility services and (ii) all real estate taxes, assessments and business improvement charges). Such additional rent shall be paid, prior to Landlord an amount equal delinquency, to the sum entities entitled thereto. Tenant may contest in good faith the amount or validity of all taxes on Rentany real estate tax, directly assessment or indirectly imposed business improvement charge; provided, that such contest (1) shall not subject Landlord to any liability, create any lien against the applicable Property or pose an imminent threat to title of such Property, (2) is not prohibited by any government entity Landlord's lenders and (3) suspends the “Rent Tax”) as Additional Rent.
3.3 If any installment collection of the applicable tax, assessment or charge. All amounts payable by Tenant under this Lease, other than the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as "Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy."
Appears in 1 contract
Samples: Master Lease (Ap Eagle Finance Corp)
Rent. 3.1 Tenant agrees to shall pay to Landlord without demand, deduction or offset, in lawful money of the United States, the monthly rental as outlined in section l(d) in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease TermTerm beginning on the Commencement Date, together with any other additional payments due to Landlord, including Operating Costs (collectively the “Rent”) when required under this Lease. Base Rent Payments for any period partial month at the beginning or end of less than a full month the Lease term shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 . If any installment of the Base Rent, or any other sums owed payable by Tenant to Landlord under this Lease, is Lease are not received within five by the fifth (55th) days after the due date thereofday of each month, without implying Landlord’s consent to such late payment, or if Tenant shall pay Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment the amount due, for the cost of the Base Rent or collecting and handling such other sum owed, a late payment charge (“Late Charges”), an amount equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge greater of $15.00 100 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original delinquent amount. If there is not then an event of defaultIn addition, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All all delinquent sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively not paid within five days of the due date, or the five (5) day cure period as “Rent”. All Rent due hereunder shall outlined below, shall, at Landlord’s option, bear interest from at the due date until paid in full at a rate equal to of Eighteen percent (18%) per annum, or the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal highest rate of interest should ever be collected with regard to any sum due hereunderallowable by law, said excess amount whichever is less. Interest on all delinquent amounts shall be credited against future payments calculated from the original due date to the date of Rent accruing thereafterpayment. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord Landlord’s acceptance of a lesser amount less than the correct Rent full amount of any payment due from Tenant shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment not be deemed an accord and satisfactionsatisfaction or compromise of such payment unless Landlord specifically consents in writing to payment of such lesser sum as an accord and satisfaction or compromise of the amount which Landlord claims. Notwithstanding the foregoing, Landlord may accept such check shall provide Tenant with written notice of the failure to pay and Tenant shall be granted five (5) days after receipt of notice to submit payment without prejudice to Landlord’s in full. Tenant shall have the right to recover receive said written notice one (1) time per twelve month period before the balance or aforementioned Late Charges and interest rate as outlined herein shall be assessed to pursue any other remedyTenant.
Appears in 1 contract
Samples: Lease Agreement (Glu Mobile Inc)
Rent. 3.1 (a) Payment Tenant agrees shall timely pay Rent to Landlord, without notice, demand, deduction or setoff (except as otherwise expressly provided herein), by good and sufficient check drawn on a national banking association delivered to Landlord’s address provided for in the Basic Lease Information, by wire transfer as provided for in the Basic Lease Information, or to such other address or by wiring instructions provided in a notice delivered by Landlord to Tenant, accompanied by all applicable state and local sales or use taxes. The obligations of Tenant to pay Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Subject to the provisions of Exhibit H attached hereto, Basic Rent, adjusted as herein provided, shall be payable monthly in advance advance. The monthly installment of Basic Rent for the first calendar month of the Term for which Basic Rent is due to Landlord hereunder shall be payable contemporaneously with the execution of this Lease; thereafter, Basic Rent shall be payable on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand beginning on or before the first day of each the second full calendar month succeeding of the Commencement Date during the Lease TermTerm for which Basic Rent is due to Landlord. Base The monthly Basic Rent for any period of less than a full partial month shall be prorated, based on one thirtieth (1/30) at the beginning of the current Base Term shall equal the product of 1/365 of the annual Basic Rent for each day of in effect during the partial month this Lease is and the number of days in effect.
3.2 In addition the partial month and shall be due on the Commencement Date. Payments of Basic Rent for any fractional calendar month at the end of the Term shall be similarly prorated. Subject to and along with the monthly installments provisions of Base Rent pursuant to Subsection 3.1 hereofExhibit H attached hereto, Tenant shall pay to Landlord an amount equal to Additional Rent at the sum of all taxes on Rent, directly or indirectly imposed by any government entity (same time and in the “Rent Tax”) same manner as Additional Basic Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease Agreement (Hipcricket, Inc.)
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month’s rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in effect.
3.2 In addition writing. If an Event of Default occurs, Landlord may require by notice to and along with the monthly installments of Base Rent pursuant Tenant that all subsequent rent payments be made by an automatic payment from Tenant’s bank account to Subsection 3.1 hereofLandlord’s account, without cost to Landlord. Tenant shall pay to Landlord an amount equal must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore Landlord’s notice, whichever is made, Tenant, later. Unless specified in this Lease to the extent permitted contrary, all amounts and sums payable by law, agrees Tenant to pay, in addition Landlord pursuant to said installment this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment of the Base Rent any rent or such other sum oweddue under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid within seven (7) days after the date when due and payable pursuant to this Lease, a late payment charge shall be imposed in an amount equal to five percent (5%) ten percent (10%) of the installment unpaid rent or other payment. The amount of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and to be paid by Tenant shall be reassessed and added to Tenant’s obligation for the purpose each successive month until paid. The provisions of reimbursing Landlord for additional costs and expenses which Landlord expects to incur this Section 3.2 in connection with the handling and processing of late installment payments no way relieve Tenant of the Base Rent and such obligation to pay rent or other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenantpayments on or before the date on which they are due, nor do the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties terms of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to this Section 3.2 in any sums which may have been advanced by Landlord to or for the benefit of Tenant way affect Landlord’s remedies pursuant to Article 19 of this Lease. If any check delivered to Landlord by Tenant Lease in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest event said rent or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there payment is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlordunpaid after date due.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Rent. 3.1 Tenant (a) Subtenant agrees to pay to Landlord Tenant for the proportional use of the Subleased Premises the monthly sum of $8,877.00 (the “Base Rent”). The Base Rent shall be paid in advance on or before the first day of each calendar month the Base Rent, subject without notice or demand.
(b) Subtenant further agrees to adjustment as hereinafter provided, without deduction or set off, for each month pay Tenant’s proportional share of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth Operating Expenses (1/30as defined in Paragraph 3.1 (a) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity Primary Lease) (the “Rent Tax”) as Additional Rent.
3.3 If any installment ”). Subtenant agrees to make all such payments of the Base Rent, or any other sums owed by Additional Rent to Tenant to Landlord under this Lease, is not received within at least five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, prior to the extent permitted by law, agrees date on which Tenant is required to pay, in addition to said installment of the Base Rent or make such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunderpursuant to the Primary Lease. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced Operating costs are projected by Landlord to or be $6.18 per sq. ft per year for 2020. Operating Costs projected for 2020 will be $4,987.26 per month for a projected total monthly payment of $13,864.26.
(c) Subtenant shall pay the benefit first full monthly Base Rent on Subtenant’s execution of this Sublease.
(d) Except when this Sublease provides otherwise, Sublease will remit all amounts due hereunder to Tenant pursuant to this Lease. If at the following address: Tenant Medscan laboratory Address 0000 Xxxx Xxxxxxx, Xxxxx 000, Xxxxxxx, XX 00000
(e) Other remedies for non-payment of Rent notwithstanding, if any check delivered to Landlord by Tenant in payment monthly installment of Base Rent or Additional Rent is not honored received by Tenant on or before five (5) days after the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rentdate due, a returned check service late charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent past due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments immediately due and payable as additional rent.
(f) Upon execution of Rent accruing thereafterthis Sublease, Subtenant shall also pay $13,864.26 to Tenant as a security deposit. Tenant may apply the security deposit to any amounts owed by Subtenant under this Sublease. If no such further Rent accrues hereunderTenant applies any part of the security deposit during any time this Sublease is in effect to amounts owed by Subtenant, said excess sums shall be promptly refunded Subtenant must, with 10 days after receipt of notice from Tenant, restore the security deposit to the amount stated. Within 60 days after Subtenant surrenders the Subleased Premises and provides Tenant written notice of Subtenant’s forwarding address, Tenant will refund the security deposit less any amounts applied toward amounts owed by Landlord to Tenant upon demand Subtenant or other charges authorized by Tenantthis Sublease.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Rent. 3.1 (a) Tenant agrees to shall pay rent to Landlord in advance on or before for the first day use and occupancy of each the Properties the amount of Six Hundred Sixty-Six Thousand Six Hundred Sixty-Six and 67/100 Dollars ($666,666.67) per month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease TermTerm (“Basic Rent”). One such monthly installment together with The Basic Rent shall be payable in advance on the Security Deposit first business day of each month of the Term of this Lease. Basic Rent is payable to Landlord in cash, check, or ACH payment at the office of the Landlord at the address set forth in this Lease. The first payment of Basic Rent (representing Basic Rent prorated for the month of March and all of April), shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effectEffective Date.
3.2 In addition to and along with (b) If any installment of Basic Rent is not paid on the monthly installments of Base Rent pursuant to Subsection 3.1 hereofdate due, Tenant shall pay to Landlord an amount equal to the sum of all taxes interest on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late overdue payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; 10% per annum or (b) the maximum legal rate allowed permitted by applicable law (the “Default Rate”), accruing from the due date of such payment until the same is paid. If more than any installment of Basic Rent is not paid for a period of three (3) business days after notice of default thereof by Landlord, Tenant shall pay Landlord a late charge in an amount equal to the maximum legal rate lesser of five (5%) percent of the unpaid installment of Basic Rent or the highest late charge permitted by applicable law.
(c) Tenant shall pay and discharge before the imposition of any fine, lien, interest should ever or penalty which may be collected added thereto for late payment thereof any amounts and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease (“Additional Rent”), together with regard every fine, penalty, interest and cost which may be added by the party to whom such payment is due for nonpayment or late payment thereof. In the event of any sum due hereunderfailure by Tenant to pay or discharge any of the foregoing, said excess amount Landlord shall have all rights, powers and remedies provided herein, by law or otherwise, in the event of nonpayment of Basic Rent. Any Additional Rent payable to Landlord shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunderpaid, said excess sums shall be promptly refunded by Landlord to Tenant upon within fifteen (15) days after demand by Tenanttherefor.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month's rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease TermLease. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in effect.
3.2 In addition writing. If an Event of Default occurs, Landlord may require by notice to and along with the monthly installments of Base Rent pursuant Tenant that all subsequent rent payments be made by an automatic payment from Tenant's bank account to Subsection 3.1 hereofLandlord's account, without cost to Landlord. Tenant shall pay to Landlord an amount equal must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned checkLandlord's notice, whichever is greater, each time a check is not honored and returned to Landlordlater. Such returned check service charge shall be Unless specified in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the this Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent contrary, all amounts and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid when due and payable pursuant to this Lease, a late charge shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid be imposed in full at a rate an amount equal to the lesser greater of: :
(a) the prime interest rate in effect from day to day at NationsBank of GeorgiaFifty Dollars ($50.00), N.A., plus three (3) percentage points; or (b) six percent (6%) of the maximum legal rate allowed unpaid rent or other payment. The amount of the late charge to be paid by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount Tenant shall be credited against future reassessed and added to Tenant's obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant on or receipt by Landlord of a lesser amount than before the correct Rent shall be deemed to be other than a payment date on accountwhich they are due, nor shall do the terms of this Section 3.2 in any endorsement way affect Landlord's remedies pursuant to Article 19 of this Lease in the event said rent or statement on any check or any letter accompanying any check or other payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedyis unpaid after date due.
Appears in 1 contract
Samples: Lease (Patrick Industries Inc)
Rent. 3.1 Tenant agrees to shall timely pay to Landlord Rent (as defined in advance the Basic Lease Information), including the amounts set forth in Exhibit C hereto, without notice, 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 before as otherwise specified by Landlord and shall be accompanied by all applicable state and local sales or use taxes, if applicable. Except as otherwise expressly set forth herein, the first day foregoing covenants of each month Tenant are independent covenants and Tenant shall have no right to withhold or xxxxx any payment of Base Rent, Additional Rent, Taxes, Insurance or other payment, or to set off any amount against the Base Rent, subject Additional Rent, Taxes, Insurance or other payment then due and payable, or to adjustment terminate this Lease, because of any breach or alleged breach by Landlord of this Lease or because of the condition of the Premises. Tenant hereby acknowledges and agrees that it has been represented by counsel of its choice and has participated fully in the negotiation of this Lease, that Tenant understands that the remedies available to Tenant in the event of a default by Landlord may be more limited than those that would otherwise be available to Tenant under the common law in the absence of certain provisions of this Lease, and that the so-called “dependent covenants” rule as hereinafter developed under the common law (including, without limitation, the statement of such rule as set forth in the Restatement (Second) of Property, Section 7.1) shall not apply to this Lease or to the relationship of landlord and tenant created hereunder. Base Rent, adjusted as herein provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand in advance beginning on or before the first day of each calendar month succeeding the Base Rent Commencement Date during the Lease TermDate. The monthly Base Rent for any period partial calendar month during which the Base Rent Commencement Date occurs shall equal the product of less than 1/365 (or in the event of a full month shall be proratedleap year, based on one thirtieth (1/301/366) of the current annual Base Rent for each day in effect during such partial month and the number of days in the partial month this Lease is in effect.
3.2 In addition to month, and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes be due on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Rent. 3.1 Tenant hereby covenants and agrees to pay to Landlord in advance on or before the first day sum of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, THIRTY THOUSAND DOLLARS ($30,000) per year for each month year of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution term of this lease, and in equal monthly installments of TWO THOUSAND FIVE HUNDRED DOLLARS ($2,500), payable in advance no later than the 1st day of every calendar month of the term of this lease (commencing on February 1, 1996), hereinafter designated as the "base rent". All said payments shall be made at the office of Landlord, set forth above, or at such other place as Landlord shall from time to time designate by written notice. There shall be a like Each late charge of $150 for any monthly installment shall be due and payable without demand on or before not received by the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth fifth (1/305th) of the current Base Rent for each day of the partial month this Lease month. In addition, Tenant shall also pay as rent, its proportionate share (5.4%) ("proportionate share"), which is in effect.
3.2 In addition its square footage rented versus total square footage of the building, hereinafter referred to as its proportionate share) of any real estate taxes and along with assessments and sewer charges. (Currently taxes are due no later than 1/2 on June 30 and 1/2 on December 30). Landlord shall notify Tenant of the monthly installments receipt of Base Rent pursuant to Subsection 3.1 hereofthe tax bill xxx the amount of tax owed by Tenant. Thereupon, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment its share of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within taxes and sewer charges no later than five (5) days after the due date thereof, without implying of receipt of such notification by Landlord’s consent . Landlord shall further prorate Tenant's proportionate share of taxes and assessments to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed paid by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant partial tax periods occurring during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Termlease.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month commencing on July 1, 1997 and continuing through the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month remainder of the entire Lease Term. One such monthly installment together with , except that the Security Deposit first month's rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one- twelfth of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each based upon a thirty (30) day of month. Said rent shall be paid to Landlord, without deduction or offset (except as may be expressly provided herein) and without notice or demand, at the partial month this Lease is Landlord's address, as set forth on the Reference Page, or to such other person or at such other place as Landlord may from time to time designate in effectwriting.
3.2 In addition Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and along with the monthly installments of Base Rent pursuant economically impractical to Subsection 3.1 hereof, ascertain. Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, therefore agrees that if rent or any other sums owed by Tenant to Landlord under this Lease, sum is not received paid within five (5) days after the date when due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant payable pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service late charge of shall be imposed in an amount equal to the greater of: (a) Fifty Dollars ($15.00 50.00), or (b) a sum equal to five percent (5%) of the unpaid rent or other payment. The amount of such returned check, whichever is greater, each time a check is not honored and returned the late charge to Landlord. Such returned check service charge be paid by Tenant shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice added to Tenant, that any and all subsequent payments 's obligation for each successive monthly period until paid. The provisions of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance this Section 3.2 in no way relieve Tenant of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest obligation to pay rent or other such return shall be paid payments on said Security Deposit. Upon any event of default by Tenantor before the date on which they are due, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use nor do the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination terms of this Lease. If Landlord transfers its interest Section 3.2 in any way affect Landlord's remedies pursuant to Article 19 in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled event said rent or combined with other accounts or funds of Landlordpayment is unpaid after date due.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease (Gamestop Corp)
Rent. 3.1 Tenant Xxxxxx agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month’s rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in effect.
3.2 In addition writing. If an Event of Default occurs, Landlord may require by notice to and along with the monthly installments of Base Rent pursuant Tenant that all subsequent rent payments be made by an automatic payment from Tenant’s bank account to Subsection 3.1 hereofLandlord’s account, without cost to Landlord. Tenant shall pay to Landlord an amount equal must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned checkLandlord’s notice, whichever is greater, each time a check is not honored and returned to Landlordlater. Such returned check service charge shall be Unless specified in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the this Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent contrary, all amounts and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and economically impractical to ascertain. Xxxxxx therefore agrees that if rent or any other sum is not paid when due and payable pursuant to this Lease, a late charge shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid be imposed in full at a rate an amount equal to the lesser greater of: (a) the prime interest rate in effect from day to day at NationsBank of GeorgiaFifty Dollars ($50.00), N.A., plus three (3) percentage points; or (b) six percent (6%) of the maximum legal rate allowed unpaid rent or other payment. The amount of the late charge to be paid by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount Tenant shall be credited against future reassessed and added to Xxxxxx’s obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments on or before the date on which they are due, nor do the terms of Rent accruing thereafter. If no such further Rent accrues hereunder, this Section 3.2 in any way affect Landlord’s remedies pursuant to Article 19 of this Lease in the event said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenantrent or other payment is unpaid after date due.
3.6 No payment by 3.3 All monetary obligations of Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be under this Lease are deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedyrent.
Appears in 1 contract
Rent. 3.1 The Base Rent (specified in Section 1.1 hereof) and any additional rent or other charges payable pursuant to this Lease (collectively or individually, "Rent"), shall be payable by the Tenant agrees to pay the Landlord at Landlord's mailing address or such other place as the Landlord may from time to Landlord time designate by notice to the Tenant without prior demand therefore and without any offset or deduction whatsoever except at otherwise specifically provided for in this Lease.
(a) The Rent shall be payable in advance on or before the first day of each and every calendar month during the Base Rentterm of this Lease, subject except as otherwise provided in Subsection (b) of this Section 4.1.
(b) The Rent for the first calendar month of the Lease Term is due and payable at the time of execution and delivery of the Lease. If the Commencement Date occurs on a day other than the first day of a calendar month, the Tenant shall pay to adjustment the Landlord on the first day of the succeeding calendar month a pro rata payment of Rent for the Partial month from the Commencement Date to the first day of the succeeding calendar month. Such payment, together with the payment made by the Tenant upon execution and delivery of the Lease, shall constitute payment for the first full calendar month of the Lease Term plus the partial month, if any, immediately following the Commencement Date.
(c) Rent for any partial month shall be paid by the Tenant to the Landlord at such rate on a pro rata basis. Other charges payable by the Tenant on a monthly basis, as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall likewise be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on (d) Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or additional rent and any other sums owed by Tenant to Landlord under this Lease, is due hereunder not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder date shall bear interest at the rate of 1% per month or fraction thereof (or at any lesser maximum legally permissible rate) from 5 days past the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenantpaid.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease (Industrial Imaging Corp)
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent (together with any sales tax imposed on rent by the State of Florida or any local unit of government) then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment first full month’s rent (together with any sales tax imposed on rent by the Security Deposit shall be State of Florida or any local unit of government) due and payable by Tenant to Landlord after the expiration of the Rent Abatement Period shall be paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand. All such rent amounts shall be paid in lawful money of the partial month this United States of America and shall be paid to Landlord by Electronic Funds Transfer (“EFT”), Automated Clearing House (“ACH”) or wire transfer to the bank account specified by Landlord, or to such other person or at such other place and/or by such other methods as Landlord may from time to time designate in writing. Upon Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofexecution, Tenant shall pay agrees to cooperate with Landlord to complete all necessary forms in order to accomplish such method of payment. If Landlord agrees to accept payment of rent by means other than EFT, ACH or wire transfer, and if an amount equal Event of Default occurs during the Term, Landlord may require by notice to Tenant that all subsequent rent payments be made by EFT, ACH or wire transfer, without cost to Landlord. Tenant must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore Landlord’s notice, whichever is made, Tenant, later. Notwithstanding anything to the extent permitted by lawcontrary, agrees to payLandlord may, in addition its sole discretion, allocate any rent or monies Tenant pays to said installment of Landlord to any sums then due and payable hereunder and in any order or priority including first to the Base Rent or such other sum owedmost delinquent sums then due and payable hereunder. Unless specified in this Lease to the contrary, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other all amounts and sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed payable by Tenant to Landlord hereunder. If there is a pursuant to this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment by Tenantof any rent or other sum due under this Lease will result in administrative expense to Landlord, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages which additional expense is extremely difficult and does economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant paid when due and payable pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service late charge of shall be imposed in an amount equal to the greater of: (a) Fifty Dollars ($15.00 50.00), or (b) five percent (5%) of the amount of such returned checkunpaid rent or other payment. Notwithstanding the foregoing, whichever is greater, each time Landlord shall not charge Tenant a check is late charge on a late payment so long as (i) Tenant was not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu late with the payment of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest rent or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord sum due under this Lease shall constitute “Additional Rent”. Base Rent during the preceding twelve (12) month period, and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from (ii) Landlord receives the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; rent or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any other sum due hereunder, said excess that is late within five (5) days of the original due date. The amount of the late charge to be paid by Tenant shall be credited against future reassessed and added to Tenant’s obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant on or receipt by Landlord of a lesser amount than before the correct Rent shall be deemed to be other than a payment date on accountwhich they are due, nor shall do the terms of this Section 3.2 in any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to way affect Landlord’s right remedies pursuant to recover Article 19 of this Lease in the balance event said rent or to pursue any other remedypayment is unpaid after date due.
