Common use of Rental Payments Clause in Contracts

Rental Payments. ‌ (a) The Lessee agrees to pay rental for the Premises at a rate per year during the term of this Lease not to exceed Five Hundred Fifty Thousand Dollars ($550,000). Each such semi- annual installment, payable as hereinafter described, shall be based on the value of the Real Estate and Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. The first rental installment shall be due on June 30, 20 or December 31, 20 , as determined by the Lessor and the Lessee at the time the parties hereto endorse the Addendum to Lease in the form attached hereto as Exhibit B. Thereafter, such rental shall be payable in advance in semi-annual installments on June 30 and December 31 of each year. The last semi-annual rental payment due before the expiration of this Lease shall be adjusted to provide for rental at the yearly rate so specified from the date such installment is due to the date of the expiration of this Lease. All rentals payable under the terms of this Lease shall be paid by the Lessee to the trustee (the “Trustee”) under the trust indenture (the “Indenture”) securing the bonds to be issued by the Lessor to provide funds for the project on the Premises (such bonds, or bonds issued to refund such bonds, the “Bonds”). All payments so made by the Lessee shall be considered as payments to the Lessor of the rentals payable hereunder. (b) After the sale of the Bonds, the annual rental shall be reduced to an amount sufficient to pay principal and interest due in each twelve (12) month period commencing each year on January 15, payable in semi-annual installments, rounded to the next One Thousand Dollars, ($1,000) plus Five Thousand Dollars ($5,000). In addition, each such reduced semi- annual installment shall be based on the value of the Real Estate and the Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. Such amount of adjusted rental shall be endorsed on this Lease at the end hereof in the form of Exhibit B attached hereto by the parties hereto as soon as the same can be done after the sale of the Bonds, and such endorsement shall be recorded as an addendum to this Lease. (c) The fixed annual rentals described in this Section 2 (the “Fixed Annual Rentals”) and the additional rentals described in Section 3 (the “Additional Rentals”) shall be payable solely from the revenues of the tax levied by the Lessee pursuant to the Indiana Code § 36-1-10- 17 (the “Tax Revenues”). The Lessee may pay the Fixed Annual Rentals and the Additional Rentals or any other amounts due hereunder from any other revenues legally available to the Lessee; provided, however, the Lessee shall be under no obligation to pay any Fixed Annual Rentals or Additional Rentals or any other amounts due hereunder from any moneys or properties of the Lessee except the Tax Revenues received by the Lessee.

Appears in 3 contracts

Samples: Lease Agreement, Lease Agreement, Lease Agreement

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Rental Payments. (a) The Lessee Commencing on the Commencement Date and continuing thereafter throughout the full term of this Lease, Tenant hereby agrees to pay rental the Base Rental (defined below), and Tenant’s Forecast Additional Rental (defined below) and Tenant’s Additional Rental Adjustment (defined below) in accordance with this Article. The Base Rental and Tenant’s Forecast Additional Rental shall be due and payable in equal monthly installments on the first day of each calendar month during the initial term of this Lease and any extensions or renewals hereof, and Tenant hereby agrees to so pay such rent to Landlord at Landlord’s address as provided herein (or such other address as may be designated by Landlord from time to time) monthly in advance. (b) If the Commencement Date is other than the first day of a calendar month, then the installments of Base Rental and Tenant’s Forecast Additional Rental for such month shall be prorated and the Premises at installment or installments so prorated shall be paid in advance. Said installments for such prorated month shall be calculated by multiplying the equal monthly installment by a rate per year fraction, the numerator of which shall be the number of days of the Lease term occurring during said commencement or expiration month, as the case may be, and the denominator of which shall be thirty (30). If the term of this Lease not to exceed Five Hundred Fifty Thousand Dollars ($550,000). Each such semi- annual installmentcommences or expires on other than the first day of a calendar year, payable as hereinafter described, Tenant’s Forecast Additional Rental and Tenant’s Additional Rental shall be based on prorated for such commencement or expiration year, as the value case may be, by multiplying Tenant’s Forecast Additional Rental and Tenant’s Additional Rental by a fraction, the numerator of which shall be the number of whole and partial months of the Real Estate Lease term during the commencement or expiration year, as the case may be, and Existing Improvements together with that portion the denominator of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. The first rental installment shall be due on June 30, 20 or December 31, 20 , as determined by the Lessor and the Lessee at the time the parties hereto endorse the Addendum to Lease in the form attached hereto as Exhibit B. Thereafter, such rental shall be payable in advance in semi-annual installments on June 30 and December 31 of each year. The last semi-annual rental payment due before the expiration of this Lease shall be adjusted to provide for rental at the yearly rate so specified from the date such installment is due to the date of the expiration of this Lease. All rentals payable under the terms of this Lease shall be paid by the Lessee to the trustee (the “Trustee”) under the trust indenture (the “Indenture”) securing the bonds to be issued by the Lessor to provide funds for the project on the Premises (such bonds, or bonds issued to refund such bonds, the “Bonds”). All payments so made by the Lessee shall be considered as payments to the Lessor of the rentals payable hereunder. (b) After the sale of the Bonds, the annual rental shall be reduced to an amount sufficient to pay principal and interest due in each twelve (12) month period commencing each year on January 15, payable in semi-annual installments, rounded to the next One Thousand Dollars, ($1,000) plus Five Thousand Dollars ($5,000). In addition, each such reduced semi- annual installment event the Tenant’s Additional Rental Adjustment shall be based on the value of the Real Estate and the Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. Such amount of adjusted rental shall be endorsed on this Lease at the end hereof in the form of Exhibit B attached hereto by the parties hereto made as soon as the same can be done reasonably possible after the sale termination of the Bonds, and such endorsement shall be recorded as an addendum to this Lease. (c) The fixed annual rentals described For purposes hereof, the term “Rental” shall mean and collectively refer to the Base Rental, Tenant’s Forecast Additional Rental, Tenant’s Additional Rental Adjustment and other sums payable by Tenant hereunder. Tenant agrees to pay all Rental at the times and in the manner provided in this Section 2 Lease, without abatement, demand, notice, set-off, deduction or counterclaim, and all sums payable under this Lease by Tenant shall be deemed to be rent due and owing hereunder. All Rental shall bear interest from the tenth (10th) day after the date due thereof until paid at the lesser of (i) a per annum rate equal to the “Fixed Annual Rentals”) and the additional rentals described in Section 3 prime rate” announced by Chase Manhattan Bank, New York, New York, or its successor, (or if the “Additional Rentals”) shall be payable solely from prime rate” is discontinued, the revenues of the tax levied by the Lessee pursuant rate announced as that being charged to the Indiana Code § 36most credit-1-10- 17 worthy commercial borrowers) plus two percent (2%) or (ii) the “Tax Revenues”). The Lessee may pay the Fixed Annual Rentals and the Additional Rentals or any other amounts due hereunder from any other revenues legally available to the Lessee; provided, however, the Lessee shall be under no obligation to pay any Fixed Annual Rentals or Additional Rentals or any other amounts due hereunder from any moneys or properties of the Lessee except the Tax Revenues received maximum interest rate per annum allowed by the Lesseelaw.

Appears in 2 contracts

Samples: Office Lease Agreement (Cumberland Pharmaceuticals Inc), Office Lease Agreement (Cumberland Pharmaceuticals Inc)

Rental Payments. Tenant shall pay to Landlord, in advance and without demand, on or prior to the first (a1st) The Lessee agrees day of each calendar month (and if such first (1st) day is not a business day, then on the Business Day immediately prior to pay rental for the Premises at a rate per year said first (1st) day) during the term of this Lease not to exceed Five Hundred Fifty Thousand Dollars ($550,000). Each such semi- annual installmentTerm, payable as hereinafter described, shall be based on the value in lawful money of the Real Estate United States of America, by wire or ACH transfer of immediately available funds, and Existing Improvements together with that portion of pursuant to the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. The first rental installment shall be due on June 30, 20 or December 31, 20 , as determined by the Lessor and the Lessee at the time the parties hereto endorse the Addendum to Lease in the form wiring instructions attached hereto as Exhibit B. ThereafterSchedule 3.1.1, or at such rental shall be place, by such other means or to such other Person(s) as Landlord from time to time may designate in writing, the Fixed Rent (and Additional Rent in those instances described in Section 3.2 below) payable in advance respect of such month. Landlord may, by written notice to Tenant at any time and from time to time, elect to require that Rent (or portions thereof designated by Landlord) owing hereunder be paid to a lock box. Fixed Rent (and Additional Rent in semi-annual installments on June 30 and December 31 of each year. The last semi-annual rental payment due before the expiration of this Lease shall be adjusted to provide for rental at the yearly rate so specified from the date such installment is due to the date of the expiration of this Lease. All rentals payable under the terms of this Lease those instances described in Section 3.2 below) shall be paid by the Lessee to the trustee (the “Trustee”) under the trust indenture (the “Indenture”) securing the bonds to be issued by the Lessor to provide funds for the project on the Premises (such bondsin equal, or bonds issued to refund such bonds, the “Bonds”). All payments so made by the Lessee shall be considered as payments to the Lessor of the rentals payable hereunder. (b) After the sale of the Bonds, the annual rental shall be reduced to an amount sufficient to pay principal and interest due in each twelve (12) month period commencing each year on January 15, payable in semi-annual consecutive monthly installments, rounded to the next One Thousand Dollars, ($1,000) plus Five Thousand Dollars ($5,000). In addition, each such reduced semi- annual installment shall be based on the value of the Real Estate and the Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. Such amount of adjusted rental shall be endorsed on this Lease at the end hereof in the form of Exhibit B attached hereto by the parties hereto as soon as the same can be done after the sale of the Bonds, and such endorsement shall be recorded as an addendum to this Lease. (c) The fixed annual rentals described in this Section 2 (the “Fixed Annual Rentals”) and the additional rentals described in Section 3 (the “Additional Rentals”) shall be payable solely from the revenues of the tax levied by the Lessee pursuant to the Indiana Code § 36-1-10- 17 (the “Tax Revenues”). The Lessee may pay the Fixed Annual Rentals and the Additional Rentals or any other amounts due hereunder from any other revenues legally available to the Lessee; provided, however, that the Lessee first payment of Fixed Rent (and the aforesaid Additional Rent) shall be under no obligation to pay any Fixed Annual Rentals or Additional Rentals or any other amounts due hereunder payable on the Commencement Date and shall be prorated for the period from any moneys or properties and including the Commencement Date through the last calendar day of the Lessee except month in which the Tax Revenues received Commencement Date occurs. Said first payment of Fixed Rent and Additional Rent, and the last monthly payment of Fixed Rent and Additional Rent shall be prorated on a per diem basis as to any partial month. No Potential Default shall be deemed to exist under this Lease solely on account of any failure by Tenant to have paid Landlord Fixed Rent (and Additional Rent in those instances described in Section 3.2 below) within the Lesseefirst four (4) calendar days of each month during the Term.

Appears in 2 contracts

Samples: Master Lease Agreement (Capital Senior Living Corp), Master Lease Agreement (Capital Senior Living Corp)

Rental Payments. (a) The Lessee agrees to pay rental for Beginning on the Premises at a rate per year during Commencement Date, and continuing throughout the term Term of this Lease not to exceed Five Hundred Fifty Thousand Dollars ($550,000). Each such semi- annual installmentLease, payable as hereinafter described, Tenant shall be based on the value of the Real Estate pay Annual Basic Rent and Existing Improvements together Additional Rent with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. The first rental installment shall be due on June 30, 20 or December 31, 20 , as determined by the Lessor and the Lessee at the time the parties hereto endorse the Addendum to Lease in the form attached hereto as Exhibit B. Thereafter, such rental shall be payable in advance in semi-annual installments on June 30 and December 31 of each year. The last semi-annual rental payment due before the expiration of this Lease shall be adjusted to provide for rental at the yearly rate so specified from the date such installment is due respect to the date of Leased Premises, all as applicable and as required by and in conformity with the expiration provisions of this Lease. All rentals payable under the terms of this Lease Annual Basic Rent shall be paid by the Lessee to the trustee (the “Trustee”) under the trust indenture (the “Indenture”) securing the bonds to be issued by the Lessor to provide funds for the project due and payable in equal monthly installments on the Premises (such bondsfirst day of each calendar month during the Term, or bonds issued to refund such bonds, the “Bonds”)in advance. All payments so made by the Lessee Tenant’s Operating Expense Share and Tenant’s Tax Share shall be considered as payments due and payable in accordance with Sections 2.2 and 2.3 hereof. Unless otherwise specified herein, any Additional Rent (other than Tenant’s Operating Expense Share and Tenant’s Tax Share, but including any Above Standard Services Rent) shall be payable thirty (30) days following Landlord’s submission to the Lessor Tenant of the rentals payable hereunderan invoice therefor. (b) After If the sale Term commences on a day other than the first day of a calendar month, or if the BondsTerm expires or terminates on other than the last day of a calendar month, then all installments of Rent that are payable on a monthly basis shall be prorated for the month in which the Term commences or expires or terminates, as the case may be, and the installment or installments so prorated for the month in which such Term commences or expires or terminates, as the case may be, shall be paid in advance on the first day of such month occurring within the Term. Said installments for such prorated month or months shall be calculated by multiplying the full monthly installment by a fraction, the annual rental numerator of which shall be reduced to an amount sufficient to pay principal the number of days of such month occurring within the Term, and interest due the denominator of which shall be the total number of days in each twelve (12) month period commencing each such month. If the Term commences on other than the first day of a calendar year, or if the Term expires or terminates on other than the last day of a calendar year, then all Rent payable on a calendar year on January 15basis shall be prorated for such calendar year in which the Term commences or expires or terminates, payable as the case may be, by multiplying such Rent by a fraction, the numerator of which shall be the number of days of such calendar occurring within the Term, and the denominator of which shall be the total number of days in semi-annual installments, rounded to the next One Thousand Dollars, ($1,000) plus Five Thousand Dollars ($5,000)such calendar year. In additionsuch event, each such reduced semi- annual installment the foregoing calculation shall be based on the value of the Real Estate and the Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. Such amount of adjusted rental shall be endorsed on this Lease at the end hereof in the form of Exhibit B attached hereto by the parties hereto made as soon as is reasonably possible. Landlord and Tenant hereby agree that the same can be done after provisions of this Section 2.1(b) shall survive the sale expiration or termination of the Bonds, and such endorsement shall be recorded as an addendum to this Lease. (c) The fixed annual rentals described Tenant agrees to pay all Rent as shall become due from and payable by Tenant to Landlord under this Lease at the times and in the manner provided in this Lease, without abatement (except as specifically provided in this Lease), demand, offset (except as specifically provided in this Lease) or counterclaim, at Landlord’s address as provided herein (or such other address in the continental United States as may be designated in writing by Landlord from time to time). Tenant shall have the right, at its option, to pay Rent by means of electronic funds transfer to such account and depository institution as Landlord shall specify from time to time upon Tenant’s request. (d) All past-due Rent owed by Tenant to Landlord under this Lease shall bear interest from the due date thereof until payment is received by Landlord at the Applicable Rate, but only if Tenant’s failure to pay such Rent shall continue for a period of five (5) Business Days after notice of such failure from Landlord, which notice shall refer to this Section 2 (the “Fixed Annual Rentals”2.1(d) and state, in all capital letters (or other prominent display), that Tenant’s failure to pay such Rent by such 5th Business Day shall result in interest accruing thereon from the additional rentals described due date thereof. All past-due sums owed by Landlord to Tenant pursuant to this Lease shall bear interest from the date due thereof until payment is received by Tenant at the Applicable Rate, but only if Landlord’s failure to pay such sums shall continue for a period of five (5) Business Days after notice of such failure from Tenant, which notice shall refer to this Section 2.1(d) and state, in all capital letters (or other prominent display), that Landlord’s failure to pay such sums by such 5th Business Day shall result in interest accruing thereon from the due date thereof; provided, further, however, that, in any case that Landlord receives a late charge as provided in Section 3 2.1(e) below, interest shall only accrue from and after date that is thirty (30) days after the due date thereof. Any payments made by Landlord or Tenant to the other hereunder shall not be deemed a waiver by such party of any rights against the other party. (e) Without limiting any other remedies for non-payment of Rent (other than as expressly provided in Section 2.1(d) above), (i) in the event any installment of Annual Basic Rent is not paid by Tenant on or before the fifth (5th) day of the month for which it is due, and such amount shall remain unpaid for more than five (5) Business Days after Tenant’s receipt of written notice from Landlord that such amount is past due, then Tenant shall pay to Landlord a late charge equal to one percent (1%) of the past due installment of Annual Basic Rent, and (ii) in the event any payment of Additional Rentals”Rent is not paid by Tenant on or before the due date thereof, and such amount shall remain unpaid for more than five (5) Business Days after Tenant’s receipt of written notice from Landlord that such amount is past due, then Tenant shall pay to Landlord a late charge equal to one percent (1%) of the past due amount. Any notice from Landlord to Tenant of past-due Rent under this Section 2.1(e), to be effective, must refer to this Section 2.1(e) and state, in all capital letters (or other prominent display), that Tenant’s failure to remit payment by the appointed date shall result in the imposition of a late charge. Landlord may not send any such notice of overdue payment to Tenant prior to the fifth (5th) day following the date such payment is due, and if any such premature notice is sent, it shall be payable solely from deemed to have been sent on the revenues fifth (5th) day following the date such payment was due. Notwithstanding the foregoing, Tenant shall not be obligated to pay a late charge on installments of Rent to the extent properly abated or set-off by Tenant pursuant to an express right to do so as set forth in this Lease or to the extent that Tenant’s payment is deficient by an amount that is less than or equal to one (1%) percent of the tax levied total amount due (but the foregoing shall not relieve Tenant of its obligation to promptly remit the amount of any such deficiency). The late charge described herein is not intended as a penalty, but is intended as liquidated damages to compensate Landlord for its additional costs in processing the applicable late payment. (f) If, during any period that multiple items of Rent are past-due, Landlord shall receive any payments from Tenant that are not expressly attributed to any particular items of Rent and are not otherwise evidently in payment of any particular items of Rent, then, and only in such events, such payments shall be applied by Landlord in the Lessee following order (as amongst then past-due items of Rent): (i) Annual Basic Rent, (ii) Tenant’s Operating Expense Share, (iii) Tenant’s Tax Share, (iv) Above Standard Services Rent, and (v) to any remaining items of Additional Rent. (g) In those instances for which the right of offset is expressly provided hereunder, Tenant shall be entitled to offset against Rent next coming due, any amounts that are owed or payable by Landlord to Tenant under or pursuant to the Indiana Code § 36-1-10- 17 (the “Tax Revenues”). The Lessee may pay the Fixed Annual Rentals and the Additional Rentals or any other amounts due hereunder from any other revenues legally available to the Lessee; provided, however, the Lessee shall be under no obligation to pay any Fixed Annual Rentals or Additional Rentals or any other amounts due hereunder from any moneys or properties terms of the Lessee except the Tax Revenues received by the Lesseethis Lease.

