Common use of Rental Clause in Contracts

Rental. Tenant shall pay to Landlord for the use and occupancy of the ------ Demised Premises during the first year of Initial Term an initial annual rental of $9.75 per square foot, payable in equal monthly installments of $6,402.50 in advance on or before the first day of each and every month beginning on the Completion Date. During the remainder of the Lease Term, base rent shall increase by three percent per year, effective on each 12-month anniversary date of the Completion Date. All rental payments provided herein shall be payable to Landlord, until notice to the contrary is given by Landlord. Tenant shall have no right to offset against rent hereunder. Any payment of rent not received on or before the first day of the month shall incur a late fee equal to fifty dollars ($50.00). In addition, any amounts of rent not paid when due hereunder shall bear interest at the rate of ten percent (10%) per annum from the date due until paid in full. As security for the faithful performance by Tenant throughout the term, and any extensions or renewals thereof, of all the terms and conditions of the Lease on the part of Tenant, Tenant shall deposit with Landlord the sum of $6,402.50 (the "Security Deposit") on the date Tenant executes and delivers this Lease to Landlord. Such amount shall be returned to Tenant, without interest, after the expiration of the Lease Term, provided Tenant has fully and faithfully observed and performed all of the terms, covenants, agreements, warranties and conditions hereof on its part to be observed and performed. Landlord shall have the right to apply all or any part of the Security Deposit toward the cure of any default of Tenant. If all or any part of said security deposit is so applied by Landlord, then Tenant shall immediately pay to Landlord an amount sufficient to return said security deposit to the balance on deposit with Landlord prior to said application, Neither Landlord nor its agents shall be required to keep the Security Deposit separate from their general accounts, it being agreed that the Security Deposit may be commingled with other funds of Landlord or of its agents. It is further agreed and acknowledged by Tenant that Landlord or its agents shall have the right to deposit the Security Deposit in an interest- bearing account, and all interest accrued on the Security Deposit shall belong to Landlord and will be retained by Landlord as its property.

Appears in 2 contracts

Samples: Lease Agreement (Ticketmaster Online Citysearch Inc), Lease Agreement (Citysearch Inc)

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Rental. Tenant shall pay 4.1 The rental payable by the Lessee to Landlord the Lessor for the use property is the sum of R ( ) per month, and occupancy of the ------ Demised Premises during the first year of Initial Term an initial annual Lessee hereby acknowledges that such rental of $9.75 per square footis reasonable. The rental shall be paid monthly in advance, payable in equal monthly installments of $6,402.50 in advance on or before the first day of each and every month beginning month, free of bank charges and without deduction or set-off for any reason whatsoever. The rental shall be paid into the bank account nominated by the Lessor, the details whereof are: Name of account holder: Name of bank: Branch name: _ Branch Code. Reference: The Lessor shall be entitled to change the above bank account details by notifying the Lessee thereof in writing and on one month’s written notice. 4.2 In the Completion Dateevent that the rental is paid in cash, the Lessee shall be liable for any additional cash deposit fees incurred by the Lessor. During The Lessor shall provide the remainder Lessee with written receipts of all rental payments made in terms of Section 5(3)(a) and (b) of the Lease TermRental Housing Act, base rent Act No. 50 of 1999 (the “RHA”). In the event that rental payments are effected by the Lessee by cheque, payment thereof must be made no less than 10 (ten) days prior to the first of each month so as to ensure that payment reflects in the Lessor’s account on or before due date, failing which, the payment will be deemed to be late and penalties as provided for herein will apply. 4.3 The first months’ rental shall increase by three percent per yearbecome due and payable on and the Lessee shall not be entitled to take occupation of the property, effective on each 12-month anniversary notwithstanding the date of commencement of the Completion Date. All lease agreement, unless the deposit has been received by the Lessor. 4.4 The Lessee shall not, for any reason whatsoever, be entitled to withhold payment of the final months’ rental payments provided herein or any portion thereof and to set such rental off against the deposit that is payable in terms hereof. 4.5 In the event that the Lessee attempts to apply a set-off of the final months’ rental against the deposit, such act shall be payable deemed to Landlordbe confirmation that the Lessee intends vacating the property and removing his goods therefrom without paying the final months’ rental, until in which case the Lessor shall be entitled to take immediate steps, without notice to the contrary is given by Landlord. Tenant shall Lessee, to have no right his goods attached and removed from the property, to offset against rent hereunder. Any be held as security for payment of rent not received on or before the first day final month’s rental and/or any arrear rentals then owing by the Lessee. 4.6 Should the term of the lease agreement exceed the initial ( ) month shall incur a late fee equal period, as agreed to fifty dollars ($50.00). In addition, any amounts of rent not paid when due hereunder shall bear interest at the rate of ten percent (10%) per annum from the date due until paid in full. As security for the faithful performance by Tenant throughout the term, and any extensions or renewals thereof, of all the terms and conditions of the Lease on the part of Tenant, Tenant shall deposit with Landlord the sum of $6,402.50 (the "Security Deposit") on the date Tenant executes and delivers this Lease to Landlord. Such amount shall be returned to Tenant, without interest, after the expiration of the Lease Term, provided Tenant has fully and faithfully observed and performed all of the terms, covenants, agreements, warranties and conditions hereof on its part to be observed and performed. Landlord shall have the right to apply all or any part of the Security Deposit toward the cure of any default of Tenant. If all or any part of said security deposit is so applied by Landlordparagraph 3 above, then Tenant the rental shall immediately pay to Landlord an amount sufficient to return said security deposit to the balance automatically escalate by % (compounded), on deposit with Landlord prior to said application, Neither Landlord nor its agents shall be required to keep the Security Deposit separate from their general accounts, it being agreed that the Security Deposit may be commingled with other funds of Landlord or of its agents. It is further agreed and acknowledged by Tenant that Landlord or its agents shall have the right to deposit the Security Deposit in an interest- bearing account, and all interest accrued on the Security Deposit shall belong to Landlord and will be retained by Landlord as its propertyeach year.

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement

Rental. Tenant (a) Reseller shall pay to Landlord Capital as rental for the use Equipment rented under each Statement of Work the Basic Rental set forth in such Statement of Work. The Basic Rental shall be due and occupancy of the ------ Demised Premises during the first year of Initial Term an initial annual rental of $9.75 per square foot, payable in equal monthly installments of $6,402.50 in advance on or before the first (1st) day of each and every month beginning after receipt of an invoice by Reseller from Capital or Capital’s assignee. If the Acceptance Date does not fall on the Completion Date. During first day of a month, the remainder payment for the first partial month will be prorated on the basis of the Lease Termdays in the partial month and such invoice will be invoiced to Reseller, base rent shall increase and due immediately upon receipt by three percent per yearReseller, effective on each 12-month anniversary date in conjunction with the execution of the Completion Dateapplicable Statement of Work. All rental payments provided herein Except for invoices relating to partial months, invoices shall be payable sent to LandlordReseller by first class mail, until notice to the contrary is given postage prepaid, or by Landlord. Tenant shall have no right to offset against rent hereunder. Any payment of rent not received email, on or before the 15th day of the month preceding that for which the Basic Rental is due to afford Reseller sufficient time to process the invoice for timely payment on the first day of the month subsequent month. In the event Reseller does not make payment of any Basic Rental or other monies due hereunder within five (5) days of its due date, Reseller shall incur be liable to Capital for a late payment fee equal to fifty dollars ($50.00). In addition, any amounts of rent not paid when due hereunder shall bear interest at the rate of ten five percent (105%) per annum of the past due balance from the date due until paid in full. As security for the faithful performance by Tenant throughout the termthereof, and shall pay such amount promptly to Capital or Capital’s assignee. Any past due balances shall also include any extensions late payment fees assessed from previous months, and such late payment fees shall be added to the past due balance and shall be subject to the late payment fee of five percent (5%), as set forth herein. (b) In addition to the Basic Rental, Reseller shall pay to Capital an amount equal to all taxes that are levied or renewals thereofbased on this transaction, the Basic Rental, this DAAS Agreement, any and all Statement of all Works, and/or the terms Equipment or its use, lease, sale, operation, control or value, including, without limitation, state and conditions local sales, use, excise, purchase, property, added value or other taxes, or amounts in lieu thereof paid or payable by Capital in respect of the Lease on foregoing (collectively, “Taxes”), but excluding only federal and state income taxes of Capital. Personal Property taxes, if any, with respect to the part of TenantEquipment, Tenant shall deposit with Landlord the sum of $6,402.50 (the "Security Deposit") on the date Tenant executes and delivers this Lease to Landlord. Such amount shall be returned filed with the appropriate authorities by Capital, and reimbursed by Reseller as and when invoiced by Capital within thirty (30) days of receipt of invoice of Taxes from Capital. Reseller shall be liable for any penalties, interest and other charges in respect of said taxes due to Tenant, without interest, after improper filing as a result of a change in the expiration location of the Lease TermEquipment or Reseller not reported to Capital in writing. Notwithstanding anything herein to the contrary, provided Tenant has fully Reseller must provide Capital with a valid tax exemption certificate as a condition of renting Equipment pursuant to this DAAS Agreement. If Reseller does not satisfy this requirement and faithfully observed and performed all continues to rent Equipment in violation of this provision of the termsDAAS Agreement, covenantsthen Reseller shall be responsible for collection and remittance of any tax due, agreementsand Reseller shall indemnify Capital, warranties as set forth in Section 6(a) of this DAAS Agreement, for any violation of this Section 4(c), and conditions hereof on its part for any associated tax, penalties, and/or interest assessed to be observed and performedCapital as a result of Reseller’s failure to have such exemption certificate. Landlord Reseller shall have the right obligation to apply all or provide current tax exemption certificates to Capital within fifteen (15) days of receipt of any part such certificate, and Reseller shall have an obligation to provide written notice to Capital of the Security Deposit toward the cure revocation of any default such tax exemption certificate within fifteen (15) days of Tenantany such revocation. (c) Reseller hereby authorizes Capital to initiate ACH or other electronic debits to Reseller’s account for the Basic Rental and Taxes and authorizes the named depository financial institution to honor such debit entries against such account. If all or any part of said security deposit is so applied by Landlord, then Tenant Reseller shall immediately pay to Landlord an amount sufficient to return said security deposit to the balance on deposit provide such ACH authorization together with Landlord prior to said application, Neither Landlord nor its agents shall be required to keep the Security Deposit separate from their general accounts, it being agreed that the Security Deposit may be commingled with other funds of Landlord or of its agents. It is further agreed and acknowledged by Tenant that Landlord or its agents shall have the right to deposit the Security Deposit account information in an interest- bearing accountACH authorization form acceptable to Capital. Reseller will pay a fee to Capital of $30.00 if any ACH debit entry by Capital against Reseller’s account is dishonored. (d) EACH STATEMENT OF WORK SHALL BE A NET LEASE. In addition to Basic Rent and Taxes, Reseller shall pay all customs, duties or surcharges on imports or exports, plus all expenses incurred in connection with Capital’s purchase and all interest accrued on Reseller’ use of the Security Deposit shall belong to Landlord Equipment, including, but not limited to, shipment, delivery, installation and will be retained by Landlord as its propertyinsurance.