Appears in 1 contract
Samples: Lease (Appgate, Inc.)
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month's rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in effect.
3.2 In addition writing. If an Event of Default occurs, Landlord may require by notice to and along with the monthly installments of Base Rent pursuant Tenant that all subsequent rent payments be made by an automatic payment from Tenant's bank account to Subsection 3.1 hereofLandlord's account, without cost to Landlord. Tenant shall pay to Landlord an amount equal must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore Landlord's notice, whichever is made, Tenant, later. Unless specified in this Lease to the extent permitted contrary. all amounts and sums payable by law, agrees Tenant to pay, in addition Land lord pursuant to said installment this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment of the Base Rent any rent or such other sum oweddue under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid when due and payable pursuant to this Lease, a late payment charge shall be imposed in an amount equal to ten the greater of:
(a) Fifty Dollars ($50.00), or (b) six percent (106%) of the installment unpaid rent or other payment. The amount of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and to be paid by Tenant shall be reassessed and added to Tenant's obligation for the purpose each successive month until paid. The provisions of reimbursing Landlord for additional costs and expenses which Landlord expects to incur this Section 3.2 in connection with the handling and processing of late installment payments no way relieve Tenant of the Base Rent and such obligation to pay rent or other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenantpayments on or before the date on which they are due, nor do the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties terms of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to this Section 3.2 in any sums which may have been advanced by Landlord to or for the benefit of Tenant way affect Landlord's remedies pursuant to Article 19 of this Lease. If any check delivered to Landlord by Tenant Lease in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest event said rent or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there payment is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlordunpaid after date due.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease (Franklin Wireless Corp)
Rent. 3.1 Tenant Commencing on the Applicable Commencement Date for each Premises Component and subject to the Abatement Period, Xxxxxx agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month Term. The Monthly Installment of Rent in effect at any time shall be one-twelfth (1/12) of the entire Lease TermAnnual Rent in effect at such time. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Subject to the partial month Abatement Period, said Rent shall be paid to Landlord, without deduction or offset (except as otherwise expressly provided in this Lease) and without notice or demand, at the Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in writing. If there have been more than two (2) monetary Event of Defaults under this Lease is in effect.
3.2 In addition any 24 month period, Landlord may require by notice to and along with the monthly installments of Base Rent pursuant Tenant that all subsequent rent payments be made by an automatic payment from Tenant’s bank account to Subsection 3.1 hereofXxxxxxxx’s account, without cost to Landlord. Tenant shall pay to Landlord an amount equal must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore Landlord’s notice, whichever is made, Tenant, later. Unless specified in this Lease to the extent permitted by lawcontrary, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other all amounts and sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed payable by Tenant to Landlord hereunder. If there is a pursuant to this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment by Tenantof any rent or other sum due under this Lease will result in administrative expense to Landlord, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages which additional expense is extremely difficult and does economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant paid when due and payable pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service late charge of shall be imposed in an amount equal to the greater of: (a) Fifty Dollars ($15.00 50.00), or (b) five percent (5%) of the unpaid rent or other payment, provided, however, Tenant shall not incur any late charge for the first late payment in any twelve (12) month period. The amount of such returned check, whichever is greater, each time a check is not honored and returned the late charge to Landlord. Such returned check service charge be paid by Tenant shall be reassessed and added to Xxxxxx’s obligation for each successive month until paid. The provisions of this Section 3.2 in addition no way relieve Tenant of the obligation to pay rent or other payments on or before the date on which they are due, nor do the terms of this Section 3.2 in any way affect Landlord’s remedies pursuant to Article 19 of this Lease in the event said rent or other payment is unpaid after date due.
3.3 Tenant hereby acknowledges and not in lieu agrees that the obligations of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenanthereunder shall be separate and independent covenants and agreements, that any rent shall continue to be payable in all events (unless this Lease expressly provides to the contrary) and all subsequent payments that the obligations of Base Rent Tenant hereunder shall continue unaffected, unless the requirement to pay or Additional Rent be made by either cash, money order or cashier’s check for perform the balance same shall have been terminated pursuant to an express provision of this Lease. Landlord and Xxxxxx each acknowledges and agrees that the independent nature of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for obligations of Tenant hereunder represents fair, reasonable, and accepted commercial practice with respect to the performance by Tenant type of Tenant’s covenants and obligations under property subject to this Lease. Such deposit shall not be considered an advance payment of Rent or acknowledgements by Tenant are a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused material inducement to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of entering into this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Rent. 3.1 Tenant agrees shall pay Landlord, as minimum monthly rent (sometimes referred to pay as the “Rent"') the sum of $50,000 per month during the first Lease Year, which Rent shall increase by three percent (3%) each Lease Year over the previous Lease Year. Rent shall be paid to Landlord in advance of or on or before the first first day of each month and the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month first and last month’s rent shall be prorated if the Rent does not commence on the first of the entire month. If Tenant shall holdover past the expiration of this Lease. this Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this leaseon a month-to-month tenancy, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten one hundred twenty percent (10120%) of the installment monthly rent rate in effect at the expiration of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain preciselylast Lease Year, and the foregoing charge constitutes a reasonable and good faith estimate by the parties other terms of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rentapply to said tenancy, so far as applicable. Landlord will provide Tenant with Landlord's account information and Tenant agrees to make payments electronically or as otherwise required by Landlord. Notwithstanding anything in this Lease to the contrary. $30.000 per month of the Rent hereunder shall abated during the period under which the Tenant is completing their improvements or waiting for all government and municipal permits and licenses to operate a detoxification facility in this location (the "Occupancy Date”. Base Rent If Tenant is unable to obtain these permits and Additional Rent are herein referred licenses or determines that it is doubtful they will be issued within six (6) months of the Commencement Date, Tenant can elect to collectively as “Rent”cancel and terminate this lease and all provisions therein given a thirty (30) day written notice. All Rent due hereunder shall bear interest Further, Tenant and Landlord agree to share equally in any cost incurred in conjunction with obtaining the zoning variance and/or rezoning required to operate the facility from the due date until paid in full at Effective Date, up to a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank total cost of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”)$40,000. If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant5.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Commercial Lease (Upd Holding Corp.)
Rent. 3.1 A. Tenant shall pay to Landlord during the Lease Term annual rent in monthly installments (hereinafter "Base Rent"). During Years 1 through 5 of this Lease the Base Rent for Suite 101 shall be thirteen thousand five hundred dollars per month ($13,500.00). Inclusive in these monthly payments are the cost of the initial improvements to Suite 101 amortized over five (5) years.
B. On or before July 1, 2018 Xxxxxx agrees to pay to Landlord in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each a twenty-four thousand dollar ($24,000.00) security deposit. Each month of Year 1 of this Lease two thousand dollars ($2,000.00) of this security deposit shall be credited toward the entire Lease Term. One monthly Base Rent amount; making the Year 1 monthly Base Rent eleven thousand five hundred dollars ($11,500.00) per month plus gas, electric and refuse.
C. If the laws of the state of New Mexico are changed such that the state of New Mexico ceases the practice of lease reimbursements for charter schools, then paragraph A of this Section shall be read to conform to the new law and may be renegotiated to reflect changes in the laws or practice regarding charter schools.
D. The monthly installment together with the Security Deposit installments of Base Rent shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand in advance on or before the first 15th day of each calendar month succeeding the Commencement Date during the Lease Termmonth. If any such Base Rent for any period of less than a full month shall be proratedpayable for a fraction of a month, the amount payable shall be a pro rata share of the full month's Base Rent based on one thirtieth (1/30) the actual number of days of the current Base Rent for each day of month involved. Should the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity fail within fifteen (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (515) days after the amount is due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the pay any Base Rent or such other sum oweddue hereunder at the time and in the manner herein provided, a late payment charge equal to ten percent (10%) fee of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount then due will be added to the amount due which shall be immediately due and payable without any further notice or demand from Landlord. Acceptance of such returned checklate charge by Landlord shall in no event constitute a waiver of Tenant's default with respect to such overdue amount, whichever is greaternor prevent the Landlord from exercising any of the other rights and remedies granted hereunder.
E. In addition to the Base Rent, each time a check is not honored and returned to Landlord. Such returned check service charge except as explicitly and specifically stated in this Lease, Tenant shall be in addition to responsible for the direct payment of all items identified under Services and not in lieu Maintenance as obligations of any late payment chargeTenant. If any two (2) checks delivered to Unless otherwise negotiated between Landlord by Tenant and Tenant, during the Lease Term in payment Tenant will pay, when due, all charges of Base Rent every nature, kind or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord description for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit utilities furnished to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense Premises or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in chargeable against the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlordafter Year 1.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease Agreement
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Annual Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month except that the first Monthly Installment of the entire Lease Term. One such monthly installment together with the Security Deposit Annual Rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Annual Rent in effect at any time shall be one-twelfth of the Annual Rent in effect at such time. The amount of Annual Rent due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Annual Rent for each based upon a thirty (30) day month. All Annual Rent and Additional Rent shall be paid to Landlord, without deduction or offset and without notice or demand, at Landlord's address, as set forth on the Reference Page, or to such other person or at such other place as Landlord may from time to time designate by written notice to Tenant. sent to Tenant not later than thirty (30) days prior to the date the next Monthly Installment of Annual Rent is due, except in the case of a sale or other transfer of the partial month this Lease Building by Landlord, in which event such notice from Landlord may be sent to Tenant not later than fifteen (15) days prior to the date the next Installment of Annual Rent is in effectdue.
3.2 In addition Tenant recognizes that late payment of any Annual Rent, Additional Rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and along with the monthly installments of Base economically impractical to ascertain. Tenant therefore agrees that if Annual Rent, Additional Rent or any other sum is not paid when due and payable pursuant to Subsection 3.1 hereofthis Lease, Tenant a late charge shall pay to Landlord be imposed in an amount equal to the greater of: (a) Fifty Dollars ($50.00), or (b) a sum of all taxes on Rent, directly or indirectly imposed by any government entity equal to five percent (the “Rent Tax”5%) as Additional Rent.
3.3 If any installment per month of the Base Rentunpaid amount of Annual Rent or Additional Rent or other payment; provided, or however, that the first time such an Annual Rent and/or Additional Rent payment is late in any other sums owed by calendar year during the Term, Landlord shall not impose such late charge on Tenant unless and until Tenant shall have failed to Landlord under this Lease, is not received pay the Annual Rent payment and/or the Additional Rent payment within five (5) days after receipt of notice from Landlord notifying Tenant of the due date thereofdelinquent payment. The amount of the late charge to be paid by Tenant shall be reassessed and added to Tenant's obligation for each successive monthly period until paid. In addition, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf after the occurrence of or for Tenant an Event of Default (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10as hereinafter defined) days after demand therefore is made, Tenant, with respect to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Monthly Installments of Annual Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to , such past-due and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder unpaid amounts shall bear interest ("Default Interest") at the rate per annum which is two percent (2%) higher than the "prime rate" then being charged by The Northern Trust Company of Chicago, Illinois from the due date of the occurrence of the Event of Default until paid the Event of Default is fully cured; provided, however, that nothing contained herein shall be construed as permitting Landlord to charge or receive interest in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank excess of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate then allowed by law (law. Such late charge and Default Interest shall constitute Additional Rent. The provisions of this Section 3.2 in no way relieve Tenant of the “Default Rate”). If more than obligation to pay Annual Rent, Additional Rent or other payments on or before the maximum legal rate date on which they are due, nor do the terms of interest should ever be collected with regard this Section 3.2 in any way affect Landlord's remedies pursuant to any sum due hereunderArticle 19 of this Lease in the event said Annual Rent, said excess amount shall be credited against future payments of Additional Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenantor other payment is unpaid after the date due.
3.6 No payment by Tenant or receipt by 3.3 Provided no Event of Default shall have occurred and be continuing, Landlord shall abatx xxx forgive the Monthly Installment of a lesser amount than Annual Rent due and payable for the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check second fall calendar month of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedyfirst Lease Year.
Appears in 1 contract
Samples: Deed of Lease (Intuit Inc)
Rent. 3.1 Section 2.1. Tenant agrees to shall pay to Landlord in advance on or before the first day of each month the Owner all Base Rent, subject to adjustment without notice or demand (except as hereinafter providedotherwise expressly set forth in this Lease), without deduction or set offin advance, for each month of the entire Lease Term. One such in equal monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this leaseinstallments, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base All Rent shall be paid (a) by good checks drawn on a bank that is a member of the New York Clearing House Association L.L.C. (or any successor body of similar function) and in currency that at the time of payment is legal tender for any period public and private debts in the United States of America, to Owner at the address of Owner set forth in this Lease or to such other address or Person as Owner shall direct by notice to Tenant received not less than forty-five (45) days prior to its effectiveness, or (b) at the election of Owner, by wire transfer of immediately available funds to a full month Person designated by Owner by notice to Tenant received not less than ninety (90) Business Days prior to its effectiveness. Tenant shall not be obligated to make any one payment by more than one (1) check or wire transfer. All Additional Rent shall be prorated, based on one thirtieth payable within twenty (1/3020) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed Business Days after receipt by Tenant to Landlord under of demand therefor, unless other payment dates are expressly provided in this Lease. Except as expressly set forth in this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment Base Rent shall be apportioned as of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) Commencement Date and Expiration of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit Section 2.2. Except as expressly set forth in this Lease (a) Base Rent shall be held absolutely net to Owner, without any reduction, and (b) Tenant shall pay all costs, expenses and charges of every kind relating to the Premises without any reduction; provided, however, Tenant shall not be required to pay any debt service on any indebtedness of Owner or any Owner Party, or any lien caused by Landlord as security for Owner or any Owner Party, which is not the performance by express obligation of Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance In the event of any Event of Default in the payment of Rent Rent, Owner shall have all the rights and remedies provided for in this Lease or a measure of Landlord’s damages by law or equity in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application case of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event nonpayment of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of LandlordBase Rent.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Sublease (Jetblue Airways Corp)
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month except that the first month's rent shall be paid upon the Delivery Date. The Monthly Installment of Rent in effect at any time shall be one-twelfth of the entire Lease TermAnnual Rent in effect at such time. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of during the Term which is less than a full month shall be prorateda prorated portion of the Monthly Installment of Rent based (except as otherwise set forth in this Lease) upon a thirty (30) day month. Said rent shall be paid to Landlord, based without deduction or offset and without notice or demand, except as may be required by Section 19.7, at the Landlord's address, as set forth on one thirtieth the Reference Page, or to such other person or at such other place as Landlord may from time to time designate in writing.
3.2 Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid within seven (1/307) days of the date when due and payable pursuant to this Lease, a late charge shall be imposed in an amount equal to four percent (4%) of the current Base Rent unpaid rent or other payment. The amount of the late charge to be paid by Tenant shall be reassessed and added to Tenant's obligation for each day successive monthly period until paid. The provisions of this Section 3.2 in no way relieve Tenant of the partial month obligation to pay rent or other payments on or before the date on which they are due, nor do the terms of this Lease Section 3.2 in any way affect Landlord's remedies pursuant to Article 19 in the event said rent or other payment is in effectunpaid after date due.
3.2 In addition to and along with 3.3 If Tenant shall extend the monthly installments of Base Rent Term pursuant to Subsection 3.1 hereofSection 2.4 above, Tenant shall pay to Landlord an amount Annual Rent during each extension of the Term equal to the sum greater of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of GeorgiaMarket Rent, N.A.as defined below, plus three (3) percentage points; or (b) the maximum legal rate allowed by law (Annual Rent in effect upon the “Default Rate”). If more than last day of the maximum legal rate of interest should ever be collected with regard Term existing prior to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenantthe extension period in question.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease Agreement (O Charleys Inc)
Rent. 3.1 7.1. Tenant agrees to shall pay to Landlord as Base Rent for the Premises, commencing on the Phase 1 Premises Rent Commencement Date, the sums set forth in Section 2.3, subject to the rental adjustments provided in Section 4.1 and Article 8 hereof. Base Rent shall be paid in equal monthly installments, subject to the rental adjustments provided in Section 4.1 and Article 8 hereof, each in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each every calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 7.2. In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofRent, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity as additional rent (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”) at times hereinafter specified in this Lease (a) Tenant’s Share (as defined below) of Operating Expenses (as defined below), (b) the Property Management Fee (as defined below) and (c) any other amounts that Tenant assumes or agrees to pay under the provisions of this Lease that are owed to Landlord, including any and all other sums that may become due by reason of any default of Tenant or failure on Tenant’s part to comply with the agreements, terms, covenants and conditions of this Lease to be performed by Tenant, after notice and the lapse of any applicable cure periods.
7.3. Base Rent and Additional Rent are herein referred to collectively as shall together be denominated “Rent”.” Rent shall be paid to Landlord 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 Phase 1 Rent Commencement Date or Phase 2 Rent Commencement Date occurs or the Term 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 a thirty (30) day month and shall be paid at the then-current rate for such fractional month. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded made without set-off, deduction or offset except as expressly provided in this Lease. Without limiting the foregoing, Tenant’s obligation to pay Rent shall be absolute, unconditional, and independent and shall not be discharged or otherwise affected by any Applicable Laws now or hereafter applicable to the Premises, or any other restriction on Tenant’s use, or, except as provided in Articles 24 and 25, any casualty or taking, or any failure by Landlord to perform or other occurrence; and Tenant upon demand by Tenant.
3.6 No payment by Tenant assumes the risk of the foregoing and waives all rights now or receipt by Landlord hereafter existing to quit or surrender the Premises or any part thereof, to terminate or cancel this Lease, or to assert any defense in the nature of a lesser amount than the correct Rent shall be deemed constructive eviction in any action seeking to be recover rent (other than a payment on accountmandatory counterclaims). Subject to the provisions of this Lease, nor however, Tenant shall any endorsement have the right to injunctive relieve or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to seek judgments for direct money damages occasioned by Landlord’s right to recover breach of its Lease covenants (but may not set-off any such judgment against any rent or other amount owing hereunder). Nothing in this Section 7.3 shall limit the balance or to pursue any other remedyexercise of Tenant’s express remedies on the terms and conditions set forth in Sections 16.2 and 18.3 below).
Appears in 1 contract
Samples: Lease (Aveo Pharmaceuticals Inc)
Rent. (See also Article 40. "SCHEDULE OF RENTS.")
3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first month's rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each based upon a thirty (30) day of month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Landlord's address, as set forth on the Reference Page, or to such other person or at such other place as Landlord may from time to time designate in effectwriting.
3.2 In addition Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and along with the monthly installments of Base Rent economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid when due and payable pursuant to Subsection 3.1 hereofthis Lease, Tenant a late charge shall pay to Landlord be imposed in an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity greater of: (the “Rent Tax”a) as Additional Rent.
3.3 If any installment of the Base RentFifty Dollars ($50.00), or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5b) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) per month of the unpaid rent or other payment. The amount of such returned check, whichever is greater, each time a check is not honored and returned the late charge to Landlord. Such returned check service charge be paid by Tenant shall be in addition to reassessed and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice added to Tenant, that any and all subsequent payments 's obligation for each successive monthly period until paid. The provisions of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance this Section 3.2 in no way relieve Tenant of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest obligation to pay rent or other such return shall be paid payments on said Security Deposit. Upon any event of default by Tenantor before the date on which they are due, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use nor do the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination terms of this Lease. If Landlord transfers its interest Section 3.2 in any way affect Landlord's remedies pursuant to Article 19 in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled event said rent or combined with other accounts or funds of Landlordpayment is unpaid after date due.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease (Biex Inc)
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month's rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in effect.
3.2 In addition writing. If an Event of Default occurs, Landlord may require by notice to and along with the monthly installments of Base Rent pursuant Tenant that all subsequent rent payments be made by an automatic payment from Tenant's bank account to Subsection 3.1 hereofLandlord's account, without cost to Landlord. Tenant shall pay to Landlord an amount equal must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned checkLandlord's notice, whichever is greater, each time a check is not honored and returned to Landlordlater. Such returned check service charge shall be Unless specified in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the this Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent contrary, all amounts and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid when due and payable pursuant to this Lease, a late charge shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid be imposed in full at a rate an amount equal to the lesser of: greater of (a) the prime interest rate in effect from day to day at NationsBank of GeorgiaFifty Dollars ($50.00), N.A., plus three (3) percentage points; or (b) six percent (6%) of the maximum legal rate allowed unpaid rent or other payment. The amount of the late charge to be paid by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount Tenant shall be credited against future reassessed and added to Tenant's obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant on or receipt by Landlord of a lesser amount than before the correct Rent shall be deemed to be other than a payment date on accountwhich they are due, nor shall do the terms of this Section 3.2 in any endorsement way affect Landlord's remedies pursuant to Article 19 of this Lease in the event said rent or statement on any check or any letter accompanying any check or other payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedyis unpaid after date due.