Appears in 2 contracts

Samples: Lease Agreement (Gramercy Capital Corp), Lease (Gramercy Capital Corp)

Rental Payments. ‌ (a) The Lessee agrees to pay annual rental for the Premises at a rate per year during the term of this Lease not to exceed Five One Million One Hundred Fifty Thousand Dollars ($550,0001,100,000.00). Each such semi- semi-annual installment, payable as hereinafter described, shall be based on the value of the Real Estate and Existing Improvements together with that portion of the New Improvements Premises which are is complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. The first rental installment shall be due on June 30the later of (i) January 15, 20 2024; or December 31, 20 , as determined (ii) the date on which a portion of the Premises is available for use and occupancy by the Lessor and the Lessee at the time the parties hereto endorse the Addendum to Lease in the form attached hereto as Exhibit B. Lessee. Thereafter, such rental shall be payable in advance in semi-annual semi‑annual installments on June 30 January 15 and December 31 July 15 of each year. The last semi-annual semi‑annual rental payment due before the expiration of this Lease shall be adjusted to provide for rental at the yearly rate so specified from the date such installment is due to the date of the expiration of this Lease. All rentals payable under the terms of this Lease shall be paid by the Lessee to the trustee (the “Trustee”) under the trust indenture (the “Indenture”) securing the bonds to be issued by the Lessor to provide funds for the project on the Premises (such bonds, or bonds issued to refund such bonds, the “Bonds”). All payments so made by the Lessee shall be considered as payments to the Lessor of the rentals payable hereunder. (b) . After the sale of the Bonds, the annual rental shall be reduced to an amount sufficient to pay the multiple of $1,000 next higher than the principal and interest due in each twelve (12) month period commencing each year on January 15, June 30 payable in semi-semi‑annual installments together with an amount sufficient to cover annual installments, rounded trustee fees and other administrative costs but not to the next One Thousand Dollars, ($1,000) plus exceed Five Thousand Dollars ($5,000). In addition, each such reduced semi- semi-annual installment shall be based on the value of the Real Estate and the Existing Improvements together with that portion of the New Improvements Premises which are is complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. Such amount of adjusted rental shall be endorsed on this Lease at the end hereof in substantially the form of Exhibit B attached hereto by the parties hereto as soon as the same can be done after the sale of the Bonds, and such endorsement shall be recorded as an addendum to this Lease. (c) . The fixed annual rentals described in this Section 2 (the “Fixed Annual Rentals”) and the additional rentals described in Section 3 (the “Additional Rentals”) shall be payable solely from the budgeted revenues of the tax levied by the Lessee pursuant to the Indiana Code § 36-1-10- 17 (the “Tax Budgeted Revenues”). The Lessee may pay the Fixed Annual Rentals and the Additional Rentals or any other amounts due hereunder from any other revenues legally available to the Lessee; provided, however, the Lessee shall be under no obligation to pay any Fixed Annual Rentals or Additional Rentals or any other amounts due hereunder from any moneys or properties of the Lessee except the Tax Budgeted Revenues received by the Lessee.

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement

Rental Payments. ‌ (a) The Lessee agrees to pay rental for the Premises at a rate per year during the term of this Lease not to exceed Five One Million Two Hundred Fifty Thousand Dollars ($550,0001,250,000). Each such semi- semi-annual installment, payable as hereinafter described, shall be based on the value of the Real Estate and Existing Improvements real estate together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. The first rental installment shall be due on June 30, 20 2019, or December 31, 20 , such other date as determined by the Lessor and the Lessee at the time the parties hereto endorse the Addendum to Lease in the form attached hereto as Exhibit B. Thereafter, such rental shall be payable in advance in semi-annual installments on December 31 and June 30 and December 31 of each year. The last semi-annual rental payment due before the expiration of this Lease shall be adjusted to provide for rental at the yearly rate so specified from the date such installment is due to the date of the expiration of this Lease. All rentals payable under the terms of this Lease shall be paid by the Lessee to the trustee (the “Trustee”) under the trust indenture (the “Indenture”) securing the bonds to be issued by the Lessor to provide funds for the project on the Premises (such bonds, or bonds issued to refund such bonds, the “Bonds”). All payments so made by the Lessee shall be considered as payments to the Lessor of the rentals payable hereunder. (b) After the sale of the Bonds, the annual rental shall be reduced to an amount sufficient to pay principal and interest due in each twelve (12) month period commencing each year on January 15, payable in semi-annual installments, rounded to the next One Thousand Dollarsthousand dollar, ($1,000) plus Five Thousand Dollars ($5,000)five thousand dollars. In addition, each such reduced semi- semi-annual installment shall be based on the value of the Real Estate and the Existing Improvements real estate together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. Such amount of adjusted rental shall be endorsed on this Lease at the end hereof in the form of Exhibit B attached hereto by the parties hereto as soon as the same can be done after the sale of the Bonds, and such endorsement shall be recorded as an addendum to this Lease. (c) The fixed annual rentals described in this Section 2 (the “Fixed Annual Rentals”) and the additional rentals described in Section 3 (the “Additional Rentals”) shall be payable solely from the revenues of the tax levied by the Lessee pursuant to the Indiana Code § 36-1-10- 17 (the “Tax Revenues”). The Lessee may pay the Fixed Annual Rentals and the Additional Rentals or any other amounts due hereunder from any other revenues legally available to the Lessee; provided, however, the Lessee shall be under no obligation to pay any Fixed Annual Rentals or Additional Rentals or any other amounts due hereunder from any moneys or properties of the Lessee except the Tax Revenues received by the Lessee.

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement

Rental Payments. ‌ (a) The Lessee agrees to pay rental for the Premises at a rate per year Unless otherwise agreed in writing, each regular periodic payment of rent due during the term of this Lease not to exceed Five Hundred Fifty Thousand Dollars ($550,000). Each such semi- annual installment, payable as hereinafter described, each LEASE shall be based due on either the value tenth (10th) day of the Real Estate and Existing Improvements together with that portion month or the twenty-fifth (25th) day of the New Improvements which are complete and ready for use and occupancy by month (the Lessee at the time such semi-annual installment is made"billing date"). The first billing date under each LEASE where LESSEE's acceptance occurred after the twentieth (20th) day of the month and prior to the sixth (6th) day of the following month shall be the tenth (10th) day of the month immediately following LESSEE's acceptance of the EQUIPMENT, or, if LESSEE's acceptance occurs after the fifth (5th) day of a month and prior to the twenty-first (21st) day of the month, then the first billing date shall be the twenty-fifth (25th) day of the month that LESSEE completed its acceptance of the EQUIPMENT. On the date of acceptance of EQUIPMENT by LESSEE, LESSEE shall pay to LESSOR pro rated rent, together with applicable taxes, from the date of acceptance of the EQUIPMENT until the first billing date as interim rent. In addition, LESSEE shall pay to LESSOR, on demand by LESSOR, an amount equal to one thirtieth (1/30) of the proportional monthly rental payment per day for any amount funded by LESSOR prior to acceptance of the EQUIPMENT by LESSEE as additional interim rent. LESSEE agrees to pay rent for the minimum term specified on the Lease Schedule, commencing on the first billing date and continuing until the EQUIPMENT is returned to LESSOR on expiration or earlier termination of the LEASE. Each periodic rental installment shall be due the sum set forth on June 30the applicable Lease Schedule, 20 plus any applicable sales and/or use taxes, and shall, at LESSOR's option, include a pro rata portion of that year's property tax. Payments shall be made by LESSEE at LESSOR's address set forth herein or December 31as otherwise directed by LESSOR. LESSEE shall not xxxxx, 20 set off, as determined deduct any amount or reduce any payment for any reason without the prior written consent of LESSOR. Payments are delinquent if not in LESSOR's possession by the Lessor and the Lessee at the time the parties hereto endorse the Addendum to Lease in the form attached hereto as Exhibit B. Thereafter, such rental shall be payable in advance in semi-annual installments on June 30 and December 31 of each year. The last semi-annual rental payment due before the expiration of this Lease shall be adjusted to provide for rental at the yearly rate so specified from the date such installment is due to the date of the expiration of this Lease. All rentals payable under the terms of this Lease shall be paid by the Lessee to the trustee (the “Trustee”) under the trust indenture (the “Indenture”) securing the bonds to be issued by the Lessor to provide funds for the project on the Premises (such bonds, or bonds issued to refund such bonds, the “Bonds”). All payments so made by the Lessee shall be considered as payments to the Lessor of the rentals payable hereunderdate. (b) After the sale of the Bonds, the annual rental shall be reduced to an amount sufficient to pay principal and interest due in each twelve (12) month period commencing each year on January 15, payable in semi-annual installments, rounded to the next One Thousand Dollars, ($1,000) plus Five Thousand Dollars ($5,000). In addition, each such reduced semi- annual installment shall be based on the value of the Real Estate and the Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. Such amount of adjusted rental shall be endorsed on this Lease at the end hereof in the form of Exhibit B attached hereto by the parties hereto as soon as the same can be done after the sale of the Bonds, and such endorsement shall be recorded as an addendum to this Lease. (c) The fixed annual rentals described in this Section 2 (the “Fixed Annual Rentals”) and the additional rentals described in Section 3 (the “Additional Rentals”) shall be payable solely from the revenues of the tax levied by the Lessee pursuant to the Indiana Code § 36-1-10- 17 (the “Tax Revenues”). The Lessee may pay the Fixed Annual Rentals and the Additional Rentals or any other amounts due hereunder from any other revenues legally available to the Lessee; provided, however, the Lessee shall be under no obligation to pay any Fixed Annual Rentals or Additional Rentals or any other amounts due hereunder from any moneys or properties of the Lessee except the Tax Revenues received by the Lessee.

Appears in 1 contract

Samples: Master Lease Agreement (Quintek Technologies Inc)

Rental Payments. Subject to Section 5 hereof, Lessee shall pay to Lessor or its assignee the rental payments (a“Base Rental Payments”) The Lessee agrees in the amounts and at the times as set forth in Exhibit B to pay rental for the Premises at a rate per year during the term of this Lease not to exceed Five Hundred Fifty Thousand Dollars ($550,000)each Schedule. Each such semi- annual installmentBase Rental Payments, payable as hereinafter described, shall be based on the value of the Real Estate and Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy additional amounts owed by the Lessee hereunder, are collectively referred to as (“Rental Payments”). A portion of each Rental Payment is paid as and represents the payment of interest as set forth in each Exhibit B. The Rental Payments will be payable for the Lease Term in dollars (U.S.), without notice or demand at the office of Lessor (or such other place as Lessor or its assignee may designate from time such semi-annual installment is madeto time in writing). The first rental installment shall be due on June 30Provided that the Rental Payments have been appropriated as set forth in Section 5 hereof, 20 or December 31, 20 , as determined by the Lessor and the Lessee at the time the parties hereto endorse the Addendum to Lease in the form attached hereto event any Rental Payment is received by Lessor or its assignee later than ten (10) days from the due date, Lessee shall pay Lessor on demand as Exhibit B. Thereaftera late charge, ten percent (10%) of such rental overdue amount, limited, however, to the maximum amount allowed by law. EXCEPT AS SPECIFICALLY PROVIDED IN SECTION 5 HEREOF, THE RENTAL PAYMENTS WILL BE ABSOLUTE AND UNCONDITIONAL IN ALL EVENTS AND WILL NOT BE SUBJECT TO ANY SETOFF, DEFENSE, COUNTERCLAIM, ABATEMENT OR RECOUPMENT FOR ANY REASON WHATSOEVER. All Rental Payments shall be payable out of the general funds of Lessee or out of any other available funds which have been appropriated by the governing body of Lessee to pay the Rental Payments pursuant to Section 5 hereof. Lessee and Lessor acknowledge and agree that the Rental Payments shall constitute currently budgeted expenditures of Lessee. Lessee’s obligations to pay Rental Payments shall be subject to Lessee’s annual right to terminate or not renew this Lease (as further provided in advance Section 5 hereof), and shall not constitute a mandatory charge, requirement or liability in semi-annual installments on June 30 and December 31 any ensuing fiscal year of each Lessee’s beyond the then current fiscal year. The last semi-annual rental payment due before the expiration No provision of this Lease shall be adjusted to provide for rental at construed or interpreted as a delegation of governmental powers or as creating indebtedness or a multiple-fiscal year direct or indirect debt or other financial obligation whatsoever of Lessee within the yearly rate so specified from the date such installment is due to the date meaning of any constitutional or statutory debt limitation of the expiration of this Leaseapplicable State laws. All rentals payable under the terms of this This Lease shall be paid by the not directly or indirectly obligate Lessee to make any payments beyond the trustee (the “Trustee”) under the trust indenture (the “Indenture”) securing the bonds to be issued by the Lessor to provide funds for the project on the Premises (such bonds, or bonds issued to refund such bonds, the “Bonds”). All payments so made by the Lessee shall be considered as payments to the Lessor of the rentals payable hereunder. (b) After the sale of the Bonds, the annual rental shall be reduced to an amount sufficient to pay principal and interest due in each twelve (12) month period commencing each year on January 15, payable in semi-annual installments, rounded to the next One Thousand Dollars, ($1,000) plus Five Thousand Dollars ($5,000). In addition, each such reduced semi- annual installment shall be based on the value of the Real Estate and the Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. Such amount of adjusted rental shall be endorsed on this Lease at the end hereof in the form of Exhibit B attached hereto by the parties hereto as soon as the same can be done after the sale of the Bonds, and such endorsement shall be recorded as an addendum to this Lease. (c) The fixed annual rentals described in this Section 2 (the “Fixed Annual Rentals”) and the additional rentals described in Section 3 (the “Additional Rentals”) shall be payable solely from the revenues of the tax levied by the Lessee pursuant to the Indiana Code § 36-1-10- 17 (the “Tax Revenues”). The Lessee may pay the Fixed Annual Rentals and the Additional Rentals or any other amounts due hereunder from any other revenues legally available to the Lessee; provided, however, the Lessee for its then current Fiscal Year. Lessee shall be under no obligation whatsoever to pay exercise its option to purchase the Equipment under this Lease. No provision of this Lease shall be construed to pledge or to create a lien on any Fixed Annual Rentals class or Additional Rentals source of Lessee moneys, nor shall any provision of this Lease restrict the future issuance of any bonds or any other amounts due hereunder obligations of Lessee payable from any class or source of moneys of Lessee. Lessor may revoke acceptance of each Schedule at any time prior to receipt of Lessee’s first Receipt Certificate thereunder if Lessor determines that (i) any written representation made to it by Lessee proves to have been false or properties misleading in any material respect when made, (ii) subsequent to the making of any such representation there has occurred a material change such that any such representation as made is not true and correct, (iii) any event which would constitute a default under the Lessee except the Tax Revenues received by the Lease has occurred, or (iv) there has been a substantial and material change in Lessee’s financial condition or operations which has a material adverse effect on Lessee’s creditworthiness.