Appears in 1 contract

Samples: Device as a Service Rental Agreement

Rental. A. Tenant shall pay to Landlord for the use and occupancy of the ------ Demised Premises during the first year of Initial Term an initial a basic annual rental of Eighty-Two Thousand, Three Hundred Eighteen and 56/100 Dollars ($9.75 per square foot82, 318. 56) , subject to adjustment in accordance with the provisions of Addendum A (Rent Adjustment Formula") attached hereto and made a part hereof, payable in equal monthly installments of $6,402.50 in advance on or before the first day of each and every calendar month beginning on during the Completion Dateterm of this Lease. During the remainder of If the Lease TermCommencement Date occurs on a day other than the first day of a month, base rent shall increase by three percent per year, effective on each 12-month anniversary date of from the Completion Date. All rental payments provided herein shall be payable to Landlord, Lease Commencement Date until notice to the contrary is given by Landlord. Tenant shall have no right to offset against rent hereunder. Any payment of rent not received on or before the first day of the following month shall incur a late fee equal to fifty dollars ($50.00). In addition, any amounts of rent not paid when due hereunder shall bear interest be prorated at the rate of ten percent one-thirtieth (10%1/30th) per annum from the date due until paid in full. As security for the faithful performance by Tenant throughout the term, and any extensions or renewals thereof, of all the terms and conditions of the Lease monthly rental for each such day, payable in advance on the part Lease Commencement Date. Tenant will pay said rent without demand, deduction, set-off or counterclaim, by direct deposit to an account maintained by Landlord at Eastern American Bank or to such other party or address as Landlord may designate by written notice to Tenant. If Landlord shall at any time or times accept said rent after it shall become due and payable, such acceptance shall not excuse delay upon subsequent occasions, or constitute a waiver of Tenant, any or all of Landlord's rights hereunder. B. Tenant shall deposit with Landlord have the sum of $6,402.50 exclusive right to use parking spaces (the "Security DepositParking Spaces") on at no additional rent. Six (6) of the date Parking Spaces shall be surface parking spaces in the parking lot of the Building and four (4) of the Parking Spaces shall be garage spaces in the garage of the Building. All of Tenant's parking spaces shall be clearly marked as reserved for Tenant's use. C. Tenant executes covenants to pay to Landlord, without notice or demand and delivers without deduction or set-off for any reason, the basic annual rental, the escalation rental and all other sums which under any of the provisions of this Lease may become payable to Landlord. Such amount , all of which shall be returned treated as rental payments hereunder, at the times and in the manner in this Lease provided. All such amounts shall be paid to Tenant, without interestLandlord at Landlord's address as specified in this Lease unless and until Landlord otherwise notifies the Tenant in writing, after which the expiration Tenant shall make such payments to such party and at such place as Landlord may designate. If Landlord shall at any time or times accept said rent after it becomes due and payable, such acceptance shall not excuse delay upon subsequent occasions or constitute a waiver of the Lease Term, provided Tenant has fully and faithfully observed and performed any or all of the terms, covenants, agreements, warranties and conditions hereof on its part to be observed and performed. Landlord shall have the right to apply all or any part of the Security Deposit toward the cure of any default of Tenant. If all or any part of said security deposit is so applied by Landlord, then Tenant shall immediately pay to Landlord an amount sufficient to return said security deposit to the balance on deposit with Landlord prior to said application, Neither Landlord nor its agents shall be required to keep the Security Deposit separate from their general accounts, it being agreed that the Security Deposit may be commingled with other funds of Landlord or of its agents. It is further agreed and acknowledged by Tenant that Landlord or its agents shall have the right to deposit the Security Deposit in an interest- bearing account, and all interest accrued on the Security Deposit shall belong to Landlord and will be retained by Landlord as its property's rights hereunder.

Appears in 1 contract

Samples: Purchase and Assumption Agreement (Century Bancshares Inc)

Rental. Tenant shall Lessee agrees to pay to Landlord for the use and occupancy of the ------ Demised Premises Lessor, without deduction, set off, prior notice, or demand, rental during said term payable on the first year day of Initial Term an initial annual rental of $9.75 per square foot, payable each month in equal advance monthly installments of $6,402.50 in advance THREE THOUSAND NINE HUNDRED THIRTY-SEVEN AND 50/100------($3,937.50) dollars. One monthly installment of rent shall be due and payable on the date of execution of this Lease by Lessee for the first month's rent and a like monthly installment shall be due and payable on or before the first day of each calendar month succeeding the "commencement date" during the demised term; provided, that if the "commencement date" should be a date other than the first day of a calendar month, the monthly rental set forth above shall be prorated to the end of that calendar month, and every month beginning on the Completion Date. During the remainder all succeeding installments of the Lease Term, base rent shall increase by three percent per year, effective on each 12-month anniversary date of the Completion Date. All rental payments provided herein shall be payable to Landlord, until notice to the contrary is given by Landlord. Tenant shall have no right to offset against rent hereunder. Any payment of rent not received on or before the first day of each succeeding calendar month during the month demised term. On the date of execution of this Lease by Lessee, there shall incur be due and 199 payable by Lessee a late fee security deposit in an amount equal to fifty dollars ($50.00). In addition, any amounts of rent not paid when due hereunder shall bear interest at the rate of ten percent (10%) per annum from the date due until paid in full. As security one monthly rental installment to be held for the faithful performance by Tenant throughout Lessee of Lessee's covenants and obligations under this Lease, it being expressly understood that the termdeposit shall not be considered an advance payment of rental or a measure of Lessor's damage in case of default by Lessee. Upon the occurrence of any event of default by Lessee or breach by Lessee of Lessee's covenants under this Lease, and any extensions or renewals thereofLessor may, of all the terms and conditions of the Lease on the part of Tenant, Tenant shall deposit with Landlord the sum of $6,402.50 (the "Security Deposit") on the date Tenant executes and delivers this Lease from time to Landlord. Such amount shall be returned to Tenanttime, without interestprejudice to any other remedy, after use the expiration of the Lease Term, provided Tenant has fully and faithfully observed and performed all of the terms, covenants, agreements, warranties and conditions hereof on its part to be observed and performed. Landlord shall have the right to apply all or any part of the Security Deposit toward the cure of any default of Tenant. If all or any part of said security deposit is so applied by Landlord, then Tenant shall immediately pay to Landlord an amount sufficient to return said security deposit to the extent necessary to make good any arrears of rent and/or any damage, injury, expense or liability caused to Lessor by the event of default or breach of covenant, any remaining balance on of the security deposit with Landlord prior to said applicationbe returned by Lessor to Lessee upon termination of this Lease. All rental due under this Lease is payable to the order of THE EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES, Neither Landlord nor its agents shall be required but delivered to keep Lessor or Lessor's Agent at the Security Deposit separate from their general accounts, it being agreed that the Security Deposit may be commingled with other funds of Landlord or of its agents. It is further agreed and acknowledged by Tenant that Landlord or its agents shall have the right to deposit the Security Deposit address designated for notice in an interest- bearing account, and all interest accrued on the Security Deposit shall belong to Landlord and will be retained by Landlord as its propertyArticle 26.

Appears in 1 contract

Samples: Lease Agreement (Champion Industries Inc)

Rental. Tenant Base or fixed rents and Additional Rent (as hereinafter defined), including any prepaid rent. If on the Closing Date any tenant under the Leases is in arrears in the payment of rent, rents received from such tenant after the Closing shall pay be applied in the following order of priority: (i) first to Landlord be apportioned between Purchaser and Seller for the use month in which the Closing occurred, (ii) then to Purchaser for any month or months following the month in which the Closing occurred, and occupancy (iii) then to Seller for the period prior to the month in which the Closing occurred. If rents or any portion thereof received by Seller or Purchaser after the Closing are payable to the other party by reason of this allocation, the ------ Demised Premises during the first year appropriate sum, less a proportionate share of Initial Term an initial annual rental any reasonable attorneys' fees and costs and expenses of $9.75 per square footcollection thereof, payable in equal monthly installments of $6,402.50 in advance on or before the first day of each and every month beginning on the Completion Date. During the remainder of the Lease Term, base rent shall increase by three percent per year, effective on each 12-month anniversary date of the Completion Date. All rental payments provided herein shall be payable to Landlord, until notice promptly paid to the contrary is given by Landlordother party. Tenant shall have no right to offset against rent hereunder. Any payment of rent not received on or before the first day of the month shall incur a late fee equal to fifty dollars ($50.00). In addition, any amounts of rent not paid when due hereunder shall bear interest at the rate of ten percent (10%) per annum from the date due until paid in full. As security for the faithful performance by Tenant throughout the term, and any extensions or renewals thereof, of all the terms and conditions of the Lease on the part of Tenant, Tenant shall deposit with Landlord the sum of $6,402.50 (the "Security Deposit") on the date Tenant executes and delivers this Lease to Landlord. Such amount shall be returned to Tenant, without interest, after the expiration of the Lease Term, provided Tenant has fully and faithfully observed and performed all of the terms, covenants, agreements, warranties and conditions hereof on its part to be observed and performed. Landlord Seller shall have the right right, after Closing, to apply all or any part proceed against tenants for delinquent rents allocable to the period of Seller's ownership of the Security Deposit toward Property; provided, however, in no event may Seller seek to evict any tenant or terminate any Lease or pursue any collateral serving as security for any Lease (including equipment, fixtures and furniture). Purchaser agrees that it shall use commercially reasonable efforts to collect any such delinquent rents. Any unapplied security deposits under the cure Leases shall be credited against the Cash Portion of any default the Purchase Price at Closing. There shall be no proration of Tenant. If all rents (including, without limitation, base, fixed or any part of said security deposit is so applied by Landlord, then Tenant shall immediately pay to Landlord an amount sufficient to return said security deposit Additional Rent) between Seller and Purchaser with respect to the balance on deposit with Landlord prior to said application, Neither Landlord nor its agents shall be required to keep the Security Deposit separate from their general accounts, it being agreed that the Security Deposit may be commingled with other funds of Landlord or of its agents. It is further agreed and acknowledged by Tenant that Landlord or its agents shall have the right to deposit the Security Deposit in an interest- bearing account, and all interest accrued on the Security Deposit shall belong to Landlord and will be retained by Landlord as its propertyGround Leases.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Cali Realty Corp /New/)