Appears in 1 contract
Samples: Lease (Scolr Inc)
Rent. 3.1 All obligations of Tenant agrees to make payments to Landlord under this Lease shall constitute Rent. Tenant shall pay the Rent at the times and in the manner hereinafter set forth. Base Rent for the Leased Premises and Tenant’s Proportionate Share of Estimated Operating Cost and Impositions for Space A, Space B, Space C, and the Utility Shaft Space shall be paid commencing on the Term Commencement Date. Tenant shall have no obligation to pay to Landlord in advance Operating Cost or Impositions for the Basement Storage Space, the Penthouse Storage Space, or the Rooftop Satellite Dish Space. Commencing on or before the first day of each month Term Commencement Date, Tenant shall pay the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand Rent in twelve (12) equal installments on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) each year of the current Base Rent for Term including any extension thereof, in advance. Together with each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments installment of Base Rent pursuant to Subsection 3.1 hereofRent, Tenant shall pay to Landlord an amount equal to one-twelfth (1/12th) of Tenant’s Proportionate Share of Estimated Operating Cost for the sum then current year and one-twelfth (1/12th) of all taxes on Rent, directly or indirectly imposed by any government entity Tenant’s Proportionate Share of Estimated Impositions for the then current year. All Gross Rent shall be paid without demand and (the “Rent Tax”) except as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under expressly provided in this Lease) without any reduction, is not received within five (5) days after abatement, counterclaim or setoff, at the due date thereof, without implying Landlord’s consent address for Landlord specified on the Basic Lease Information sheet or at such other address as may be designated by Landlord from time to such late paymenttime. If the Term commences on a day other than the first day of a calendar month, or if Landlord pays the Term terminates on a sum on behalf day other than the last day of or a calendar month, then Gross Rent provided for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and partial month shall be for the purpose equitably prorated on such date of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to commencement or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Termtermination.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Rent. 3.1 a. Tenant agrees to shall pay to Landlord each monthly installment of Base Rent in advance on or before the first calendar day of each month month. During the Base RentYear, subject to adjustment no Excess Operating Costs (as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit defined in Section 3.3 below) shall be due and payable paid by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of Tenant. For each calendar month succeeding year following the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofYear, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any each monthly installment of Tenant's Pro Rata Share of Excess Operating Costs in advance together with each monthly installment of Base Rent. Monthly installments for any fractional calendar month, at the beginning or end of the Lease Term, shall be prorated based on the number of days in such month. Base Rent, or any together with all other sums owed amounts payable by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereofincluding, without implying limitation, any late charges and interest due Landlord for Rent not paid when due, shall be sometimes referred to collectively as "RENT". Tenant shall pay all Rent, without deduction or set-off, to Landlord or Managing Agent at a place specified by Landlord’s consent . Rent not paid when due shall bear interest until paid, at the rate of two percent (2%) per month, or at the maximum rate allowed by law, whichever is less, from the date when due. Tenant shall also pay a processing charge of Fifty Dollars ($50.00) with each late payment of Rent. Landlord agrees to waive the processing and interest charge for late payments of Rent once during any calendar year during the Lease Term, provided any such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do Rent payment is paid in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum full within ten (10) days after demand therefore is made, Tenant, of the date when due. Nothing contained in this paragraph shall be deemed to prohibit Tenant from being able to credit excess Allowance (as defined in SCHEDULE 6) to Base Rent due hereunder to the extent permitted by lawunder Paragraph 3.05 of SCHEDULE 6.
b. Notwithstanding anything to the contrary contained herein, Landlord agrees to pay, in addition to said installment xxxxx Base Rent for (i) the first three (3) months and eighteen (18) days of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) first year of the installment Lease Term, and (ii) the first month of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance second year of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease Agreement (Pc Tel Inc)
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first month’s rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each based upon a thirty (30) day of month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Landlord’s address, as set forth on the Reference Page, or to such other person or at such other place as Landlord may from time to time designate in effectwriting.
3.2 In addition Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and along with the monthly installments of Base Rent economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid when due and payable pursuant to Subsection 3.1 hereofthis Lease, Tenant a late charge shall pay to Landlord be imposed in an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity greater of: (the “Rent Tax”a) as Additional Rent.
3.3 If any installment of the Base RentFifty Dollars ($50.00), or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5b) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) per month of the unpaid rent or other payment. The amount of such returned check, whichever is greater, each time a check is not honored and returned the late charge to Landlord. Such returned check service charge be paid by Tenant shall be in addition to reassessed and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice added to Tenant, that any and all subsequent payments ’s obligation for each successive monthly period until paid. The provisions of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance this Section 3.2 in no way relieve Tenant of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for obligation to pay rent or other payments on or before the performance by Tenant date on which they are due, nor do the terms of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Section 3.2 in any way affect Landlord’s damages remedies pursuant to Article 19 of this Lease in a default by Tenant. No interest the event said rent or other such return shall be paid on said Security Depositpayment is unpaid after date due. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use Notwithstanding the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Depositforegoing, Tenant shall pay be entitled, not more than once per calendar year, to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event a notice of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee non-payment and a five-day grace period thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit before a late charge may be co-mingled or combined with other accounts or funds of Landlordassessed.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease Agreement (PBSJ Corp /Fl/)
Rent. 3.1 4.1 Tenant hereby agrees to pay to Landlord in advance on or before the Base Rent. For purposes of Rent adjustment hereunder, the number of months is measured from the first day of each the calendar month in which the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease TermInitial Commencement Date falls. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment (the "Monthly Rent") shall be due and payable without demand by check or by money order or by Federal Reserve Automated Clearing House (ACH) deposit to an account as directed by Landlord by written notice to Tenant on or before the first day of each calendar month succeeding the Commencement Date during the Lease Termmonth. Base Rent Landlord agrees to accept payment by Federal Reserve Automated Clearing House (ACH) deposit only so long as such system is available for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 Landlord's use. In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, Tenant also agrees to pay Tenant's Share of Operating Expenses and Taxes (each as hereinafter defined), and any 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"). All non-recurring payments of Additional Rent will be due and payable as of the date that is thirty (30) days after Landlord's delivery of an invoice therefor. Landlord expressly reserves the right to apply any payment received to Base Rent or any other sums owed items of Rent that are not paid by Tenant. The Base Rent, the Monthly Rent and the Additional Rent are sometimes hereinafter collectively called "Rent" and shall be paid when due in lawful money of the United States without demand, deduction, abatement, or offset, except to the extent expressly set forth herein, to the addresses for the rental payment set forth in the Basic Lease Information, or via ACH transfer or as Landlord may designate from time to time by written notice delivered at least thirty (30) days prior to the effective date of the address change.
4.2 In the event any Monthly or Additional Rent or other amount payable by Tenant to Landlord under this Lease, hereunder is not received paid within five (5) days after the its due date thereofdate, without implying Landlord’s consent Tenant shall pay to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose"Late Charge"), as Additional Rent, a returned check service charge in an amount of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time late payment. Failure to pay any Late Charge following notice and the passage of the cure period described in Section 22.1(a) below shall be deemed a check is not honored and returned to LandlordMonetary Default (as hereinafter defined). Such returned check service charge 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 lieu 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 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) 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 Amount shall be increased upon the addition of any late payment chargeMust-Take Space or Specific Offer Space (defined below) to the Premises by an amount equal to three (3) months of the initial Base Rent payable under this Lease with respect to such Must-Take Space or Specific Offer Space, and Tenant shall deliver such increased amount to Landlord on or before the applicable Must‑Take Space Commencement Date or Specific Offer Space Delivery Date, as applicable. If Provided no Event of Default has occurred under this Lease as of such date, Tenant shall no longer have the obligation to maintain the Security Deposit if at any two time during the Term (1) Tenant becomes a public company with its stock traded on the New York Stock Exchange or NASDAQ and (2) checks delivered Tenant has thereafter achieved a market capitalization of at least $500,000,000 (the reduction in the Security Deposit permitted by this sentence is sometimes referred to herein as the "Market Capitalization Reduction"). Landlord by acknowledges that, as of the Effective Date, Tenant during has achieved a sufficient market capitalization to justify a Market Capitalization Reduction, and, therefore, no Security Deposit is initially due under this Lease. If Tenant is entitled to a reduction in or elimination of the Lease Term in Security Deposit, Tenant shall provide Landlord with written notice requesting that the Security Deposit be reduced or eliminated as provided above and the excess portion of the Security Deposit be applied to payment of Base Rent (the "Reduction Notice"). If Tenant provides Landlord with a Reduction Notice, and Tenant is entitled to reduce or Additional Rent are not honored by eliminate the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoeverSecurity Deposit as provided herein, Landlord shall apply the applicable portion of the Security Deposit to Base Rent. Notwithstanding the foregoing, if at any time after the Security Deposit has been reduced the market capitalization of Tenant falls below $500,000,000 for three (3) consecutive calendar months, Tenant shall within ten (10) business days after Landlord's request, restore the amount of the Security Deposit to the amount that would otherwise apply if the Market Capitalization Reduction had not occurred; following any such reinstatement of the Security Deposit, if at any time thereafter Tenant achieves a market capitalization of at least $500,000,000 for a period of at least three (3) consecutive calendar months, Tenant may requireonce again have the right, upon written notice to TenantLandlord, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 require a Market Capitalization Reduction. The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s all of the covenants of this Lease to be performed by Tenant and obligations under this Lease. Such deposit Tenant shall not be considered entitled to interest thereon. The Security Deposit is not an advance rent deposit, an advance payment of Rent any other kind, or a measure of Landlord’s 's damages in a default by any case of Tenant's default. No interest or other such return shall If Tenant fails to timely perform any of the covenants of this Lease to be paid on said Security Deposit. Upon any event of default performed by Tenant, Landlord may (but shall not be obligated to)including without limitation the provisions relating to payment of Rent, without prejudice to any other remedythe removal of property at the end of the Term, use the Security Deposit repair of damage to the extent necessary 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 fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of apply the Security Deposit, or so much thereof as may be necessary, for the payment of any Rent or any other 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 within ten (10) days after demand by Landlord, pay to Landlord on demand the amount so applied sum necessary to restore the Security Deposit to its original amount. If there is not the full amount then an event of default, any remaining balance of required by this Section 4.3 Landlord's obligations with respect to the Security Deposit are those of a debtor and not a trustee. Landlord shall not be returned by required to maintain the Security Deposit separate and apart from Landlord's general or other funds and Landlord to Tenant upon may commingle the Security Deposit with any of Landlord's general or other funds. Upon termination of this Lease. If Landlord transfers its the original Landlord's or any successor owner's interest in the Premises during or the Lease TermBuilding and the transfer of any then-current Security Deposit to Landlord's transferee by payment or other credit, the original Landlord may assign or such successor owner shall be released from further liability with respect to the Security Deposit to upon the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled original Landlord's or combined such successor owner's complying with other accounts or funds of LandlordCalifornia Civil Code Section 1950.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease Agreement (Penumbra Inc)
Rent. 3.1 Tenant Lessee agrees to pay to Landlord Authority at its offices in advance Corpus Christi, Nueces County, Texas, Twelve Thousand Five Hundred and 00/100 Dollars ($12,500.00) per month 307473v3 1 M&G Resins USA, LLC 10 Acre Laydown Lease (2017) during the Term of this Lease. The first monthly installment of rent hereunder is due and payable on or before the 10th day after the Effective Date. Rent for any fractional month at the beginning or end of the Term will be prorated on a per-day basis. Each monthly installment of rent is due and payable on or before the first day of each succeeding month thereafter at the Base Rentoffices of Authority in Corpus Christi, subject Nueces County, Texas. If Lessee should fail to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall pay Authority any sum to be due and payable paid by Tenant Lessee to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth Authority hereunder within thirty (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (530) days after such payment is due, interest on the due date thereof, without implying Landlord’s consent to such late payment, unpaid amount shall accrue at a rate of fifteen percent (15%) per annum or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted maximum rate allowed by law, agrees to paywhichever is greater, in addition to said installment of from the Base Rent or such other sum owed, date payment was due until the date payment is made. Authority may also impose a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of Twenty-Five Dollars ($15.00 25.00) or five percent (5%) of the amount of such returned checkunpaid amount, whichever is greater, each time to defray Authority’s administrative costs incurred as a check is result of Lessee’s failure to timely make such payment or payments, the amount of such costs not honored and returned to Landlordbeing readily ascertainable. Such returned check service Any such late charge shall be in addition to all other rights and remedies available to Authority hereunder or at law or in equity and shall not be construed as liquidated damages or limiting Authority’s other remedies in lieu any manner. Failure to pay such interest or late charge within thirty (30) days after written demand shall be an event of default hereunder. Following the dishonor of any late payment charge. If any two (2) checks delivered check presented for payment, Authority shall have the right, at Authority’s option, to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned require all further payments to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cashcashier's check, money order or cashier’s check for the balance wire transfer. For purposes of the Lease Term.
3.4 The Security Deposit this Section, any adjustment payment made by Lessee to correct a prior underpayment shall be held treated as due on the date such underpayment was due; provided, however, an adjustment payment made by Landlord Lessee as security for the performance by Tenant result of Tenantan independent audit conducted at Lessee’s covenants and obligations under this Lease. Such deposit expense shall not be considered an advance payment of subject to a late charge as described herein. Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall must be paid on said Security Depositin legal tender of the United States of America without notice, demand, abatement, deduction or offset. Upon any event of default by Tenant, Landlord may (but This is a net Lease. Authority shall not be obligated to)required to make any expenditure, without prejudice to incur any other remedyobligation, use or incur any liability of any kind whatsoever in connection with this Lease unless provided for in this Lease Agreement or the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damagefinancing, injuryownership, expense construction, reconstruction, maintenance, operation, or liability caused to Landlord by such event of default. Following such application repair of the Security Deposit, Tenant shall pay to Landlord on demand Leased Premises or the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.improvements thereon
Appears in 1 contract
Samples: Lease Agreement
Rent. 3.1 Tenant agrees to pay to Landlord, as rent and as an independent obligation, the sum of and 00/100 Dollars ($ .00) each month during the term of this Lease, payable in advance, without demand, and without any setoff or deduction of any kind, on-line, in person, by mail or at such other address as Landlord in advance may direct from time to time. Payment of rent shall be due on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Termmonth. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before Rent paid after the first day of each calendar month succeeding shall be deemed delinquent. If the Commencement Date during rent is not paid before 5:00pm on the third (3rd) day of the month, Tenant agrees to pay an administrative late charge of One Hundred and 00/100 Dollars ($100.00) and then Fifty and 00/100 Dollars ($50.00) per day that rent is delinquent thereafter. This sum shall be deemed reasonable liquidated damages for the damages Landlord will incur due to the late payment. Rent is to be paid on line using the Landlord’s portal payment system, which may be accessed at xxxx://xxx.xx/TenantPortal . Tenant further agrees that Tenant’s right to possession and of all of Landlord’s obligations under this Lease Termare expressly contingent upon the prompt payment of rent and that all moneys received by Landlord shall be applied first to non-rent items and then to rent. Base Rent If the term of this Lease, or possession under this Lease, commences on a day other than the first day of the month, rent for any period that month shall be prorated and paid by Tenant upon commencement of this Lease. Tenant shall make all rental payments in full. Payment or receipt of a rental payment of less than a full month the amount stated in this Lease shall be prorateddeemed nothing more than a partial payment on that month’s account. Under no circumstances shall Landlord’s acceptance of a partial payment constitute accord and satisfaction. Acceptance of partial payment will not cause a forfeiture of Landlord’s right to collect the balance due on the account despite any endorsement, based stipulation, or other statement on one thirtieth (1/30) any check. Acceptance of any payment that is less than the current Base Rent for each day of the partial month full amount owed under this Lease is in effect.
3.2 In addition to and along with the monthly installments does not waive or diminish Landlord’s right of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Renteviction, or any other sums owed by Tenant to Landlord under this Lease, is contractual or statutory right. Accepting money at any time does not received within five (5) days after the due date thereof, without implying waive Landlord’s consent right to such collect late paymentfees, damages, past or if Landlord pays a sum on behalf of future rent or for Tenant (which other sums due. Landlord may do take whatever lawful measures necessary to collect monies owed, including monetary judgments and wage garnishments. Payments made by any means other than through Landlord’s portal, must be mailed or delivered in sufficient time that the payment will be in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to office by no later than 5:00 P.M. on the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunderdate due. If there is a late payment Tenant pays by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, check and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored when tendered for payment, Tenant agrees to pay Landlord a charge of Fifty and 00/100 Dollars ($50.00) for each check returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any , plus all applicable late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoevercharges, Landlord may require, upon written notice to and Tenant, that any and thereafter, shall make all subsequent payments of Base Rent on line or Additional Rent be made by either casha certified check, money order or cashier’s check for the balance of the Lease Termor money order.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Residential Lease
Rent. 3.1 Tenant agrees Tenant, in return for the use and occupancy of the Leased Premises and in consideration of the terms, conditions, covenants and provisions contained herein, shall pay Landlord the total rent owed for the Term of $ payable in 12 equal installments (each an “Installment”) of $ , which shall be paid in advance, without notice, demand, offset or reduction (the "Rent"). While Landlord has no obligation to do so and may refuse to do so, Landlord may accept partial payment of Tenant’s Rent or other payment obligations, but if it so elects, Landlord does not waive its right to collect and demand the payment of the remainder of such obligations or enforce Tenant’s default hereunder due to failure to pay to Landlord such amounts in advance full. Tenant hereby acknowledges that the Term of this Lease is less than a full calendar year, and the Rent has been allocated into 12 equal installments and is not based on a daily or before the calendar month basis. The first day installment of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit Rent shall be due on August 1, 2016 and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly each subsequent installment shall be due and payable without demand on or before the first day of each calendar month succeeding month. The last installment of Rent shall be due on July 1, 2017. All payments must be made via the Commencement Date during the Lease Terminternet through Landlord’s Resident Portal. Base Rent Tenant and any Guarantor acknowledge and understand Landlord may refuse other forms of payment, subject to Prevailing Law. Tenant and Guarantor acknowledge Landlord will not waive late fees for any period payments due to failure of less than a full month shall such parties understanding how to submit payments through the Resident Portal and therefore Tenant and Guarantor are encouraged to be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along familiar with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal Resident Portal prior to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (date the “first Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, payment is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunderdue. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoevertimely paid, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of reserves the amount of such returned check, whichever is greater, each time a check is not honored and returned right to Landlord. Such returned check service charge shall be in addition require Tenant to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and pay all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord late fees by such event of default. Following such application of certified funds through the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of LandlordResident Portal.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease Agreement
Rent. 3.1 (a) The Tenant agrees to pay to Landlord the Landlord, at the Landlord’s office or such place as directed in advance writing form time to time by the Landlord: For the Rented Premises per: $ PLUS for Parking: $ PLUS for Storage/locker: $ PLUS for Additional Appliances per month: $ Total Monthly Rental payable in advance: $ Cash will not be accepted as payment for rent. Payment must be remitted by pre-approved payment. The Monthly Rental of $ (CANADIAN DOLLARS) due and payable on or before the first 1ST day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month a period of the entire Lease TermTenancy commencing ending Rental cheques are payable to Richcraft Rental Limited Partnership. One such monthly installment together with First and last’s months’ rent to be paid in advance upon completion or date of occupancy, whichever comes first.
(i) The Tenant hereby acknowledges and agrees that any late payment of rent may be recorded at the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) direction of the current Base Rent for each day of the partial month this Lease is in effectLandlord with any credit agency or credit bureau.
3.2 In addition to and along with (c) (ii) And further provided that if the monthly installments of Base Rent pursuant to Subsection 3.1 hereofMonthly Rental is paid by cheque or by pre-approved payment is not honoured by the Tenant’s bank, the Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment the rent, the sum of the Base Rent or such other sum owed, Forty Dollars ($40.00) as a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages service and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunderadministrative charge. If there a second payment is a late payment by Tenantnot honored, the damages resulting to Landlord will be difficult to ascertain preciselyTenant shall pay the Landlord, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu the rent, the sum of any late payment chargeNinety Dollars ($90.00). If any two a third payment is not honored, the Tenant shall pay the Landlord, in addition to the rent, the sum of One Hundred and Fifty Dollars (2$150.00) checks delivered to Landlord by Tenant during and the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may requirepursue to file with the Landlord and Tenant board for eviction. For any non-payment, upon written notice the Landlord may require the Tenant to Tenant, that make any and or all subsequent payments of Base Rent or Additional Rent be made rent by either cash, money order or cashier’s check for the balance of the Lease Termcertified cheque.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease6. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.DEPOSIT
Appears in 1 contract
Samples: Lease Agreement
Rent. 3.1 Tenant agrees to pay base rent (the “Base Rent”) together with applicable sales tax and property taxes in consecutive monthly installments commencing on and in such amounts as described in Exhibit “B” which is attached hereto and incorporated herein by reference. The Base Rent, sales tax and any other charges, fees or amounts due from the Tenant to the Landlord under the terms of this Lease are hereinafter collectively referred to as “Rent.” Tenant agrees to pay the Rent in advance on or before the first day of each month every month. If Tenant makes the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand payment on or before after the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each 10th day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments month, Landlord shall assess a late fee of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment 5% of the Base Rent, or any other sums owed by Tenant rent due for that month. The late fee is intended to compensate Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent for administrative expenses associated with responding to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance liquidated damages or interest. Non-payment or delay in the payment of Rent or a measure of Landlord’s damages in beyond thirty (30) days from the due date will be deemed a default by Tenant. No interest or other such return of this Lease and shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon grounds for termination of this Lease. If Each year, the Landlord transfers its interest in shall provide the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee Tenant with monthly invoices for rent and thereafter Tenant shall have no further liability for the return remit such invoice with each payment of the Security DepositRent. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed made payable to “City of Gainesville” and shall be delivered together with the appropriate invoice on or before the 1st of each month to the Xxxxxxxx and Collections Office, Attn: Xxxxxxx Xxxxxxx, 000 X. Xxxxxxxxxx Xxxxxx, Xxxxxxxxxxx, XX 00000. The Landlord’s preference is for payment to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedymade by Electronic Funds Transfer.
Appears in 1 contract
Samples: Lease Agreement
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month's rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in effect.