Appears in 1 contract

Samples: Master Lease Purchase Agreement

Rental Payments. Tenant shall pay base rent (a"Base Rent") The Lessee agrees to pay rental for the Premises at a rate per year to Landlord throughout the Term on or before the first day of each calendar month during the term Term, without deduction or offset, in the amount(s) set forth in Section 5 hereof, as adjusted in accordance with Section 6, except that Tenant shall pay its first twelve (12) monthly installments of this Lease not to exceed Five Hundred Fifty Thousand Dollars Base Rent (i.e., $550,000)378,745.80) concurrently with Tenant's execution hereof. Each such semi- annual installmentIf the Term commences on a day other than the first day of a calendar month, payable as hereinafter described, then the Base Rent for the first partial month shall be based on the value equitably prorated. All sums payable by Tenant to Landlord hereunder shall be paid to Landlord, without deduction or offset, in lawful money of the United States of America, addressed to Landlord c/o The Real Estate Group, 0000 Xxxxx Xx Xxxxxxx Xxxxxxxxx, Xxxxx 000, Xxxxxxxxx, Xxxxxxxxxx 00000, or to such other person or at such other place as Landlord may from time to time designate in writing. If any rent (including Base Rent, Tenant's Share of Increased Costs and Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy any other payment required to be made by the Lessee at the time such semi-annual installment Tenant) is made. The first rental installment shall be due on June 30, 20 or December 31, 20 , as determined not received by the Lessor and the Lessee at the time the parties hereto endorse the Addendum to Lease in the form attached hereto as Exhibit B. Thereafter, such rental shall be payable in advance in semi-annual installments on June 30 and December 31 of each year. The last semi-annual rental payment due before the expiration of this Lease shall be adjusted to provide for rental at the yearly rate so specified from Landlord within ten (10) days after the date such installment is due due, Tenant shall pay a late charge equal to eight percent (8 %) of such installment and the date installment and late charge shall bear interest (i) during the initial Term at the lesser of twelve percent (12%) per annum or the highest rate permitted by law and (ii) thereafter at the highest rate permitted by law. Tenant recognizes and agrees that the late charge is intended to compensate Landlord for and is a reasonable estimate of the expiration administrative, legal, bookkeeping and other expenses which will result from such delinquent rent payment, which costs and expenses would be extremely difficult and impractical to calculate. Any payment by Tenant or receipt by Landlord of this Lease. All rentals payable under the terms of this Lease shall be paid by the Lessee to the trustee (the “Trustee”) under the trust indenture (the “Indenture”) securing the bonds to be issued by the Lessor to provide funds a lesser amount than stipulated herein for the project on the Premises (such bondsBase Rent, or bonds issued to refund such bonds, the “Bonds”). All payments so made by the Lessee shall be considered as payments to the Lessor of the rentals payable hereunder. (b) After the sale of the Bonds, the annual rental shall be reduced to an amount sufficient to pay principal and interest due in each twelve (12) month period commencing each year on January 15, payable in semi-annual installments, rounded to the next One Thousand Dollars, ($1,000) plus Five Thousand Dollars ($5,000). In addition, each such reduced semi- annual installment shall be based on the value of the Real Estate and the Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. Such amount of adjusted rental shall be endorsed on this Lease at the end hereof in the form of Exhibit B attached hereto by the parties hereto as soon as the same can be done after the sale of the Bonds, and such endorsement shall be recorded as an addendum to this Lease. (c) The fixed annual rentals described in this Section 2 (the “Fixed Annual Rentals”) and the additional rentals described in Section 3 (the “Additional Rentals”) shall be payable solely from the revenues of the tax levied by the Lessee pursuant to the Indiana Code § 36-1-10- 17 (the “Tax Revenues”). The Lessee may pay the Fixed Annual Rentals and the Additional Rentals rent or any other amounts charge hereunder shall be deemed payment of the earliest stipulated rent, additional rent or other charge then due. No endorsement or statement on a check and no letter accompanying any check or payment shall be deemed an accord and satisfaction. Landlord may accept any check or payment without prejudice to Landlord's rights to recover the balance of rent, additional rent or other charges then due hereunder from or to pursue any other revenues legally remedy set forth in this Lease or available to the Lessee; provided, however, the Lessee shall be under no obligation to pay any Fixed Annual Rentals at law or Additional Rentals or any other amounts due hereunder from any moneys or properties of the Lessee except the Tax Revenues received by the Lesseein equity.

Appears in 1 contract

Samples: Office Space Lease (Concentric Network Corp)

Rental Payments. 5.1 The Fixed Rent, Advance Rent, and any additional amounts, costs, charges and sums payable by Subtenant hereunder (ahereinafter “Additional Rent”, which, together with the Fixed Rent, is hereinafter collectively referred to as “Rent”), shall be paid in legal tender of the United States of America, and received by Sublandlord (x) The Lessee agrees on, or before, the first day of each month during the term hereof, with respect to monthly installments of Fixed Rent and Additional Rent due pursuant to Sections 4.1 and 4.3 hereof, and (y) within ten (10) days after Subtenant’s receipt of an invoice therefore, with respect to payments that may be due from time to time, including, without limitation, pursuant to Sections 4.2 and 4.4 hereof, at Sublandlord’s address set forth in Section 16.1 hereof. Subtenant shall promptly pay the Rent as, and when, the same shall become due and payable, without any set-off, offset, or deduction, of any kind whatsoever. Subtenant’s covenant to pay rental the Rent shall be independent of every other covenant contained in this Sublease. In the event any amounts of Additional Rent shall not be paid to Sublandlord as, and when, due, Sublandlord may exercise against Subtenant any, and all, remedies available to Sublandlord upon a default by Subtenant in the payment of any Fixed Rent. 5.2 In the event any Rent is not paid when due, Subtenant shall pay to Sublandlord accrued interest on such outstanding amount and a late charge, which interest and late charge shall be paid to Sublandlord as additional rent on the first day of the next succeeding month, at the rates provided for in Section 4.2 of the Premises Prime Lease (but in no event in excess of the maximum rate permitted at a rate per year law). Interest shall continue to accrue from the date such payment was due until paid in full. Sublandlord’s failure to prepare and deliver any statements or bills required to be delivered to Subtenant during the term of this Lease not Sublease, or Sublandlord’s failure to exceed Five Hundred Fifty Thousand Dollars ($550,000). Each such semi- annual installment, payable as hereinafter describedmake any demands under any other provisions of this Sublease, shall not in any way be deemed to be a waiver, forfeit, or surrender, of Sublandlord’s rights to collect any Rent which may have become due. No payment by Subtenant, or receipt or acceptance by Sublandlord, of a lesser amount than the Rent then due 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 Sublandlord may accept such check or payment without prejudice to Sublandlord’s right to recover the balance due or to pursue any other remedy permitted under this Sublease, in equity, or at law. If the Commencement Date shall not be the first day of a month and/or the term of the Sublease shall not expire on the last day of a month, the Rent due for such partial month shall be prorated based on the value number of days during such partial month or months the Real Estate and Existing Improvements together Sublease was in effect, and, with that portion of respect to the New Improvements which are complete and ready for use and occupancy by the Lessee at the time Advance Rent previously tendered to Sublandlord, such semi-annual installment is made. The first rental installment monies shall be credited to the applicable amount due on June 30for such partial month, 20 or December 31, 20 , as determined by the Lessor and the Lessee at the time the parties hereto endorse the Addendum to Lease in the form attached hereto as Exhibit B. Thereafter, such rental any remaining balance shall be payable in advance in semi-annual installments on June 30 and December 31 credited to the Fixed Rent to become due for the next succeeding month. Subtenant’s obligation for the payment of each year. The last semi-annual rental payment due before all Rent shall survive the expiration Expiration Date or earlier termination of this Lease shall be adjusted to provide for rental at the yearly rate so specified from the date such installment is due to the date of the expiration of this Lease. All rentals payable under the terms of this Lease shall be paid by the Lessee to the trustee (the “Trustee”) under the trust indenture (the “Indenture”) securing the bonds to be issued by the Lessor to provide funds for the project on the Premises (such bonds, or bonds issued to refund such bonds, the “Bonds”). All payments so made by the Lessee shall be considered as payments to the Lessor of the rentals payable hereunderSublease. (b) After the sale of the Bonds, the annual rental shall be reduced to an amount sufficient to pay principal and interest due in each twelve (12) month period commencing each year on January 15, payable in semi-annual installments, rounded to the next One Thousand Dollars, ($1,000) plus Five Thousand Dollars ($5,000). In addition, each such reduced semi- annual installment shall be based on the value of the Real Estate and the Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. Such amount of adjusted rental shall be endorsed on this Lease at the end hereof in the form of Exhibit B attached hereto by the parties hereto as soon as the same can be done after the sale of the Bonds, and such endorsement shall be recorded as an addendum to this Lease. (c) The fixed annual rentals described in this Section 2 (the “Fixed Annual Rentals”) and the additional rentals described in Section 3 (the “Additional Rentals”) shall be payable solely from the revenues of the tax levied by the Lessee pursuant to the Indiana Code § 36-1-10- 17 (the “Tax Revenues”). The Lessee may pay the Fixed Annual Rentals and the Additional Rentals or any other amounts due hereunder from any other revenues legally available to the Lessee; provided, however, the Lessee shall be under no obligation to pay any Fixed Annual Rentals or Additional Rentals or any other amounts due hereunder from any moneys or properties of the Lessee except the Tax Revenues received by the Lessee.

Appears in 1 contract

Samples: Sublease Agreement (Imperium Renewables Inc)

Rental Payments. (a) The Lessee Tenant hereby agrees to pay rental for the Premises at a rate per year Base Rental as described in Section 2.1 above monthly in advance, beginning on the Rent Commencement Date. Base Rental and all other sums due from Tenant hereunder shall be collectively referred to as “Rent”. The Base Rental shall be payable in the amounts as described in Section 2.1 above, and the Base Rental, together with Tenant’s Forecast Additional Rental (as defined in Section 2.3(a) below) shall be due and payable in twelve (12) equal installments on the first day of each calendar month during the initial term of this Lease not to exceed Five Hundred Fifty Thousand Dollars ($550,000). Each such semi- annual installment, payable as hereinafter described, shall be based on the value of the Real Estate and Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. The first rental installment shall be due on June 30, 20 any extensions or December 31, 20 , as determined by the Lessor and the Lessee at the time the parties hereto endorse the Addendum to Lease in the form attached hereto as Exhibit B. Thereafter, such rental shall be payable in advance in semi-annual installments on June 30 and December 31 of each year. The last semi-annual rental payment due before the expiration of this Lease shall be adjusted to provide for rental at the yearly rate so specified from the date such installment is due to the date of the expiration of this Leaserenewals hereof. All rentals payable under the terms of this Lease Rent shall be paid by the Lessee to the trustee (the “Trustee”) under the trust indenture (the “Indenture”) securing the bonds to be issued by the Lessor to provide funds for the project on the Premises (such bondsLandlord, at its office, or bonds issued at such other place as Landlord shall designate to refund such bondsTenant following reasonable advance written notice, the “Bonds”). All payments so made by the Lessee shall be considered as payments to the Lessor in lawful money of the rentals payable hereunderUnited States of America. (b) After If the sale Term of this Lease as described above commences on other than the first day of a calendar month or expires or terminates on other than the last day of a calendar month, then the installments of Base Rental and Tenant’s Forecast Additional Rental for such month or months shall be prorated and the installment or installments so prorated shall be paid in advance. The payment for any such partial month shall be calculated by multiplying the monthly installment by a fraction, the numerator of which shall be the number of days of the BondsLease Term occurring during said commencement or termination month, as the case may be, and the denominator of which shall be the total number of days occurring in said commencement or termination month. Also, if the Term of this Lease commences or terminates on other than the first day of a calendar year, the annual rental Base Rental and Tenant’s Forecast Additional Rent for any such partial month shall be reduced to an amount sufficient to pay principal and interest due in prorated for such commencement or termination year, as the case may be, by multiplying each twelve (12) month period commencing each year on January 15by a fraction, payable in semi-annual installments, rounded to the next One Thousand Dollars, ($1,000) plus Five Thousand Dollars ($5,000). In addition, each such reduced semi- annual installment numerator of which shall be based on the value number of days of the Real Estate Term of this Lease during the commencement or termination year, as the case may be, and the Existing Improvements together with that portion denominator of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. Such amount of adjusted rental shall be endorsed on this Lease at 365, and the end hereof calculation described in the form of Exhibit B attached hereto by the parties hereto Section 2.3(c) below shall be made as soon as the same can be done reasonably possible after the sale expiration or termination of this Lease, Landlord and Tenant hereby agreeing that the Bonds, and such endorsement provisions relating to said calculation shall be recorded as an addendum to survive the expiration or termination of this Lease. (c) The fixed annual rentals described Tenant shall pay all Rent and other sums of money as shall become due from and payable by Tenant to Landlord under this Lease at the times and in the manner provided in this Section 2 Lease, in good funds and without demand, set-off or counterclaim except as may be otherwise expressly set forth herein. If any check is tendered by Tenant and is not duly honored with good funds, the check will not constitute payment of Rent for purposes hereof, and Tenant will, in addition to any other remedies available to Landlord under this Lease (including late payment charges), pay Landlord an “NSF” fee of $75.00 in respect to any such non-honored check(s). Furthermore, for each occasion on which Tenant fails to pay when due any Rent, or other amount required to be paid under this Lease, beginning on the “Fixed Annual Rentals”third such event in any one calendar year, Tenant shall pay Landlord a late fee equal to three percent (3%) and of such delinquent Rent (unless same is held to be interest, in which event the additional rentals described amount due from Tenant to Landlord shall bear interest at the Maximum Rate (as defined in Section 3 2.2(d) below) from the date such payment was due until paid, and such three percent (the “Additional Rentals”3%) late fee shall in such event not be applicable, and, if previously charged, shall be payable solely deemed reduced pursuant to Section 2.2(d) hereof, and any excess amount collected shall be returned to Tenant). Acceptance of a late payment charge by Landlord does not, however, constitute a waiver of Tenant’s default with respect to the overdue amount(s), nor will it be construed or deemed as a waiver by Landlord of the requirement for timely payment nor create a course of dealing permitting such late payments; provided, that any payment by Tenant (or receipt by Landlord) of a lessor amount than the monthly installment of Rent due under this Lease will be deemed to be only a payment on account of and towards the earliest Rent amount(s) due hereunder, and no endorsement or statement on any check (or in any letter or message accompanying any check or payment) as Rent will be deemed an accord and satisfaction (and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the balance of such Rent or to pursue any other remedy provided in this Lease). (d) All delinquent Rent shall bear interest from the revenues date due until paid at the rate of the tax levied by the Lessee pursuant to the Indiana Code § 36-1-10- 17 eighteen percent (the “Tax Revenues”). The Lessee may pay the Fixed Annual Rentals and the Additional Rentals or any other amounts due hereunder from any other revenues legally available to the Lessee18%) per annum; provided, however, the Lessee that Tenant shall be under have no obligation to pay such interest for the first instance of being delinquent in any Fixed Annual Rentals twelve (12) month period, provided Tenant pays such delinquent Rent within ten (10) days of the date such Rent is due hereunder. Notwithstanding the foregoing, in no event shall the rate of interest hereunder exceed the maximum non-usurious rate of interest (the “Maximum Rate”) permitted by the applicable laws of the State of Texas. The Maximum Rate shall be the indicated rate ceiling (as defined and described in Chapter 303 of the Texas Finance Code, as amended) at the applicable time in effect. If, from any circumstances whatsoever, fulfillment of any provision hereof shall involve the payment of interest transcending the Maximum Rate, then ipso facto, the interest on such obligation to be fulfilled shall be reduced to such Maximum Rate, and all sums paid or Additional Rentals agreed to be paid to Landlord for the use, forbearance or detention of money shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the full term of any such obligation until payment in full, so that the rate of interest on account of such indebtedness is uniform throughout the full term thereof. (e) If Tenant fails in two (2) consecutive months (or in any three (3) months in any one year period) to make Rent payments within five (5) business days after due, Landlord, in order to reduce its administrative costs, may require, by giving written notice to Tenant (and in addition to any late charge or interest accruing pursuant to this Section 2.2 above or otherwise in this Lease, as well as any other amounts due hereunder from rights and remedies accruing pursuant to any moneys other provision of this Lease or properties at law), that Rent payments are to thereafter be paid quarterly in advance, instead of the Lessee except the Tax Revenues received by the Lesseemonthly.