Rental. (a) Tenant shall pay to Landlord the following amounts as fixed monthly rent (the "FIXED RENT") for the use Premises: (i) During the Primary Term of this Lease, Tenant shall pay to Landlord the amount of Fixed Rent specified in the Basic Lease Information with respect to the Primary Term. (ii) During the Extension Terms, if any, Tenant shall pay to Landlord the amount of Fixed Rent specified in the Basic Lease Information with respect to the Extension Terms, which amount shall be calculated in accordance with the provisions of Section 26. (b) Throughout the Term of this Lease, Tenant shall pay, as Additional Rent, all other amounts of money and occupancy charges required to be paid by Tenant under this Lease, whether or not such amounts of the ------ Demised Premises during the first year of Initial Term an initial annual rental of $9.75 per square footmoney or charges are designated Additional Rent. (c) Tenant shall pay all Fixed Rent to Landlord, payable in equal monthly installments of $6,402.50 in advance advance, on or before the first day of each and every calendar month beginning on during the Completion Date. During the remainder Term of the Lease Term, base rent shall increase by three percent per year, effective on each 12-month anniversary date of the Completion Date. All rental payments provided herein shall be payable to Landlord, until notice to the contrary is given by Landlordthis Lease. Tenant shall have no right pay all Additional Rent when due. Tenant shall pay all Fixed Rent to offset against rent hereunderLandlord without notice, demand, deduction or offset, in lawful money of the United States of America, at the address of Landlord specified in the Basic Lease Information or, at the election of Tenant, by wire transfer or other electronic means (or otherwise so there are collected funds available to Landlord on the due date), or to such other person or at such other place as Landlord may from time to time designate in writing. (d) Tenant acknowledges that the late payment by Tenant of any Fixed Rent or reimbursement of Additional Rent advanced by Landlord will cause Landlord to incur costs and expenses, the exact amount of which is extremely difficult and impractical to fix. Any payment of rent If any Fixed Rent or Additional Rent advanced by Landlord is not received by Landlord on or before its due date or if reimbursement for Additional Rent advanced by Landlord is not received by Landlord within five (5) business days after written demand, Tenant shall pay to Landlord interest on such delinquent amount at the first day of the month shall incur a late fee equal to fifty dollars ($50.00)Overdue Rate until paid. In additionno event shall payment of interest at the Overdue Rate be deemed to grant to Tenant a grace period or extension of time within which to pay any Rent or prevent Landlord from exercising any right or enforcing any remedy available to Landlord upon Tenant's failure to pay all Rent due under this Lease on its due date or within any applicable grace or cure period, any including the right to terminate this Lease. All amounts of rent money payable by Tenant to Landlord hereunder, if not paid when due hereunder due, shall bear interest from the due date thereof until paid at the rate Overdue Rate. (e) It is the intention of ten percent (10%) per annum from Landlord and Tenant that, except as otherwise expressly provided in this Lease, the date due until paid in full. As security for the faithful performance Fixed Rent payable by Tenant to Landlord during the entire Term of this Lease shall be absolutely net of all costs and expenses incurred in connection with the management, operation, maintenance and repair of the Premises in accordance with this Lease. Except as otherwise expressly set forth herein, Landlord shall have no obligations or liabilities whatsoever with respect to the operation, maintenance or repair of the Premises during the term of this Lease, and Tenant shall operate, maintain and repair the Premises in accordance with this Lease and shall pay all costs and expenses incurred in connection therewith before such costs or expenses become delinquent. Without limiting the generality of the foregoing, throughout the term, and any extensions or renewals thereof, entire term of all the terms and conditions of the Lease on the part of Tenantthis Lease, Tenant shall deposit with Landlord pay, as Additional Rent, all premiums for all property and liability insurance covering the sum of $6,402.50 Premises, all Property Taxes (the "Security Deposit"as defined in Section 5(a)(i)) on the date Tenant executes and delivers this Lease to Landlord. Such amount shall be returned to Tenant, without interest, after the expiration of the Lease Term, provided Tenant has fully and faithfully observed and performed all of the terms, covenants, agreements, warranties and conditions hereof on its part to be observed and performed. Landlord shall have the right to apply all Operating Expenses (as defined in Section 6(b)) that accrue during or any part of the Security Deposit toward the cure of any default of Tenant. If all or any part of said security deposit is so applied by Landlord, then Tenant shall immediately pay to Landlord an amount sufficient to return said security deposit are allocable to the balance on deposit with Landlord prior to said application, Neither Landlord nor its agents shall be required to keep the Security Deposit separate from their general accounts, it being agreed that the Security Deposit may be commingled with other funds terms of Landlord or of its agents. It is further agreed and acknowledged by Tenant that Landlord or its agents shall have the right to deposit the Security Deposit in an interest- bearing account, and all interest accrued on the Security Deposit shall belong to Landlord and will be retained by Landlord as its propertythis Lease.

Appears in 1 contract

Samples: Lease Agreement (Transkaryotic Therapies Inc)

Rental. Tenant The rent shall be the amount of R2 306.70 (two thousand three hundred and six rand seventy cents) per month excluding VAT with an annual escalation of 6%. Whenever any charges are increased during the Lease period, the LESSOR may, by written notice to the LESSEE, increase the monthly rent for the property by an amount equivalent to the increase in such charges calculated on a monthly basis. Every such increase in the rent shall take effect on the first day of the month following that in which the LESSOR’S notice of the increase is received by the LESSEE or, whichever is the later, the date on which the corresponding increase in charges takes effect. The LESSEE shall pay to Landlord for the use and occupancy of the ------ Demised Premises during the first year of Initial Term an initial annual rental of $9.75 per square foot, payable in equal rent monthly installments of $6,402.50 in advance on or before the first 7th day of each and every month beginning the month. Without prejudice to the LESSOR’S right in terms of clause twenty (20) the LESSOR shall be entitled to charge interest at whichever rate is the higher from time to time of 8.5% or prime bank overdraft rate per annum on any arrear rental not having been paid on the Completion Date. During the remainder 7th day of the Lease Termsuch month, base rent shall increase by three percent per year, effective on each 12-month anniversary date of the Completion Date. All rental payments provided herein shall be payable to Landlord, until notice to the contrary is given by Landlord. Tenant shall have no right to offset against rent hereunder. Any payment of rent not received on or before calculated from the first day of the month shall incur a late fee during which such monthly instalment of rental fell in arrears. The LESSEE will also be liable to pay deposit equal to fifty dollars ($50.00)monthly rental amount. In addition, any amounts of rent not paid when due hereunder shall bear interest at the rate of ten percent (10%) per annum from the date due until paid in full. As security for the faithful performance by Tenant throughout the term, and any extensions or renewals thereof, of all the terms and conditions of the Lease on the part of Tenant, Tenant shall deposit with Landlord the sum of $6,402.50 (the "Security Deposit") on the date Tenant executes and delivers this Lease to Landlord. Such amount shall be returned to Tenant, without interest, after the expiration of the Lease Term, provided Tenant has fully and faithfully observed and performed all of the terms, covenants, agreements, warranties and conditions hereof on its part to be observed and performed. Landlord The LESSOR shall have the right to apply all the whole or any part of the Security Deposit toward the cure towards payment of any default of Tenant. If all rent, Vat or any part other liability or amount whatsoever due by the LESSEE in terms of said security deposit is so applied this Lease Agreement, the recovery of expenses incurred by Landlord, then Tenant shall immediately pay to Landlord an amount sufficient to return said security deposit to the balance on deposit with Landlord prior to said application, Neither Landlord nor its agents shall be required to keep LESSOR in carrying out any of the Security Deposit separate from their general accounts, it being agreed that LESSOR’S obligations in terms of this lease and or the Security Deposit may be commingled with other funds reinstatement of Landlord or of its agents. It is further agreed and acknowledged the Premises by Tenant that Landlord the LESSOR or its agents in the event of the LESSEE failing to procure such reinstatement of the Premises upon vacation of the Premises to the original state in which the LESSOR received the Premises from the LESSOR. The LESSOR shall have retain the right to deposit until the Security Deposit in an interest- bearing account, LESSEE has vacated the Premises and all interest accrued on the Security LESSEE’S obligations arising from this Lease have been fulfilled. In the event of the whole or part of the Deposit being utilised by the LESSOR for any purpose contemplated in this lease, the LESSEE shall belong within a period of ten (10) working days after the receipt of notice from the LESSOR calling the reinstatement and specifying the amount required for that purpose, reinstate the deposit, as the case may be, to Landlord and its original amount. Any part of the deposit not being used by the LESSOR will be retained refunded to the LESSEE within ninety (90) working days of the termination date or vacation of the premises by Landlord as its propertythe LESSEE whichever occurs first provided the LESSE’S obligations arising from this Lease have been fulfilled.

Appears in 1 contract

Samples: Lease Agreement

Rental. Section 5.01. Subject to the last sentence of this Section 5.01, ------------- commencing on the Commencement Date, Tenant shall pay Day to Landlord for the use and occupancy of the ------ Demised Premises during the first year of Initial Term an initial annual rental of $9.75 per square footmonthly, payable in equal monthly installments of $6,402.50 in advance advance, without demand, on or before the first day of each and every calendar month beginning on the Completion Date. During the remainder during each Lease Year, an annual rental ("Annual Rental") in an amount equal to 1/12 of the Annual Rental specified in the Basic Lease TermInformation, base rent shall increase by three percent per yearsubject to adjustment as provided in Section 1.02, effective on each 12-month anniversary date of the Completion Dateand Article 32 hereof. All rental payments provided herein [redacted text] shall be payable to Landlord, until notice to in advance by Tenant on the contrary date of execution of this lease. If the Commencement Date is given by Landlord. Tenant shall have no right to offset against rent hereunder. Any payment of rent not received on or before a date other than the first day of a calendar month, then the monthly installment of Rental for the first month for which rent is owing, being a fractional month, shall incur be appropriately prorated. If the Expiration Date is a late fee equal date other than the last day of a calendar month, then the monthly installment of Rental for the last month for which rent is owing, being a fractional month, shall be appropriately prorated. Landlord hereby waives and abates payment of the Annual Rental for the first seven (7) months of the Term. Section 5.02. All Rental shall be paid to fifty dollars Landlord by Tenant when ------------- due, without deduction, offset or counter-claims, in lawful money of the United States, at Landlord's Address for Notices as specified in the Basic Lease Information, or such other place as Landlord may from time to time designate. The term "Rental" as used herein means the then applicable Annual Rental, Tenant's Proportionate Share of Basic Costs Excess ($50.00as hereinafter defined), and all other sums payable by Tenant under this lease. In addition, any amounts All past due installments of rent not paid when due hereunder Rental shall bear interest at the rate of ten percent (10%) per annum from the date due until paid in full. As security for at a rate per annum equal to [redacted text] above the faithful performance by Tenant throughout the term, and any extensions prime or renewals thereof, of all the terms and conditions of the Lease on the part of Tenant, Tenant shall deposit with Landlord the sum of $6,402.50 base rate (the "Security DepositPrime Rate") on publicly announced by The Xxxxx National Bank of Washington, D.C. (or its successor), from time to time; provided, however, that any interest payable pursuant to this Section 5.03 shall never exceed the date Tenant executes and delivers this Lease Highest Lawful Rate. The term "Highest Lawful Rate" as used herein shall mean the maximum rate of interest from time to Landlord. Such amount shall be returned to Tenant, without interest, after the expiration of the Lease Term, provided Tenant has fully and faithfully observed and performed all of the terms, covenants, agreements, warranties and conditions hereof on its part time permitted to be observed and performed. Landlord shall have the right charged under applicable law to apply all or any part of the Security Deposit toward the cure of any default of Tenant. If all or any part of said security deposit is so applied by Landlord, then Tenant shall immediately pay to Landlord an amount sufficient to return said security deposit with respect to the balance on deposit with Landlord prior to said application, Neither Landlord nor its agents shall be required to keep the Security Deposit separate from their general accounts, it being agreed that the Security Deposit may be commingled with other funds of Landlord or of its agents. It indebtedness for which such interest is further agreed and acknowledged by Tenant that Landlord or its agents shall have the right to deposit the Security Deposit in an interest- bearing account, and all interest accrued on the Security Deposit shall belong to Landlord and will be retained by Landlord as its propertycharged under this lease.