3.2 In addition writing. If an Event of Default occurs, Landlord may require by notice to and along with the monthly installments of Base Rent pursuant Tenant that all subsequent rent payments be made by an automatic payment from Tenant's bank account to Subsection 3.1 hereofLandlord's account, without cost to Landlord. Tenant shall pay to Landlord an amount equal must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned checkLandlord's notice, whichever is greater, each time a check is not honored and returned to Landlordlater. Such returned check service charge shall be Unless specified in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the this Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent contrary, all amounts and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid when due and payable pursuant to this Lease, a late charge shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid be imposed in full at a rate an amount equal to the lesser greater of: (a) the prime interest rate in effect from day to day at NationsBank of GeorgiaFifty Dollars ($500.00), N.A., plus three (3) percentage points; or (b) six percent (6%) of the maximum legal rate allowed unpaid rent or other payment. The amount of the late charge to be paid by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount Tenant shall be credited against future reassessed and added to Tenant's obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant on or receipt by Landlord of a lesser amount than before the correct Rent shall be deemed to be other than a payment date on accountwhich they are due, nor shall do the terms of this Section 3.2 in any endorsement way affect Landlord's remedies pursuant to Article 19 of this Lease in the event said rent or statement on any check or any letter accompanying any check or Other payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedyis unpaid after date due.
Appears in 1 contract
Samples: Lease Agreement (Immudyne, Inc.)
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month Term. The Monthly Installment of Rent in effect at any time shall be one-twelfth of the entire Lease TermAnnual Rent in effect at such time. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each based upon a thirty (30) day month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the Landlord’s address, as set forth on the Reference Page, or to such other person or at such other place as Landlord may from time to time designate in writing. SEE “ARTICLE 39” If the Commencement Date occurs on a date other than the Scheduled Commencement Date set forth on the Reference Page, all of the partial month dates in the foregoing table shall be adjusted accordingly.
3.3 Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is in effect.
3.2 In addition extremely difficult and economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid when due and along with the monthly installments of Base Rent payable pursuant to Subsection 3.1 hereofthis Lease, Tenant a late charge shall pay to Landlord be imposed in an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity greater of: (the “Rent Tax”a) as Additional Rent.
3.3 If any installment of the Base RentFifty Dollars ($50.00), or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5b) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) per month of the unpaid rent or other payment. The amount of such returned check, whichever is greater, each time a check is not honored and returned the late charge to Landlord. Such returned check service charge be paid by Tenant shall be in addition to reassessed and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice added to Tenant, that any and all subsequent payments ’s obligation for each successive monthly period until paid. The provisions of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance this Section 3.3 in no way relieve Tenant of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for obligation to pay rent or other payments on or before the performance by Tenant date on which they are due, nor do the terms of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Section 3.3 in any way affect Landlord’s damages remedies pursuant to Article 19 of this Lease in a default by Tenant. No interest the event said rent or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there payment is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlordunpaid after date due.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease (Manchester Mall Inc)
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first (1st) day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month except that the first (1st) full Monthly Installment of Annual Rent on the entire Lease Term. One such monthly installment together with the Security Deposit Premises, totaling Two Hundred Sixty-Seven Thousand Five Hundred Eleven and 88/100 Dollars ($267,511.88), shall be due and payable paid by Tenant to Landlord upon the execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease TermLease. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Annual Rent based upon a 365-day calendar year (consistent with Section 4.6). Said rent shall be paid to Landlord (except as otherwise expressly set forth in this Lease), without deduction or offset and without notice or demand, at the Wire Instructions and/or Address for each day of Rent Payment for the partial month Premises as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in writing. Unless specified in this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of contrary, all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other amounts and sums owed payable by Tenant to Landlord under pursuant to this LeaseLease shall be deemed additional rent. If an Event of Default occurs, is not received within five (5) days after the due date thereofLandlord may require by written notice to Tenant that all subsequent rent payments be made by an automatic payment from Tenant’s bank account to Landlord’s account, without implying cost to Landlord’s consent . Tenant must implement such automatic payment system prior to such late payment, the next scheduled rent payment or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore Landlord’s notice, whichever is madelater.
3.2 Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, Tenant, to the extent permitted by law, of which additional expense is extremely difficult and economically impractical to ascertain. Tenant therefore agrees to pay, in addition to said installment of the Base Rent that if rent or such any other sum owedis not paid when due and payable pursuant to this Lease more than once in any twelve (12) month period, a late payment charge shall be imposed in an amount equal to ten percent the greater of: (10%a) of the installment of the Base Rent Fifty Dollars ($50.00); or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or (b) five percent (5%) of the unpaid rent or other payment. The amount of such returned check, whichever is greater, each time a check is not honored and returned the late charge to Landlord. Such returned check service charge be paid by Tenant shall be in addition to reassessed and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice added to Tenant, that any and all subsequent payments ’s obligation for each successive month until paid. The provisions of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance this Section 3.2 shall in no way relieve Tenant of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for obligation to pay rent or other payments on or before the performance by Tenant date on which they are due, nor do the terms of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Section 3.2 in any way affect Landlord’s damages remedies pursuant to Article 19 of this Lease in a default by Tenant. No interest the event said rent or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use payment is unpaid after the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlorddate due.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Rent. 3.1 Tenant agrees covenants to pay to Landlord during the Lease Term, without any setoff or deduction except as otherwise specifically provided in advance on or before this Lease, the first day full amount of each month all Base Rent and Additional Rent due hereunder and the Base full amount of all such other sums of money as shall become due under this Lease, all of which hereinafter may be collectively called “Rent.” In addition, Tenant shall pay, as Additional Rent, subject 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, such payments to adjustment as hereinafter provided, without deduction or set off, 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 Additional Rent for each month of calendar year or portion thereof during the entire Lease Term. One such monthly installment together with the Security Deposit , shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each in advance in monthly installment shall be due and payable without demand installments on or before the first day of each calendar month succeeding the Commencement Date 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 Additional Rent for any period of less than a full such month or months shall be prorated, based on one thirtieth (1/30) the number of days in such month. All amounts received by Landlord from Tenant hereunder shall be applied first to the current Base earliest accrued and unpaid Rent for each day then outstanding. Tenant’s covenant to pay Rent shall be independent of the partial month every other covenant set forth in this Lease is in effectLease.
3.2 In addition To the extent allowed by law, if Tenant fails to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, 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 returned check service charge of $15.00 or “Late Charge” equal to five percent (5%) of the amount unpaid amount, both (a) and (b) of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge which shall be in addition to due and not in lieu of any late payment charge. If any two (2) checks delivered payable to Landlord by Tenant during immediately upon demand. Notwithstanding the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Depositforegoing, Tenant shall pay be entitled to a grace period of five (5) days after written notice from Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit with respect to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlordfirst late payment in any calendar year.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first month's rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each based upon a thirty (30) day of month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Landlord's address, as set forth on the Reference Page, or to such other person or at such other place as Landlord may from time to time designate in effectwriting.
3.2 In addition Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and along with the monthly installments of Base Rent economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid when due and payable pursuant to Subsection 3.1 hereofthis Lease, Tenant a late charge shall pay to Landlord be imposed in an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity greater of: (the “Rent Tax”a) as Additional Rent.
3.3 If any installment of the Base RentFifty Dollars ($50.00), or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5b) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) per month of the unpaid rent or other payment. The amount of such returned check, whichever is greater, each time a check is not honored and returned the late charge to Landlord. Such returned check service charge be paid by Tenant shall be in addition to reassessed and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice added to Tenant, that any and all subsequent payments 's obligation for each successive monthly period until paid. The provisions of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance this Section 3.2 in no way relieve Tenant of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest obligation to pay rent or other such return shall be paid payments on or before the date on which they are due, nor do the terms of this Section 3.2 in any way affect Landlord's remedies pursuant to Article 18 in the event said Security Depositrent or other payment is unpaid after date due. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use Notwithstanding the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Depositforegoing, Tenant shall pay be entitled, not more than once per calendar year, to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit a five-day grace period before a late charge may be co-mingled or combined with other accounts or funds of Landlordassessed.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease (Ace Hardware Corp)
Rent. 3.1 7.1. Tenant agrees to shall pay to Landlord as Base Rent for the Premises, commencing on the Term Commencement Date, the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each every calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 7.2. In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofRent, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity as additional rent (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”) at times hereinafter specified in this Lease (a) Tenant’s Pro Rata Share of Building, South Campus or Project (as applicable) of any increases in (i) Real Estate Taxes (as defined below) over Real Estate Taxes for the 2015 calendar year (the “Base Year”) and (ii) Operating Expenses (as defined below) over Operating Expenses for the Base Year, (b) the Property Management Fee (as defined below) and (c) any other amounts that Tenant assumes or agrees to pay under the provisions of this Lease that are owed to Landlord, including any and all other sums that may become due by reason of any default of Tenant or failure on Tenant’s part to comply with the agreements, terms, covenants and conditions of this Lease to be performed by Tenant, after notice and the lapse of any applicable cure periods.
7.3. Base Rent and Additional Rent are herein referred to collectively as shall together be denominated “Rent”. All .” Rent due hereunder shall bear interest from be paid to Landlord, without abatement, deduction or offset (except as otherwise expressly provided in this Lease), in lawful money of the due date until paid in full at a rate equal United States of America pursuant to the lesser of: address as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Term commences on a day other than the first day of a calendar month or ends on a day other than the last day of a calendar month, then the Rent for such fraction of a calendar month shall be prorated for such period on the basis of the number of days in the calendar month and shall be paid at the then-current rate for such fractional calendar month.
7.4. Except as otherwise expressly provided in this Lease, Tenant’s obligation to pay Rent shall not be discharged or otherwise affected by (a) any Applicable Laws now or hereafter applicable to the prime interest rate in effect from day to day at NationsBank of GeorgiaPremises, N.A., plus three (3) percentage points; or (b) any other restriction on Tenant’s use, (c) any casualty or taking or (d) any other occurrence; and, except as otherwise expressly provided in this Lease, Tenant waives all rights now or hereafter existing to terminate or cancel this Lease or quit or surrender the maximum legal rate allowed by law (Premises or any part thereof, or to assert any defense in the “Default Rate”). If more than the maximum legal rate nature of interest should ever be collected with regard constructive eviction to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right action seeking to recover rent. Tenant’s obligation to pay Rent with respect to any period or obligations arising, existing or pertaining to the balance period prior to the date of the expiration or earlier termination of the Term or this Lease shall survive any such expiration or earlier termination; provided, however, that nothing in this sentence shall in any way affect Tenant’s obligations with respect to pursue any other remedyperiod.
Appears in 1 contract
Samples: Lease (REGENXBIO Inc.)
Rent. 3.1 Tenant agrees to (a) Commencing on the Rent Commencement Date, Subtenant shall pay to Landlord Annual Base Rent, in advance equal monthly installments of the Monthly Base Rent (collectively referred to herein as " Base Rent") on or before the first day of each month during the Sublease Term (partial months prorated).
(b) Commencing on the Rent Commencement Date, and continuing thereafter throughout the Sublease Term, Subtenant shall pay to Sublandlord, in addition to Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month Additional Rent in equal monthly installments based on the portion of the entire estimates of such charges provided under the Prime Lease and allocable to the Sublease Space, and otherwise adjusted and reconciled as and when provided in the Prime Lease. Subtenant shall pay all other sums that are due in accordance with this Sublease not later than five (5) business days prior to the time Sublandlord is obligated under the Prime Lease to make any such payment to Landlord. It is the intention of the parties that during the Sublease Term. One such monthly installment together with the Security Deposit , Subtenant shall be responsible for all financial obligations due and payable by Tenant to Landlord upon execution under the Prime Lease except for the payment of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Annual Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month and except as otherwise expressly provided in this Lease is in effectSublease.
3.2 In addition to and along with the monthly installments (c) Any payment of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received paid within five (5) days after of the due date thereof, without implying Landlord’s consent shall be subject to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlordpayment. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance Any payment of Rent or a measure not paid within thirty (30) days of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full also will bear interest at a per annum rate equal to the lesser of: of eighteen percent (a18%) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law rate.
(the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future d) All payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon made without demand by Tenant.
3.6 No payment by Tenant (unless otherwise required in the Prime Lease) deduction or receipt by Landlord of a lesser amount than the correct Rent setoff, and shall be deemed to constitute Rent under this Sublease, in lawful money of the United States. All payments of rent shall be paid to Sublandlord’s Rent Address or such other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord place as Sublandlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedydesignate in writing.
Appears in 1 contract
Rent. 3.1 (a) Tenant agrees to shall pay to Landlord at the address set forth above, or at such other address as Landlord may designate from time to time, without prior demand therefore and without any deduction, setoff, abatement or credit whatsoever, as fixed minimum monthly rent during the first two years of the Term the sum of Twelve Thousand Two Hundred and 00/100 Dollars ($12,200.00) ("Basic Rent") in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first (1st) day of each calendar month succeeding the Commencement Date during the Lease TermTerm hereof. Base Thereafter, the Basic Rent due and payable for any the balance of the Term shall be the fair market rent for the Premises as determined by Landlord and set forth in a written notice to Tenant, which determination shall be as of the date (hereinafter called the "Determination Date") occurring three (3) months prior to the start of such new rent period and which determination shall be made by Landlord and given in writing to Tenant within a reasonable period of less than a full month time after the occurrence of the Determination Date.
(b) If Tenant disputes the fair market rent as determined by Landlord pursuant to Paragraph 3(a) hereof, then at any time on or before the date occurring thirty (30) days after Tenant has been notified by Landlord of Landlord's determination of the fair market rent, Tenant may initiate the arbitration process provided for herein by giving notice to that effect to Landlord, and if Tenant so initiates the arbitration process such notice shall specify the name and address of the person designated to act as an arbitrator on its behalf. If Tenant fails to initiate the arbitration process as provided above, then Landlord's determination of the Basic Rent during such period shall be prorated, based on one thirtieth conclusive. Within thirty (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (530) days after the due date thereofLandlord's receipt of notice of the designation of Tenant's arbitrator, without implying Landlord’s consent Landlord shall give notice to Tenant specifying the name and address of the person designated to act as an arbitrator on its behalf. If Landlord fails to notify Tenant of the appointment of its arbitrator within the time above specified, then the appointment of the second arbitrator shall be made in the same manner as hereinafter provided for the appointment of a third arbitrator in a case where the two arbitrators appointed hereunder and the parties are unable to agree upon such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum appointment. The two arbitrators so chosen shall meet within ten (10) days after demand therefore the second arbitrator is madeappointed, Tenantand if, to within twenty (20) days after the extent permitted by lawsecond arbitrator is appointed, agrees to pay, in addition to said installment the two arbitrators shall not agree upon a determination of the Base Basic Rent or for such other sum owedperiod, they shall together appoint a late payment charge equal third arbitrator. If they are unable to ten percent agree upon such appointment within thirty (10%30) days after the appointment of the installment of second arbitrator, the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and third arbitrator shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate selected by the parties themselves if they can agree thereon within a further period of fifteen (15) days. If the parties do not so agree, then either party, on behalf of both and on notice to the other, may request such appointment by the American Arbitration Association (or any organization successor thereto). The majority of the extent of such damages and does not constitute interest. Notwithstanding arbitrators shall determine the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) fair market rent of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check Premises for the balance of the Lease Term and render a written certified report of their determination to both Landlord and Tenant within thirty (30) days of the appointment of the first two arbitrators or thirty (30) days from the appointment of the third arbitrator, if such third arbitrator is appointed pursuant to this Paragraph 3(b); and the fair market rent, so determined, shall be the Basic Rent for the Premises during the balance of the Term.
3.4 The Security Deposit (c) Each party shall pay the fees and expenses of the one of the two original arbitrators appointed by or for such party, and the fees and expenses of the third arbitrator and all other expenses (not including the attorneys fees, witness fees and similar expenses of the parties which shall be held borne separately by Landlord each of the parties) of the arbitration shall be borne by the parties equally.
(d) Each of the arbitrators selected as security for herein provided shall be a licensed real estate appraiser in the performance State of Indiana and have at least five (5) years experience in the appraisal or professional licensed brokerage of leasing and renting of similar space in Xxxxx and/or Vanderburgh County, Indiana and shall hold the designation as a Member of the Appraisal Institute, Counselor of Real Estate or Society of Real Estate Appraisers.
(e) If the Tenant initiates the aforesaid arbitration process and as of the applicable date the amount of the fair market rent has not been determined, Tenant shall continue to pay the Basic Rent then in effect and when the determination has actually been made, an appropriate retroactive adjustment shall be made as of the applicable date. If that such determination shall result in an overpayment by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other any Basic Rent, such return overpayment shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlordpromptly after such determination.
3.5 (f) All other sums other than Base Rent payable by Tenant hereunder, regardless of to Landlord under this Lease whom such sums may be payable, shall constitute “be deemed additional rent ("Additional Rent”"), and shall be collectible by Landlord in the same manner as Basic Rent. Base Basic Rent and Additional Rent are herein hereinafter referred to collectively as “"Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant".
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease Agreement (Alloy Inc)
Rent. 3.1 Tenant agrees The total rent that the Tenants agree to pay to the Landlord in advance on or before for the first day of each month premises for the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be term is due and payable by Tenant to Landlord upon execution of this lease. However, and a like Each monthly installment for the convenience of the Tenants, this rent shall be paid by the Tenants to the Landlord in installments as outlined in the preceding pages of this lease. Rent is always due by the first of the month regardless of lease commencement date. Acceptance of partial payments from some Tenants does not relieve such Tenants from their liability for the entire rents or as to shares owned by other joint and payable without demand several Tenants. On execution of this lease, Xxxxxxx agree to pay to the Landlord the security deposit unless otherwise agreed in writing; said payment to be considered a reservation fee due on execution until occupancy. A late charge of 4% of the overdue rent will be assessed on the second calendar day of the month if any rent installment is not received by the Landlord on or before the first day of each second calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment month. An additional 4% of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days outstanding balance will be assessed if the rent remains unpaid after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment seventh calendar day of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums ownedmonth. Said late payment charges shall become due and payable immediately upon notice, and if not so paid, may be deducted by the Landlord from the security deposit as added rent. A charge shall constitute liquidated damages and shall of $50.00 will be for made by the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments each check of the Base Rent and such other sums owed by Tenant to Landlord hereunderTenants returned for any reason. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in Tenants make payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoeverrent installment in an amount less than that due, Landlord may imposeaccept same, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to)bound by any restrictive endorsement, without prejudice or any statement, or otherwise to the effect that such payment is made in full satisfaction of the amounts then due. Notwithstanding such acceptance by the Landlord, the Landlord may avail himself of any other remedylegal remedies he may have. If Xxxxxx makes any payments hereunder, use and then fails to occupy the Security Deposit premises or fails to the extent necessary to fund any arrearage of Rent and comply with any other damage, injury, expense term or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination requirement of this Lease. If Landlord transfers its interest in the Premises during the Lease Termagreement, Landlord may assign keep any such payments as partial liquidated damages. Notwithstanding retention of such payments as liquidated damages, the Security Deposit to the transferee and thereafter Landlord shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with have, in addition, any other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to rights afforded Landlord under this Lease shall constitute “Additional Rent”lease against the Tenant for breach of this lease. Base Rent In addition, if the security and Additional Rent damage deposit are herein referred required to collectively as “Rent”. All Rent due hereunder shall bear interest from be paid at the due date until time of execution of this lease and are not paid at such time, or if such payments are to be made pursuant to an agreed upon schedule, and such payments are not made at the time set forth in such schedule, then the Landlord reserves the right at any time after such time by which such payments should have been made, to give Tenant(s), or any of the Tenant(s), five days written notice, by certified mail, return receipt, that if the deficiencies in these amounts are not paid in full at a rate equal to and received by the lesser of: (a) Landlord by the prime interest rate in effect from end of such five day to day at NationsBank of Georgianotice period, N.A., plus three (3) percentage points; or (b) then the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice rent the demised premises to Landlord’s right others and may retain any amounts paid to recover the balance or that date as partial liquidated damages and, in addition, may seek to pursue enforce any other remedyrights the Landlord may have against the Tenant, and may, in addition, terminate the lease.
Appears in 1 contract
Samples: Lease Agreement
Rent. 3.1 Tenant Xxxxxx agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month’s rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in effect.
3.2 In addition writing. If an Event of Default occurs, Landlord may require by notice to and along with the monthly installments of Base Rent pursuant Tenant that all subsequent rent payments be made by an automatic payment from Tenant’s bank account to Subsection 3.1 hereofLandlord’s account, without cost to Landlord. Tenant shall pay to Landlord an amount equal must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned checkLandlord’s notice, whichever is greater, each time a check is not honored and returned to Landlordlater. Such returned check service charge shall be Unless specified in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the this Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent contrary, all amounts and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and economically impractical to ascertain. Xxxxxx therefore agrees that if rent or any other sum is not paid within 5 days of when due and payable pursuant to this Lease, a late charge shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid be imposed in full at a rate an amount equal to the lesser greater of: (a) the prime interest rate in effect from day to day at NationsBank of GeorgiaFifty Dollars ($50.00), N.A., plus three (3) percentage points; or (b) six percent (6%) of the maximum legal rate allowed unpaid rent or other payment. The amount of the late charge to be paid by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount Tenant shall be credited against future reassessed and added to Xxxxxx’s obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant on or receipt by Landlord of a lesser amount than before the correct Rent shall be deemed to be other than a payment date on accountwhich they are due, nor shall do the terms of this Section 3.2 in any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to way affect Landlord’s right remedies pursuant to recover Article 19 of this Lease in the balance event said rent or to pursue any other remedypayment is unpaid after date due.