Appears in 1 contract

Samples: Office Lease Agreement (PROS Holdings, Inc.)

Rental Payments. ‌ (a) The Lessee agrees to pay rental for the Premises at a rate per year during the term of this Lease not to exceed Five Hundred Fifty Thousand Dollars ($550,000). Each such semi- annual installment, payable as hereinafter described, shall be based on the value of the Real Estate and Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. The first rental installment shall be due on June 30, 20 or December 31, 20 , as determined by the Lessor and the Lessee at the time the parties hereto endorse the Addendum to Lease in the form attached hereto as Exhibit B. Thereafter, such rental shall be payable paid in equal --------------- installments beginning on the Commencement Date and continuing on the first day of each and every month thereafter. Payments shall be made to CROWN, or such other person, firm or place as CROWN may, from time to time, designate in writing at least thirty (30) days in advance in semi-annual installments on June 30 and December 31 of each yearany rental payment date. The last semi-annual rental payment due before the expiration amount of this Lease shall be adjusted to provide for rental at the yearly rate so specified from the date such installment is due to the date of the expiration of this Lease. All rentals payable under the terms of this Lease shall be paid by the Lessee to the trustee (the “Trustee”) under the trust indenture (the “Indenture”) securing the bonds to be issued by the Lessor to provide funds for the project on the Premises (such bonds, or bonds issued to refund such bonds, the “Bonds”). All payments so made by the Lessee shall be considered as payments to the Lessor of the rentals payable hereunder. (b) After the sale of the Bonds, the annual rental shall be reduced that amount designated on the applicable SLA. The rental amounts for an SLA shall be calculated according to an amount sufficient the schedule set forth in Exhibit "D" attached hereto which amounts shall be adjusted on each Adjustment Date according to the formula set forth in Section 4.2. In the event that NEXTEL, at any time during this Agreement, is utilizing less than the Minimum Number of Sites, NEXTEL agrees to pay principal annual rental to CROWN for the total number of Sites representing the difference between the Minimum Number of Sites and interest due in each twelve (12) month period commencing each year on January 15, payable in semi-the actual number of Sites being leased by NEXTEL. The annual installments, rounded to the next One Thousand Dollars, ($1,000) plus Five Thousand Dollars ($5,000). In addition, rental payment for each such reduced semi- Site shall equal the annual installment shall be based on rental payment paid by NEXTEL for the value lease of the Real Estate and the Existing Improvements together with that portion a CROWN Site having up to three (3) antenna placements at each of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. Such amount of adjusted rental shall be endorsed on this Lease at the end hereof in the form of Exhibit B attached hereto by the parties hereto those respective Sites, as soon as the same can be done after the sale of the Bonds, and such endorsement shall be recorded as an addendum to this Lease. (c) The fixed annual rentals described in this Section 2 (the “Fixed Annual Rentals”) and the additional rentals described in Section 3 (the “Additional Rentals”) shall be payable solely from the revenues of the tax levied by the Lessee calculated pursuant to the Indiana Code § 36-1-10- 17 schedule set forth in Exhibit "D" plus annual adjustments as identified in Section 4.2. It is understood that NEXTEL shall make no payments to CROWN for utilizing less than the Minimum Number of Sites until the passage of ninety (90) consecutive days during which there are fully executed SLAs for less than the “Tax Revenues”)Minimum Number of Sites. The Lessee may pay Upon the Fixed Annual Rentals and expiration of said ninety (90) day period, NEXTEL shall immediately commence making the Additional Rentals or any other amounts due hereunder from any other revenues legally available annual rental payments to the Lessee; provided, however, the Lessee shall be under no obligation to pay any Fixed Annual Rentals or Additional Rentals or any other amounts due hereunder from any moneys or properties of the Lessee except the Tax Revenues received by the LesseeCROWN as described above.

Appears in 1 contract

Samples: Master Lease Agreement (Crown Castle International Corp)

Rental Payments. ‌ (a) The Lessee agrees to pay rental for A. On or before the Premises at a rate per year first day of each calendar month during the term of this Lease not Term, Tenant shall pay to exceed Five Hundred Fifty Thousand Dollars Landlord in advance the base monthly rental set forth below ($550,000the “Base Monthly Rental”). Each such semi- annual installment, payable as hereinafter described, which shall be based on the value one-twelfth (1/12) of the Real Estate base annual rental set forth below (the “Base Annual Rental”). B. The Base Annual Rental for each of Lease Years 1 and Existing Improvements together with that portion 2 shall be $360,000, and accordingly, the Base Monthly Rental for each of Lease Years 1 and 2 shall be $30,000. C. The Base Annual Rental for each of the New Improvements which are complete Lease Years 3, 4 and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. The first rental installment 5 shall be due on June 30$370,800, 20 or December 31and accordingly, 20 the Base Monthly Rental for each of the Lease Years 3, as determined by the Lessor 4 and the Lessee at the time the parties hereto endorse the Addendum to Lease in the form attached hereto as Exhibit B. Thereafter, such rental 5 shall be payable in advance in semi-annual installments on June 30 and December 31 $30,900. D. The Base Annual Rental for each of each year. The last semi-annual rental payment due before the expiration of this Lease Years 6 through 10 shall be adjusted to provide for rental at $389,340, plus the yearly rate so specified from the date such installment is due to the date of the expiration of this Lease. All rentals payable under the terms of this Lease shall be additional interest paid by the Lessee Landlord on its long term permanent financing of the Property in the amount of $3,500,000 during each year of the last five (5) years of the Lease Term as compared to the trustee interest that would have been due and payable if the interest rate had remained the same for each such year as the interest rate charged on such financing during the fifth year of the Lease Term (the “TrusteeAnnual Additional Interest”) under and, accordingly, the trust indenture Base Monthly Rental for each of the Lease Years 6 through 10 shall be $32,445, plus one-twelfth (1/12) of the “Indenture”) securing Annual Additional Interest. E. The Base Annual Rental, and accordingly the bonds to be issued by the Lessor to provide funds Base Monthly Rental, for the project on the Premises (such bonds, or bonds issued to refund such bonds, the “Bonds”). All payments so made by the Lessee shall be considered as payments to the Lessor of the rentals payable hereunder. (b) After the sale of the Bonds, the annual rental shall be reduced to an amount sufficient to pay principal and interest due in each twelve (12) month period commencing each year on January 15, payable in semi-annual installments, rounded to the next One Thousand Dollars, ($1,000) plus Five Thousand Dollars ($5,000). In addition, each such reduced semi- annual installment shall be based on the value of the Real Estate and the Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. Such amount of adjusted rental shall be endorsed on this Lease at the end hereof in the form of Exhibit B attached hereto by the parties hereto as soon as the same can be done after the sale of the Bonds, and such endorsement shall be recorded as an addendum to this Lease. (c) The fixed annual rentals described in this Section 2 (the “Fixed Annual Rentals”) and the additional rentals described in Section 3 (the “Additional Rentals”Renewal Period(s) shall be payable solely determined in strict accordance with Section 5 hereof, entitled “Renewal Period Rent Payments.” F. If the Commencement Date is a date other than the first day of the month, Tenant shall pay Landlord on the Commencement Date the Base Monthly Rental for Lease Year 1, prorated on the basis of the ratio that the number of days from the revenues of Commencement Date through the tax levied by last day in the Lessee pursuant month containing the Commencement Date bears to the Indiana Code § 36-1-10- 17 (the “Tax Revenues”). The Lessee may pay the Fixed Annual Rentals and the Additional Rentals or any other amounts due hereunder from any other revenues legally available to the Lessee; provided, however, the Lessee shall be under no obligation to pay any Fixed Annual Rentals or Additional Rentals or any other amounts due hereunder from any moneys or properties number of the Lessee except the Tax Revenues received by the Lesseedays in such month.

Appears in 1 contract

Samples: Lease (Medicalcv Inc)

Rental Payments. ‌ (a) The Lessee agrees to pay rental during renovation for Tract I in the amount of up to $572,500 per payment payable on June 30 and December 31 beginning on June 30, 2023 until completion of renovation of Tract I. Thereafter, the Lessee agrees to pay rental for the Leased Premises at a the rate of $1,145,000 per year during the term of this Lease not to exceed Five Hundred Fifty Thousand Dollars ($550,000). Each such semi- annual installment, payable as hereinafter described, shall be based on the value of the Real Estate and Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is madeLease. The first rental installment shall be due on the day that the buildings to be renovated and constructed and equipped are completed and ready for occupancy or June 30, 20 2024, whichever is later. If the completion date is later than June 30, 2024, the first rental payment shall be in an amount calculated at the annual rate from the date of payment to the next June 30 or December 31, 20 , as determined by the Lessor and the Lessee at the time the parties hereto endorse the Addendum to Lease in the form attached hereto as Exhibit B. . Thereafter, such rental shall be payable in advance in semi-annual semiannual installments of $572,500 on June 30 and December 31 of each year. The last semi-annual semiannual rental payment due before the expiration of this Lease shall be adjusted to provide for rental at the yearly annual rate so specified above from the date such installment is due to the date of the expiration of this Lease. The Lessor and Lessee understand and agree that the obligation of the Lessee to pay the rental payments under this Lease shall constitute a current expense of the Lessee payable from its debt service fund or any other funds that are legally available for that purpose and shall not in any way be construed to be a debt of the Lessee in contravention of any applicable constitutional or statutory limitation. All rentals payable under the terms of this Lease shall be paid by the Lessee to the trustee bank selected as Trustee (hereinafter called the "Trustee") under the Trust Indenture between the Trustee and the Lessor (hereinafter called the "Indenture") or to such other bank or trust indenture (company as may from time to time succeed such bank as Trustee under the “Indenture”) Indenture securing the first mortgage bonds to be issued by the Lessor to provide funds for finance the project on the Premises (such bonds, or bonds issued to refund such bonds, the “Bonds”)Leased Premises. All payments so made by the Lessee shall be considered as payments payment to the Lessor of the rentals payable hereunder. (b) . The bank selected as Trustee shall be endorsed on this Lease at the end hereof by the parties hereto as soon as the same can be done after selection, and such endorsement shall be recorded as an addendum to this Lease. After the sale of the Bondsfirst mortgage bonds issued to finance the acquisition and renovation and construction of the Leased Premises, the annual rental provided for in the first paragraph of this Section 2 shall be reduced to an amount sufficient equal to pay the multiple of $1,000 next higher than the sum of principal and interest due on such bonds in each twelve (12) twelve-month period commencing each year ending on January 1515 in order to pay the debt service when due, payable in semi-annual installments, rounded to the next One Thousand Dollars, ($1,000) plus Five Thousand Dollars ($5,000). In addition, each such reduced semi- annual installment shall be based on the value of the Real Estate and the Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made) payable in semiannual installments. Such amount of adjusted reduced annual rental shall be endorsed on this Lease at the end hereof in the form of Exhibit B attached hereto by the parties hereto as soon as the same can be done after the sale of the Bonds, said bonds and such endorsement shall be recorded as an addendum to this Lease. (c) The fixed annual rentals described in this Section 2 (the “Fixed Annual Rentals”) and the additional rentals described in Section 3 (the “Additional Rentals”) shall be payable solely from the revenues of the tax levied by the Lessee pursuant to the Indiana Code § 36-1-10- 17 (the “Tax Revenues”). The Lessee may pay the Fixed Annual Rentals and the Additional Rentals or any other amounts due hereunder from any other revenues legally available to the Lessee; provided, however, the Lessee shall be under no obligation to pay any Fixed Annual Rentals or Additional Rentals or any other amounts due hereunder from any moneys or properties of the Lessee except the Tax Revenues received by the Lessee.

Appears in 1 contract

Samples: Lease Agreement

Rental Payments. ‌ (a) The Lessee agrees Tenant shall pay to pay rental for Landlord, in advance and without demand, on or prior to the Premises at a rate per year 15th day of each calendar month during the term of this Lease not to exceed Five Hundred Fifty Thousand Dollars Term ($550,000each, a “Payment Date”). Each such semi- annual installment, payable as hereinafter described, shall be based on the value in lawful money of the Real Estate United States of America, by wire transfer and Existing Improvements together with that portion of pursuant to the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. The first rental installment shall be due on June 30, 20 or December 31, 20 , as determined by the Lessor and the Lessee at the time the parties hereto endorse the Addendum to Lease in the form wiring instructions attached hereto as Exhibit B. ThereafterSchedule 3.1.1, or at such rental place, by such means or to such Person(s) as Landlord from time to time may designate in writing, the Fixed Rent (and Additional Rent in those instances described in Section 3.3 below) payable in respect of the one-month period commencing on said 15th day of such calendar month and ending on the 14th day of the following calendar month (each, a “Payment Period”). Landlord may, by written notice to Tenant at any time and from time to time, elect to require that Rent (or portions thereof designated by Landlord) owing hereunder be paid to a lock box. Fixed Rent (and Additional Rent in those instances described in Section 3.3 below) shall be payable paid in advance in semi-annual consecutive monthly installments on June 30 and December 31 of each year. The last semi-annual rental payment due before the expiration of this Lease shall be adjusted equal to provide for rental at the yearly rate so specified from the date such installment is due to the date 1/12th of the expiration of this Lease. All rentals payable under the terms of this Lease shall be paid by the Lessee to the trustee (the “Trustee”) under the trust indenture (the “Indenture”) securing the bonds to be issued by the Lessor to provide funds Fixed Rent for the project on the Premises (such bonds, or bonds issued to refund such bonds, the “Bonds”). All payments so made by the Lessee shall be considered as payments to the Lessor of the rentals payable hereunder. (b) After the sale of the Bonds, the annual rental shall be reduced to an amount sufficient to pay principal and interest due in each twelve (12) month period commencing each year on January 15, payable in semi-annual installments, rounded to the next One Thousand Dollars, ($1,000) plus Five Thousand Dollars ($5,000). In addition, each such reduced semi- annual installment shall be based on the value of the Real Estate and the Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. Such amount of adjusted rental shall be endorsed on this applicable Lease at the end hereof in the form of Exhibit B attached hereto by the parties hereto as soon as the same can be done after the sale of the Bonds, and such endorsement shall be recorded as an addendum to this Lease. (c) The fixed annual rentals described in this Section 2 (the “Fixed Annual Rentals”) and the additional rentals described in Section 3 (the “Additional Rentals”) shall be payable solely from the revenues of the tax levied by the Lessee pursuant to the Indiana Code § 36-1-10- 17 (the “Tax Revenues”). The Lessee may pay the Fixed Annual Rentals and the Additional Rentals or any other amounts due hereunder from any other revenues legally available to the LesseeYear; provided, however, that the Lessee first payment of Fixed Rent (and Additional Rent) was payable on the Commencement Date and prorated for the period from and including the Commencement Date through April 14, 2005, and the last monthly payment of Fixed Rent (and Additional Rent) shall be under no obligation prorated for the period from the last scheduled Payment Date prior to pay the Expiration Date through the Expiration Date. Fixed Rent payable for any Payment Period which includes a portion of two Lease Years shall be adjusted accordingly to reflect any increase in the rate of Fixed Annual Rentals Rent attributable to the later Lease Year. For example, if the Fixed Rent payable for the second Lease Year (April 1, 2006 – March 31, 2007) was $600.00, and the Fixed Rent for the third Lease Year (April 1, 2007 – March 31, 2008) was $615.00, such that the Fixed Rent due for each Payment Period during each of (a) the second Lease Year was $50.00 and (b) the third Lease Year was $51.25, then the Fixed Rent owing for the Payment Period which commenced on March 15, 2007 and ended on April 14, 2007 would be calculated pro rata based upon the number of days in such Payment Period which fall within each Lease Year, or Additional Rentals or any other amounts due hereunder from any moneys or properties by adding the products of the Lessee except the Tax Revenues received by the Lessee(i) $50.00 x 17/31 and (ii) $51.25 x 14/31, which equals $50.57.