Appears in 1 contract

Samples: Sublease Agreement (Opnet Technologies Inc)

Rental. Tenant shall pay to Landlord As rental for the lease and use and occupancy of the ------ Demised Premises during Leased Premises, Tenant will pay Landlord or Landlord's assigns, at the first year address of Initial Landlord specified in Paragraph 1.C. hereof, without demand and without deduction, abatement or setoff (except as otherwise expressly provided for herein in Paragraph 6 hereof, Paragraph 8 hereof and Paragraph 15 hereof), the Base Rental in the manner specified in Paragraph 1.L. hereof, in lawful money of the United States. If the Term an initial annual rental of $9.75 per square foot, payable in equal monthly installments of $6,402.50 in advance this Lease does not commence on or before the first day of each and every month beginning on the Completion Date. During the remainder a calendar month, tenant shall pay to landlord in advance a pro rata part of the Lease Term, base rent shall increase by three percent per year, effective on each 12-month anniversary date of the Completion Date. All such sum as rental payments provided herein shall be payable to Landlord, until notice to the contrary is given by Landlordfor such first partial month. Tenant shall have no right to offset against rent hereundernot pay any installment of rental more than one (1) month in advance. Any All past due installments of rental or other payment of rent not received on or before the first day of the month shall incur a late fee equal to fifty dollars ($50.00). In addition, any amounts of rent not paid when due hereunder specified herein after applicable notice and cure period shall bear interest at the highest lawful rate of ten percent (10%) per annum from the date due until paid in fullpaid. As security for the faithful performance by If Tenant throughout the termfails to timely pay two (2) consecutive installments of Base Rental, and or other payment specified herein, or any extensions or renewals combination thereof, of all the terms after any applicable notice and conditions of the Lease on the part of Tenantcure period, Landlord may require Tenant shall deposit with Landlord the sum of $6,402.50 to pay (the "Security Deposit"in addition to any interest) on the date Tenant executes Base Rental and delivers this Lease to Landlord. Such amount shall be returned to Tenant, without interest, after the expiration of the Lease Term, provided Tenant has fully and faithfully observed and performed all of the terms, covenants, agreements, warranties and conditions hereof on its part to be observed and performed. Landlord shall have the right to apply all or any part of the Security Deposit toward the cure of any default of Tenant. If all or any part of said security deposit is so applied other payments specified herein (as reasonably estimated by Landlord, then if necessary) quarterly in advance, and, in such event, all future payments shall be made on or before the due date in cash or by cashier's check or money order, and the delivery of Tenant's personal or corporate check shall no longer constitute payment thereof. Any acceptance of Tenant's personal or corporate check thereafter by Landlord shall not be construed as a waiver of the requirement that such payments be made in cash or by cashier's check or money order. Any amount so estimated by Landlord and paid by Tenant shall immediately pay be adjusted promptly after actual figures become available and paid or credited to Landlord an amount sufficient to return said security deposit to or Tenant, as the balance on deposit with Landlord prior to said application, Neither Landlord nor its agents shall be required to keep the Security Deposit separate from their general accounts, it being agreed that the Security Deposit case may be commingled with other funds of Landlord or of its agents. It is further agreed and acknowledged by Tenant that Landlord or its agents shall have the right to deposit the Security Deposit in an interest- bearing account, and all interest accrued on the Security Deposit shall belong to Landlord and will be retained by Landlord as its propertybe.

Appears in 1 contract

Samples: Office Lease Agreement (Communication Telesystems International)

Rental. Tenant Lessee shall pay to Landlord for the use and occupancy of the ------ Demised Premises during the first year of Initial Term an initial annual rental Lessor monthly "Base Rent" of $9.75 per square foot, payable in equal monthly installments ____________ ------ (See Addendum Paragraph 34 "Schedule of $6,402.50 in advance Rents") due on or before the first day of each and every month beginning month, in advance, without offset or demand, commencing on May 1, 1997, subject to the Completion Dateterms of Paragraph 34 hereof. During Upon execution of this Lease, Lessee has paid to Lessor $19,695.00, representing the remainder first month's rent due hereunder. In the event Lessee fails to pay the rent or any other payment called for under this Lease within ten (10) days of the Lease Termtime period specified, base rent Lessee shall increase by three pay a late charge equal to five percent per year, effective on each 12-month anniversary date (5%) of the Completion Date. All rental payments provided herein unpaid amount, which late charge shall be payable to Landlordpaid with the required payment. Upon execution of this Lease, until notice to the contrary is given by Landlord. Tenant shall have no right to offset against rent hereunder. Any payment of rent not received on or before the first day of the month shall incur a late fee equal to fifty dollars Lessee has deposited $19,695.00 ($50.00). In addition, any amounts of rent not paid when due hereunder shall bear interest at the rate of ten percent (10%) per annum from the date due until paid in full. As security for the faithful performance by Tenant throughout the term, and any extensions or renewals thereof, of all the terms and conditions of the Lease on the part of Tenant, Tenant shall deposit with Landlord the sum of $6,402.50 (the "Security Deposit") on the date Tenant executes and delivers this Lease with Lessor to Landlordsecure Lessee's performance of its obligations hereunder. Such amount shall be returned to TenantIf Lessee defaults hereunder, without interestthen Lessor may, after the expiration of the Lease Termappropriate notices have been given as provided herein, provided Tenant has fully and faithfully observed and performed without prejudice to Lessor's other remedies, apply part or all of the terms, covenants, agreements, warranties and conditions hereof on its part to be observed and performed. Landlord shall have the right to apply all or any part of the Security Deposit toward the to cure of any default of TenantLessee's default. If Lessor so uses part or all or any part of said security deposit is so applied by Landlordthe Security Deposit, then Tenant Lessee shall, within ten (10) days after written demand, pay Lessor the amount necessary to restore the Security Deposit to its original amount. Lessor shall immediately pay to Landlord an amount sufficient to return said security deposit to the balance on deposit with Landlord prior to said application, Neither Landlord nor its agents shall not be required to keep pay any interest on said Security Deposit. If Lessor sells the Security Deposit separate from their general accountsPremises, it being agreed that the Security Deposit may be commingled with other funds of Landlord or of its agents. It is further agreed and acknowledged by Tenant that Landlord or its agents shall have the right to deposit the Security Deposit in an interest- bearing account, and all interest accrued on the Security Deposit shall belong be transferred to Landlord the purchaser and will Lessor shall be retained by Landlord as its propertyrelieved of any further liability in relation to the Security Deposit. At the termination of this Lease and after Lessee has vacated the Premises, Lessor may use said Security Deposit to cure any defaults of Lessee or to apply to expenses of repairing or cleaning the Premises, if necessary. In the event all or any portion of the Security Deposit remains after paying for such items, said amount shall be paid to Lessee within ten (10) days of said termination and vacating of the Premises.

Appears in 1 contract

Samples: Lease Agreement (Custom Chrome Inc /De)