Appears in 1 contract
Samples: Lease (Phenomix CORP)
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, except that the eighth’s full month’s rent (subject to adjustment the Abated Monthly Installment of Rent as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit described in Section 3.3 below) shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset (except as otherwise expressly provided in this Lease) and without notice or demand, at the partial Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in writing. If more than one (1) Event of Default occurs in any twelve (12) month period during the Term, Landlord may require by notice to Tenant that all subsequent rent payments be made by an automatic payment from Tenant’s bank account to Landlord’s account, without cost to Landlord. Tenant must implement such automatic payment system prior to the next scheduled rent payment or within twenty (20) days after Landlord’s notice, whichever is later. Unless specified in this Lease is in effectto the contrary, all amounts and sums payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2 In addition Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and along with the monthly installments of Base Rent economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid when due and payable pursuant to Subsection 3.1 hereofthis Lease, Tenant a late charge shall pay to Landlord be imposed in an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity greater of: (the “Rent Tax”a) as Additional Rent.
3.3 If any installment of the Base RentFifty Dollars ($50.00), or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5b) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the unpaid rent or other payment; provided, however, that Tenant shall be entitled to a grace period of five (5) days for the first late payment in a calendar year. The amount of such returned check, whichever is greater, each time a check is not honored and returned the late charge to Landlord. Such returned check service charge be paid by Tenant shall be reassessed and added to Tenant’s obligation for each successive month until paid. The provisions of this Section 3.2 in addition no way relieve Tenant of the obligation to and not pay rent or other payments on or before the date on which they are due, nor do the terms of this Section 3.2 in lieu any way affect Landlord’s remedies pursuant to Article 19 of any late this Lease in the event said rent or other payment charge. If any two (2) checks delivered is unpaid after date due.
3.3 Notwithstanding anything in this Lease to Landlord the contrary, so long as there exists no Event of Default by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay be entitled to Landlord on demand an abatement of Monthly Installment of Rent with respect to the Premises, as originally described in this Lease, in the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability $123,941.35 for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent period commencing March 1, 2015 and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgiacontinuing through September 30, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law 2015 (the “Default RateRent Abatement Period”). The maximum total amount of Monthly Installment of Rent abated with respect to the Premises in accordance with the foregoing shall equal $867,589.45 (the “Abated Monthly Installment of Rent”). If more than Tenant defaults under this Lease at any time during the maximum legal rate of interest should ever Term (as the same may be collected with regard extended) and fails to cure such default within any sum due hereunderapplicable cure period under this Lease, said excess amount shall be credited against future payments then all unamortized Abated Monthly Installment of Rent accruing thereafter(i.e. based upon the amortization of the Abated Monthly Installment of Rent in equal monthly amounts, without interest, during the period commencing on the Commencement Date and ending on the original Termination Date) shall immediately become due and payable. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord Only Monthly Installment of a lesser amount than the correct Rent shall be deemed abated pursuant to be this Section, as more particularly described herein, and all other than a payment on account, nor rent and other costs and charges specified in this Lease shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord remain as due and satisfaction. Landlord may accept such check payable pursuant to the provisions of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedythis Lease.
Appears in 1 contract
Samples: Lease (Ellipse Technologies Inc)
Rent. 3.1 7.1. Tenant agrees to shall pay to Landlord as Base Rent for the Premises, commencing on the Term Commencement Date, the sums set forth in Section 2.3, subject to the rental adjustments provided in Article 8 hereof. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, subject to the rental adjustments provided in Article 8 hereof, each in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each every calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 7.2. In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofRent, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity as additional rent (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”) at times hereinafter specified in this Lease (a) Tenant’s Adjusted Share (as defined below) of Operating Expenses (as defined below), (b) the Property Management Fee (as defined below), and (c) any other amounts that Tenant assumes or agrees to pay under the provisions of this Lease that are owed to Landlord, including any and all other sums that may become due by reason of any default of Tenant or failure on Tenant’s part to comply with the agreements, terms, covenants and conditions of this Lease to be performed by Tenant, after notice and the lapse of any applicable cure periods.
7.3. Base Rent and Additional Rent are herein referred to collectively as shall together be denominated “Rent”. All .” Rent due hereunder shall bear interest from be paid to Landlord, without abatement, deduction or offset, in lawful money of the due date until paid in full at a rate equal United States of America to the lesser of: address set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of the number of days in the month and shall be paid at the then-current rate for such fractional month.
7.4. Tenant’s obligation to pay Rent shall not be discharged or otherwise affected by (a) any Applicable Laws now or hereafter applicable to the prime interest rate in effect from day to day at NationsBank of GeorgiaPremises, N.A., plus three (3) percentage points; or (b) any other restriction on Tenant’s use, (c) except as expressly provided herein, any casualty or taking or (d) any other occurrence; and Tenant waives all rights now or hereafter existing to terminate or cancel this Lease or quit or surrender the maximum legal rate allowed by law (Premises or any part thereof, or to assert any defense in the “Default Rate”). If more than the maximum legal rate nature of interest should ever be collected with regard constructive eviction to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right action seeking to recover rent. Tenant’s obligation to pay Rent with respect to any period or obligations arising, existing or pertaining to the balance period prior to the date of the expiration or earlier termination of the Term or this Lease shall survive any such expiration or earlier termination; provided, however, that nothing in this sentence shall in any way affect Tenant’s obligations with respect to pursue any other remedyperiod.
Appears in 1 contract
Samples: Lease (Omega Therapeutics, Inc.)
Rent. 3.1 3.1. Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month’s rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in effect.
3.2 In addition writing. If an Event of Default occurs, Landlord may require by notice to and along with the monthly installments of Base Rent pursuant Tenant that all subsequent rent payments be made by an automatic payment from Tenant’s bank account to Subsection 3.1 hereofLandlord’s account, without cost to Landlord. Tenant shall pay to Landlord an amount equal must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned checkLandlord’s notice, whichever is greater, each time a check is not honored and returned to Landlordlater. Such returned check service charge shall be Unless specified in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the this Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent contrary, all amounts and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2. Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid when due and payable pursuant to this Lease, a late charge shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid be imposed in full at a rate an amount equal to the lesser greater of: (a) the prime interest rate in effect from day to day at NationsBank of GeorgiaFifty Dollars ($50.00), N.A., plus three (3) percentage points; or (b) six percent (6%) of the maximum legal rate allowed unpaid rent or other payment. The amount of the late charge to be paid by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount Tenant shall be credited against future reassessed and added to Tenant’s obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments on or before the date on which they are due, nor do the terms of Rent accruing thereafter. If no such further Rent accrues hereunder, this Section 3.2 in any way affect Landlord’s remedies pursuant to Article 19 of this Lease in the event said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenantrent or other payment is unpaid after date due.
3.6 No payment by Tenant or receipt by Landlord of 3.3. Notwithstanding anything to the contrary contained herein, if the Commencement Month is not a lesser amount than the correct Rent full calendar month, such Commencement Month shall be deemed for all purposes of this Lease to be other than part of the First Lease Year and Tenant shall pay additional Annual Rent for such Commencement Month calculated on a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover per diem basis at the balance or to pursue any other remedyAnnual Rental Rate for the First Lease Year.
Appears in 1 contract
Samples: Lease (Talk America Holdings Inc)
Rent. 3.1 Tenant agrees to pay to Landlord Landlord, commencing on the Commencement Date, the Annual Rent in advance effect from time to time by paying the Monthly Installment of Annual Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first month’s rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Annual Rent in effect at any time shall be due and payable without demand on or before one-twelfth of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Annual Rent for each based upon a thirty (30) day of month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Landlord’s address, as set forth on the Reference Page, or to such other person or at such other place as Landlord may from time to time designate in effectwriting.
3.2 In addition Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and along with the monthly installments of Base Rent economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid when due and payable pursuant to Subsection 3.1 hereofthis Lease, Tenant a late charge shall pay to Landlord be imposed in an amount equal to the greater of: (a) Fifty Dollars ($50.00), or (b) a sum of all taxes on Rent, directly or indirectly imposed by any government entity equal to five percent (the “Rent Tax”5%) as Additional Rent.
3.3 If any installment per month of the Base Rentunpaid rent or other payment; provided, or however, Landlord agrees to waive and forgive the first (1st) of any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late paymentcharges arising during any twelve (12) consecutive months during the Term, provided that Landlord receives such overdue rent or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such other sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment written notice from Landlord that such payment was not made when due. The amount of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) be paid by Tenant shall be reassessed and added to Tenant’s obligation for each successive monthly period until paid. The provisions of this Section 3.2 in no way relieve Tenant of the installment obligation to pay rent or other payments on or before the date on which they are due, nor do the terms of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur this Section 3.2 in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant way affect Landlord’s remedies pursuant to Article 19 of this Lease. If any check delivered to Landlord by Tenant Lease in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest event said rent or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there payment is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlordunpaid after date due.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Rent. 3.1 4.1 Subject to the provisions of this Lease, commencing on the Commencement Date, Tenant agrees to pay during the Term of this Lease as Base Rent (“Base Rent”) for the Premises the sums shown for such periods shown in Section 1.09. Tenant shall pay Landlord, without any setoff or deduction, unless expressly set forth in this Lease, all Base Rent and Additional Rent due for the Term (collectively referred to as “Rent”). “Additional Rent” means all sums (exclusive of Base Rent) that Tenant is required to pay Landlord under this Lease. Base Rent shall be payable in equal monthly installments as set forth in Section 1.09 in advance on or before the first day of each and every calendar month during the Base Rent, subject to adjustment as hereinafter provided, Term without deduction notice or set off, for each month demand. All other items of the entire Lease Term. One such monthly installment together with the Security Deposit Rent shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar date 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 or by wire transfer pursuant to an account designated by Landlord upon request or by other means acceptable to Landlord. Rent for any partial month succeeding the Commencement Date during the Lease TermTerm shall be prorated. Notwithstanding anything herein to the contrary and provided that a Default has not occurred under this Lease, Tenant’s obligation to pay Base Rent for any period of less than a full month shall be prorated, based on months one thirtieth (1/301) through seven (7) of the current Initial Term (the “Abatement Period”) shall be abated (the “Abated Monthly Base Rent for each day Rent”). Should a Default occur at any time prior to the expiration of the partial month this Lease is in effect.
3.2 In addition Abatement Period, then Tenant’s right to and along with the monthly installments any future abatement of any Base Rent pursuant to Subsection 3.1 hereof, Tenant this Section 4.01 shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages automatically terminate and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlordforce and effect.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease Agreement (PagerDuty, Inc.)
Rent. 3.1 (a) During the Early Occupancy Period and continuing until the Commencement Date, Tenant agrees to shall pay to Landlord for the Premises, or so much thereof as is tendered to Tenant, Interim Rent of sixty cents (60 cents) per rentable square foot per month.
(b) During the Term, Tenant shall pay to Landlord for the Premises, the Base Rent set forth in advance on or before the Basic Lease Information. The Base Rent for any partial month shall be prorated at the rate of one-thirtieth (1/30th) of the Base Rent per day. Simultaneously with the execution of this Lease, Tenant shall pay to Landlord the Base Rent for the first day of each full calendar month the for which Base Rent is payable .
(c) Interim Rent, subject to adjustment Equipment Area Base Rent (as hereinafter provided, without deduction or set off, for each month defined in Section 13 below) and all charges and other amounts of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and any kind payable by Tenant to Landlord upon execution of pursuant to this lease, and a like Each monthly installment Lease shall be due deemed additional rent. Additional rent for any partial month shall be prorated in the same manner as Base Rent. Landlord shall have the same remedies for default in the payment of additional rent as for default in the payment of Base Rent. Base Rent and payable without demand additional rent are collectively sometimes hereinafter referred to as rent. The Base Rent shall be subject to adjustment in the months and in the amounts shown in the Basic Lease Information.
(d) All rent shall be paid by Tenant to Landlord monthly, in advance, on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be proratedwithout prior demand, based on one thirtieth (1/30) deduction or offset, in lawful money of the current Base Rent for each day United States of America at SFO OFFICE ASSOCIATES LLC, 000 XXXXXX XXXX, XXXXX 0, XXXXXXXXXX, XX 00000 or to such other person or at such other place as Landlord may from time to time designate in writing. Payments made by check must be drawn either on a California financial institution or on a financial institution that is a member of the partial month this Lease is in effectfederal reserve system.
3.2 In addition to and along with (e) The parties agree that the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment rentable area of the Base RentPremises, or any the rent and all other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after calculated based upon the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord rentable area under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively be recalculated as “Rent”. All Rent due hereunder shall bear interest from the due date until paid provided in full at a rate equal Section 32 below prior to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by TenantProjected Delivery Date.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Office Lease (Megabios Corp)
Rent. 3.1 Tenant agrees to pay to Landlord The total Rent (as defined below) for the initial Term of this Lease is set out in advance on or before the first day Summary of each month Lease Terms and Defined Terms above (the Base Rent, subject to adjustment as hereinafter provided“Summary”). Monthly payments of Rent are payable in advance, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this leasedemand, and a like Each monthly installment shall be due and payable in full without demand proration or setoff, on or before the first day of each calendar month succeeding for the Commencement Date during entire month and shall be paid at the address set forth in the Summary or at such other place as Landlord may designate by advance written notice to Tenant. Rent may be paid by ePayment or other form of electronic payment (processing fees may apply), or by personal check or money order delivered to the address listed in the Summary. No payments to Landlord under this Lease shall be paid in cash. In accordance with the Lease Term. Base Rent for any period and Title 55, Chapter 13.2, Code of less than a full month shall be proratedVirginia (1950), based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity as amended (the “Rent TaxVRLTA”) as Additional ), “Rent.
3.3 If any installment of the Base Rent” means all money, other than a security deposit, owed or any other sums owed by Tenant paid to Landlord under this Lease, is not received within five including prepaid Rent paid more than one month in advance of the Rent due date. Any fees, late penalties or other amounts that may be due under the Lease (5) days after the due date thereofother than Monthly Rent and any Security Deposits), without implying Landlord’s consent shall be considered additional Rent due, and failure to pay any such late payment, or if Landlord pays a sum on behalf amounts will be considered non-payment of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion)Rent under this Lease, and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations exercise its remedies under this Lease. Such deposit shall not be considered an advance payment of All Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return received shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit applied to the extent necessary to fund any arrearage of oldest charge(s) first. When more than one Tenant has signed this Lease, the Tenants are jointly and severally liable and responsible for all Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of payments made in connection with this Lease. If Landlord transfers its interest is authorized to accept prepaid Rent in accordance with the Premises during provisions of the Lease TermVRLTA. Upon the written request of Tenant, Landlord may assign shall provide Tenant(s) with an accounting of charges and payments in accordance with the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of LandlordVRLTA.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease Agreement
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month’s rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in effect.
3.2 In addition writing. If an Event of Default occurs, Landlord may require by notice to and along with the monthly installments of Base Rent pursuant Tenant that all subsequent rent payments be made by an automatic payment from Tenant’s bank account to Subsection 3.1 hereofLandlord’s account, without cost to Landlord. Tenant shall pay to Landlord an amount equal must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore Landlord’s notice, whichever is made, Tenant, later. Unless specified in this Lease to the extent permitted by lawcontrary, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other all amounts and sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed payable by Tenant to Landlord hereunder. If there is a pursuant to this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment by Tenantof any rent or other sum due under this Lease will result in administrative expense to Landlord, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages which additional expense is extremely difficult and does economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant paid when due and payable pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service late charge of shall be imposed in an amount equal to the greater of: (a) Fifty Dollars ($15.00 50.00), or (b) five percent (5%) of the unpaid rent or other payment; provided that Tenant shall be entitled to a grace period of 5 days for the first late payments of Rent in any 12 month period before such late fee shall apply. The amount of such returned checkthe late charge to be paid by Tenant shall be reassessed and added to Tenant’s obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments on or before the date on which they are due, whichever nor do the terms of this Section 3.2 in any way affect Landlord’s remedies pursuant to Article 19 of this Lease in the event said rent or other payment is greaterunpaid after date due.
3.3 Notwithstanding anything in this Lease to the contrary, each time a check so long as Tenant is not honored and returned to Landlord. Such returned check service charge then in default under this Lease following written notice thereof, Tenant shall be entitled to an abatement of Monthly Installment of Rent solely with respect to the Initial Premises for the first forty-five (45) days of the Term (the “Monthly Rent Abatement Period”), in addition to the amount of $999.85 per day, which totals $44,993.03 (the “Abated Rent”). During the Monthly Rent Abatement Period, only Monthly Installment of Rent for the Initial Premises shall be abated as set forth above, and not in lieu Tenant’s Proportionate Share of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during Expenses, Taxes and Insurance Costs for the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoeverInitial Premises, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants other costs and obligations under charges specified in this Lease. Such deposit , shall not be considered an advance payment remain as due and payable pursuant to the provisions of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenantthis Lease, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit except to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest expressly provided in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of LandlordSection 4.7 below.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Rent. 3.1 Tenant agrees to The tenant will pay to Landlord the landlord a monthly rent of - for the duration. The rent will be payable in advance and due on or before the first day of each month for the Base Rent, subject duration. The first rent payment is payable to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Termlandlord when the tenant signs this agreement. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent The rent for any period of during the period that is less than one month will be a pro rata part of the monthly payment. Rent will be paid to the landlord at the landlord's address provided below (or at other locations directed by the landlord) by mail or in person by one of the following methods: and will be payable in U.S. dollars. Warranty. Located in the 'o'e-guarantor' promises to guarantee the landlord unconditionally, Full payment and performance by the tenant of all financial obligations arising from this agreement. The guarantor undertakes to meet his obligations with the tenant for the financial obligations and obligations of the tenant under this agreement, including rent, damages, costs and costs. The guarantor further agrees that this guarantee will remain in force and that it will be binding on the guarantor until the end of this agreement. Late fees. The rent paid after the day - each month will be considered late; and if the rent is not paid within days of that due date, the tenant agrees to pay a late fee of the extra rent. There may be cases under this agreement where the tenant may be required to pay additional fees to the landlord. All of these fees are considered additional rent under this agreement and will be paid with the next regular rent payment. The landlord has the same rights and the tenant has the same obligations with respect to the additional rent as with the rent. Utilities. The tenant is responsible for the payment of all utilities and other services for the premises. Deposit. When this agreement is signed, the tenant will pay a security deposit of $1.00 to the landlord. The security deposit will be retained by the landlord as a guarantee for the tenant's performance of its obligations under this agreement. The security deposit cannot be used or deducted by the tenant since the last month's rent of the clause. The tenant will be entitled to a full month shall be prorated, based on one thirtieth (1/30) refund of the current Base Rent for each day security deposit if the tenant returns ownership of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal premises to the sum landlord on the same condition as the accepted regular wear and tear. In the days that apply to the termination of all taxes on Rentthis agreement, directly or indirectly imposed the landlord will return the security deposit to the tenant (minus the applied by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment landlord in accordance with this section). Any reason to keep part of the Base Rentsecurity deposit will be explained in writing. The security deposit will not carry interest when held by the landlord in accordance with applicable state laws and/or local ordinances. The owner's failure to give possession. In the event that the landlord is to give the tenant possession of the premises on the start date of term, or any other sums owed by Tenant the landlord will not be subject to Landlord under liability for such an omission, the validity of this Lease, is agreement will not received within five (5) days after be affected and the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf duration will not be extended. The tenant will not be responsible for the rent until the landlord has given possession of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, the premises to the extent permitted tenant. Holding rental. Unless this agreement has been extended by lawa mutual written agreement of the parties, agrees there will be no deference in the course of the clause beyond the terms of this agreement. If it becomes necessary to paytake legal action to remove the tenant from the premises, the existing party will be entitled to legal fees and fees in addition to said installment damages. Use of premises. The premises will only be occupied by the immediate family of the Base Rent tenant and tenant and used only for residential purposes. The tenant will not engage in any wrongdoing, including behaviour that will make the premises less able to live, cause dangerous, dangerous or such other sum owedunsanitary conditions, a late payment charge equal or interfere with the rights of others to ten percent (10%) enjoy their property. The tenant will be responsible for any damage to the premises and any damage or loss of their contents that is caused by the guests or guests of the installment tenant or tenant. State of play. The Tenant has reviewed the Base Rent premises, including appliances, appliances and furniture, and recognizes that they are in good condition and repair, except normal wear and accepts them in its current condition. Maintenance and repairs. The tenant will maintain the premises, including the grounds and all appliances, accessories and furniture, in good condition and in good condition. The tenant will not remove appliances, appliances or furniture from the landlord for any purpose. If repairs other than general maintenance are required, the tenant will notify the landlord for such other sums ownedrepairs. Said late payment charge shall constitute liquidated damages and shall be In the event of a default by the tenant, the tenant will reimburse the landlord for the purpose cost of reimbursing Landlord repairs or replacement. Reasonable accommodations. The landlord agrees to comply with all applicable laws that provide equal housing opportunities, including the ability to accommodate reasonable physical or mental limitations known to eligible persons with disabilities, unless this results in undue hardship. The tenant is responsible for additional costs making the landlord aware of all these required accommodations that are reasonable and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunderwill not impose undue hardship. If there is the tenant discloses a late payment by Tenantdisability and requests accommodation, the damages resulting landlord has the right to Landlord will be difficult ask a qualified health care provider to ascertain preciselyverify the disability if the disability is not obvious, and the foregoing charge constitutes a reasonable and good faith estimate by landlord has the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply right to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit caregiver qualified health to verify disability as a resource to provide reasonable accommodation. Sex Offender Registry. In accordance with the extent necessary to fund any arrearage of Rent and any other damagelaw, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.information about
Appears in 1 contract
Samples: Lease Agreement
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to tie by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first month's rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term whish is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each based upon a thirty (30) day of month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Landlord's address, as set forth on the Reference Page, Or to such other person or at such other place as Landlord may from time to time designate in effectwriting.
3.2 In addition Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and along with the monthly installments of Base Rent economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid when due and payable pursuant to Subsection 3.1 hereofthis Lease, Tenant a late charge shall pay to Landlord be imposed in an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity greater of: (the “Rent Tax”a) as Additional Rent.