Appears in 1 contract

Samples: Master Lease Agreement (Assisted Living Concepts Inc)

Rental Payments. (a) The Lessee agrees to pay rental for the Premises at a rate per year during the term of this Lease in an annual amount not to exceed Eighteen Million Five Hundred Fifty Thousand Dollars ($550,00018,500,000), which rental payments will be payable in semiannual installments as hereinafter set forth. Each such semi- annual installmentsemiannual installment of such rental payment, payable as hereinafter described, shall be based on the value of the Real Estate and Existing Improvements Premises, together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual semiannual installment is made. The first rental installment shall be due on June 30, 20 or December 31, 20 , as determined by the Lessor and the Lessee at the time the parties hereto endorse the Addendum to Lease paid in the form attached hereto as Exhibit B. Thereafter, such rental shall be payable in advance in semi-annual semiannual installments on June 30 and December 31 of each year. The last semi-annual rental payment due before year commencing no earlier than June 30 in the expiration of this year immediately following the year in which the Lease shall be adjusted to provide for rental at is recorded by the yearly rate so specified from the date such installment is due to the date of the expiration of this LeaseLessor and Xxxxxx and ending no later than seventeen (17) years thereafter. All rentals payable under the terms of this Lease shall be paid by the Lessee to the trustee (the “Trustee”) under the trust indenture (the “Indenture”) securing the first mortgage bonds (the “Bonds”) to be issued by the Lessor to provide funds for the project acquisition of the Premises and the projects on the Premises (such bonds, or bonds issued to refund such bonds, the “Bonds”)Premises. All payments so made by the Lessee shall be considered as payments to the Lessor of the rentals payable hereunder. (b) After the sale of each series of the Bonds, the annual rental shall be reduced established to be an amount sufficient to pay principal and interest due in each twelve (12) month period commencing each year on January 15June 30, together with annual incidental costs as determined by the Lessor at the time of issuance of each series of Bonds, payable in semi-annual semiannual installments, rounded to the next One Thousand Dollars, ($1,000) plus Five Thousand Dollars ($5,000). In addition, each such reduced semi- annual semiannual installment shall be based on the value of the Real Estate and Improvements located on the Existing Improvements real estate which is then subject to this Lease together with that portion of the New constructed, renovated or remodeled Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual semiannual installment is made. Such amount of adjusted rental shall be endorsed on this Lease in the Addendum executed at the end hereof in time of the form issuance of Exhibit B attached hereto each series of Bonds by the parties hereto as soon as the same can be done after the sale of the Bondshereto, and such endorsement Addendum shall be recorded as an addendum to this Lease. (c) The fixed annual rentals described in this Section 2 (the “Fixed Annual Rentals”) and the additional rentals described in Section 3 (the “Additional Rentals”) shall be payable solely from the revenues of the tax levied by the Lessee pursuant to the Indiana Code § 36-1-10- 17 (the “Tax Revenues”). The Lessee may pay the Fixed Annual Rentals and the Additional Rentals or any other amounts due hereunder from any other revenues legally available to the Lessee; provided, however, the Lessee shall be under no obligation to pay any Fixed Annual Rentals or Additional Rentals or any other amounts due hereunder from any moneys or properties of the Lessee except the Tax Revenues received by the Lessee.

Appears in 1 contract

Samples: Lease Agreement

Rental Payments. (a) The Lessee Commencing on the Commencement Date and continuing thereafter throughout the full term of this Lease, Tenant hereby agrees to pay rental the Base Rental (defined below), and Tenant’s Forecast Additional Rental (defined below) and Tenant’s Additional Rental Adjustment (defined below) in accordance with this Article. The Base Rental and Tenant’s Forecast Additional Rental shall be due and payable in equal monthly installments on the first day of each calendar month during the initial term of this Lease and any extensions or renewals hereof, and Tenant hereby agrees to so pay such rent to Landlord at Landlord’s address as provided herein (or such other address as may be designated by Landlord from time to time) monthly in advance. (b) If the Commencement Date is other than the first day of a calendar month, then the installments of Base Rental and Tenant’s Forecast Additional Rental for such month shall be prorated and the Premises at installment or installments so prorated shall be paid in advance. Said installments for such prorated month shall be calculated by multiplying the equal monthly installment by a rate per year fraction, the numerator of which shall be the number of days of the Lease term occurring during said commencement or expiration month, as the case maybe, and the denominator of which shall be thirty (30). If the term of this Lease not to exceed Five Hundred Fifty Thousand Dollars ($550,000). Each such semi- annual installmentcommences or expires on other than , payable as hereinafter describedthe first day of a calendar year, Tenant’s Forecast Additional Rental and Tenant’s Additional Rental shall be based on prorated for such commencement or expiration year, as the value case may be, by multiplying Tenant’s Forecast Additional Rental and Tenant’s Additional Rental by a fraction, the numerator of which shall be the-number of whole and partial months of the Real Estate and Existing Improvements together with that portion of Lease term during the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. The first rental installment shall be due on June 30, 20 commencement or December 31, 20 expiration year, as determined by the Lessor case may be, and the Lessee at the time the parties hereto endorse the Addendum to Lease in the form attached hereto as Exhibit B. Thereafter, such rental denominator of which shall be payable in advance in semi-annual installments on June 30 and December 31 of each yearbe. The last semi-annual rental payment due before the expiration of this Lease shall be adjusted to provide for rental at the yearly rate so specified from the date such installment is due to the date of the expiration of this Lease. All rentals payable under the terms of this Lease shall be paid by the Lessee to the trustee (the “Trustee”) under the trust indenture (the “Indenture”) securing the bonds to be issued by the Lessor to provide funds for the project on the Premises (such bonds, or bonds issued to refund such bonds, the “Bonds”). All payments so made by the Lessee shall be considered as payments to the Lessor of the rentals payable hereunder. (b) After the sale of the Bonds, the annual rental shall be reduced to an amount sufficient to pay principal and interest due in each twelve (12) month period commencing each year on January 15, payable in semi-annual installments, rounded to the next One Thousand Dollars, ($1,000) plus Five Thousand Dollars ($5,000). In addition, each such reduced semi- annual installment event the Tenant’s Additional Rental Adjustment shall be based on the value of the Real Estate and the Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. Such amount of adjusted rental shall be endorsed on this Lease at the end hereof in the form of Exhibit B attached hereto by the parties hereto made as soon as the same can be done reasonably possible after the sale termination of the Bonds, and such endorsement shall be recorded as an addendum to this Lease. (c) The fixed annual rentals described For purposes hereof, the term “Rental” shall mean and collectively refer to the Base Rental, Tenant’s Forecast Additional Rental, Tenant’s Additional Rental Adjustment and other sums payable by Tenant hereunder. Tenant agrees to pay all Rental at the times and in the manner provided in this Section 2 Lease, without abatement, demand, notice, set-off, deduction or counterclaim, and all sums payable under this Lease by Tenant shall be deemed to be rent due and owing hereunder. All Rental shall bear interest from the fifth (5th) day after the date due thereof until paid at the lesser of (i) a per annum rate equal to the “Fixed Annual Rentals”) and the additional rentals described in Section 3 prime rate” announced by Chase Manhattan Bank, New York, New York, or its successor, (or if the “Additional Rentals”) shall be payable solely from prime rate” is discontinued, the revenues of the tax levied by the Lessee pursuant rate announced as that being charged to the Indiana Code § 36most credit-1-10- 17 worthy commercial borrowers) plus two percent (2%) or (ii) the “Tax Revenues”). The Lessee may pay the Fixed Annual Rentals and the Additional Rentals or any other amounts due hereunder from any other revenues legally available to the Lesseemaximum interest rate per annum allowed by law; provided, however, Landlord shall, no more than two (2) times per twelve (12) month period, provide Tenant with written notice of its failure to timely, pay the Lessee shall be under no obligation to pay any Fixed Annual Rentals or Additional Rentals or any other amounts Rental due hereunder from any moneys or properties of prior to imposing the Lessee except the Tax Revenues received by the Lesseeinterest penalty set forth in this subsection 2.01(c).

Appears in 1 contract

Samples: Sublease Agreement (Cumberland Pharmaceuticals Inc)

Rental Payments. (a) The Lessee agrees to pay rental for the Premises at a rate per year during the term of this Lease not to exceed Five Two Million Two Hundred Fifty Twenty-Three Thousand Eight Hundred Forty Dollars ($550,0002,223,840), payable in semi-annual installments as hereinafter set forth. Each such semi- semi-annual installmentinstallment of such rental payment, payable as hereinafter described, shall be based shall be based on the value of the Real Estate and Existing Improvements Premises, together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. The first rental installment shall be due on no earlier than June 30, 20 or December 312020, 20 , as determined by the Lessor and the Lessee at the time the parties hereto endorse the Addendum to Lease in the form attached hereto as Exhibit B. Thereafter, such rental shall be payable in advance in semi-annual installments on each June 30 and December 31 of each yearyear after commencement of such semi-annual payments. Such rental shall be payable in advance. The last semi-annual rental payment due before the expiration of this Lease shall be adjusted to provide for rental at the yearly rate so specified from the date such installment is due to the date of the expiration of this Lease. All rentals payable under the terms of this Lease shall be paid by the Lessee to the trustee (the “Trustee”) under the trust indenture (the “Indenture”) securing the first mortgage bonds (the “Bonds”) to be issued by the Lessor to provide funds for the project projects on the Premises (such bonds, or bonds issued to refund such bonds, the “Bonds”)Premises. All payments so made by the Lessee shall be considered as payments to the Lessor of the rentals payable hereunder. (b) After the sale of each series of the Bonds, the annual rental shall be reduced established to be an amount sufficient to pay principal and interest due on all outstanding Bonds in each twelve (12) month period commencing each year on January 15, payable in semi-annual installments, rounded to the next One Thousand Dollars, ($1,000) plus Five Thousand Dollars ($5,000). In addition, each such reduced semi- annual installment shall be based on the value of the Real Estate and the Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. Such amount of adjusted rental shall be endorsed on this Lease at the end hereof in the form of Exhibit B attached hereto by the parties hereto as soon as the same can be done after the sale of the Bonds, and such endorsement shall be recorded as an addendum to this Lease. (c) The fixed annual rentals described in this Section 2 (the “Fixed Annual Rentals”) and the additional rentals described in Section 3 (the “Additional Rentals”) shall be payable solely from the revenues of the tax levied by the Lessee pursuant to the Indiana Code § 36-1-10- 17 (the “Tax Revenues”). The Lessee may pay the Fixed Annual Rentals and the Additional Rentals or any other amounts due hereunder from any other revenues legally available to the Lessee; provided, however, the Lessee shall be under no obligation to pay any Fixed Annual Rentals or Additional Rentals or any other amounts due hereunder from any moneys or properties of the Lessee except the Tax Revenues received by the Lessee.twelve

Appears in 1 contract

Samples: Lease Agreement

Rental Payments. (a) The Lessee Tenant hereby covenants and agrees to pay rental for the Premises Base Rental, Additional Rental and Management Fee Contribution (collectively, the “Stated Rentals”) and all other sums of money as shall become due from and payable by Tenant to Landlord under this Lease (collectively, “Rent”) to Landlord at a rate per year during Landlord’s address as provided herein (or such other address as may be designated by Landlord in writing from time to time) monthly in advance. (b) If the term of this Lease not to exceed Five Hundred Fifty Thousand Dollars ($550,000). Each as described above commences on other than the first day of a calendar month or terminates on other than the last day of a calendar month, then the installments of Stated Rentals for such semi- annual installment, payable as hereinafter described, month or months shall be based on the value of the Real Estate and Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. The first rental installment shall be due on June 30, 20 or December 31, 20 , as determined by the Lessor prorated and the Lessee at the time the parties hereto endorse the Addendum to Lease in the form attached hereto as Exhibit B. Thereafter, such rental shall be payable in advance in semi-annual installment or installments on June 30 and December 31 of each year. The last semi-annual rental payment due before the expiration of this Lease shall be adjusted to provide for rental at the yearly rate so specified from the date such installment is due to the date of the expiration of this Lease. All rentals payable under the terms of this Lease prorated shall be paid in advance. The payment for such prorated month shall be calculated by multiplying the Lessee to the trustee (the “Trustee”) under the trust indenture (the “Indenture”) securing the bonds to be issued monthly installment by the Lessor to provide funds for the project on the Premises (such bonds, or bonds issued to refund such bondsa fraction, the “Bonds”). All payments so made by the Lessee numerator of which shall be considered as payments to the Lessor number of days of the rentals payable hereunderLease term occurring during said commencement or termination month, as the case may be, and the denominator of which shall be the total number of days occurring in said commencement or termination month. (bc) After Tenant shall pay all Rent at the sale of times and in the Bondsmanner provided in this Lease, the annual rental shall be reduced to an amount sufficient without abatement, demand, set-off or counterclaim. Tenant hereby acknowledges and agrees that (i) Landlord and Tenant have expressly negotiated that except as otherwise provided in this Lease, Tenant’s covenants to pay principal Rent under this Lease are separate and interest due in each twelve independent from Landlord’s covenant to provide services and other amenities hereunder and (12ii) month period commencing each year on January 15had the parties not mutually agreed upon the independent nature of Tenant’s covenants to pay all Rent hereunder, payable in semi-annual installments, rounded to the next One Thousand Dollars, ($1,000) plus Five Thousand Dollars ($5,000). In addition, each such reduced semi- annual installment shall be based on the value of the Real Estate and the Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. Such Landlord would have required a greater amount of adjusted rental shall be endorsed on this Lease at the end hereof Rent in the form of Exhibit B attached hereto by the parties hereto as soon as the same can be done after the sale of the Bonds, and such endorsement shall be recorded as an addendum order to enter into this Lease. (cd) The fixed annual rentals described in this Section 2 All Rent shall bear interest from the date due until paid at a rate (the “Fixed Annual RentalsDefault Rate”) equal to the lesser of (i) a floating rate equal to five percent (5%) above the Prime Rate reported in the Money Rates column or section of the most recent issue of The Wall Street Journal, automatically adjusting with each change in the Prime Rate, and (ii) the additional rentals maximum non-usurious rate of interest permitted by the applicable laws of the State of Texas, as determined by reference to the indicated (weekly) rate ceiling (as defined and described in Section 3 (the “Additional Rentals”) shall be payable solely from the revenues Chapter 303 of the tax levied by the Lessee pursuant to the Indiana Texas Finance Code § 36-1-10- 17 (the “Tax Revenues”). The Lessee may pay the Fixed Annual Rentals and the Additional Rentals or any other amounts due hereunder from any other revenues legally available to successor statute), as amended) at the Lessee; provided, however, the Lessee shall be under no obligation to pay any Fixed Annual Rentals or Additional Rentals or any other amounts due hereunder from any moneys or properties of the Lessee except the Tax Revenues received by the Lesseeapplicable time in effect.

Appears in 1 contract

Samples: Lease Agreement (Bois D Arc Energy LLC)

Rental Payments. ‌ (a) The Lessee agrees to pay rental for the Premises at a rate per year during the term of this Lease not to exceed One Million One Hundred Thirty-Five Hundred Fifty Thousand Dollars ($550,0001,135,000). Each such semi- semi-annual installment, payable as hereinafter described, shall be based on the value of the Real Estate and Existing Improvements together with that portion of the New Improvements Premises which are is complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. The first rental installment shall be due on the later of (i) June 30, 20 or December 31, 20 , as determined by the Lessor and the Lessee at the time the parties hereto endorse the Addendum to Lease in the form attached hereto as Exhibit B. Thereafter, such rental shall be payable in advance in semi-annual installments B; or (ii) the date on June 30 which a portion of the Premises is available for use and December 31 of each yearoccupancy by the Lessee. The last semi-annual rental payment due before the expiration of this Lease shall be adjusted to provide for rental at the yearly rate so specified from the date such installment is due to the date of the expiration of this Lease. All rentals payable under the terms of this Lease shall be paid by the Lessee to the trustee (the “Trustee”) under the trust indenture (the “Indenture”) securing the bonds to be issued by the Lessor to provide funds for the project on the Premises (such bonds, or bonds issued to refund such bonds, the “Bonds”). All payments so made by the Lessee shall be considered as payments to the Lessor of the rentals payable hereunder. (b) . After the sale of the Bonds, the annual rental shall be reduced to an amount sufficient to pay the multiple of $1,000 next higher than the principal and interest due in each twelve (12) month period commencing each year on January 15June 30, payable in semi-annual installments, rounded to the next One Thousand Dollars, ($1,000) plus Five Thousand Dollars ($5,000), payable in semi-annual installments. In addition, each such reduced semi- semi-annual installment shall be based on the value of the Real Estate and the Existing Improvements together with that portion of the New Improvements Premises which are is complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. Such amount of adjusted rental shall be endorsed on this Lease at the end hereof in substantially the form of Exhibit B attached hereto by the parties hereto as soon as the same can be done after the sale of the Bonds, and such endorsement shall be recorded as an addendum to this Lease. (c) . The fixed annual rentals described in this Section 2 (the “Fixed Annual Rentals”) and the additional rentals described in Section 3 (the “Additional Rentals”) shall be payable solely from the revenues of the an ad valorem tax levied by the Lessee County on all taxable property in the County pursuant to the Indiana Code § IC 36-1-10- 10-17 (the “Property Tax Revenues”). The Lessee may pay the Fixed Annual Rentals and the Additional Rentals or any other amounts due hereunder from any other revenues legally available to the Lessee; provided, however, the Lessee shall be under no obligation to pay any Fixed Annual Rentals or Additional Rentals or any other amounts due hereunder from any moneys or properties of the Lessee except the Property Tax Revenues received by the Lessee.. The Lessee may pay the Fixed Rentals in advance to the Lessor, and, the Lessor shall use such amounts to optionally redeem all or a portion of the Bonds, on such dates and with such maturity dates as directed by the Lessee. After the prepayment of rent, the annual rental shall be reduced to the multiple of $1,000 next higher than the principal and interest due in each twelve