Rental. 3.01 As rental for the Leased Premises, Tenant shall agrees to pay to Landlord for Landlord, without offset or abatement, except as otherwise provided in the use and occupancy of the ------ Demised Premises during the first Lease, Base Rental as set forth below: Years 1 - 5 $71,458.33/month $857,500.00/year of Initial Term an initial annual rental of Years 6 - 10 $9.75 per square foot, payable in equal monthly installments of 80,000.00/month $6,402.50 in advance 960,000.00/year due on or before the first day of each and every calendar month beginning on or following the Completion Date. During Commencement Date and thereafter for the remainder of the Lease Termterm, base rent shall increase by three percent per year, effective on each 12-month anniversary date of the Completion Date. All together with any other additional rental payments provided herein shall be payable to Landlord, until notice to the contrary is given by Landlordas hereinafter set forth. Tenant shall have no right to offset against rent hereunder. Any payment of rent not received on or before the first day of the month shall incur a late fee equal to fifty dollars ($50.00). In addition, any amounts of rent not paid when due hereunder shall bear pay interest at the a rate of ten eight percent (108%) per annum from on any payment of Base Rental remaining due five (5) days after the due date due until paid in fullthereof. As security for the faithful performance by Tenant throughout the termhas deposited with Landlord, upon delivery of this Lease Agreement, an amount equal to Seventy-One Thousand Four Hundred Fifty-Eight and 33/100 Dollars ($71,458.33) which is to be applied as first month's rental, and any extensions or renewals thereof, of all the terms and conditions part of the Lease on second month's rental if the part first month is a partial month. Landlord shall hold an amount equal to Ten Thousand Seven Hundred Sixty-two and 50/100 ($10,762.50) Dollars from Tenant's previous lease agreement, and upon execution of Tenantthis Lease, shall apply said amount to be held as a refundable security deposit for this Lease. If Tenant shall perform each provision of this Lease, any portion of the security deposit which has not been appropriated by Landlord in accordance with Landlord the sum of $6,402.50 (the "Security Deposit") on the date Tenant executes and delivers this Lease to Landlord. Such amount provisions hereof shall be returned to Tenant, without interest, within thirty (30) days after the expiration of the term of this Lease. Notwithstanding anything to the contrary, Landlord shall not appropriate any portion of the security deposit without first giving Tenant notice which expressly sets forth which provision of the Lease Termwas breached by Tenant and the damages suffered by Landlord as a result of such breach. If the Commencement Date of this Lease shall be a date other than the first day of a calendar month, applicable rent for such month shall be prorated on a daily basis, based on the number of days in such month, and such sum shall be due on the Commencement Date. 3.02 In addition to the rentals called for herein, Landlord agrees to provide or contract for the common area maintenance ("CAM") and Tenant agrees to pay Landlord additional rental for said CAM. CAM shall consist of: maintaining parking areas, planted areas, signs, and routine lawn maintenance, including the trimming of plantings and pruning of trees in the summer, all done in a manner consistent with like-kind space in the northern corridor of the Atlanta, Georgia Metropolitan area. Specifically excluded from the definition of the term "CAM" are expenses for repairs, replacements and general maintenance to the extent paid by proceeds of insurance or by Tenant or other third parties; expenses for repairs, replacements or maintenance to the extent same are to be paid for by Landlord pursuant to the provisions this Lease; interest, amortization or other payments on loans to Landlord whether secured or unsecured; depreciation of the Building; leasing commissions; legal expenses; salaries of officers, executives, employees and agents not directly involved in the on-site operation of the Building; state, federal or local income taxes, excess profits or franchise taxes or other such taxes imposed on or measured by or determined from the gross income of Landlord; and any capital improvements to the Leased Premises with the exception of those mandated by governmental requirements occurring after the Commencement Date. Each year during the term hereof, Landlord shall give Tenant written notice of its estimate of the amount of CAM charges (collectively "Charges") for the Leased Premises for the calendar year. Tenant shall, thereafter, during that calendar year, pay to Landlord one-twelfth (1/12) of the amount set forth in said statement at such time as its monthly installments of base rental hereunder are due and payable. At such time as Landlord is able to determine the actual Charges for such calendar year, Landlord shall deliver to Tenant a statement thereof, and in the event the estimated Charges differ from the actual Charges, any adjustment necessary shall be made to additional rental payments next coming due under this section. Charges for the Leased Premises shall be set at $.25 per square foot of space contained within the Leased Premises for the first full year of the Lease and can only be increased five percent (5%) per annum thereafter. CAM for the calendar years during which the Commencement Date and the last day of the term of Lease occur shall be prorated so that Tenant pays only that portion of the CAM for such calendar years allocable to periods of time during the term of this Lease. 3.03 The base rental provided in section 3.01 above, was based, in part, on a tenant finish allowance for the office space in the amount of $25.00 per square foot ($1,250,000.00) (the "Allowance") for the costs and expenses of construction of the tenant finish to the Leased Premises as set forth in the plans and specifications attached hereto in Exhibit "B" and by reference incorporated herein (herein referred to as the "Approved Plans and Specifications"). Any increases in costs and expenses due to Change Orders shall be taken into account in the manner described in Section 7.01. 3.04 Tenant agrees to pay as additional rent to Landlord, upon demand, its pro rata share of any utility surcharges, or any other costs levied, assessed or imposed by, or at the direction of, or resulting from statutes or regulations, or interpretations thereof, promulgated by any Federal, State, Municipal or local governmental authorities in connection with its use or occupancy of the Leased Premises. 3.05 Tenant recognizes that the Leased Premises are subject to the Protective Covenants (as defined below) and that the Protective Covenants provide, among other things, for the imposition of assessments and other charges against the Leased Premises and the Land. Tenant agrees to pay as additional rent to Landlord, upon demand, any costs, expenses or assessments levied, assessed or imposed on the Leased Premises ("Covenant Assessments") by, or at the direction of, any entity or group authorized by the Protective Covenants to make such assessments or levy such costs in connection with the Leased Premises. Tenant may, within the time and in the manner prescribed by the Protective Covenants for such purpose, in its own name and behalf or, if necessary or appropriate in order to perfect such challenge, in the name and on behalf of Landlord, challenge the amount, validity or applicability of any such costs, expenses or assessments (an "Assessment Protest"); provided that (a) Tenant shall pay any such cost, expense or assessment under protest, prior to delinquency, if any such Assessment Protest does not suspend the collection thereof from any party, and (b) no portion of the Leased Premises or any rentals payable hereunder or Landlord's title or interest therein would be in any danger of being sold, forfeited, interrupted or lost as a result of such Assessment Protest. Tenant shall prosecute any Assessment Protest with due diligence and continuity. Tenant shall provide Landlord with copies of any application, petition or other pleading filed in connection with any Assessment Protest before filing. Landlord may, at its own expense, join with Tenant in making any such application, petition or other pleading, retain co-counsel, attend hearings, present evidence and arguments, and generally participate in the conduct of the Assessment Protest. If and to the extent that Landlord is requested in writing to do so by Tenant, Landlord agrees to cooperate with Tenant in good faith in connection with any Assessment Protest undertaken by Tenant ("Landlord's Cooperation With Assessment Protest"), provided Tenant has fully promptly reimburses Landlord for reasonable expenses in connection therewith. Subject to Landlord's right to reimbursement as set forth below, Tenant shall be entitled to receive and faithfully observed retain any refund of any costs, expense or assessments obtained by Tenant, to the extent such cost, expense or assessment was paid by Tenant under this section 3.05. Nothing contained in this section 3.05 shall limit or restrict Landlord's right to undertake any Assessment Protest with respect to the Leased Premises at its own expense. Any reduction in or refund of any such costs, expenses or assessments previously paid by Tenant obtained by Landlord shall be applied first to Landlord's reasonable costs and performed all expenses incurred in connection with Landlord's Cooperation With Assessment Protest, with the balance refunded to Tenant in the manner described above, and in the event of a reduction in any such costs, expenses and assessments not yet paid by Tenant, Tenant shall reimburse Landlord, within thirty (30) days of receipt of Landlord's invoice therefor, for Landlord's reasonable costs and expenses incurred in connection with Landlord's Cooperation With Assessment Protest, up to the amount of the termsreduction obtained. In the event Tenant undertakes or files any Assessment Protest in the name of Landlord, covenantsTenant shall promptly provide Landlord written notice thereof, agreements, warranties and conditions hereof on its part Tenant acknowledges that Tenant's use of Landlord's name shall be subject to be observed the indemnification of Landlord contained in Article 12 hereof. Tenant shall give Landlord five (5) days advance written notice of any such use of Landlord's name. Covenant Assessments for the calendar years during which the Commencement Date and performed. Landlord shall have the right to apply all or any part last day of the Security Deposit toward term of the cure of any default of Tenant. If all or any part of said security deposit is so applied by Landlord, then Tenant shall immediately pay to Landlord an amount sufficient to return said security deposit to the balance on deposit with Landlord prior to said application, Neither Landlord nor its agents Lease occur shall be required prorated so that Tenant pays only that portion of the Covenant Assessments for such calendar years allocable to keep periods of time during the Security Deposit separate from their general accounts, it being agreed that the Security Deposit may be commingled with other funds term of Landlord or of its agents. It is further agreed and acknowledged by Tenant that Landlord or its agents shall have the right to deposit the Security Deposit in an interest- bearing account, and all interest accrued on the Security Deposit shall belong to Landlord and will be retained by Landlord as its propertythis Lease.

Appears in 1 contract

Samples: Lease Agreement (Innotrac Corp)

Rental. Tenant shall agrees to pay to Landlord an annual base rental as set forth on the Special Stipulations attached hereto, commencing on April 1, 2004 (hereinafter called the "Rent Commencement Date"), subject to extension as provided in Section 6, below. However, notwithstanding the fact that Tenant's base rental obligation shall not commence until the Rent Commencement Date, Tenant's obligations for the use Taxes (hereinafter defined) and occupancy insurance premiums (as set forth in Section 5, below), together with Tenant's obligations for Operating Expenses (hereinafter defined), as set forth in Section 9 below, shall commence as of the ------ Demised Premises during Commencement Date. Tenant shall also pay all taxes in the first year nature of Initial Term an initial annual sales, use or similar taxes, now or hereafter assessed or levied by any taxing authority upon this payment of base rental or additional rent, and which the Landlord is required or permitted to collect from Tenant payable simultaneously with the payment of $9.75 per square footbase rent or additional rent, payable in equal as applicable. Other remedies for nonpayment of rent notwithstanding, if the monthly installments of $6,402.50 in advance rental payment (whether for base rental or other amounts [e.g., Taxes, insurance premiums, and Operating Expenses]) is not received by Landlord on or before the first day of each and every month beginning on the Completion Date. During the remainder of the Lease Term, base rent shall increase by three percent per year, effective on each 12-month anniversary date of the Completion Date. All rental payments provided herein shall be payable to Landlord, until notice to the contrary is given by Landlord. Tenant shall have no right to offset against rent hereunder. Any payment of rent not received on or before the first tenth (10th) day of the month for which rent is due, a service charge of five percent (5%) per month on all past due amounts owed on such date shall incur a late fee equal become due and payable in addition to fifty dollars ($50.00)the regular rent owed under this Lease. In additionNotwithstanding the foregoing sentence, Landlord will provide notice to Tenant of any amounts nonpayment of rent not paid when due hereunder more than one time per lease year and Tenant shall bear interest at the rate of ten percent then have five (10%5) per annum business days from the date due until paid in fullreceipt of notice to make such payment prior to Landlord imposing the penalties as prescribed herein. As security for the faithful performance by Tenant throughout the termTenant's payment of Taxes, insurance premiums, Operating Costs, and any extensions or renewals thereof, of all the terms and conditions of the Lease on the part of Tenant, Tenant shall deposit with Landlord the sum of $6,402.50 (the "Security Deposit") on the date Tenant executes and delivers other monetary sums under this Lease to Landlord. Such amount shall be returned subject to Tenant, without interest, after the expiration of the Lease Term, provided Tenant has fully any and faithfully observed and performed all of the termsprovisions within the Lease which govern Tenant's payment of base rental, covenants, agreements, warranties and conditions hereof on its part all to be observed and performedpaid to the Landlord without demand, deduction or setoff at its office or such agent or such other place as Landlord may designate by notice to Tenant in lawful money of the United States of America, except as set forth in Section 19.2. Rent shall be made payable to the following address (or to such other address as Landlord shall have the right specify to apply all or any part of the Security Deposit toward the cure of any default of Tenant. If all or any part of said security deposit is so applied by LandlordTenant in writing): McMillan Investment Company 3003 W. Xxxxxxx Houston, then Tenant shall immediately pay to Landlord an amount sufficient to return said security deposit to the balance on deposit with Landlord prior to said applicationTexas 77099 Xxxx: Xxx X. Xxxxx, Neither Landlord nor its agents shall be required to keep the Security Deposit separate from their general accounts, it being agreed that the Security Deposit may be commingled with other funds of Landlord or of its agents. It is further agreed and acknowledged by Tenant that Landlord or its agents shall have the right to deposit the Security Deposit in an interest- bearing account, and all interest accrued on the Security Deposit shall belong to Landlord and will be retained by Landlord as its property.XXX

Appears in 1 contract

Samples: Standard Industrial Lease (Egl Inc)