3.3 If any installment of the Base RentFifty Dollars ($50.00), or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5b) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) per month of the unpaid rent or other payment. The amount of such returned check, whichever is greater, each time a check is not honored and returned the late charge to Landlord. Such returned check service charge be paid by Tenant shall be in addition to reassessed and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice added to Tenant, that any and all subsequent payments 's obligation for each successive monthly period until paid. The provisions of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance this Section 3.2 in no way relieve Tenant of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest obligation to pay rent or other such return shall be paid payments on said Security Deposit. Upon any event of default by Tenantor before the date on which they are due, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use nor do the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination terms of this Lease. If Landlord transfers its interest Section 3.2 in any way affect Landlord's remedies pursuant to Article 19 in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled event said rent or combined with other accounts or funds of Landlordpayment is unpaid after date due.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease (Sk Technologies Corp)
Rent. 3.1 Xxxxxx agrees to pay to Landlord, as rental for said term, as follows: $ per month, in advance, the first rent payment becoming due upon the day of , 20 , and continuing on the first day of each month thereafter during the term of this Rental Agreement. If the term commences on any day other than the first of the month, the rent for the partial month of possession is due pro rata on a per diem basis, according to the actual days of possession, and shall be based on a thirty day month. The foregoing notwithstanding, the rent payable for the last month of the term shall be the full monthly rental amount of $ regardless of the date of Tenant’s preliminary walk-through with Landlord which shall be scheduled at such date and time as Landlord’s calendar permits. All sums shall be paid to the Landlord or Landlord’s agent at 0000 Xxxxxxx Xxx, Xxxxx 000, Xxxx, Xxxx 00000, or another address as Landlord may from time to time direct. The Tenant agrees to pay the rent promptly when due, without obligation on the part of the Landlord to make any demand for payment of same. If any rental payment is unpaid five days or more after it is due, Landlord in advance will assess a late fee of $50.00, which will be added to the rent owed by Tenant and will be considered due immediately as additional rent. The existence of a late fee is not to be construed by the Tenant as a waiver of the requirement that the rent installments are due on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Termmonth. One such monthly installment together with the Security Deposit shall Should Tenant’s checks be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofreturned, Tenant shall pay to be charged the actual costs incurred by Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional returned check and any costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed incurred by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge collection efforts to secure the same. All financial obligations of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent section or a measure of Landlord’s damages in a default otherwise provided by Tenant. No interest this Rental Agreement or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by applicable law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedyadditional rent.
Appears in 1 contract
Samples: Rental Agreement
Rent. 3.1 8.1. Tenant agrees to shall pay to Landlord as Base Rent for the Premises, commencing on the Term Commencement Date, the sums set forth in Section 2.3, subject to the rental adjustments provided in Article 9 hereof. Base Rent and Additional Rent related to Additional TI Costs shall be paid in equal monthly installments (as set forth in Section 2.3 for Base Rent), subject to the rental adjustments provided in Article 9 hereof, each in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each every calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 8.2. In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofRent, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity as additional rent (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid ) at times hereinafter specified in full at a rate equal to the lesser of: this Lease (a) commencing on the prime interest rate Term Commencement Date, Tenant’s pro rata share, as set forth in effect from day to day at NationsBank Section 2.2 (“Tenant’s Pro Rata Share”), of Georgia, N.A., plus three Operating Expenses (3as defined below) percentage points; or and (b) any other amounts that Tenant assumes or agrees to pay under the maximum legal rate allowed provisions of this Lease that are owed to Landlord, including, without limitation, any and all other sums that may become due by law (reason of any default of Tenant or failure on Tenant’s part to comply with the “Default Rate”). If more than the maximum legal rate agreements, terms, covenants and conditions of interest should ever this Lease to be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand performed by Tenant, after notice and the lapse of any applicable cure periods.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct 8.3. Base Rent, Additional Rent related to Additional TI Costs and all other Additional Rent shall together be denominated “Rent.” Rent shall be deemed paid to be Landlord, without abatement, deduction or offset (except as expressly provided in Articles 25 and 26 herein), 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 payment calendar month, then the Rent for such fraction of a month shall be prorated for such period on account, nor the basis of a thirty (30) day month and shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept paid at the then-current rate for such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedyfractional month.
Appears in 1 contract
Samples: Lease (Revance Therapeutics, Inc.)
Rent. 3.1 Tenant agrees to pay to Landlord in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding rent for the Commencement Date Premises. In advance, without demand FOUR THOUSAND SEVEN HUNDRED EIGHTY-ONE DOLLARS ($4,781.00) per month during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on years one thirtieth (1/301) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within through five (5) days and FOUR THOUSAND SEVEN HUNDRED EIGHTY-ONE DOLLARS ($4,781.00) per month during years six (6) through ten (10 of this Lease. The first monthly installment shall be due and payable the eleventh (11th) month after the due date thereofCommencement Date of this Lease. The Tenant may, without implying Landlord’s consent at his election, make equal monthly payments beginning on the Commencement Date for years one (1) through five (5) at an effective rate of THREE THOUSAND NINE HUNDRED EIGHTY-FOUR DOLLARS ($3,984.00) per month. The rent shall be prorated for any fraction of a month included within the term of this Lease. The Tenant further agrees to such late paymentpay when due, or all other amounts specified herein as additional rent. At the termination of this Lease, if Landlord pays has consented to a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, hold over by Tenant, the rental for such hold over period shall be equal to one and one-half (1 1/2) of the extent permitted by law, agrees to payrent in effect on their termination date computed on a daily basis. To secure the payment of the rent, in addition to said installment any statutory lien, Tenant grants to Landlord a continuing security interest upon all property of Tenant situated in or upon the Base Rent or such other sum owedPremises; provided, a late payment charge equal that Landlord agrees to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses subordinate all liens which Landlord expects may have to incur in connection with the handling and processing any security interest of late installment payments a commercial lender, or which such lender may request, upon request of the Base Rent and such other sums owed by Tenant to Landlord hereunderpermit it to borrow and grant as security for such borrowing any furniture, fixtures, inventory and equipment contained in the Premises. If there Until all rent due hereunder is a late payment by Tenantfully paid, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges Tenant shall not apply remove any property from the Premises without the consent of Landlord. Tenant agrees to execute any sums which may have been advanced financing statements or other instruments requested by Landlord to or for perfect the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Termsecurity interest granted.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease Agreement (Tanox Inc)
Rent. 3.1 Tenant agrees a. Tenant's liability for rent shall commence to pay accrue on the commencement date as defined in paragraph 2(c) above, provided that this lease has not been terminated prior thereto. Rent is payable in advance. If the Commencement Date begins on a date other than the first of the month, the rent for such partial initial month shall be prorated, added to Landlord in advance and paid with the rent due and payable on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each first full calendar month of the entire Lease Termterm hereof. One such The monthly installment together with the Security Deposit shall rent to be due and payable paid by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due Six Thousand and No/100 Dollars ($6,000.00). Such rental shall be payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period term hereof.
b. All payments of less than a full month rent hereunder shall be prorated, based on one thirtieth (1/30) made to Landlord as the same become due in lawful money of the current Base Rent United States, at such places as hereinafter may be designated. Nothing contained in this lease shall be construed to be or create a partnership or joint venture between Landlord and Tenant.
c. Landlord shall be responsible for each day the payment of real estate taxes assessed against the Demised Premises. 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 partial month this Lease is in effect.
3.2 In addition to and along Landlord with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal respect to the sum Demised Premises. In the event of all taxes on Rent, directly or indirectly imposed by any government entity (special assessment with respect to the “Rent Tax”) as Additional Rent.
3.3 If any installment Demised Premises levied during the term of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent Tenant shall have no obligation with respect to payment of such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), assessment and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects obligated to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interestpay same. Notwithstanding the foregoing, such late charges Tenant shall not apply to any sums which may have been advanced by Landlord to or be responsible for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by real estate taxes and other special assessments against the financial institution upon which such check was drawn and is returned to Landlord Demised Premises for any reason whatsoeverfiscal year(s) in which Tenant's gross sales revenues (defined as revenues from all business activities on the Demised Premises including, Landlord may imposebut not limited to, as Additional Rentrevenues from service, a returned check service charge repair, arranging of financing, sales of boats, motors, accessories and trailers, but not including retail sales tax collected) exceeds Four Million Dollars ($15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term4,000,000.00).
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Rent. 3.1 A. Tenant agrees to shall pay Base Rent to Landlord in the manner provided in Section 5.B in equal consecutive monthly installments in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first 1st day of each calendar month succeeding commencing as of the Commencement Date during and continuing through the Lease Term. If the Term commences on a day other than the first day of a calendar month, or ends on a day other than the last day of a calendar month, Base Rent for any period of less than a full such month shall be proratedprorated by multiplying such Base Rent by a fraction, based on one thirtieth (1/30) the numerator of which is the number of days of the current Base Rent for each day Term within such calendar month and the denominator of which is the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments total number of Base Rent pursuant to Subsection 3.1 hereof, days within such calendar month. Tenant shall pay its first monthly installment of Base Rent, which may be prorated pursuant to Landlord an amount equal this Section 5.A, on the Commencement Date in connection with Landlord’s acquisition of the Premises pursuant to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional RentPurchase Agreement.
3.3 If any installment B. 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 other sums owed 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. 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, demand, abatement, deduction, or setoff under any circumstances, in accordance with the wire or ACH information as Landlord designates to Tenant in writing from time to time.
C. Tenant hereby acknowledges that late payment by Tenant to Landlord under this Leaseof 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 received paid within five (5) days after of the date it is due date thereoffor any reason, without implying Landlord’s consent Tenant shall pay Landlord upon demand a late charge equal to the lesser of (i) seven percent (7%) 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 paymentcharge 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 if such interest shall not constitute waiver of, nor excuse or cure, any default under this Lease, nor prevent Landlord pays a sum on behalf from exercising any other rights and remedies available to Landlord. Without limitation of or the foregoing, Tenant shall be responsible for Tenant (which Landlord may do in Landlord’s sole and absolute discretion)payment of all interest, late charges, and Landlord other actual costs and fees imposed by third parties with respect to late payments of Utilities or other third party charges that are the responsibility of Tenant hereunder.
D. For any non-scheduled payment of Rent hereunder that is not repaid payable by Tenant on demand by Landlord, such sum within shall be due ten (10) days after following written demand therefore is made, Tenant, to the extent permitted therefor by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to abatement, deduction, or setoff under any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlordcircumstances.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Master Lease Agreement (Cracker Barrel Old Country Store, Inc)
Rent. 3.1 Tenant agrees to pay to Landlord at the office specified in Section 1.1(2), or to such other persons or at such other places designated by Landlord, without any prior demand therefor in immediately available funds and without any deduction whatsoever, Rent, including, without limitation, Monthly Base Rent and Rent Adjustments in accordance with Article Four, during the Term. Monthly Base Rent shall be paid monthly in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term, except that the first installment of Monthly Base Rent shall be paid by Tenant to Landlord on the Commencement Date, notwithstanding the fact that Tenant may not be in possession of the Premises on the Commencement Date; see Section 1 of the Rider. Monthly Base Rent shall be prorated for partial months within the Term. One such monthly installment together with Unpaid Rent shall bear interest at the Security Deposit Default Rate from the date due until paid as provided in Section 26.1. Tenant's covenant to pay Rent shall be due and independent of every other covenant in this Lease. If any governmental entity or authority has imposed or hereafter imposes upon Landlord or Tenant a tax or assessment upon or against any of the gross Rent or other charges payable by Tenant to Landlord upon execution under the Lease (whether such tax takes the form of this leasea lease tax, and a like Each monthly installment sales tax or other tax), Tenant shall be due responsible for the timely payment thereof.Unless Landlord and payable without demand on or before Tenant otherwise agree in writing with respect to the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofpayment thereof, Tenant shall pay the applicable tax to Landlord an amount equal together with each payment by Tenant to Landlord of Monthly Base Rent due under the Lease. Notwithstanding the foregoing, Tenant shall have no obligation to pay any income tax levied against Landlord, except to the sum of all taxes on Rent, directly extent the same is levied specifically with respect to gross rent or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed charges payable by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, except that rent for each the first full month of the entire Lease Term. One such monthly installment together with the Security Deposit for which rent is payable hereunder shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in writing. If an Event of Default occurs, Landlord may require by notice to Tenant that all subsequent rent payments be made by an automatic payment from Tenant's bank account to Landlord's account, without cost to Landlord. Tenant must implement such automatic payment system prior to the next scheduled rent payment or within ten (10) days after Landlord's notice, whichever is later. Unless specified in this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of contrary, all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other amounts and sums owed payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment of any rent or other sum due under this LeaseLease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not received paid within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, rent or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages becomes due and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant payable pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service late charge shall be imposed in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser greater of: (a) the prime interest rate in effect from day to day at NationsBank of GeorgiaFifty Dollars ($50.00), N.A., plus three (3) percentage points; or (b) six percent (6%) of the maximum legal rate allowed unpaid rent or other payment. The amount of the late charge to be paid by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount Tenant shall be credited against future reassessed and added to Tenant's obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant on or receipt by Landlord of a lesser amount than before the correct Rent shall be deemed to be other than a payment date on accountwhich they are due, nor shall do the terms of this Section 3.2 in any endorsement way affect Landlord's remedies pursuant to Article 19 of this Lease in the event said rent or statement on any check or any letter accompanying any check or other payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedyis unpaid after date due.
Appears in 1 contract
Samples: Lease (Lmi Aerospace Inc)
Rent. 3.1 Tenant agrees to pay to Landlord the Monthly Base Rent then in advance effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month commencing upon the expiration of the entire Lease TermRent Abatement. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Monthly Base Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset except as expressly permitted under this Lease, and without notice or demand, at the partial month Rent Payment Address set forth on the Summary, or to such other person or at such other place as Landlord may from time to time designate in writing. If an Event of Default occurs, Landlord may require by notice to Tenant that all subsequent rent payments be made by an automatic payment from Tenant’s bank account to Landlord’s account, without cost to Landlord. Tenant must implement such automatic payment system prior to the next scheduled rent payment or within ten (10) business days after Landlord’s notice, whichever is later. Unless specified in this Lease is in effect.
3.2 In addition to the contrary, all amounts and along with the monthly installments of Base Rent sums payable by Tenant to Landlord pursuant to Subsection 3.1 hereofthis Lease, other than Base Rent, shall be additional rent. Tenant shall pay to Landlord an amount equal to the sum Landlord, in addition to, and simultaneously with, all payments of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or rent and any other sums owed by Tenant amounts payable to Landlord under this Lease, is not received within five (5) days after a sum equal to the due date thereofaggregate of any municipal, without implying Landlord’s consent to such late paymentcounty, state or federal excise, sales, use, rental or transaction privilege taxes now or hereafter levied or imposed against, or if Landlord pays a sum on behalf of account of, any or for Tenant (which Landlord may do in Landlord’s sole all consideration from and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment amounts payable under this Lease by Tenant, or the damages resulting receipt thereof by Landlord.
3.2 Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord will be difficult to ascertain preciselyLandlord, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages which additional expense is extremely difficult and does economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant paid when due and payable pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service late charge of $15.00 or shall be imposed in an amount equal to five percent (5%) of the amount unpaid rent or other payment. The provisions of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be this Section 3.2 in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by no way relieve Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for obligation to pay rent or other payments on or before the performance by Tenant date on which they are due, nor do the terms of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Section 3.2 in any way affect Landlord’s damages remedies pursuant to Article 19 of this Lease in a default by Tenant. No interest the event said rent or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there payment is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlordunpaid after date due.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Industrial Net Lease (Dexcom Inc)
Rent. 3.1 3.1. Commencing on the Rent Commencement Date, Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month Term. The Monthly Installment of Rent in effect at any time shall be one-twelfth of the entire Lease TermAnnual Rent in effect at such time. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each based upon a thirty (30) day month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand except as specifically set forth herein, at the Landlord’s address, as set forth on the Reference Page, or to such other person or at such other place as Landlord may from time to time designate in writing.
3.2. Tenant recognizes that late payment of the partial month any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is in effect.
3.2 In addition extremely difficult and economically impractical to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, ascertain. Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, therefore agrees that if rent or any other sums owed by Tenant to Landlord under this Lease, sum is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum paid within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum oweddate when due and payable pursuant to this Lease, a late payment charge shall be imposed in an amount equal to ten the lesser of (i) four percent (104%) of the installment unpaid rent or other payment or (ii) the amount of the Base Rent or late charge paid by Landlord for such other sums ownedmonth pursuant to the Ground Lease and the then current Mortgage resulting from Tenant’s late payment. Said The amount of the late payment charge shall constitute liquidated damages and to be paid by Tenant shall be reassessed and added to Tenant’s obligation for the purpose each successive monthly period until paid. The provisions of reimbursing Landlord for additional costs and expenses which Landlord expects to incur this Section 3.2 in connection with the handling and processing of late installment payments no way relieve Tenant of the Base Rent and such obligation to pay rent or other sums owed by Tenant payments on or before the date on which they are due, nor do the terms of this Section 3.2 in any way affect Landlord’s remedies pursuant to Landlord hereunderArticle 18 in the event said rent or other payment is unpaid after the date due.
3.3. If there is Tenant shall extend the Term by exercising a late payment by TenantRenewal Option pursuant to Section 2.3 above, the damages resulting to Landlord will Annual Rent during the applicable Renewal Period shall be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties greater of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or (i) ninety-five percent (595%) of Market Rent (as defined below) and (ii) the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be Annual Rent in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant effect during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance last year of the Lease then existing Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease (Dunkin' Brands Group, Inc.)
Rent. 3.1 Tenant (a) In consideration of this Lease, Txxxxx promises and agrees to pay to Landlord in advance the Rent, without demand, deduction or set off, on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One The first such monthly installment together with the Security Deposit of Rent shall be due and payable by Tenant to Landlord upon execution on the Lease Date and monthly installments of this lease, and a like Each monthly installment Base Rent shall thereafter be due and payable without demand paid on or before the first day of each subsequent calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of In the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If event any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, Rent is not received within five ten (510) days after the due date thereof, thereof (without in any way implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), unless other arrangements have been made between Landlord and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, Txxxxx agrees to pay, in addition to said installment of the Base Rent or such other sum owedRent, a late payment charge equal to ten five percent (105%) of the late installment of the Base Rent or such other sums owned. Said Rent, it being understood that said late payment charge shall constitute liquidated damages (but shall not void the occurrence of a default or eliminate any of Landlord’s remedies therefor) and shall be for the purpose purposes of reimbursing Landlord for the additional costs and expenses which Landlord presently expects to incur in connection with the handling and processing of a late installment payments payment of the Base Rent Rent. Tenant and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, agree that the damages resulting to suffered by Landlord will be difficult to ascertain in the event of any such late payments are not capable of being ascertained precisely, and that the foregoing charge amount constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interestdamages. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to anything in this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damagecontrary, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent all amounts payable by Tenant to Landlord under this Lease as Rent shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively rent for the purpose of Section 502(b)(7), as “Rent”. All Rent due hereunder shall bear interest from it may be amended, of the due date until paid in full at a rate equal to the lesser of: Bankruptcy Code (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”defined below). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease Agreement (Cellteck Inc.)
Rent. 3.1 Tenant agrees to pay to Landlord in advance 3.01 Commencing on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution term of this leaseLease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date thereafter during the Lease Term. Base Rent for any period term of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, pay Landlord on a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums ownedmonthly basis. Said late payment charge shall constitute liquidated damages and Check shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenantmade out to: Restart Western Skies, the damages resulting to Landlord will be difficult to ascertain preciselyL.P., and the foregoing charge constitutes a reasonable and good faith estimate suite number shall be noted in the bottom left corner of the check. Rent per month for the said Premises shall be per the schedule below: Months 1-12 $1,945.00 Months 13-24 $2,003.00 Months 25-36 $2,063.00 The rental payments above do not include rental taxes that may be charged by the parties city, county or State of Arizona, which will be charged to the Tenant. The amount of $1,945.00, the first months’ full rent, is paid herewith to Landlord upon execution of the extent of such damages and does not constitute interest. Notwithstanding the foregoingLease, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, along with a returned check service charge security / damage deposit of $15.00 or five percent (5%) of 2,200.00. So long as the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn Premises are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent the expiration or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest , in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee a good and thereafter shall have no further liability clean condition (allowing for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent reasonable wear and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”tear). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums security deposit shall be promptly refunded by Landlord returned to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord 3.02 If the commencement date is a date other than the first day of a lesser amount than the correct Rent month, rent shall be deemed prorated based on the number of days left in the month bears to be other than a payment on accountthe total monthly rent due and payable for such month.
3.03 N/A
3.04 Tenant agrees that Tenant will make no alterations to the Premises or the Property without the prior written consent of the Landlord. Any additions or improvements installed by the Tenant upon the interior of the Premises shall, nor shall any endorsement upon the expiration or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. earlier termination of this Lease, become the property of Landlord may accept such check of payment without prejudice to at Landlord’s right option. Otherwise, Tenant shall be responsible for the full cost of removing such additions or improvements and restoring the space to recover its original condition.