Appears in 1 contract

Samples: Lease Agreement

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Rental Payments. (a) The Commencing on the Commencement Date and continuing throughout the Term, Lessee hereby agrees to pay rental for the Premises at a rate per year during the term of this Lease not to exceed Five Hundred Fifty Thousand Dollars ($550,000). Each such semi- annual installmentBase Rental as described in paragraph 6, payable plus Forecast Additional Rental and Additional Rental as hereinafter described, shall be based on the value of the Real Estate and Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is madedescfibed in paragraph 7. The first rental installment Base Rental and Forecast Additional Rental shall be due on June 30, 20 or December 31, 20 , as determined by the Lessor and the Lessee at the time the parties hereto endorse the Addendum to Lease in the form attached hereto as Exhibit B. Thereafter, such rental shall be payable in advance in semi-annual equal installments on June 30 and December 31 the first day of each year. The last semi-annual rental payment due before calendar month during the expiration of this Lease shall Term and any renewals or extensions thereof, and Lessee hereby agrees to make such payments monthly in advance to Lessor at Lessor's address as provided herein (or such other address as may be adjusted designated by Lessor from time to provide for rental at the yearly rate so specified from the date such installment is due to the date of the expiration of this Lease. All rentals payable under the terms of this Lease shall be paid by the Lessee to the trustee (the “Trustee”) under the trust indenture (the “Indenture”) securing the bonds to be issued by the Lessor to provide funds for the project on the Premises (such bonds, or bonds issued to refund such bonds, the “Bonds”time). All payments so made by the Lessee shall be considered as payments to the Lessor of the rentals payable hereunder. (b) After If the sale Term commences or terminates on other than the first day of a calendar month or terminates on other than the last day of a calendar month, then the installments of Base Rental and Forecast Additional Rental for such month or months shall be prorated and the installment or installments so prorated shall be paid in advance. The payment for such prorated month shall be calculated by multiplying the monthly installment by a fraction, the numerator of which shall be the number of days of the BondsTerm occurring during said commencement or termination month, as the case may be, and the denominator of which shall be the total number of days occurring in said commencement or termination month. Also, if the Term commences or terminates on other than the first day of a calendar year, Additional Rent shall be prorated for such commencement or termination year, as the case may be, by multiplying each by a fraction, the annual rental numerator of which shall be reduced to an amount sufficient to pay principal the number of days of the Term during the commencement or termination year, as the case may be, and interest due in each twelve (12) month period commencing each year on January 15, payable in semi-annual installments, rounded to the next One Thousand Dollars, ($1,000) plus Five Thousand Dollars ($5,000). In addition, each such reduced semi- annual installment denominator of which shall be based on the value of the Real Estate and the Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. Such amount of adjusted rental shall be endorsed on this Lease at the end hereof in the form of Exhibit B attached hereto by the parties hereto as soon as the same can be done after the sale of the Bonds, and such endorsement shall be recorded as an addendum to this Lease365. (c) The fixed annual rentals described Lessee shall pay all rent and other sums of money as they shall become due and payable to Lessor under this Lease at the time and in this Section 2 the manner provided herein, without demand, set-off or counterclaims. At Lessor's option, Lessee shall pay (the “Fixed Annual Rentals”i) and the additional rentals described in Section 3 five percent (the “Additional Rentals”5%) shall be payable solely from the revenues of the tax levied monthly rent (including Base Rental, Forecast Additional Rental and all other sums owed by Lessee to Lessor under the Lessee pursuant to provisions this Lease), if same are not fully paid within ten (10) days of the Indiana Code § 36-1-10- 17 due date as specified herein, or (the “Tax Revenues”)ii) $25.00 per day from due date (if not paid within ten (10) days of due date) until all sums due, including late charges, are paid in full. The parties hereby agree that such charges represent a fair and reasonable estimate of expenses Lessor /s/ /s/ ---------------------------------- ------------------------------------- Lessor Lessee may pay would incur by reason of Lessee's late payments. Acceptance of such late charge by Lessor shall neither constitute a waiver of Lessee's default nor, in the Fixed Annual Rentals and the Additional Rentals event of Lessee's default, shall it prevent Lessor from exercising any rights or any other amounts due hereunder from any other revenues legally available to the Lessee; provided, however, the Lessee shall be under no obligation to pay any Fixed Annual Rentals remedies specified herein or Additional Rentals or any other amounts due hereunder from any moneys or properties of the Lessee except the Tax Revenues received by the Lesseeotherwise.

Appears in 1 contract

Samples: Office Lease Agreement (Applied Science Fiction Inc)

Rental Payments. (aA) The Lessee Tenant agrees to pay rental rent at the annual rate of Nineteen Thousand Two Hundred Dollars per annum. Said amount shall be adjusted annually as set forth below. Tenants shall pay said minimum rent in equal monthly installments of Sixteen Hundred Dollars per month in lawful money of the United State in advance, on the first of each calendar month during the term of the Lease. (B) At the beginning of the second Lease Year and at the beginning of each Lease Year thereafter, Tenant's minimum rent shall be adjusted based upon changes in the cost of living, as those changes are reflected in the Consumer Price Index for all Urban Consumers for the Premises United States Average (1982-1984=100) ("C.P.I.") published by the Bureau of Labor Statistics ("BLS") of the United States Department of Labor. At the commencement of each Lease Year beginning with the second Lease Year, the rent shall be increased as follows: Multiply the annual minimum rent for the immediately preceding Lease Year by a fraction, the numerator of which is the C.P.I. for the month published last prior to the commencement of the new Lease Year, and the denominator of which is the C.P.I. for the month one year prior to the month used to determine the numerator. The product shall be the annual rent for the new Lease Year. Under no circumstances shall the foregoing adjustments result in a decrease in the minimum rent. If the C.P.I. decreases from one Lease Year to the next at a rate per year any time during the term of this Lease not to exceed Five Hundred Fifty Thousand Dollars ($550,000)Lease, the minimum rent shall remain the same as the minimum rent for the prior year. Each If the BLS changes the base reference period for the C.P.I. from 1982-1984=100, the cost of living adjustment shall be determined with the use of such semi- annual installmentconversion formula or table as may be published by the BLS. If the BLS otherwise substantially revises, payable as hereinafter describedor ceases publication of, the C.P.I. then a substitute index for determining cost of living adjustments, issued by the BLS or by a reliable governmental or other nonpartisan publication, shall be based on reasonably designed by Landlord. The annual rental for the value first year of any Lease renewal shall be the Real Estate and Existing Improvements together with that portion of rental amount for the New Improvements which are complete and ready for use and occupancy previous year as adjusted by the Lessee at C.P.I. as provided in this Paragraph and the time such semi-annual installment is made. The first rental installment amount for the subsequent years of any Lease renewal shall be due on June 30, 20 or December 31, 20 , as determined by the Lessor and the Lessee at the time the parties hereto endorse the Addendum to Lease computed in the form attached hereto same manner as Exhibit B. Thereafter, such rental shall be payable in advance in semi-annual installments on June 30 and December 31 of each year. The last semi-annual rental payment due before the expiration of this Lease shall be adjusted to provide for rental at the yearly rate so specified from the date such installment is due to the date of the expiration of this Lease. All rentals payable under the terms of this Lease shall be paid by the Lessee to the trustee (the “Trustee”) under the trust indenture (the “Indenture”) securing the bonds to be issued by the Lessor to provide funds for the project on the Premises (such bonds, or bonds issued to refund such bonds, the “Bonds”). All payments so made by the Lessee shall be considered as payments to the Lessor of the rentals payable hereunder. (b) After the sale of the Bonds, the annual rental shall be reduced to an amount sufficient to pay principal and interest due in each twelve (12) month period commencing each year on January 15, payable in semi-annual installments, rounded to the next One Thousand Dollars, ($1,000) plus Five Thousand Dollars ($5,000). In addition, each such reduced semi- annual installment shall be based on the value of the Real Estate and the Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. Such amount of adjusted rental shall be endorsed on this Lease at the end hereof in the form of Exhibit B attached hereto by the parties hereto as soon as the same can be done after the sale of the Bonds, and such endorsement shall be recorded as an addendum to this Lease. (c) The fixed annual rentals described provided in this Section 2 (the “Fixed Annual Rentals”) and the additional rentals described in Section 3 (the “Additional Rentals”) shall be payable solely from the revenues of the tax levied by the Lessee pursuant to the Indiana Code § 36-1-10- 17 (the “Tax Revenues”). The Lessee may pay the Fixed Annual Rentals and the Additional Rentals or any other amounts due hereunder from any other revenues legally available to the Lessee; provided, however, the Lessee shall be under no obligation to pay any Fixed Annual Rentals or Additional Rentals or any other amounts due hereunder from any moneys or properties of the Lessee except the Tax Revenues received by the LesseeParagraph.

Appears in 1 contract

Samples: Lease Agreement (Worldwide Wireless Inc)

Rental Payments. (a) The Lessee Beginning before the Commencement Date and continuing throughout the Lease Term, Tenant agrees to pay rental for the Premises at a rate per year during the term of Rent due and payable under this Lease not to exceed Five Hundred Fifty Thousand Dollars ($550,000). Each such semi- annual installment, payable as hereinafter described, shall be based on the value of the Real Estate and Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is madeLease. The first rental installment Rent shall be due and payable on June 30, 20 or December 31, 20 , as determined by the Lessor those due dates and the Lessee at the time the parties hereto endorse the Addendum to Lease in the form attached hereto installment amounts as Exhibit B. Thereafter, such rental shall be payable in advance in semi-annual installments on June 30 and December 31 of each year. The last semi-annual rental payment due before the expiration of this Lease shall be adjusted to provide for rental at the yearly rate so specified from the date such installment is due to the date of the expiration of this Lease. All rentals payable under the terms of this Lease shall be paid by the Lessee to the trustee (the “Trustee”) under the trust indenture (the “Indenture”) securing the bonds to be issued by the Lessor to provide funds for the project shown on the Premises (such bonds, or bonds issued to refund such bonds, the attached Exhibit Bonds”A” and as set forth in Paragraph 1(i). All payments so made by the Lessee shall be considered as payments to the Lessor of the rentals payable hereunder. (b) After the sale Tenant payments made in excess of the Bonds, the annual rental any balance or installment due shall be reduced to an amount sufficient to pay principal and interest due in each twelve (12) month period commencing each year on January 15, payable in semi-annual installments, rounded to credited towards the next One Thousand Dollars, ($1,000) plus Five Thousand Dollars ($5,000)installment amount due. In addition, each such reduced semi- annual installment shall be based on the value of the Real Estate and the Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. Such amount of adjusted rental shall be endorsed on this Lease If at the end hereof of any academic term as defined in Exhibit A, Tenant has a credit balance with Landlord due to occupancy levels above the form academic term miniumum as defined in Exhibit A, Landlord shall allocate 50% of Exhibit B attached hereto by such credit balance into Landlord’s capital improvement fund for the parties hereto as soon as the same can be done after the sale Premises and rebate Tenant 50% of the Bonds, and such endorsement shall be recorded as an addendum to this Leasecredit balance. (c) The fixed annual rentals described in Payments due pursuant to this Section 2 Lease which are more than ten (the “Fixed Annual Rentals”10) and the additional rentals described in Section 3 days past due shall incur a late fee of five percent (the “Additional Rentals”5%) shall be payable solely from the revenues of the tax levied by the Lessee pursuant to the Indiana Code § 36-1-10- 17 (the “Tax Revenues”). The Lessee may pay the Fixed Annual Rentals and the Additional Rentals or any other amounts due hereunder from any other revenues legally available to the Lessee; total installment amount then outstanding, provided, however, that Landlord agrees to accept any such past due amounts. Partial payment of any amount due shall not prevent a Late Fee, unless otherwise agreed to by Landlord in writing. Payments due which are more than (30) days past due shall incur an additional late fee of ten percent (10%) of the Lessee total installment amount then outstanding, which late feee shall be under reassessed for each thirty (30) day period thereafter until paid in full. (d) Payments made by Tenant to Landlord pursuant to this Lease, shall be applied to Tenant account charges by date, from oldest charge to newest charge notwithstanding any Tenant correspondence or notation regarding the same. (e) For the purposes of Paragraphs 7(d), 7(e) and 7(f) of this Lease (i.e., utilites, property taxes and property insurance), Landlord and Tenant have determined the Rent on the assumption that each such expense may increase by no obligation more than 3% in each successive period that the tax or expense is regularly assessed. In the event the applicable expense increases by more than 3% in each successive period, Tenant (and not Landlord) shall be responsible for the additional charges incurred by Landlord on account of said expenses, and Tenant agrees to pay any Fixed Annual Rentals or Additional Rentals or any other all such amounts due hereunder from any moneys or properties to Landlord within thirty (30) days of written notice by Landlord, which notice shall include supporting evidence of the Lessee except the Tax Revenues received by the Lesseeexpense in question.

Appears in 1 contract

Samples: Lease Agreement

Rental Payments. ‌ (a) The Lessee agrees to pay initial rental for said Leased Premises during renovation in the Premises at a rate amount of $7,000,000 per year during the term of this Lease not to exceed Five Hundred Fifty Thousand Dollars ($550,000). Each such semi- annual installmentyear, payable as hereinafter described, shall be based on the value of the Real Estate and Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. The first rental installment shall be due in equal semiannual installments commencing on June 30, 20 2018 and payable on each June 30 and December 31 thereafter until completion of the Leased Premises. Full lease rentals of $7,000,000 per year will begin the later of the completion of the renovations on the Leased Premises or June 30, 2019, whichever is later. If the completion date is later than June 30, 2019, rentals during renovation shall continue and the first full rental payment shall be in an amount calculated at the annual rate from the date of payment to the next June 30 or December 31, 20 , as determined by the Lessor and the Lessee at the time the parties hereto endorse the Addendum to Lease in the form attached hereto as Exhibit B. . Thereafter, such rental shall be payable in advance in semi-annual semiannual installments of $3,500,000 on June 30 and December 31 of each year. The last semi-annual semiannual rental payment due before the expiration of this Lease shall be adjusted to provide for rental at the yearly annual rate so specified above from the date such installment is due to the date of the expiration of this Lease. All rentals payable under the terms of this Lease shall be paid by the Lessee to the trustee bank selected as Trustee (the “hereinafter called "Trustee") under the Trust Indenture between it and the Lessor (hereinafter called "Indenture") or to such other bank or trust indenture (company as may from time to time succeed such bank as Trustee under the “Indenture”) Indenture securing the first mortgage bonds to be issued by the Lessor to provide funds for finance the project on construction and renovation of the Premises (such bonds, or bonds issued to refund such bonds, the “Bonds”)Leased Premises. All payments so made by the Lessee shall be considered as payments payment to the Lessor of the rentals payable hereunder. (b) . The bank selected as Trustee shall be endorsed on this Lease at the end hereof by the parties hereto as soon as the same can be done after selection, and such endorsement shall be recorded as an addendum to this Lease. After the sale of the Bondsfirst mortgage bonds issued to finance the acquisition and construction and renovation of the Leased Premises, the annual rental provided for in the first paragraph of this Section 2 shall be reduced to an amount sufficient equal to pay the multiple of $1,000 next higher than the sum of principal and interest due on such bonds in each twelve (12) twelve-month period commencing each year ending on January 15, payable in semi-annual installments, rounded to the next One Thousand Dollars, ($1,000) 15 plus Five Three Thousand Dollars ($5,0003,000). In addition, each such reduced semi- annual installment shall be based on the value of the Real Estate and the Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is madepayable in semiannual installments. Such amount of adjusted reduced annual rental shall be endorsed on this Lease at the end hereof in the form of Exhibit B attached hereto by the parties hereto as soon as the same can be done after the sale of the Bonds, said bonds and such endorsement shall be recorded as an addendum to this Lease. (c) The fixed annual rentals described in this Section 2 (the “Fixed Annual Rentals”) and the additional rentals described in Section 3 (the “Additional Rentals”) shall be payable solely from the revenues of the tax levied by the Lessee pursuant to the Indiana Code § 36-1-10- 17 (the “Tax Revenues”). The Lessee may pay the Fixed Annual Rentals and the Additional Rentals or any other amounts due hereunder from any other revenues legally available to the Lessee; provided, however, the Lessee shall be under no obligation to pay any Fixed Annual Rentals or Additional Rentals or any other amounts due hereunder from any moneys or properties of the Lessee except the Tax Revenues received by the Lessee.