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Rental. 3.1 Tenant shall agrees to pay to Landlord for a fixed minimum rent (hereinafter referred to as the use and occupancy of "Fixed Minimum Rent") at the ------ Demised Premises during the first year of Initial Term an initial annual rental of $9.75 per square foot, payable in equal monthly rates set forth on Exhibit E attached hereto. Monthly installments of $6,402.50 Fixed Minimum Rent, shall be paid in advance on or before the first day of each and every month beginning on the Completion Date. During the remainder of the Lease Termcalendar month, base rent shall increase and, together with all other amounts payable by three percent per yearTenant to Landlord hereunder, effective on each 12-month anniversary date of the Completion Date. All rental payments provided herein shall be payable paid at the offices of Landlord set forth above, or at such other place or to Landlord, until such other entity or entities as Landlord may from time to time designate by notice to Tenant, without notice or demand therefor and without deduction, abatement or set-off except as herein permitted. 3.2 All costs, charges and expenses which Tenant is obligated to pay to Landlord pursuant to the contrary is given by Landlord. provisions of this Lease shall be deemed additional rent ("Additional Rent"), and in the event of nonpayment thereof, after Tenant's receipt of notice of nonpayment and the expiration of ten (10) days without payment (provided that, if Tenant disputes in good faith its obligation to make all or any portion of such payment, such ten (10) day period shall be extended with respect to the disputed portion of such payment during the period of such dispute), Landlord shall have no right to offset against rent hereunder. Any all the rights and remedies with respect thereto as is provided for herein or by applicable law in case of non-payment of rent not received on or before (Fixed Minimum Rent and Additional Rent are sometimes hereinafter collectively referred to as "Rental"). If the Commencement Date shall be a date other than the first day of a calendar month, the Fixed Minimum Rent and other charges shall be prorated for the portion of the calendar month in which the Commencement Date occurs, and shall incur a late fee equal be paid by Tenant promptly after being billed therefor. Tenant covenants to fifty dollars ($50.00)pay the Fixed Minimum Rent and Additional Rent as in this Lease provided, when due, and in lawful money of the United States which shall be legal tender for payment of all debts and dues, public and private, at the time of payment. In additionFrom and after the expiration of the applicable notice and grace period provided in this Lease, any amounts of rent not paid when all unpaid sums due hereunder and payable as Fixed Minimum Rent and Additional Rent shall bear interest at the rate of ten percent two (102%) percent per annum over the prime rate of interest announced, from time to time, by The Chase Manhattan Bank, N.A., New York, New York, or any successor thereto, to corporate borrowers of the date due until paid highest credit standing for 90-day unsecured commercial loans, but in full. As security no event more than the maximum permitted by law (hereinafter referred to as the "Default Charge"), and such interest shall be deemed to be Additional Rent; provided, however, that no further interest shall be payable upon such interest. 3.3 If at any time or times during the Term, the Fixed Minimum Rent, Additional Rent or other charges payable by Tenant hereunder shall not be fully collectible by reason of any Laws and Ordinances (including, without limitation, rent control or stabilization laws), then for the faithful performance period prescribed by Tenant throughout the term, such Laws and any extensions or renewals thereof, of all the terms and conditions of the Lease on the part of TenantOrdinances, Tenant shall deposit with pay to Landlord the sum of $6,402.50 (the "Security Deposit") on the date Tenant executes and delivers this Lease to Landlordmaximum amounts permitted pursuant thereto. Such amount shall be returned to Tenant, without interest, after Upon the expiration of the applicable period of time during which such amounts shall be uncollectible, Tenant shall pay to Landlord as Additional Rent, within fifteen (15) days after demand, all such uncollected amounts that would have been payable for the period absent such legal restrictions; provided, however, that the retroactive collection thereof shall then be lawful. Tenant shall remain obligated under this Lease Termin accordance with its terms and shall not take any action to terminate, provided rescind or avoid this Lease, notwithstanding any bankruptcy, insolvency, reorganization, liquidation, dissolution or other proceeding affecting Landlord or any assignee of Landlord or any action with respect to this Lease which may be taken by any trustee, receiver or liquidator or by any court. 4.1 Tenant has fully initially shall use: (i) the Building for administrative, executive and faithfully observed general business offices, warehousing of finished goods, raw materials and performed all packaging components, and distribution, in the conduct of its pharmaceutical business (the terms"Initial Building Use") and (ii) the Land, covenantsother than that occupied by the Building, agreementsfor parking and landscaping as shown on the final approved site plan; and thereafter the Demised Premises may be used for any lawful purposes, warranties which are not prohibited by the Permitted Encumbrances and conditions hereof on its part to be observed and performed. Landlord the other provisions of this Lease (a "Subsequent Building Use"). 4.2 Tenant shall have not suffer or permit the right to apply all Demised Premises or any part of thereof to be used in any manner, or anything to be brought into or kept therein, which would in any way: (i) cause structural injury to the Security Deposit toward the cure of any default of Tenant. If all Building or any part thereof; (ii) constitute a public or private nuisance; (iii) impair the appearance, character or reputation of said security deposit is so applied by Landlord, then Tenant the Building and/or the Park; or (iv) violate any of Tenant's other obligations under this Lease. 4.3 For purposes hereof the term "Insurance Companies and Boards" shall immediately pay to Landlord an amount sufficient to return said security deposit mean the companies writing the insurance policies required pursuant to the balance on deposit with Landlord prior to said applicationprovisions of this Lease and the New York Board of Fire Underwriters, Neither Landlord nor its agents shall be required to keep the Security Deposit separate from their general accounts, it being agreed that the Security Deposit may be commingled with or any other funds of Landlord or of its agents. It is further agreed body having similar jurisdiction and acknowledged by Tenant that Landlord or its agents shall have the right to deposit the Security Deposit in an interest- bearing account, and all interest accrued on the Security Deposit shall belong to Landlord and will be retained by Landlord as its propertyany body establishing insurance premium rates.

Appears in 1 contract

Samples: Lease (Schein Pharmaceutical Inc)

Rental. (a) Tenant shall covenants and agrees to pay to the Landlord for the use and occupancy of the ------ Demised Premises following Rental: (i) a base rent during the first year Term of Initial Term an initial annual rental of $9.75 per square foot, this lease or any extension as may be provided for herein (hereinafter called the "Base Rent") in the sum stated in the Preamble payable by Tenant in equal monthly installments of $6,402.50 in advance as stated on or before the first day of each month, in advance, to Landlord at the office of Landlord above designated or to such other place as shall be designated by Landlord, without any prior notice or demand therefor and every month beginning without any deduction, abatement or set off for any reason whatsoever, except as may be specifically provided in this Lease; (ii) All charges payable pursuant to this lease as additional rental (hereinafter referred to as "Additional Rental"); (iii) In the event that the Commencement Date shall be other than the first day of a month, then the Tenant shall pay, on the Completion Commencement Date. During , the remainder Base Rent and Additional Rental for the fractional portion of the Lease Term, base rent shall increase by three percent month on a per year, effective diem basis (calculated on each 12the basis of a thirty-month anniversary date of the Completion Date. All rental payments provided herein shall be payable to Landlord, day month) until notice to the contrary is given by Landlord. Tenant shall have no right to offset against rent hereunder. Any payment of rent not received on or before the first day of the month next succeeding month. Such Base Rent and Additional Rental are herein referred to collectively as "Rental". (b) It is intended that the Rental provided for in this lease shall incur be a net return to Landlord throughout the Term hereof, free of any expense, charge or other deduction whatsoever with respect to the Premises, the Building and/or the operation, management, maintenance, repair, use or occupation thereof, except only as otherwise expressly provided in this lease. (c) In the event that any payment of Rental due hereunder is not paid within ten (10) days of the due date thereof, a late fee equal charge of 5% for each dollar so overdue may be charged by the Landlord to fifty dollars defray Landlord's administrative expenses for processing late payments, provided that with respect to the first two ($50.00)2) times in any twelve (12) month period that Rental is overdue, a late charge shall not be imposed unless such Rental remains unpaid for ten (10) days after written notice from or on behalf of Landlord. In addition, any amounts of rent Rental not paid when within thirty (30) days of its due hereunder date shall bear interest at the a rate of ten equal to two percent (102%) per annum in excess of the prime rate in effect from time to time as reported in the "Money Rates" column of The Wall Street Journal (the "Prime Rate", and as increased by two percent, the "Overdue Interest Rate") from the date which is thirty (30) days after the date such Rental was due until the date paid. These late charges and interest shall be in addition to and not in lieu of any other remedy the Landlord may have under the circumstances and is in addition to any reasonable fees and charges of any agents or attorneys Landlord may employ as a result of any default in the payment of Rental hereunder, whether authorized herein or by law. Any such late charges and interest if not previously paid in full. As security for shall, at the faithful performance by Tenant throughout the term, and any extensions or renewals thereof, of all the terms and conditions option of the Lease on the part of TenantLandlord, Tenant shall deposit with Landlord the sum of $6,402.50 (the "Security Deposit") on the date Tenant executes be added to and delivers this Lease to Landlord. Such amount shall be returned to Tenant, without interest, after the expiration of the Lease Term, provided Tenant has fully and faithfully observed and performed all of the terms, covenants, agreements, warranties and conditions hereof on its part to be observed and performed. Landlord shall have the right to apply all or any become part of the Security Deposit toward the cure of any default of Tenant. If all or any part of said security deposit is so applied by Landlord, then Tenant shall immediately pay succeeding rental payment to Landlord an amount sufficient to return said security deposit to the balance on deposit with Landlord prior to said application, Neither Landlord nor its agents be made hereunder and shall be required deemed to keep the Security Deposit separate from their general accounts, it being agreed that the Security Deposit may be commingled with other funds of Landlord or of its agents. It is further agreed and acknowledged by Tenant that Landlord or its agents shall have the right to deposit the Security Deposit in an interest- bearing account, and all interest accrued on the Security Deposit shall belong to Landlord and will be retained by Landlord as its propertyconstitute additional Rental.