3.05 Tenant, Tenant’s clients, vendors and visitors shall be entitled to park in common with other tenants of the balance or to pursue any other remedy.Landlord on a first come, first serve basis, provided that the use does not exceed four (4)
Appears in 1 contract
Rent. 3.1 As used in this Lease, the term "Rent" shall include: (i) the ---- Base Rent; (ii) Tenant's Percentage Share of the Operating Expenses paid or incurred by Landlord during the calendar year; and (iii) all other amounts which Tenant agrees is obligated to pay to Landlord in advance on or before under the first day terms of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month this Lease. All amounts of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and money payable by Tenant to Landlord upon execution of this shall be paid without prior notice or demand, deduction or offset. This Lease is intended to be a triple net lease, with all costs, expenses and a like Each monthly charges (including the Operating Expenses) paid by Tenant. Tenant hereby acknowledges that late payment by Tenant to Landlord of Rent will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges, and late charges which may be imposed on Landlord by the terms of any trust deed covering the Premises. Accordingly, if any installment of Rent or any other sums due from Tenant shall not be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofreceived by Landlord when due, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten six percent (106%) of the installment such overdue amount. The parties hereby agree that such late charge represents a fair and reasonable estimate of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose costs Landlord will incur by reason of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant. Acceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant's default with respect to such overdue amount, the damages resulting to nor prevent Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties from exercising any of the extent of such damages other rights and does not constitute interestremedies granted hereunder. Notwithstanding the foregoingIn addition, such late charges shall not apply to any sums amount which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent when due hereunder shall bear interest from the date due until the date until paid in full at a the rate equal to ("Interest Rate") which is the lesser of: of fifteen percent (a15%) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; per annum or (b) the maximum legal rate allowed permitted by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenantlaw.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Sublease (Ibeam Broadcasting Corp)
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month’s rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth ( 1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in effect.
3.2 In addition writing. If an Event of Default occurs, Landlord may require by notice to and along with the monthly installments of Base Rent pursuant Tenant that all subsequent rent payments be made by an automatic payment from Tenant’s bank account to Subsection 3.1 hereofLandlord’s account, without cost to Landlord. Tenant shall pay to Landlord an amount equal must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned checkLandlord’s notice, whichever is greater, each time a check is not honored and returned to Landlordlater. Such returned check service charge shall be Unless specified in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the this Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent contrary, all amounts and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment of any rent after five (5) days of due date, or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid when due and payable pursuant to this Lease, a late charge shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid be imposed in full at a rate an amount equal to the lesser greater of: (a) the prime interest rate in effect from day to day at NationsBank of GeorgiaFifty Dollars ($50.00), N.A., plus three (3) percentage points; or (b) six percent (6%) of the maximum legal rate allowed unpaid rent or other payment. The amount of the late charge to be paid by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount Tenant shall be credited against future reassessed and added to Tenant’s obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant on or receipt by Landlord of a lesser amount than before the correct Rent shall be deemed to be other than a payment date on accountwhich they are due, nor shall do the terms of this Section 3.2 in any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to way affect Landlord’s right remedies pursuant to recover Article 19 of this Lease in the balance event said rent or to pursue any other remedypayment is unpaid after date due.
Appears in 1 contract
Samples: Lease (Devax Inc)
Rent. 3.1 A. During the Term the Annual Basic Rent to be paid by Tenant agrees to pay to Landlord shall be $336,000.
B. Said rent, additional rent and all other payments due under this Lease shall be paid to the Landlord at the address hereinabove first specified, or as the Landlord may otherwise direct in advance writing. Rent shall be payable in monthly installments due and payable on or before the first day of each and every month in advance. Failure to pay rent by the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each fifth day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be a breach of a substantial obligation of the Lease. Additionally, if Tenant fails to pay the annual basic rent or additional rent on or before the 7th day of the month, (in addition to all other than remedies Landlord may have hereunder) Tenant shall pay one hundred fifty ($150.00) dollars as a payment on account, nor late fee. Said fee shall any endorsement or statement be deemed to be additional rent. Interest shall accrue on any unpaid rent or additional rent at twenty-four (24%) percent per annum or at the highest legal rate allowable pursuant to law, whichever amount shall be less.
C. If Tenant shall submit any check to Landlord for payment of any obligation hereunder and said check is returned unpaid ("bounced" check), Tenant shall pay one hundred fifty ($150.00) dollars to Landlord for the bookkeeping charge incurred. In the event Tenant submits more than one "bounced" check during the Term, Tenant shall be obligated to make all payments to Landlord by certified check or any letter accompanying any bank check. In such event, if Tenant fails to submit a certified check or payment bank check to Landlord, said failure shall be deemed an accord and satisfactionto be a substantial breach of the terms of this Lease. The one hundred fifty ($150) dollar bookkeeping charge is in addition to any other remedies Landlord may accept such check have pursuant to the terms of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedythis Lease.
Appears in 1 contract
Samples: Lease (Americas Shopping Mall Inc)
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month's rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in effect.
3.2 In addition to and along writing. If an Event of Default occurs with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal respect to the sum payment of rent, Landlord may require by notice to Tenant that all taxes on Rent, directly or indirectly imposed subsequent rent payments be made by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant an automatic payment from Tenant's bank account to Landlord under this Lease, is not received within five (5) days after the due date thereofLandlord's account, without implying cost to Landlord’s consent . Tenant must implement such automatic payment system prior to such late payment, the next scheduled rent payment or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned checkLandlord's notice, whichever is greater, each time a check is not honored and returned to Landlordlater. Such returned check service charge shall be Unless specified in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the this Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent contrary, all amounts and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid when due and payable pursuant to this Lease, a late charge shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid be imposed in full at a rate an amount equal to the lesser greater of: :
(a) the prime interest rate in effect from day to day at NationsBank of GeorgiaFifty Dollars ($50.00), N.A., plus three (3) percentage points; or (b) six percent (6%) of the maximum legal rate allowed unpaid rent or other payment. The amount of the late charge to be paid by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount Tenant shall be credited against future reassessed and added to Tenant's obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant on or receipt by Landlord of a lesser amount than before the correct Rent shall be deemed to be other than a payment date on accountwhich they are due, nor shall do the terms of this Section 3.2 in any endorsement way affect Landlord's remedies pursuant to Article 19 of this Lease in the event said rent or statement on any check or any letter accompanying any check or other payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedyis unpaid after date due.
Appears in 1 contract
Samples: Lease (Rockford Corp)
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month’s rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in writing. Unless specified in this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of contrary, all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other amounts and sums owed payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment of any rent or other sum due under this LeaseLease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum paid within ten (10) days after demand therefore the date such payment is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages due and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant payable pursuant to this Lease. If Lease on more than two (2) occasion during any check delivered calendar year, beginning with the third (3rd) such late payment and for every subsequent late payment during such calendar year a late charge shall be imposed in an amount equal to Landlord by Tenant in payment of Base Rent the greater of: (a) Fifty Dollars ($50.00), or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or (b) five percent (5%) of the unpaid rent or other payment. The amount of such returned check, whichever is greater, each time a check is not honored and returned the late charge to Landlord. Such returned check service charge be paid by Tenant shall be in addition to reassessed and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice added to Tenant’s obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments on or before the date on which they are due, nor do the terms of this Section 3.2 in any way affect Landlord’s remedies pursuant to Article 19 of this Lease in the event said rent or other payment is unpaid after date due.
3.3 Tenant hereby acknowledges and agrees that the obligations of Tenant hereunder shall be separate and independent covenants and agreements, that any rent shall continue to be payable in all events and all subsequent payments that the obligations of Base Rent Tenant hereunder shall continue unaffected, unless the requirement to pay or Additional Rent be made by either cash, money order or cashier’s check for perform the balance same shall have been terminated pursuant to an express provision of this Lease. Landlord and Tenant each acknowledges and agrees that the independent nature of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for obligations of Tenant hereunder represents fair, reasonable, and accepted commercial practice with respect to the performance by Tenant type of Tenant’s covenants and obligations under property subject to this Lease. Such deposit shall not be considered an advance payment of Rent or acknowledgements by Tenant are a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice material inducement to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of landlord entering into this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease (Ore Pharmaceuticals Inc.)
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month's rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in effect.
3.2 In addition writing. If an Event of Default occurs, Landlord may require by notice to and along with the monthly installments of Base Rent pursuant Tenant that all subsequent rent payments be made by an automatic payment from Tenant's bank account to Subsection 3.1 hereofLandlord's account, without cost to Landlord. Tenant shall pay to Landlord an amount equal must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned checkLandlord's notice, whichever is greater, each time a check is not honored and returned to Landlordlater. Such returned check service charge shall be Unless specified in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the this Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent contrary, all amounts and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid within seven (7) days after due and payable pursuant to this Lease, a late charge shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid be imposed in full at a rate an amount equal to the lesser greater of: (a) the prime interest rate in effect from day to day at NationsBank of GeorgiaFifty Dollars ($50.00), N.A., plus three (3) percentage points; or (b) four percent (4%) of the maximum legal rate allowed unpaid rent or other payment. The amount of the late charge to be paid by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount Tenant shall be credited against future reassessed and added to Tenant's obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant on or receipt by Landlord of a lesser amount than before the correct Rent shall be deemed to be other than a payment date on accountwhich they are due, nor shall do the terms of this Section 3.2 in any endorsement way affect Landlord's remedies pursuant to Article 19 of this Lease in the event said rent or statement on any check or any letter accompanying any check or other payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedyis unpaid after date due.
Appears in 1 contract
Samples: Lease (Home Interiors & Gifts Inc)
Rent. 3.1 Tenant agrees to pay to Landlord As used in advance on or before this Lease, the first day of each month term "Rent" shall include: (i) the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month ; (ii) Tenant's Percentage Share of the entire Lease TermOperating Expenses paid or incurred by Landlord during the calendar year; and (iii) all other amounts which Tenant is obligated to pay under the terms of this Lease. One such monthly installment together with the Security Deposit shall be due and All amounts of money payable by Tenant to Landlord upon execution of this shall be paid without prior notice or demand, deduction or offset. This Lease is intended to be a triple net lease, with all costs, expenses and a like Each monthly charges (including the Operating Expenses) paid by Tenant except as otherwise specifically provided in subsection 10(b). Tenant hereby acknowledges that late payment by Tenant to Landlord of Rent will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges, and late charges which may be imposed on Landlord by the terms of any trust deed covering the Premises. Accordingly, if any installment of Rent or any other sums due from Tenant shall not be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofreceived by Landlord when due, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten six percent (106%) of the installment such overdue amount. The parties hereby agree that such late charge represents a fair and reasonable estimate of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose costs Landlord will incur by reason of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant. Acceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant's default with respect to such overdue amount, nor prevent Landlord from exercising any of the damages resulting other rights and remedies granted hereunder. In addition, any amount which is not paid when due shall bear interest from the date due until the date paid at the rate equal to Landlord will be difficult the Reference Rate announced from time to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate time by the parties Bank of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or America plus five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term"Interest Rate").
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Sub Sublease (Computer Literacy Inc)
Rent. 3.1 In consideration of this lease, Tenant promises and agrees to pay to Landlord in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, Basic Rental without deduction or set offsetoff, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon contemporaneously with the execution of this lease, and a like Each monthly installment shall be due and payable without demand beginning on the first day of the calendar month following the expiration of the first full calendar month of the Lease Term and continuing thereafter on or before the first day of each succeeding calendar month succeeding the Commencement Date during the Lease Termterm hereof. Base Rent for any period fractional month at the beginning of less than a full month the Lease Term shall be prorated, prorated based on one thirtieth three hundred sixtieth (1/301/360) of the current Base Rent annual basic rent for each day of the partial month this Lease lease is in effect.
3.2 effect and shall be due and payable upon written notice from Landlord to Tenant. In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If event any installment of the Base RentBasic Rental, or any other sums owed which become owning by Tenant to Landlord under this Lease, is the provisions hereof are not received within five (5) days after the due date thereof, thereof (without in any way implying Landlord’s 's consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, . Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent basic rental or such other sum sums owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent Basic Rental or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interestowed. Notwithstanding the foregoing, such the foregoing late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to the provisions of this Lease. If any check delivered lease, it being understood that such sums shall bear interest, which Tenant hereby agrees to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned pay to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded permitted by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed law to be other than a payment on account, nor shall any endorsement charged Tenant for the use or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept forbearance of such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedymoney.
Appears in 1 contract
Rent. 3.1 (A) During the first three (3) years of the Lease, commencing on August 1th, 2017, the monthly rent shall be $1,600.00 per month. Thereafter, commencing on July 31 1th 2020 the monthly rent for the Rent of the Premises shall have a yearly increase of five percent (5%) over the prior year and there after every subsequent anniversary of the Lease on every first (1st) day of June (“the Rent”) . Rent for the Renewal Period, if exercised by Tenant, shall be negotiated at such time between Landlord and Tenant. Throughout the Initial Term and/or the Renewal Period, Tenant covenants and agrees to pay to the Landlord monthly rent, payable in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base month.
(B) The payment of Rent for any period shall NOT include Tenant’s consumption of less than a full month shall be proratedelectricity, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effectwater, sewer, telephone services, internet services, “wifi”, lamps and tubs, common area cleaning and maintenance and pest control.
3.2 In addition to Provided the Landlord shall not be in default of its obligations or covenants under the Lease which may impair Tenant’s use and along with operation of the monthly installments Premises, all payments of Base Rent pursuant to Subsection 3.1 hereofrent hereunder shall be made in advance and upon written demand by Landlord, Tenant shall pay without deduction, abatement or set-off, by check, ACH, wire transfer or any other method of payment acceptable by Landlord and payable to Landlord an amount equal or to such other manner as may be designated by written notice from Landlord to Tenant, and if applied, shall be mailed to Landlord at the sum address specified in the Notice section of all taxes on Rent, directly this Lease or indirectly imposed to such other place as may be designated by any government entity (the “Rent Tax”) as Additional Rentwritten notice from Landlord to Tenant.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent monthly rent and/or other charges herein stipulated shall be deemed to be other than a payment on accountaccount of the earliest stipulated rent, and/or other charges unpaid nor shall any endorsement or statement on any check or any letter accompanying any check or payment as rent and/or other charges be deemed an and accord and satisfaction. , and Landlord may accept such check of or payment without prejudice to Landlord’s right to recover the balance of such rent and/or other charges or to pursue any other remedy; in this Lease or by law provided.
Appears in 1 contract
Rent. 3.1 Tenant agrees a. Tenant's liability for rent shall commence to pay accrue on February 15, 1999. The rent to Landlord in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable paid by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before $6,500.00 per month for the first three (3) months of the term, $8,500.00 per month for the next nine (9) months of the term, $9,000.00 per month for the next twenty-four (24) months of the term and $9,500.00 per month for the remaining months of the term, plus applicable sales taxes. Such rent shall be payable in advance in monthly installments on the fifteenth day of each calendar month succeeding the Commencement Date during the Lease Termtern hereof. Base Rent for any period Landlord agrees to assign the rents and lease (which is on a month to month basis) from Shoe Warehouse effective February 15. 1999.
b. All payments of less than a full month rent hereunder shall be prorated, based on one thirtieth (1/30) made to Landlord as the same become due in lawful money of the current Base Rent for each day of the partial month United States, at such places as hereinafter may be designated. Nothing contained in this Lease is in effectlease shall be construed to be or create a partnership or joint venture between Landlord and Tenant.
3.2 c. In addition to the payments required herein as rent to the Landlord, the Tenant shall also pay the following:
(1) All occupational licenses and along with other licenses necessary in the monthly installments operation of Base Rent pursuant the business to Subsection 3.1 hereofbe 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) After February 15, 1999, Tenant shall pay to Landlord an amount equal the appropriate governmental agencies ad valorem taxes with respect to the sum Demised Premises and the improvements thereon during the term of this lease or any extension thereof. It is further understood and agreed that all ad valorem taxes assessed during the 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. Should Tenant fail to pay any tax when due and payable, Landlord may, if Landlord so desires, pay the same and the amount together with any penalties which Landlord may have paid, shall immediately become due and payable to Landlord as additional rent, 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. 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 taxes on Rent, directly or indirectly imposed by tax notices and tax bills to the Tenant so that Tenant may timely contest any government entity (proposed tax increase and promptly pay the “Rent Tax”) tax due as Additional Rent.
3.3 If to take advantage of any installment discounts allowed for timely payment. In the event of any special assessment with respect to the Base Rent, or any other sums owed by Tenant to Landlord under Demised Premises levied during the term of this Lease, the Tenant shall have no obligation with respect to payment of such assessment and Landlord shall be obligated to pay same. Landlord shall use reasonable efforts, if requested by Tenant, to obtain from the taxing authorities a separate assessment for the Demised Premises if said premises are part of a larger parcel. If such separate assessment shall be obtained, the real estate taxes payable by Tenant shall be paid by Tenant directly to the taxing authority. If Landlord shall be unable to obtain such separate assessment, and the tax xxxx covering the Demised Premises shall include property in addition to the Demised Premises, Tenant shall pay its proportionate share of said tax xxxx to Landlord, which proportionate share shall equal the product obtained by multiplying the amount of the tax xxxx by a fraction, the numerator of which is not received the acreage contained within five the Demised Premises and the denominator of which is the total land owned by the Landlord and assessed in the tax xxxx. Tenant shall pay its share by the later of (5i) thirty (30) days after Landlord notifies Tenant of the due date thereof, without implying Landlord’s consent to such late paymentamount thereof and furnishes Tenant with a copy of the tax xxxx and the calculations by which Tenant's share has been determined, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ii) ten (10) days after demand therefore is made, Tenant, prior to the extent permitted by law, agrees to pay, in addition to said installment due date of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoevertax, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlordshall pay said tax xxxx when due. Such returned check service charge In no event shall Tenant be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord liable for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenantpenalties, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, if Tenant shall pay to such taxes within such period. Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance will furnish Tenant with a copy of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlordreceipted tax xxxx promptly after demand therefor.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Rent. 3.1 Tenant agrees to pay to Landlord in advance on or before the first day of each month the Base RentRent (as set forth in Section 1.8 above), subject to adjustment as hereinafter hereinbefore provided, without deduction or set off, for each month of the entire Lease Term, at the Landlord's address as set forth herein. One such monthly installment together with Pro-rated for the Security Deposit current month shall be due and payable by Tenant to Landlord upon execution of this leaseLease, and a like Each full monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, Rent directly or indirectly imposed by any government entity (the “"Rent Tax”") as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, more than once during each Lease Year, without implying Landlord’s 's consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s 's sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore therefor is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent five (105%) of the installment percent of the Base Rent or such other sums ownedowed; provided, however, that with regard to nonrecurring items only, Landlord has delivered to Tenant the bill therefore on or before xxx 25th of the immediately preceding month (for payments due on the first of the month) or given Tenant written notice of such charge as otherwise set forth in this Lease. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which that may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount actual charges imposed on Landlord as the result of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s 's check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “"Additional Rent”". Base Rent and Additional Rent are herein referred to collectively as “"Rent”". All Rent due hereunder not paid by Tenant within ten (10) days after the due date thereof, shall bear interest from the due date eleventh (11th) day of the month until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank Bank of Georgia, N.A.America/Nations Bank of Florida, plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “"Default Rate”"); provided, however, that with regard to nonrecurring items only, Landlord has delivered to Tenant the bill therefore on or before the 25th of the immediately preceding month (for payments due on the first of the month) or given Tenant written notice of such charge as otherwise set forth in this Lease. If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 3.5 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s 's right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease Agreement (Universal Beverages Holdings Corp)
Rent. 3.1 Section 4.01. Tenant agrees to pay to Landlord the Fixed Rent, without notice or demand, in advance equal monthly installments, in advance, on or before the first day of each and every successive calendar month during the Base RentTerm hereof, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except the entire Lease Term. One such monthly installment together with the Security Deposit first month’s Fixed Rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Fixed Rent shall be due and payable without demand commence on or before the first day of each calendar month succeeding the Rent Commencement Date during the Lease TermDate. Base The Fixed Rent for any period of which is for less than a full month shall be prorated, a prorated portion of the Fixed Rent based on one thirtieth a thirty (1/3030) of the current Base Rent for each day of the partial month this Lease is in effectmonth.
3.2 In addition to and along with the monthly installments of Base Section 4.02. The Fixed Rent pursuant to Subsection 3.1 hereof, Tenant shall pay be paid to Landlord an amount equal by Tenant, without deduction, counterclaim or setoff, except as expressly provided herein, and at Landlord’s address or at such place as Landlord may from time to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Renttime designate in writing.
3.3 Section 4.03. If any installment payment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, Rent is not received by Landlord within five (5) business days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Depositdate when due, Tenant shall pay to Landlord on demand as a late charge, interest on the amount so applied to restore overdue Rent at the Security Deposit to its original amount. If there is not then an event of default, any remaining balance lesser of the Security Deposit maximum rate permitted by law or eighteen (18%) percent per anum from the due date. Acceptance of any late charge shall not constitute a waiver of Tenant’s default with respect to the overdue amount, or prevent Landlord from exercising any of the other rights and remedies available to Landlord.
Section 4.04. No abatement, diminution or reduction of the Basic Rent, or any additional rent or other charges required to be returned paid by Landlord Tenant pursuant to Tenant upon termination the terms of this Lease. If Landlord transfers its interest in , shall be claimed by, or allowed to, Tenant for any inconvenience, interruption, cessation or loss of business or otherwise, caused directly or indirectly by any present or future laws, ordinances, order, rules, regulations or requirements of any Federal, State, County or Municipal governments, or by priorities, rationing or curtailment of labor or material, or by war, civil commotion strikes or riots, or any matter or thing resulting there from or by any other cause or causes beyond the Premises during the Lease Termcontrol of Landlord, Landlord may assign the Security Deposit including, without limitations, casualty to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on accountDemised Premises, nor shall this Lease in any endorsement or statement on way be affected by any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedycauses, except as expressly provided in this Lease.
Appears in 1 contract
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month’s rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of the partial month days in such month. Said rent shall be paid to Landlord in cash or other readily available funds, without deduction or offset, except as otherwise expressly provided in Section 7.5 of this Lease is and without notice or demand, at the Rent Payment Address set out in effectthe Reference Pages or wire transferred to Landlord pursuant to the wiring instructions set forth on the Reference Pages (or to such other address or pursuant to such other wiring instructions as Landlord may from time to time designate in writing). Unless specified in this Lease to the contrary, all amounts and sums payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2 In addition Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and along with the monthly installments of Base Rent economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid within five (5) business days after written notice that it was not paid when due and payable pursuant to Subsection 3.1 hereofthis Lease, Tenant a late charge shall pay to Landlord be imposed in an amount equal to the sum of all taxes on Rentgreater of: (a) Fifty Dollars ($50.00), directly or indirectly imposed by any government entity (the “Rent Tax”b) as Additional Rent.