Appears in 1 contract

Samples: Lease Agreement

Rental Payments. (a) The Lessee Commencing on the Commencement Date and continuing thereafter throughout the Term, Tenant hereby agrees to pay rental for the Premises at a rate per year during the term of this Lease not to exceed Five Hundred Fifty Thousand Dollars Base Rental ($550,000). Each such semi- annual installment, payable defined in Section 3.2) as hereinafter described, shall be based on the value of the Real Estate and Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy adjusted by the Lessee at Base Rental Adjustment (defined in Section 3.2) in accordance with this Section 3.1 and Section 3.2. Base Rental as adjusted by the time such semi-annual installment is made. The first rental installment Base Rental Adjustment (excluding the Annual Reconciliation Payment [defined in Section 3.2 below]) shall be due on June 30, 20 or December 31, 20 , as determined by the Lessor and the Lessee at the time the parties hereto endorse the Addendum to Lease in the form attached hereto as Exhibit B. Thereafter, such rental shall be payable in advance in semi-annual twelve (12) equal monthly installments on June 30 and December 31 the first day of each year. The last semi-annual rental payment due before calendar month during the expiration of this Lease shall be adjusted to provide for rental at the yearly rate so specified from the date such installment is due Term (subject to the date provisions of subsection (b) below), and Tenant hereby agrees to so pay such rent monthly in advance and without demand to Dallas Galleria Limited, P. 0. Box 910420, Dallas, Texas 75391 (or such other address as may be desxxxxxxx xx xxxxxxx xx Xxxxxxxx from time to time). Notwithstanding the foregoing, Base Rental for the first (1st) month of the expiration of this Lease. All rentals payable under the terms of this Lease Term shall be paid by the Lessee to the trustee (the “Trustee”) under the trust indenture (the “Indenture”) securing the bonds to be issued by the Lessor to provide funds for the project Landlord on the Premises (such bonds, or bonds issued to refund such bonds, the “Bonds”)Effective Date as provided in Section 3.3 below. All payments so made by the Lessee Parking Rental shall be considered as payments to the Lessor of the rentals due and payable hereunderin accordance with this Section 3.1 and Section 6.15. (b) After If the sale Commencement Date is other than the first day of a calendar month or if this Lease expires or terminates on other than the last day of a calendar month, then the installments of Base Rental and Parking Rental for such month or months shall be prorated and the installment or installments so prorated shall be paid in advance. Said installments for such prorated month or months shall be calculated by multiplying the equal monthly installment by a fraction, the numerator of which shall be the number of days of the BondsTerm occurring during said commencement or expiration month, as the annual rental case may be, and the denominator of which shall be reduced to an amount sufficient to pay principal the number of days in said month. Landlord and interest due in each twelve (12Tenant hereby agree that the provisions of this Section 3.1(b) month period commencing each year on January 15, payable in semi-annual installments, rounded to shall survive the next One Thousand Dollars, ($1,000) plus Five Thousand Dollars ($5,000). In addition, each such reduced semi- annual installment shall be based on the value expiration or termination of the Real Estate and the Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. Such amount of adjusted rental shall be endorsed on this Lease at the end hereof in the form of Exhibit B attached hereto by the parties hereto as soon as the same can be done after the sale of the Bonds, and such endorsement shall be recorded as an addendum to this Lease. (c) The fixed annual rentals described Tenant agrees to pay all rent and other sums of money as shall become due from and payable by Tenant to Landlord under this Lease (collectively, the "Rent") at the times and in the manner provided in this Section 2 ---- Lease, without abatement, notice, demand, set-off or counterclaim. All Rent in addition to Base Rental shall constitute additional rental under this Lease and Landlord shall be entitled to exercise the same rights and remedies provided for in this Lease for the nonpayment of any Rent. All Rent owed by Tenant to Landlord under this Lease shall bear interest from the date due until payment is received at the rate (the “Fixed Annual Rentals”"Interest Rate") and equal to the additional rentals described in Section 3 lesser of(i) a per annum -------- ---- rate equal to the "prime rate" or "base rate" announced by Chase Manhattan Bank or its successor, from time to time (or if the “Additional Rentals”"prime rate" or "base rate" is discontinued, the rate announced by such bank as that being charged to its most creditworthy commercial borrowers), plus five percent (5%), or (ii) shall be payable solely from the revenues maximum contract interest rate per annum allowed by law. (d) If Tenant fails to pay any regular monthly installment of Rent by the fifth (5th) day of the tax levied by month in which the Lessee pursuant to the Indiana Code § 36-1-10- 17 (the “Tax Revenues”). The Lessee may pay the Fixed Annual Rentals and the Additional Rentals installment is due, or any other amounts sum or money owed to Landlord within five (5) days after such sums are due hereunder from any other revenues legally available and owing to Landlord, Tenant shall pay a late charge equal to the Lessee; providedgreater of(i) $250.00, howeveror (ii) an amount equal to five percent (5%) of the amount due, for each and every thirty (30) day period that said amount remains unpaid (but in no event shall the amount of such late charge exceed an amount based upon the highest legally permissible contract rate chargeable at any time by Landlord under the circumstances) to compensate Landlord for the administrative expenses incurred. Should Tenant make a partial payment of past due amounts, the Lessee amount of such partial payment shall be under no obligation applied first to pay any Fixed Annual Rentals or Additional Rentals or any reduce all accrued and unpaid late charges, in inverse order of maturity, and then to reduce all other amounts past due hereunder from any moneys or properties amounts, in inverse order of the Lessee except the Tax Revenues received by the Lesseetheir maturity.

Appears in 1 contract

Samples: Lease Agreement (Zixit Corp)

Rental Payments. ‌ (a) The Lessee agrees to pay rental during renovation for the Leased Premises in the amount of up to $876,000 per payment payable on June 30 and December 31 beginning no earlier than June 30, 2022 until completion of the renovations. Thereafter Lessee agrees to pay rental for the Leased Premises at a the rate of $1,752,000 per year during the term of this Lease not to exceed Five Hundred Fifty Thousand Dollars ($550,000). Each such semi- annual installment, payable as hereinafter described, shall be based on the value of the Real Estate and Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is madeLease. The first full rental installment shall be due on the day that the leased premises is completed and ready for occupancy or June 30, 20 2023, whichever is later. If the completion date is later than June 30, 2023, the first rental payment shall be in an amount calculated at the annual rate from the date of payment to the next June 30 or December 31, 20 , as determined by the Lessor and the Lessee at the time the parties hereto endorse the Addendum to Lease in the form attached hereto as Exhibit B. . Thereafter, such rental shall be payable in advance in semi-annual semiannual installments of $876,000 on June 30 and December 31 of each year. The last semi-annual semiannual rental payment due before the expiration of this Lease shall be adjusted to provide for rental at the yearly annual rate so specified above from the date such installment is due to the date of the expiration of this Lease. The Lessor and Lessee understand and agree that the obligation of the Lessee to pay the rental payments under this Lease shall constitute a current expense of the Lessee payable from its debt service fund or any other funds that are legally available for that purpose and shall not in any way be construed to be a debt of the Lessee in contravention of any applicable constitutional or statutory limitation. All rentals payable under the terms of this Lease shall be paid by the Lessee to the trustee bank selected as Trustee (hereinafter called the "Trustee") under the Trust Indenture between the Trustee and the Lessor (hereinafter called the "Indenture") or to such other bank or trust indenture (company as may from time to time succeed such bank as Trustee under the “Indenture”) Indenture securing the first mortgage bonds to be issued by the Lessor to provide funds for finance the project on the Premises (such bonds, or bonds issued to refund such bonds, the “Bonds”)Leased Premises. All payments so made by the Lessee shall be considered as payments payment to the Lessor of the rentals payable hereunder. (b) . The bank selected as Trustee shall be endorsed on this Lease at the end hereof by the parties hereto as soon as the same can be done after selection, and such endorsement shall be recorded as an addendum to this Lease. After the sale of the Bondsfirst mortgage bonds issued to finance the acquisition and renovation of the Leased Premises, the annual rental provided for in the first paragraph of this Section 2 shall be reduced to an amount sufficient equal to pay the multiple of $1,000 next higher than the sum of principal and interest due on such bonds in each twelve (12) twelve-month period commencing each year ending on January 1515 in order to pay the debt service when due, payable in semi-annual installments, rounded to the next One Thousand Dollars, ($1,000) plus Five Thousand Dollars ($5,000). In addition, each such reduced semi- annual installment shall be based on the value of the Real Estate and the Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made) payable in semiannual installments. Such amount of adjusted reduced annual rental shall be endorsed on this Lease at the end hereof in the form of Exhibit B attached hereto by the parties hereto as soon as the same can be done after the sale of the Bonds, said bonds and such endorsement shall be recorded as an addendum to this Lease. (c) The fixed annual rentals described in this Section 2 (the “Fixed Annual Rentals”) and the additional rentals described in Section 3 (the “Additional Rentals”) shall be payable solely from the revenues of the tax levied by the Lessee pursuant to the Indiana Code § 36-1-10- 17 (the “Tax Revenues”). The Lessee may pay the Fixed Annual Rentals and the Additional Rentals or any other amounts due hereunder from any other revenues legally available to the Lessee; provided, however, the Lessee shall be under no obligation to pay any Fixed Annual Rentals or Additional Rentals or any other amounts due hereunder from any moneys or properties of the Lessee except the Tax Revenues received by the Lessee.

Appears in 1 contract

Samples: Lease Agreement

Rental Payments. ‌ (a) The Lessee agrees to pay rental for the Premises at a rate per year Unless otherwise agreed in writing, each regular periodic payment of rent due during the term of this Lease not to exceed Five Hundred Fifty Thousand Dollars ($550,000). Each such semi- annual installment, payable as hereinafter described, each LEASE shall be based due on either the value tenth (10th) day of the Real Estate and Existing Improvements together with that portion month or the twenty-fifth(25th) day of the New Improvements which are complete and ready for use and occupancy by month (the Lessee at the time such semi-annual installment is made“billing date”). The first billing date under each LEASE where LESSEE’s acceptance occurred after the twentieth (20th) day of the month and prior to the sixth (6th) day of the following month shall be the tenth (10th) day of the month immediately following LESSEE’s acceptance of the EQUIPMENT, of, if LESSEE’s acceptance occurs after the fifth (5th) day of a month and prior to the twenty-first (21st) day of the month, then the first billing date shall be the twenty-fifth (25th) day of the month that LESSEE completed its acceptance of the EQUIPMENT. On the date of acceptance of EQUIPMENT by LESSEE, LESSEE shall pay to LESSOR pro rated rent, together with applicable taxes, from the date of acceptance of the EQUIPMENT until the first billing date as interim rent. In addition, LESSEE shall pay to LESSOR, on demand by LESSOR, an amount equal to one thirtieth (1/30) of the proportional monthly rental payment per day for any amount funded by LESSOR prior to acceptance of the EQUIPMENT by LESSEE as additional interim rent. LESSEE agrees to pay rent for the minimum term specified on the Lease Schedule, commencing on the first billing date and continuing until the EQUIPMENT is returned to LESSOR on expiration or earlier termination of the LEASE. Each periodic rental installment shall be due the sum set forth on June 30the applicable Lease Schedule, 20 plus any applicable sales and/or use taxes, and shall, at LESSOR’s option, include a pro rata portion of that year’s property tax. Payments shall be made by LESSEE at LESSOR’s address set forth herein or December 31as otherwise directed by LESSOR. LESSEE shall not xxxxx, 20 set off, as determined deduct any amount or reduce any payment for any reason without the prior written consent of LESSOR. Payments are delinquent if not in LESSOR’s possession by the Lessor and the Lessee at the time the parties hereto endorse the Addendum to Lease in the form attached hereto as Exhibit B. Thereafter, such rental shall be payable in advance in semi-annual installments on June 30 and December 31 of each year. The last semi-annual rental payment due before the expiration of this Lease shall be adjusted to provide for rental at the yearly rate so specified from the date such installment is due to the date of the expiration of this Lease. All rentals payable under the terms of this Lease shall be paid by the Lessee to the trustee (the “Trustee”) under the trust indenture (the “Indenture”) securing the bonds to be issued by the Lessor to provide funds for the project on the Premises (such bonds, or bonds issued to refund such bonds, the “Bonds”). All payments so made by the Lessee shall be considered as payments to the Lessor of the rentals payable hereunderdate. (b) After the sale of the Bonds, the annual rental shall be reduced to an amount sufficient to pay principal and interest due in each twelve (12) month period commencing each year on January 15, payable in semi-annual installments, rounded to the next One Thousand Dollars, ($1,000) plus Five Thousand Dollars ($5,000). In addition, each such reduced semi- annual installment shall be based on the value of the Real Estate and the Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. Such amount of adjusted rental shall be endorsed on this Lease at the end hereof in the form of Exhibit B attached hereto by the parties hereto as soon as the same can be done after the sale of the Bonds, and such endorsement shall be recorded as an addendum to this Lease. (c) The fixed annual rentals described in this Section 2 (the “Fixed Annual Rentals”) and the additional rentals described in Section 3 (the “Additional Rentals”) shall be payable solely from the revenues of the tax levied by the Lessee pursuant to the Indiana Code § 36-1-10- 17 (the “Tax Revenues”). The Lessee may pay the Fixed Annual Rentals and the Additional Rentals or any other amounts due hereunder from any other revenues legally available to the Lessee; provided, however, the Lessee shall be under no obligation to pay any Fixed Annual Rentals or Additional Rentals or any other amounts due hereunder from any moneys or properties of the Lessee except the Tax Revenues received by the Lessee.

Appears in 1 contract

Samples: Master Lease Agreement (IsoRay, Inc.)

Rental Payments. (a) The Lessee Tenant hereby covenants and agrees to pay rental for the Premises Base Rental and Estimated Additional Rental (collectively, the “Stated Rentals”) and all other sums of money as shall become due from and payable by Tenant to Landlord under this Lease inclusive of the Exhibits hereto (collectively, “Rent”) in lawful money of the United States to Landlord at a rate per year during Landlord’s address as provided herein (or to such other persons or at such other address(es) as may be designated by Landlord in writing from time to time) Stated Monthly Rentals shall be paid monthly in advance on the first day of each month. (b) If the term of this Lease not to exceed Five Hundred Fifty Thousand Dollars ($550,000). Each as described above commences on other than the first day of a calendar month or terminates on other than the last day of a calendar month, then the installments of Stated Rentals for such semi- annual installment, payable as hereinafter described, month or months shall be based on the value of the Real Estate and Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. The first rental installment shall be due on June 30, 20 or December 31, 20 , as determined by the Lessor prorated and the Lessee at the time the parties hereto endorse the Addendum to Lease in the form attached hereto as Exhibit B. Thereafter, such rental shall be payable in advance in semi-annual installment or installments on June 30 and December 31 of each year. The last semi-annual rental payment due before the expiration of this Lease shall be adjusted to provide for rental at the yearly rate so specified from the date such installment is due to the date of the expiration of this Lease. All rentals payable under the terms of this Lease prorated shall be paid in advance. The payment for such prorated month shall be calculated by multiplying the Lessee to the trustee (the “Trustee”) under the trust indenture (the “Indenture”) securing the bonds to be issued monthly installment by the Lessor to provide funds for the project on the Premises (such bonds, or bonds issued to refund such bondsa fraction, the “Bonds”). All payments so made by the Lessee numerator of which shall be considered as payments to the Lessor number of days of the rentals payable hereunderlease term occurring during said commencement or termination month, as the case may be, and the denominator of which shall be the total number of days occurring in said commencement or termination month. (bc) After Except as otherwise specifically provided in this Lease Tenant shall pay all Rent at the sale times and in the manner provided in this Lease, without demand, set-off or counterclaim. Tenant hereby acknowledges and agrees that (i) Landlord and Tenant have expressly negotiated that except as otherwise provided in this Lease, Tenant’s covenants to pay Rent under this Lease are separate and independent from Landlord’s covenant to provide services and other amenities hereunder and (ii) had the parties not mutually agreed upon the independent nature of Tenant’s covenants to pay all Rent hereunder, Landlord would have required a greater amount of Rent in order to enter into this Lease. (d) In the event any Rent is not paid when due, then Landlord and Tenant agree that Landlord will incur additional administrative expenses, the amount of which will be difficult, if not impossible to determine. Accordingly, in addition to the obligation to pay Rent, Tenant shall pay to Landlord a late charge for such late payment in the additional amount of four percent (4%) of the Bondsamount of such late payment of Rent. Notwithstanding the above, the annual rental Landlord agrees to waive such four percent (4%) late charge if such Rent is paid within five (5) days of Tenant’s receipt of written notice of nonpayment; however, Landlord shall be reduced have no further obligation to an amount sufficient to pay principal give such notice and interest due whether or not any other notices are given such waiver shall not occur more than once in each any consecutive twelve (12) month period commencing each year on January 15, payable in semi-annual installments, rounded to during the next One Thousand Dollars, ($1,000) plus Five Thousand Dollars ($5,000). In addition, each such reduced semi- annual installment shall be based on the value of the Real Estate and the Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. Such amount of adjusted rental shall be endorsed on this Lease at the end hereof in the form of Exhibit B attached hereto by the parties hereto as soon as the same can be done after the sale of the Bonds, and such endorsement shall be recorded as an addendum to this Leaseterm or any extended term. (ce) The fixed annual rentals described in this Section 2 All Rent shall bear interest from the date due until paid at a rate (the “Fixed Annual RentalsDefault Rate”) and equal to the additional rentals described lesser of (i) a floating annual rate equal to two percent (2%) above the Prime Rate reported in Section 3 (the “Additional Rentals”) shall be payable solely from the revenues Money Rates column or section of the tax levied most recent issue of The Wall Street Journal (“Prime Rate”), automatically adjusting with each change in the Prime Rate, and (ii) the maximum non-usurious rate of interest permitted by the Lessee pursuant to applicable laws of the Indiana Code § 36-1-10- 17 State of Colorado. Notwithstanding the foregoing, Landlord shall not more than once during any consecutive twelve (12) month period during the “Tax Revenues”). The Lessee may pay the Fixed Annual Rentals and the Additional Rentals Lease term or any other amounts due hereunder from extended term, waive its right to collect the interest as set forth above if Tenant pays the Rent within five (5) days of receipt of written notice of nonpayment. Nothing herein shall require Landlord to give any other revenues legally available to the Lesseeadditional notices; provided, however, if Landlord does elect for any reason to give more than one notice of nonpayment during any twelve (12) month period, the Lessee waiver of Landlord’s right to collect interest shall not be under no obligation to pay any Fixed Annual Rentals or Additional Rentals or any other amounts due hereunder from any moneys or properties of the Lessee except the Tax Revenues received by the Lesseewaived.