Appears in 1 contract

Samples: Lease Agreement (Playtex Products Inc)

Rental. Tenant shall Commencing on the Commencement Date, and continuing on the same day of each month thereafter during the Term of this Lease, Lessee covenants and agrees to pay to Landlord Lessor, at the address set forth above or at such other address as Lessor may designate in writing, annual rent for the use Leased Premises, payable monthly in advance (the "Rent"). During the period commencing on the Commencement Date and occupancy continuing through February 28, 2005, the Rent shall be Six Thousand Dollars ($6,000.00) per month. Commencing March 1, 2005, the monthly rent shall be equal to and not less than the monthly principal and interest payment due under that promissory note executed by Lessor and delivered to Southern Community Bank ("Lender") in the original principal amount of One Million Two Hundred Thirty-Two Thousand Dollars ($1,232,000.00) dated November 30, 2003 (the "Note"). Lessor shall provide Lessee with written evidence from Lender as to the amount of the ------ Demised Premises during monthly payment under the first year of Initial Term an initial annual rental of $9.75 per square footNote on or before March 1, payable 2005, and at any time there is a change in equal the interest rate under the Note and, until such evidence is provided, Lessee shall continue to pay monthly installments of $6,402.50 Rent at the rate then in advance on or before the first day of each and every month beginning on the Completion Dateeffect. During the remainder Term of the Lease Termthis Lease, base rent shall increase by three percent per year, effective on each 12-month anniversary date of the Completion Date. All rental payments provided herein shall be payable to Landlord, until notice notwithstanding anything to the contrary is given set forth in this paragraph, Rent shall be calculated only on the non-default interest rate set forth in the Note and Lessor shall not modify the terms of the Note without the consent of Lessee. At the request of Lessee, Lessor agrees to refinance the then-existing principal balance of the Note with a loan to be made by LandlordLessee to Lessor which shall be secured by a first mortgage on the Leased Premises. Tenant shall have no right to offset against rent hereunder. Any Upon the completion of such refinancing, the monthly payment of rent not received on or before the first day of the month Rent shall incur a late fee be equal to fifty dollars ($50.00)and not less than the monthly principal and interest payment due under the promissory note payable to Lessee. In addition, any amounts of rent not fees or costs required by Lessee to be paid when due hereunder by Lessor in connection with the refinance shall bear interest at the rate of ten percent (10%) per annum from the date due until paid in full. As security for the faithful performance by Tenant throughout the term, and any extensions or renewals thereof, of all the terms and conditions be amortized over balance of the Lease on the part of Tenant, Tenant shall deposit with Landlord the sum of $6,402.50 (the "Security Deposit") on the date Tenant executes remaining Term and delivers this Lease to Landlord. Such amount shall be returned reimbursed by Lessee to Tenant, without interest, after the expiration of the Lease Term, provided Tenant has fully and faithfully observed and performed all of the terms, covenants, agreements, warranties and conditions hereof Lessor on its part to be observed and performed. Landlord shall have the right to apply all or any part of the Security Deposit toward the cure of any default of Tenant. If all or any part of said security deposit is so applied by Landlord, then Tenant shall immediately pay to Landlord an amount sufficient to return said security deposit to the balance on deposit with Landlord prior to said application, Neither Landlord nor its agents shall be required to keep the Security Deposit separate from their general accounts, it being agreed that the Security Deposit may be commingled with other funds of Landlord or of its agents. It is further agreed and acknowledged by Tenant that Landlord or its agents shall have the right to deposit the Security Deposit in an interest- bearing account, and all interest accrued on the Security Deposit shall belong to Landlord and will be retained by Landlord a monthly basis as its propertyadditional rent.

Appears in 1 contract

Samples: Lease Agreement (Pointe Financial Corp)

Rental. (a) Tenant shall pay to Landlord for throughout the use and occupancy of the ------ Demised Premises during the first year of Initial Lease Term an initial a base annual rental of Two-Hundred Eight-Nine Thousand, One Hundred Ten and No/100 Dollars ($9.75 289,110.00) per square footLease Year plus any and all sales, use, transaction, or comparable tax (es) applicable thereto. Said base annual rental (hereinafter referred to as the “Base Rental”) shall be subject to adjustment as hereinafter provided in this Lease. Any and all such Base Rental, together with all tax (es) thereon, shall be due and payable in equal monthly installments of $6,402.50 in advance on or before the first day of January of each and every month beginning year during the Lease Term, provided, however, the Base Rental for the calendar year in which this Lease is executed shall be payable in advance on or before the Completion Date. During the remainder Commencement Date of the Lease Term. It is expressly provided, base rent however, that so long as Tenant shall increase by three percent per yearnot be in default of its obligations under this Lease, effective on each 12-month anniversary date such Base Rental and the tax(es) thereon shall, for the convenience of the Completion Date. All rental payments provided herein shall Tenant, be payable to Landlordin equal monthly installments of Twenty-Four Thousand, until notice to the contrary is given by Landlord. Tenant shall have no right to offset against rent hereunder. Any payment of rent not received Ninety-Two and 50/100 Dollars ($24,092.50) in advance, without demand, deduction or setoff, on or before the first day of each calendar month during the Lease Term. The monthly installment for month one (1) of the Lease shall be due and payable on the Rental Commencement Date; provided that Tenant shall prepay to Landlord such amount on the date of Tenant’s execution hereof as credit against the payment of the first monthly installment. However, upon a default by Tenant of any of its obligations hereunder, the Base Rental for the balance of the then current calendar year of the Lease Term together with the aggregate of the annual rentals for the remainder of the calendar years of the Lease Term as provided herein below, shall be immediately due and payable. If the Commencement Date is a day other than the first day of a calendar month, the monthly Base Rental for the fractional month shall incur be appropriately prorated. (b) Tenant recognizes that late payment of any Rent or other sum due hereunder from Tenant to Landlord will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and economically impractical to ascertain. Tenant therefore agrees that if Rent or any other payment due hereunder from Tenant to Landlord remains unpaid five (5) days after the same is due, the amount of such unpaid Rent or other payment shall be increased by a late fee charge to be paid Landlord by Tenant in an amount equal to fifty dollars ($50.00). In addition, any amounts of rent not paid when due hereunder shall bear interest at the rate of ten five percent (105%) per annum from month of the date due until amount of the delinquent Rent or other payment. The amount of the late charge to be paid in full. As security for the faithful performance to Landlord by Tenant throughout for any particular month shall be computed on the termaggregate amount of delinquent Rent and other payments, and any extensions or renewals thereof, of including all the terms and conditions accrued late charges then outstanding. Tenant agrees that such amount is a reasonable estimate of the Lease on the part of Tenant, Tenant shall deposit with Landlord the sum of $6,402.50 (the "Security Deposit") on the date Tenant executes loss and delivers this Lease to Landlord. Such amount shall be returned to Tenant, without interest, after the expiration of the Lease Term, provided Tenant has fully and faithfully observed and performed all of the terms, covenants, agreements, warranties and conditions hereof on its part expense to be observed and performed. Landlord shall have the right to apply all or any part of the Security Deposit toward the cure of any default of Tenant. If all or any part of said security deposit is so applied by Landlord, then Tenant shall immediately pay to Landlord an amount sufficient to return said security deposit to the balance on deposit with Landlord prior to said application, Neither Landlord nor its agents shall be required to keep the Security Deposit separate from their general accounts, it being agreed that the Security Deposit may be commingled with other funds of Landlord or of its agents. It is further agreed and acknowledged by Tenant that Landlord or its agents shall have the right to deposit the Security Deposit in an interest- bearing account, and all interest accrued on the Security Deposit shall belong to Landlord and will be retained suffered by Landlord as its propertya result of such late payment by Tenant and may be charged by Landlord to defray such loss and expense. The terms of this paragraph in no way relieve Tenant of the obligation to pay Rent or other payments on or before the date on which they are due, nor do the terms of this paragraph in any way affect Landlord’s remedies pursuant to Paragraph 18 of this Lease in the event said Rent or other payment is unpaid after the date due.

Appears in 1 contract

Samples: Office Lease Agreement (Intellon Corp)

Rental. Tenant shall pay 4.1 The rental payable by the Lessee to Landlord the Lessor for the use property is the sum of: R ( ) per month, and occupancy of the ------ Demised Premises during the first year of Initial Term an initial annual Lessee hereby acknowledges that such rental of $9.75 per square footis reasonable. The rental shall be paid monthly in advance, payable in equal monthly installments of $6,402.50 in advance on or before the first day of each and every month beginning month, free of bank charges and without deduction or set-off for any reason whatsoever. The rental shall be paid into the bank account nominated by the Lessor, the details whereof are: Name of account holder: Name of bank: Branch name: Branch Code. Reference: The Lessor shall be entitled to change the above bank account details by notifying the Lessee thereof in writing and on one month’s written notice. 4.2 In the Completion Dateevent that the rental is paid in cash, the Lessee shall be liable for any additional cash deposit fees incurred by the Lessor. During The Lessor shall provide the remainder Lessee with written receipts of all rental payments made in terms of Section 5(3)(a) and (b) of the Lease TermRental Housing Act, base rent Act No. 50 of 1999 (the “RHA”). In the event that rental payments are effected by the Lessee by cheque, payment thereof must be made no less than 10 (ten) days prior to the first of each month so as to ensure that payment reflects in the Lessor’s account on or before due date, failing which, the payment will be deemed to be late and penalties as provided for herein will apply. 4.3 The first months’ rental shall increase by three percent per yearbecome due and payable on: and the Lessee shall not be entitled to take occupation of the property, effective on each 12-month anniversary notwithstanding the date of commencement of the Completion Date. All lease agreement, unless the deposit has been received by the Lessor. 4.4 The Lessee shall not, for any reason whatsoever, be entitled to withhold payment of the final months’ rental payments provided herein or any portion thereof and to set such rental off against the deposit that is payable in terms hereof. 4.5 In the event that the Lessee attempts to apply a set-off of the final months’ rental against the deposit, such act shall be payable deemed to Landlordbe confirmation that the Lessee intends vacating the property and removing his goods therefrom without paying the final months’ rental, until in which case the Lessor shall be entitled to take immediate steps, without notice to the contrary is given by Landlord. Tenant shall Lessee, to have no right his goods attached and removed from the property, to offset against rent hereunder. Any be held as security for payment of rent not received on or before the first day final month’s rental and/or any arrear rentals then owing by the Lessee. 4.6 Should the term of the lease agreement exceed the initial: ( ) month shall incur a late fee equal period, as agreed to fifty dollars ($50.00). In addition, any amounts of rent not paid when due hereunder shall bear interest at the rate of ten percent (10%) per annum from the date due until paid in full. As security for the faithful performance by Tenant throughout the term, and any extensions or renewals thereof, of all the terms and conditions of the Lease on the part of Tenant, Tenant shall deposit with Landlord the sum of $6,402.50 (the "Security Deposit") on the date Tenant executes and delivers this Lease to Landlord. Such amount shall be returned to Tenant, without interest, after the expiration of the Lease Term, provided Tenant has fully and faithfully observed and performed all of the terms, covenants, agreements, warranties and conditions hereof on its part to be observed and performed. Landlord shall have the right to apply all or any part of the Security Deposit toward the cure of any default of Tenant. If all or any part of said security deposit is so applied by Landlordparagraph 3 above, then Tenant the rental shall immediately pay to Landlord an amount sufficient to return said security deposit to the balance automatically escalate by: % (compounded), on deposit with Landlord prior to said application, Neither Landlord nor its agents shall be required to keep the Security Deposit separate from their general accounts, it being agreed that the Security Deposit may be commingled with other funds of Landlord or of its agents. It is further agreed and acknowledged by Tenant that Landlord or its agents shall have the right to deposit the Security Deposit in an interest- bearing account, and all interest accrued on the Security Deposit shall belong to Landlord and will be retained by Landlord as its propertyeach year.