3.3 If any installment three percent (3%) of the Base Rentunpaid rent or other payment (provided, however, that if late payment notice shall be given on two (2) or more occasions within any twelve (12) month period, then commencing with the date of the second such notice and continuing for twelve (12) months thereafter, the late charge under this Section 3.2 shall be applicable immediately upon any subsequent failure to pay any rent or other sums owed by Tenant to Landlord sum due under this Lease, without necessity of any prior notice). The amount of the late charge to be paid by Tenant shall be reassessed and added to Tenant’s obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments on or before the date on which they are due, nor do the terms of this Section 3.2 in any way affect Landlord’s remedies pursuant to Article 19 of this Lease in the event said rent or other payment is unpaid after date due.
3.3 Any rent, expense reimbursements, tax reimbursements and other sums required to be paid under this Lease and not received paid within five (5) business days after written notice that it was not paid when due and payable pursuant to this Lease (including all late charges and attorneys’ fees) shall bear interest, until paid, at the lesser of the following rates: (i) 10% per annum; or (ii) the highest rate allowed under applicable law (provided, however, that if late payment notice shall be given on two (2) or more occasions within any twelve (12) month period, then commencing with the date of the second such notice and continuing for twelve (12) months thereafter, the interest under this Section 3.3 shall begin to accrue immediately upon any subsequent failure to pay any rent or other sum due date thereofunder this Lease, without implying Landlord’s consent to such necessity of any prior notice). All agreements between Landlord and Tenant, whether now existing or hereafter arising, whether herein contained or in any other instrument or agreement, whether written or oral, are hereby expressly limited so that in no contingency or event whatsoever shall any acceleration of rents due, late paymentcharges, returned check charges, interest charges, or any other charges whatsoever, be deemed as interest charged, contracted for or received in excess of the amount permitted under applicable law, it particularly being the intention of the parties hereto to conform strictly to the laws of the State of Texas. Any portion of such charges which are deemed as interest in excess of the amount permitted under applicable law, as of the date such charge is due, shall be applied to a reduction of the rental payment next coming due hereunder, or, if Landlord pays a sum on behalf such portion of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion)charges exceeds the rental payment next coming due hereunder, and Landlord is not repaid such sum within ten (10) days after demand therefore is made, amount shall be refunded to Tenant, to . To the extent permitted by law, agrees to pay, in addition to said installment determination of the Base Rent or such other sum owedlegal maximum amount of interest shall at all times be made by amortizing, a late payment charge prorating, allocating, and spreading in equal to ten percent (10%) parts during the period of the installment full term of the Base Rent this Lease, all amounts deemed as interest at any time contracted for, charged or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur received from Tenant in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease Agreement (KBS Real Estate Investment Trust III, Inc.)
Rent. 3.1 Tenant agrees to (a) Subtenant shall pay to Sublandlord as base rent ("Base Rent") for the Premises during he term hereof the sum of Forty-Five Thousand Eighty Dollars ($45,080) per month. In addition to Base Rent, during the term of this Sublease, Subtenant shall pay to Sublandlord Subtenant's share ("Subtenant's Share") of all additional rent ("Additional Rent") payable to Landlord under Paragraph 5(b) of the Master Lease and all expenses incurred by Sublandlord in performing the obligations set forth in Paragraph 17.B. of the Master Lease. Subtenant's Share of Additional Rent shall be fifty-eight and five tenths percent (58.5%).
(b) Collectively, Base Rent and Additional Rent shall hereinafter be referred to as "Rent". Rent for any period during the term hereof which is for less than one month shall be a pro rata portion of the monthly installment. Rent shall be payable in advance on or before the first day of each month the Base Rent, subject to adjustment as hereinafter providedevery month, without deduction demand, offset, counterclaim or setoff. All Rent shall be paid to Sublandlord at its address set offforth in Paragraph 18 hereof or at such other place as Sublandlord may designate by written notice to Subtenant.
(c) Any Rent or other amount due hereunder to Sublandlord that is not paid when due shall bear interest at the rate of ten percent (10%) per annum or the maximum rate 2 allowed by law, whichever is less. In addition, for each month payment of the entire Lease Term. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition to and along with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, that is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum paid within ten (10) days after demand therefore the date of Rent payment is madedue, Tenant, Subtenant shall pay to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other Sublandlord an additional sum owed, a late payment charge equal to ten four percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (54%) of the amount of such returned check, whichever is greater, each time overdue as a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment Payment and acceptance of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any interest and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit a late charge hereunder shall not be considered an advance payment of excuse any failure by Subtenant to pay Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlordwhen due.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Sublease (Verilink Corp)
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month Term. The Monthly Installment of Rent in effect at any time shall be one-twelfth (1/12) of the entire Lease TermAnnual Rent in effect at such time. One such monthly installment together with the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment shall be due and payable without demand on or before the first day of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in writing. Unless specified in this Lease is in effectto the contrary, all amounts and sums payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2 In addition Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and along economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid within two (2) days after notice has been given to Tenant of a delinquency pursuant to this Lease, on more than one (1) occasion during any calendar year, beginning with the monthly installments of Base Rent pursuant to Subsection 3.1 hereofsecond (2nd) such late payment and for every subsequent late payment during such calendar year, Tenant a late charge shall pay to Landlord be imposed in an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity greater of: (the “Rent Tax”a) as Additional Rent.
3.3 If any installment of the Base RentFifty Dollars ($50.00), or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5b) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the unpaid rent or other payment. The amount of such returned check, whichever is greater, each time a check is not honored and returned the late charge to Landlord. Such returned check service charge be paid by Tenant shall be in addition to reassessed and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice added to Tenant’s obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments on or before the date on which they are due, nor do the terms of this Section 3.2 in any way affect Landlord’s remedies pursuant to Article 19 of this Lease in the event said rent or other payment is unpaid after date due.
3.3 Tenant hereby acknowledges and agrees that the obligations of Tenant hereunder shall be separate and independent covenants and agreements, that any rent shall continue to be payable in all events and all subsequent payments that the obligations of Base Rent Tenant hereunder shall continue unaffected, unless the requirement to pay or Additional Rent be made by either cash, money order or cashier’s check for perform the balance same shall have been terminated pursuant to an express provision of this Lease. Landlord and Tenant each acknowledges and agrees that the independent nature of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for obligations of Tenant hereunder represents fair, reasonable, and accepted commercial practice with respect to the performance by Tenant type of Tenant’s covenants and obligations under property subject to this Lease. Such deposit shall not be considered an advance payment of Rent or acknowledgements by Tenant are a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice material inducement to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of landlord entering into this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Rent. 3.1 3.01. From and after the Rent Commencement Date, Tenant agrees to shall pay to Landlord the Fixed Rent in equal monthly installments in advance on or before the first day of each and every calendar month during the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month of the entire Lease Term. One such monthly installment together with If the Security Deposit shall be due and payable by Tenant to Landlord upon execution of this lease, and Rent Commencement Date occurs on a like Each monthly installment shall be due and payable without demand on or before day other than the first day of each a calendar month, the Fixed Rent for the partial calendar month succeeding at the Commencement Date during commencement of the Lease Term. Base Rent for any period of less than a full month Term shall be prorated, based on one thirtieth (1/30) .
3.02. The Rent shall be paid in lawful money of the current Base Rent for each day of the partial month this Lease is in effect.
3.2 In addition United States to and along with the monthly installments of Base Rent pursuant Landlord at its office, or such other place, or Landlord’s agent, as Landlord shall designate by notice to Subsection 3.1 hereof, Tenant. Tenant shall pay to Landlord an amount equal to the sum of all taxes on RentRent promptly when due without notice or demand therefor and without any abatement, directly deduction or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord setoff for any reason whatsoever, Landlord except as may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be expressly provided in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Tenant makes any payment to Landlord transfers its interest by check, same shall be by check of Tenant and Landlord shall not be required to accept the check of any other Person, and any check received by Landlord shall be deemed received subject to collection. If any check is mailed by Tenant, Tenant shall post such check in the Premises during the Lease Term, Landlord may assign the Security Deposit sufficient time prior to the transferee and thereafter date when payment is due so that such check will be received by Landlord on or before the date when payment is due. Tenant shall have no further liability for assume the return risk of lateness or failure of delivery of the Security Deposit. The Security Deposit may be co-mingled mails, and no lateness or combined with other accounts or funds failure of Landlordthe mails will excuse Tenant from its obligation to have made the payment in question when required under this Lease.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”3.03. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt or acceptance by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall 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 of or payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedyremedy in this Lease or at law provided.
3.04. If Tenant is in arrears in payment of Rent, Tenant waives Tenant’s right, if any, to designate the items to which any payments made by Tenant are to be credited, and Landlord may apply any payments made by Tenant to such items as Landlord sees fit, irrespective of and notwithstanding any designation or request by Tenant as to the items to which any such payments shall be credited.
3.05. In the event that any installment of Rent due hereunder shall be overdue, a “Late Charge” equal to four percent (4%) or the maximum rate permitted by law, whichever is less for Rent so overdue may be charged by Landlord for each month or part thereof that the same remains overdue (“Late Payment Rate”). Notwithstanding the previous sentence, the aforesaid Late Charge shall be waived with respect to the first two (2) overdue payments of Rent in any Calendar Year of the Term provided any such overdue payment is received within five (5) days of its due date. In the event that any check tendered by Tenant to Landlord is returned for insufficient funds, Tenant shall pay to Landlord, in addition to the charge imposed by the preceding sentence, a fee of $50.00. Any such Late Charges if not previously paid shall, at the option of the Landlord, be added to and become part of the next succeeding Rent payment to be made hereunder.
3.06. Except as expressly set forth in Article 17.02, it is intended that the Fixed Rent shall be an absolutely net return to Landlord throughout the Term, free of any expense, charge or other deduction whatsoever, with respect to the Demised Premises, the Building, the Land and/or the ownership, leasing, operation, management, maintenance, repair, rebuilding, use or occupation thereof, or any portion thereof, with respect to any interest of Landlord therein.
Appears in 1 contract
Samples: Lease Agreement (Switch & Data Facilities Company, Inc.)
Rent. 3.1 Tenant agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month’s rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in effect.
3.2 In addition writing. If an Event of Default occurs, Landlord may require by notice to and along with the monthly installments of Base Rent pursuant Tenant that all subsequent rent payments be made by an automatic payment from Tenant’s bank account to Subsection 3.1 hereofLandlord’s account, without cost to Landlord. Tenant shall pay to Landlord an amount equal must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned checkLandlord’s notice, whichever is greater, each time a check is not honored and returned to Landlordlater. Such returned check service charge shall be Unless specified in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the this Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent contrary, all amounts and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid within ten (10) days of when due and payable pursuant to this Lease, a late charge shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid be imposed in full at a rate an amount equal to the lesser greater of: (a) the prime interest rate in effect from day to day at NationsBank of GeorgiaFifty Dollars ($50.00), N.A., plus three (3) percentage points; or (b) six percent (6%) of the maximum legal rate allowed unpaid rent or other payment. The amount of the late charge to be paid by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount Tenant shall be credited against future reassessed and added to Tenant’s obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant on or receipt by Landlord of a lesser amount than before the correct Rent shall be deemed to be other than a payment date on accountwhich they are due, nor shall do the terms of this Section 3.2 in any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to way affect Landlord’s right remedies pursuant to recover Article 19 of this Lease in the balance event said rent or to pursue any other remedypayment is unpaid after date due.
Appears in 1 contract
Samples: Lease Agreement (Intrusion Inc)
Rent. 3.1 Tenant Txxxxx agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month's rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, Lease and a like Each monthly installment shall be offset against rent when it actually first becomes due and payable without demand on or before under the Lease. Provided there is no Event of Default by Tenant under this Lease, payment of rent for the Initial Premises shall be abated for the first day year of each calendar month succeeding the Commencement Date during Term as set forth in the Lease TermInitial Premises rent schedule on the Reference Pages. Base The Monthly Installment of Rent in effect at any time shall be one-twelfth (1/12) of the Annual Rent in effect at such time. Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in writing. Unless specified in this Lease is in effectto the contrary, all amounts and sums payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2 In addition Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and along with the monthly installments of Base Rent economically impractical to ascertain. Txxxxx therefore agrees that if rent or any other sum is not paid when due and payable pursuant to Subsection 3.1 hereofthis Lease, Tenant a late charge shall pay to Landlord be imposed in an amount equal to the sum of all taxes on Rent, directly or indirectly imposed by any government entity greater of: (the “Rent Tax”a) as Additional Rent.
3.3 If any installment of the Base RentFifty Dollars ($50.00), or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5b) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the unpaid rent or other payment. The amount of such returned check, whichever is greater, each time a check is not honored and returned the late charge to Landlord. Such returned check service charge be paid by Tenant shall be in addition to reassessed and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice added to Tenant, that any and all subsequent payments 's obligation for each successive month until paid. The provisions of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance this Section 3.2 in no way relieve Tenant of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest obligation to pay rent or other such return shall be paid payments on said Security Deposit. Upon any event of default by Tenantor before the date on which they are due, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use nor do the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination terms of this Lease. If Section 3.2 in any way affect Landlord transfers its interest 's remedies pursuant to Article 19 of this Lease in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled event said rent or combined with other accounts or funds of Landlordpayment is unpaid after date due.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime interest rate in effect from day to day at NationsBank of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenant.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Lease Agreement (Wageworks, Inc.)
Rent. 3.1 Tenant agrees to To pay to the Landlord in advance on or the collective rent of: £… Each and every quarter from the date of commencement of the tenancy and as set out in the schedule provided. To pay the rent by the due date in the agreement each quarter. The method of payment is by standing order only, which should be set up for 3 days in advance of the due date to allow for clearance through the banking system. If a summer retainer has been agreed an adjustment has been made in the schedule to allow for this and it will be noted at the end of this agreement. This is a collective rent agreement and if more than one signs the agreement each and every one shall be responsible joint y and severally for the whole rent until the end of the term of the ag eeme t. Tenants who vacate before the first day of each month the Base Rent, subject to adjustment as hereinafter provided, without deduction or set off, for each month expiration of the entire Lease Termterm shall sti l remain liable for the rental term and forfeit any rent paid and deposit. One such monthly installment together The Landlord reserves the right to determine the tenancy with one months notice in writing, if the Security Deposit rent or any part thereof shall be in arrears for 14 days after the same has become due and payable by Tenant to Landlord upon execution of this lease, and a like Each monthly installment whether legally demanded or not or if there shall be due and payable without demand on or before the first day a breach of each calendar month succeeding the Commencement Date during the Lease Term. Base Rent for any period of less than a full month shall be prorated, based on one thirtieth (1/30) of the current Base Rent for each day obligations on the part of the partial month this Lease is in effect.
3.2 In addition to and along Tenant/s or if the Tenant/s s all become bankrupt or enter into liquidation or compound with the monthly installments of Base Rent pursuant to Subsection 3.1 hereof, Tenant shall pay to Landlord an amount equal to the sum of all taxes on Rent, directly his creditors or indirectly imposed by if any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rentgrounds listed in schedule 2 of the Housing Xxx 0000 as amended under the Housing Xxx 0000 and the provisions for the recovery of possession by the landlord in section 21 thereof apply accordingly, the Landlord may re]enter the premises or any par thereof in the name of the whole and immediately thereupon the tenancy shall absolutely determine without prejudice to his/her rights to immediately recover all unpaid collective rent until the end of the term of the tenancy agreement and all legal and admin costs, including interest incurred or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole rights and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment remedies of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned check, whichever is greater, each time a check is not honored and returned to Landlord. Such returned check service charge shall be in addition to After 14 days and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord under this Lease shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid in full at a rate equal to the lesser of: (a) the prime an interest rate in effect from day to day of five per cent per annum ab ve base rate prevailing at NationsBank the time of Georgia, N.A., plus three (3) percentage points; or (b) the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever Barclays Bank Plc will be collected with regard to added for any sum payable under this agreement that is not paid on its due hereunder, said excess amount shall be credited against future payments of Rent accruing thereafter. If no such further Rent accrues hereunder, said excess sums shall be promptly refunded by Landlord to Tenant upon demand by Tenantdate.
3.6 No payment by Tenant or receipt by Landlord of a lesser amount than the correct Rent shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to Landlord’s right to recover the balance or to pursue any other remedy.
Appears in 1 contract
Samples: Assured Shorthold Tenancy Agreement
Rent. 3.1 Tenant Xxxxxx agrees to pay to Landlord the Annual Rent in advance effect from time to time by paying the Monthly Installment of Rent then in effect on or before the first day of each full calendar month during the Base RentTerm, subject to adjustment as hereinafter provided, without deduction or set off, for each month of except that the entire Lease Term. One such monthly installment together with the Security Deposit first full month’s rent shall be due and payable by Tenant to Landlord paid upon the execution of this lease, and a like Each monthly installment Lease. The Monthly Installment of Rent in effect at any time shall be due and payable without demand on or before one-twelfth (1/12) of the first day of each calendar month succeeding the Commencement Date during the Lease TermAnnual Rent in effect at such time. Base Rent for any period of during the Term which is less than a full month shall be prorated, based on one thirtieth (1/30) a prorated portion of the current Base Monthly Installment of Rent for each day based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand, at the partial month this Lease is Rent Payment Address, as set forth on the Reference Pages, or to such other person or at such other place as Landlord may from time to time designate in effect.
3.2 In addition writing. If an Event of Default occurs, Landlord may require by notice to and along with the monthly installments of Base Rent pursuant Tenant that all subsequent rent payments be made by an automatic payment from Tenant’s bank account to Subsection 3.1 hereofLandlord’s account, without cost to Landlord. Tenant shall pay to Landlord an amount equal must implement such automatic payment system prior to the sum of all taxes on Rent, directly next scheduled rent payment or indirectly imposed by any government entity (the “Rent Tax”) as Additional Rent.
3.3 If any installment of the Base Rent, or any other sums owed by Tenant to Landlord under this Lease, is not received within five (5) days after the due date thereof, without implying Landlord’s consent to such late payment, or if Landlord pays a sum on behalf of or for Tenant (which Landlord may do in Landlord’s sole and absolute discretion), and Landlord is not repaid such sum within ten (10) days after demand therefore is made, Tenant, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rent or such other sum owed, a late payment charge equal to ten percent (10%) of the installment of the Base Rent or such other sums owned. Said late payment charge shall constitute liquidated damages and shall be for the purpose of reimbursing Landlord for additional costs and expenses which Landlord expects to incur in connection with the handling and processing of late installment payments of the Base Rent and such other sums owed by Tenant to Landlord hereunder. If there is a late payment by Tenant, the damages resulting to Landlord will be difficult to ascertain precisely, and the foregoing charge constitutes a reasonable and good faith estimate by the parties of the extent of such damages and does not constitute interest. Notwithstanding the foregoing, such late charges shall not apply to any sums which may have been advanced by Landlord to or for the benefit of Tenant pursuant to this Lease. If any check delivered to Landlord by Tenant in payment of Base Rent or Additional Rent is not honored by the financial institution upon which such check was drawn and is returned to Landlord for any reason whatsoever, Landlord may impose, as Additional Rent, a returned check service charge of $15.00 or five percent (5%) of the amount of such returned checkLandlord’s notice, whichever is greater, each time a check is not honored and returned to Landlordlater. Such returned check service charge shall be Unless specified in addition to and not in lieu of any late payment charge. If any two (2) checks delivered to Landlord by Tenant during the this Lease Term in payment of Base Rent or Additional Rent are not honored by the financial institution upon which such checks were drawn are returned to Landlord for any reason whatsoever, Landlord may require, upon written notice to Tenant, that any and all subsequent payments of Base Rent or Additional Rent be made by either cash, money order or cashier’s check for the balance of the Lease Term.
3.4 The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. Such deposit shall not be considered an advance payment of Rent or a measure of Landlord’s damages in a default by Tenant. No interest or other such return shall be paid on said Security Deposit. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of Rent contrary, all amounts and any other damage, injury, expense or liability caused to Landlord by such event of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of this Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be co-mingled or combined with other accounts or funds of Landlord.
3.5 All sums other than Base Rent payable by Tenant to Landlord pursuant to this Lease shall be deemed additional rent.
3.2 Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid when due and payable pursuant to this Lease, a late charge shall constitute “Additional Rent”. Base Rent and Additional Rent are herein referred to collectively as “Rent”. All Rent due hereunder shall bear interest from the due date until paid be imposed in full at a rate an amount equal to the lesser greater of: (a) the prime interest rate in effect from day to day at NationsBank of GeorgiaFifty Dollars ($50.00), N.A., plus three (3) percentage points; or (b) six percent (6%) of the maximum legal rate allowed by law (the “Default Rate”). If more than the maximum legal rate of interest should ever be collected with regard to any sum due hereunderunpaid rent or other payment; provided, said excess amount however, that Tenant shall be credited against future payments entitled to a grace period of Rent accruing thereafterfive (5) days for the first late payment in a calendar year. If no such further Rent accrues hereunder, said excess sums The amount of the late charge to be paid by Tenant shall be promptly refunded by Landlord reassessed and added to Xxxxxx’s obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant upon demand by Tenant.
3.6 No payment by Tenant of the obligation to pay rent or receipt by Landlord of a lesser amount than other payments on or before the correct Rent shall be deemed to be other than a payment date on accountwhich they are due, nor shall do the terms of this Section 3.2 in any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction. Landlord may accept such check of payment without prejudice to way affect Landlord’s right remedies pursuant to recover Article 19 of this Lease in the balance event said rent or to pursue any other remedypayment is unpaid after date due.
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Samples: Lease Agreement