Appears in 1 contract

Samples: Lease Agreement (Time Warner Telecom Inc)

Rental Payments. ‌ (a) The Lessee agrees to pay rental for the Premises at a rate per year Unless otherwise agreed in writing, each regular periodic payment of rent due during the term of this each LEASE shall be due on either the tenth (10th) day of the month or the twenty-fifth (25th) day of the month (the “billing date”) The first billing date under each LEASE where XXXXXX’s acceptance occurred after the twentieth (20th) day of the month and Confidential cr (initial) prior to the sixth (6th) day of the following month shall be the tenth (10th) day of the month immediately following XXXXXX’S acceptance of the EQUIPMENT, or, if XXXXXX’S acceptance occurs after the fifth (5th) day of a month and prior to the twenty-first (21st) day of the month, then the first billing date shall be the twenty-fifth (25th) day of the month that LESSEE completed its acceptance of the EQUIPMENT. On the date of acceptance of EQUIPMENT by XXXXXX, LESSEE shall pay to LESSOR pro rated rent, together with applicable taxes, from the date of acceptance of the EQUIPMENT until the first billing date as interim rent. In addition, LESSEE shall pay to LESSOR, on demand by XXXXXX, an amount equal to one thirtieth (1/30) of the proportional monthly rental payment per day for any amount funded by LESSOR prior to acceptance of the EQUIPMENT by XXXXXX as additional interim rent. XXXXXX agrees to pay rent for the minimum term specified on the Lease not Schedule, commencing on the first billing date and continuing until the EQUIPMENT is returned to exceed Five Hundred Fifty Thousand Dollars ($550,000)LESSOR on expiration or earlier termination of the LEASE. Each such semi- annual installment, payable as hereinafter described, shall be based on the value of the Real Estate and Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. The first periodic rental installment shall be due the sum set forth on June 30the applicable Lease Schedule, 20 plus any applicable sales and/or use taxes, and shall, at LESSOR’S option, include a pro rata portion of that year’s property tax. Payments shall be made by LESSEE at LESSOR’S address set forth herein or December 31as otherwise directed by XXXXXX. LESSEE shall not xxxxx, 20 set off, as determined deduct any amount or reduce any payment for any reason without the prior written consent of LESSOR Payments are delinquent if not in LESSOR’S possession by the Lessor and the Lessee at the time the parties hereto endorse the Addendum to Lease in the form attached hereto as Exhibit B. Thereafter, such rental shall be payable in advance in semi-annual installments on June 30 and December 31 of each year. The last semi-annual rental payment due before the expiration of this Lease shall be adjusted to provide for rental at the yearly rate so specified from the date such installment is due to the date of the expiration of this Lease. All rentals payable under the terms of this Lease shall be paid by the Lessee to the trustee (the “Trustee”) under the trust indenture (the “Indenture”) securing the bonds to be issued by the Lessor to provide funds for the project on the Premises (such bonds, or bonds issued to refund such bonds, the “Bonds”). All payments so made by the Lessee shall be considered as payments to the Lessor of the rentals payable hereunderdate. (b) After the sale of the Bonds, the annual rental shall be reduced to an amount sufficient to pay principal and interest due in each twelve (12) month period commencing each year on January 15, payable in semi-annual installments, rounded to the next One Thousand Dollars, ($1,000) plus Five Thousand Dollars ($5,000). In addition, each such reduced semi- annual installment shall be based on the value of the Real Estate and the Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. Such amount of adjusted rental shall be endorsed on this Lease at the end hereof in the form of Exhibit B attached hereto by the parties hereto as soon as the same can be done after the sale of the Bonds, and such endorsement shall be recorded as an addendum to this Lease. (c) The fixed annual rentals described in this Section 2 (the “Fixed Annual Rentals”) and the additional rentals described in Section 3 (the “Additional Rentals”) shall be payable solely from the revenues of the tax levied by the Lessee pursuant to the Indiana Code § 36-1-10- 17 (the “Tax Revenues”). The Lessee may pay the Fixed Annual Rentals and the Additional Rentals or any other amounts due hereunder from any other revenues legally available to the Lessee; provided, however, the Lessee shall be under no obligation to pay any Fixed Annual Rentals or Additional Rentals or any other amounts due hereunder from any moneys or properties of the Lessee except the Tax Revenues received by the Lessee.

Appears in 1 contract

Samples: Master Lease Agreement (InterMetro Communications, Inc.)

Rental Payments. ‌ (a) The Lessee agrees to pay rental for the Premises at a rate per year during total rent equal to the term "Amount of this Lease not to exceed Five Hundred Fifty Thousand Dollars ($550,000)Each Payment" multiplied by the number of payments specified in "No. Each such semi- annual installment, payable of Payments." Payments will be made in advance and periodically as hereinafter described, specified in "Terms" above. Payments shall be based on made by Lessee to Lessor as set forth above via ACH from Lessees bank or as otherwise allowed by Lessor. This document shall act as ACH authorization to Lessees bank. In the value event Lessor allows a different method of payment by Lessee, Lessee shall incur a billing charge equal to $5 per month which shall be added to the Real Estate and Existing Improvements together with monthly invoice. Lessee shall not xxxxx, set off, deduct any amount, or reduce any payment for any reason. In the event this lease does not commence for any reason, Lessee agrees that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment Lessor is madeentitled to keep all Advance Payments as liquidated damages. The first rental installment payment shall be due on June 30, 20 or December 31, 20 , as determined by the Lessor and the Lessee at the time the parties hereto endorse the Addendum to Lease in the form attached hereto as Exhibit B. Thereafter, such rental shall be payable in advance in semi-annual installments on June 30 and December 31 of each year. The last semi-annual rental payment due before the expiration of this Lease shall be adjusted to provide for rental at the yearly rate so specified from the date such installment is due to the date of acceptance of the expiration Equipment by Lessee, and subsequent payments shall be due on the due date selected by Lessor of this each succeeding month throughout the term of the Lease. All rentals payable under the terms of this Lease shall be paid by the Lessee to the trustee (the “Trustee”) under the trust indenture (the “Indenture”) securing the bonds to be issued by the Lessor to provide funds for the project on the Premises (such bondsTHIS LEASE IS NOT CANCELABLE OR TERMINABLE BY LESSEE. LESSEE UNDERSTANDS AND ACKNOWLEDGES THAT NO BROKER OR SUPPLIER, or bonds issued to refund such bondsIS AUTHORIZED TO WAIVE OR ALTER ANY TERM OR CONDITION OF THIS LEASE, the “Bonds”). All payments so made by the Lessee shall be considered as payments to the Lessor of the rentals payable hereunderAND NO REPRESENTATION AS TO THE EQUIPMENT OR ANY OTHER MATTER BY THE BROKER OR SUPPLIER, NOR ANY SALESMAN, BROKER, OR AGENT OF ANY BROKER OR SUPPLIER, SHALL IN ANY WAY AFFECT LESSEE. (b) After the sale of the Bonds, the annual rental shall be reduced to an amount sufficient to pay principal and interest due in each twelve (12) month period commencing each year on January 15, payable in semi-annual installments, rounded to the next One Thousand Dollars, ($1,000) plus Five Thousand Dollars ($5,000). In addition, each such reduced semi- annual installment shall be based on the value of the Real Estate and the Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. Such amount of adjusted rental shall be endorsed on this Lease at the end hereof in the form of Exhibit B attached hereto by the parties hereto as soon as the same can be done after the sale of the Bonds, and such endorsement shall be recorded as an addendum to this Lease. (c) The fixed annual rentals described in this Section 2 (the “Fixed Annual Rentals”) and the additional rentals described in Section 3 (the “Additional Rentals”) shall be payable solely from the revenues of the tax levied by the Lessee pursuant to the Indiana Code § 36-1-10- 17 (the “Tax Revenues”). The Lessee may pay the Fixed Annual Rentals and the Additional Rentals or any other amounts due hereunder from any other revenues legally available to the Lessee; provided, however, the Lessee shall be under no obligation to pay any Fixed Annual Rentals or Additional Rentals or any other amounts due hereunder from any moneys or properties of the Lessee except the Tax Revenues received by the Lessee.

Appears in 1 contract

Samples: Equipment Lease Agreement (Espos Inc)

Rental Payments. (a) The Lessee agrees shall promptly make Rental Payments, exclusively from legally available funds, in lawful money of the United States of America to Lessor on each Rental Payment Date, in such amounts as are described on Exhibit A. If Lessee fails to pay rental for any Rental Payment or any other sums under the Premises at Lease within ten (10) days when the same becomes due, Lessee shall pay to Lessor (in addition to and not in lieu of other rights of Lessor) a rate per year during late charge equal to the term greater of this Lease not to exceed five percent (5%) of such delinquent amount or Twenty-Five Hundred Fifty Thousand Dollars ($550,00025.00), but in any event not more than the maximum permitted by law. Each such semi- annual installment, payable as hereinafter described, shall be based on the value of the Real Estate and Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. The first rental installment shall be due on June 30, 20 or December 31, 20 , as determined by the Lessor and the Lessee at the time the parties hereto endorse the Addendum to Lease in the form attached hereto as Exhibit B. Thereafter, such rental Such late charge shall be payable by Lessee upon demand by Lessor and shall be deemed rent hereunder. Lessee acknowledges and agrees that the late charge (i) does not constitute interest, (ii) is an estimate of the costs Lessor will incur as a result of the late payment and (iii) is reasonable in advance in semi-annual installments on June 30 and December 31 amount. A portion of each year. The last semi-annual rental Rental Payment is paid as, and represents payment due before the expiration of this Lease shall be adjusted to provide for rental at the yearly rate so specified from the date such installment is due of, interest, as set forth on Exhibit A. Rental Payments are not prepayable prior to the date scheduled Rental Payment Dates, except in connection with Lessee’s exercise of its option to purchase the expiration of this Lease. All rentals payable Project, as described under the terms of this Lease shall be paid by the Lessee to the trustee (the “Trustee”) under the trust indenture (the “Indenture”) securing the bonds to be issued by the Lessor to provide funds for the project on the Premises (such bonds, or bonds issued to refund such bonds, the “Bonds”). All payments so made by the Lessee shall be considered as payments to the Lessor of the rentals payable hereunderSection 10.1. (b) After Notwithstanding the sale foregoing, in the event that Lessee, by its use of the BondsProject or by its actions or omissions or by any means whatsoever, the annual rental shall be reduced to an amount sufficient to pay principal and interest due in each twelve (12) month period commencing each year on January 15, payable in semi-annual installments, rounded to the next One Thousand Dollars, ($1,000) plus Five Thousand Dollars ($5,000). In addition, each such reduced semi- annual installment shall be based on the value causes any payments of the Real Estate and Interest Portions as set forth in Exhibit A to be included in Lessor’s gross income, Lessee agrees that the Existing Improvements together with that portion Interest Portion of the New Improvements which are complete and ready for use and occupancy by Rental Payments on Exhibit A will be adjusted commencing with the Lessee at the time such semi-annual installment is made. Such amount first day of adjusted rental shall be endorsed on Lessee’s next succeeding Fiscal Year, but only if this Lease at the end hereof is renewed for such Fiscal Year, and thereafter, so that Lessor will be in the form same after-tax position as it would have been in had such payment been excluded from the gross income of Exhibit B attached hereto by the parties hereto as soon as the same can be done after the sale Lessor under Section 103 of the Bonds, and such endorsement shall be recorded as an addendum to this LeaseCode. (c) The fixed annual rentals described in this Section 2 (the “Fixed Annual Rentals”) and the additional rentals described in Section 3 (the “Additional Rentals”) shall be payable solely from the revenues of the tax levied by the Lessee pursuant to the Indiana Code § 36-1-10- 17 (the “Tax Revenues”). The Lessee may pay the Fixed Annual Rentals and the Additional Rentals or any other amounts due hereunder from any other revenues legally available to the Lessee; provided, however, the Lessee shall be under no obligation to pay any Fixed Annual Rentals or Additional Rentals or any other amounts due hereunder from any moneys or properties of the Lessee except the Tax Revenues received by the Lessee.

Appears in 1 contract

Samples: Lease Purchase Agreement

Rental Payments. (a) The Lessee agrees to pay rental for the Premises at a rate per year during the term of this Lease Term not to exceed Five One Million Three Hundred Fifty Thousand Dollars ($550,0001,350,000). Each such semi- semi-annual installment, payable as hereinafter described, shall be based on the value of the Real Estate and Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. The first rental installment shall be due on June 30the first January 15 or July 15 after the Improvements, 20 or December 31a portion thereof, 20 are complete for use and occupancy, as determined by the Lessor and the Lessee pursuant to Exhibit C and at the such time the parties hereto Lessor and the Lessee shall endorse the Addendum to Lease in the form attached hereto as Exhibit B. C. Thereafter, such rental shall be payable in advance in semi-annual installments on June 30 January 15 and December 31 July 15 of each year. The last semi-annual rental payment due before the expiration of this Lease shall be adjusted to provide for rental at the yearly rate so specified from the date such installment is due to the date of the expiration of this Lease. All rentals payable under the terms of this Lease shall be paid by the Lessee theLessee to the trustee (the “Trustee”) Trustee under the trust indenture (the “Indenture”) securing the bonds to be issued by the Lessor to provide funds for the project on the Premises (such bonds, or bonds issued to refund such bonds, the “Bonds”). All payments so made by the Lessee shall be considered as payments to the Lessor of the rentals payable hereunder. (b) After the sale of the Bonds, the annual rental shall be reduced to an amount amount, which, together with lease rentals payable by the Lessee under the Public Lease, is sufficient to pay principal and interest due in each twelve (12) month period commencing each year on January July 15, payable in semi-annual installments, rounded to the next One Thousand Dollarshigher thousand dollars, ($1,000) plus Five Thousand Dollars five thousand dollars ($5,000). In addition, each such reduced semi- semi-annual installment shall be based on the value of the Real Estate and the Existing Improvements together with that portion of the New Improvements which are complete and ready for use and occupancy by the Lessee at the time such semi-annual installment is made. Such amount of adjusted rental shall be endorsed on this Lease at the end hereof in the form of Exhibit B attached hereto by the parties hereto as soon as the same can be done after the sale of the Bonds, and such endorsement shall be recorded as an addendum to this Lease. (c) The fixed annual rentals described in this Section 2 3 (the “Fixed Annual Rentals”) and the additional rentals described in Section 3 (the “Additional Rentals”) shall be payable solely from the revenues of the tax levied by the Lessee pursuant to the Indiana Code § 36-1-10- 17 (the “Tax LIT Revenues”). The Lessee may may, in its sole discretion, pay the Fixed Annual Rentals and the Additional Rentals or any other amounts due hereunder from any other revenues legally available to the Lessee; provided, however, the Lessee shall be under no obligation to pay any Fixed Annual Rentals or Additional Rentals or any other amounts due hereunder from any moneys or properties of the Lessee except the Tax LIT Revenues received by the Lessee.

Appears in 1 contract

Samples: Garage Lease

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