Appears in 1 contract

Samples: Lease Agreement

Rental. As rental for the lease and use of the Leased Premises, Tenant will pay Landlord or Landlord's assigns, at the address of Landlord specified in Paragraph 1.B. hereof, without demand and without deduction, abatement or setoff (except as otherwise expressly provided for herein in Paragraph 8 hereof and Paragraph 15 hereof), the Base Rental in the manner specified in Paragraph 1.J. hereof, in lawful money of the United States. If the Term of this Lease does not commence on the first day of a calendar month, Tenant shall pay to Landlord for the use and occupancy of the ------ Demised Premises during the first year of Initial Term an initial annual rental of $9.75 per square foot, payable in equal monthly installments of $6,402.50 in advance on or before the a pro rata part of such sum as rental for such first day of each and every month beginning on the Completion Date. During the remainder of the Lease Term, base rent shall increase by three percent per year, effective on each 12-month anniversary date of the Completion Date. All rental payments provided herein shall be payable to Landlord, until notice to the contrary is given by Landlordpartial month. Tenant shall have no right to offset against rent hereundernot pay any installment of rental more than one (1) month in advance. Any All past due installments of rental or other payment of rent not received on or before the first day of the month shall incur a late fee equal to fifty dollars ($50.00). In addition, any amounts of rent not paid when due hereunder specified herein shall bear interest at the highest lawful rate of ten percent (10%) per annum from the date due until paid in fullpaid. As security for the faithful performance by If Tenant throughout the termfails to timely pay two (2) consecutive installments of Base Rental, and or other payment specified herein, or any extensions or renewals combination thereof, of all the terms Landlord may require Tenant to pay (in addition to any interest) Base Rental and conditions of the Lease on the part of Tenant, Tenant shall deposit with Landlord the sum of $6,402.50 other payments specified herein (the "Security Deposit") on the date Tenant executes and delivers this Lease to Landlord. Such amount shall be returned to Tenant, without interest, after the expiration of the Lease Term, provided Tenant has fully and faithfully observed and performed all of the terms, covenants, agreements, warranties and conditions hereof on its part to be observed and performed. Landlord shall have the right to apply all or any part of the Security Deposit toward the cure of any default of Tenant. If all or any part of said security deposit is so applied as estimated by Landlord, then if necessary) quarterly in advance, and, in such event, all future payments shall be made on or before the due date in cash or by cashier's check or money order, and the delivery of Tenant's personal or corporate check shall no longer constitute payment thereof. Any acceptance of Tenant's personal or corporate check thereafter by Landlord shall not be construed as a waiver of the requirement that such payments be made in cash or by cashier's check or money order. Any amount so estimated by Landlord and paid by Tenant shall immediately pay be adjusted promptly after actual figures become available and paid or credited to Landlord an amount sufficient to return said security deposit to or Tenant, as the balance on deposit with Landlord prior to said application, Neither Landlord nor its agents shall be required to keep the Security Deposit separate from their general accounts, it being agreed that the Security Deposit case may be commingled with other funds of Landlord or of its agents. It is further agreed and acknowledged by Tenant that Landlord or its agents shall have the right to deposit the Security Deposit in an interest- bearing account, and all interest accrued on the Security Deposit shall belong to Landlord and will be retained by Landlord as its propertybe.

Appears in 1 contract

Samples: Office Lease (Windsor Woodmont Black Hawk Resort Corp)

Rental. In the event of the cancellation or termination of this Lease Agreement, and in the event that the Parties agree to reinstate and / or conclude an addendum to this Lease Agreement, the Tenant hereby agrees to the Landlord conducting a further credit check and agrees to be liable for all credit check fees. DEPOSIT [ Ask TPN: 157 ] The Deposit is the amount set out in item 1.9. The Tenant will pay the Deposit on the Signature Date. When this Lease Agreement terminates, the Landlord may use the Deposit, together with any interest accumulated thereon, to pay all amounts which the Tenant is liable for in terms of this Lease Agreement, including the reasonable costs of repairing any damage caused to the Premises as contemplated in clause 14.4, the cost of replacing lost keys, any arrear Rental that was not paid by the Tenant and any other outstanding amounts for which the Tenant is liable under this Lease Agreement. The Deposit will be placed in an interest-bearing account with a financial institution. When this Lease Agreement terminates, after deducting any amounts owed by the Tenant in terms of any provision of this Lease Agreement the Landlord shall pay to Landlord for the use and occupancy of the ------ Demised Premises during the first year of Initial Term an initial annual rental of $9.75 per square foot, payable in equal monthly installments of $6,402.50 in advance on or before the first day of each and every month beginning on the Completion Date. During the any remainder of the Lease TermDeposit to the Tenant, base rent shall increase by three percent per yeartogether with any interest accrued thereon at the applicable rate, effective on each 12-month anniversary date within 14 (Fourteen) days of restoration of the Completion DatePremises. All rental payments provided herein shall be payable If the Deposit is paid to the Agent and not to the Landlord, until notice the Agent will invest the Deposit in accordance with the provisions of the EAAA. Any interest earned on the Deposit will be paid out in the manner set out in item 1.9, as read with the provisions of the EAAA. For the subsistence of this Lease Agreement, the Deposit at all times belongs to the contrary is given Tenant and may only be utilised by Landlord. Tenant shall have no right to offset against rent hereunder. Any payment of rent not received on the Landlord or before Agent, as the first day of the month shall incur a late fee equal to fifty dollars ($50.00). In additioncase may be, any amounts of rent not paid when due hereunder shall bear interest at the rate of ten percent (10%) per annum from the date due until paid in full. As security for the faithful performance by Tenant throughout the term, and any extensions or renewals thereof, of all the terms and conditions upon termination of the Lease on Agreement, in accordance with the part provisions of Tenantany and all relevant legislation. If, Tenant shall deposit with Landlord during the sum of $6,402.50 (the "Security Deposit") on the date Tenant executes and delivers this Lease to Landlord. Such amount shall be returned to Tenant, without interest, after the expiration subsistence of the Lease TermAgreement (including the Initial Period, provided any fixed-term renewal period, or where the Lease Agreement continues on a Month-to-Month basis) there is any increase in the Rental, the Tenant has fully and faithfully observed and performed all of the terms, covenants, agreements, warranties and conditions hereof on its part to be observed and performed. Landlord shall have the right to apply all or any part of the Security Deposit toward the cure of any default of Tenant. If all or any part of said security deposit is so applied by Landlord, then Tenant shall immediately pay to Landlord an amount sufficient to return said security deposit to the balance on deposit with Landlord prior to said application, Neither Landlord nor its agents shall be required to supplement the Deposit to ensure that the Deposit is proportionate to the increased Rental. The Tenant is not permitted to request the Landlord to use the Deposit to cover any Rental which the Tenant owes at any time during the subsistence of the Lease Agreement. Should this Lease Agreement be subject to the suspensive condition set out in item 1.9, the Lease Agreement shall commence upon payment of the Deposit. Should the Tenant fail to pay the Deposit by the due date, this Lease Agreement shall be of no force and effect and neither Party shall have any claim whatsoever against the other Party. The Tenant hereby acknowledges and agrees that the Deposit set out in item 1.9, may be ceded to another duly registered estate agent who has been mandated to collect Rental or any other amounts due and owing to the Landlord in terms of this Lease Agreement. Deposit administration fee of 1% will be charged on total deposit amount before refunding the deposit. INSPECTION OF THE PREMISES [ Ask TPN: 158 ] The Tenant and the Landlord or the Agent (as the case may be) will inspect the Premises together, before the Tenant takes occupation of the Premises, to determine whether there is any existing damage or defects to the Premises. Any damage and / or defect will be recorded in Writing, signed by the Landlord or the Agent (as the case may be) and the Tenant, and attached as an Annexure to this Lease Agreement. The Tenant, by way of this inspection, acknowledges that the Premises is fit for beneficial occupation. The recordal of any defect or damage in Writing does not constitute an acknowledgment by the Landlord to have the defect or damage remedied. The recordal is simply an acknowledgment that that defect or damage exists, and that the defect or damage was not caused by the Tenant. If the Tenant discovers any damage or defect to the Premises after the inspection referred to in clause 14.1, the Tenant shall notify the Landlord, in Writing, of such damage or defect within 7 (Seven) days of the date of the discovery thereof. The Landlord shall supply the Tenant with a Written acknowledgment confirming that such damage or defects exist and shall be entitled to inspect such damage or defect with reasonable notice to the Tenant. Within 3 (Three) days prior to the Termination Date, either the Landlord or the Agent (as the case may be) and the Tenant will inspect the Premises together to determine if any damage was caused to the Premises or the furniture (in the event that the Premises contains the Landlord’s furniture) during the subsistence of this Lease Agreement (including any renewal periods). If the Tenant fails to attend the inspection, the Landlord shall be entitled to inspect the Premises at any time within 7 (Seven) days of the Termination Date, without the Tenant, in order to determine whether any damage was caused to the Premises during the subsistence of the Lease Agreement. The Landlord shall be entitled to: deduct any amount from the Deposit required to repair any damage caused to the Premises; and charge the Tenant for any amount over and above the value of the Deposit, if the cost of repairing the damage amounts to more than the total amount of the Deposit. MAINTENANCE AND REPAIR WORK [ Ask TPN: 159 ] The Tenant must timeously complete any repair work for which he is responsible under this Lease Agreement. If the Tenant fails to do so, the Landlord shall be entitled to have such work completed by a third party and may claim any costs incurred in respect of the completion of such work from the Tenant. If the Tenant discovers that maintenance or repair work needs to be done which the Tenant is not responsible for in terms of this Lease Agreement, the Tenant shall inform the Landlord, in Writing, as soon as is reasonably possible after he learns that such work needs to be done. If the Tenant fails to do so, the Landlord shall be entitled to have such work completed by a third party and may claim any costs incurred in respect of the completion of any such work from the Tenant. Should the Agent be contacted to attend to, or arrange for a contractor or service provider to attend to, any maintenance and / or repair work at the Premises, the Landlord or Tenant (depending on whose responsibility it is) shall pay the Agent the surcharge amount set out in item 1.15 for attending to this. REASONABLE ACCESS TO THE PREMISES BY THE LANDLORD [ Ask TPN: 160 ] The Landlord, the Agent and their agents and / or contractors may require access to the Premises from time to time in order to inspect the Premises, or to make repairs, alterations, additions, modifications or improvements to the Premises. The Tenant agrees to give the Landlord, the Agent and their agents and / or contractors access to the Premises for the purposes referred to in clause 16.1, provided that the Landlord or Agent (as the case may be) gives the Tenant reasonable notice of the need for such access. In the event that emergency work needs to be done at the Premises, the Tenant shall be required to give the Landlord, the Agent, its agents and / or contractors immediate access to the Premises. GENERAL OBLIGATIONS OF THE TENANT [ Ask TPN: 162 ] The Tenant must: at his own cost look after the Premises (including any garden, pool, equipment and / or gates), and ensure that the Premises is kept clean and in good order and condition; at his own cost maintain and keep the Security Deposit separate roof and gutters clean and free from their general accountsblockages; regularly clean the inside of the Premises, including the carpets, floor coverings and tiles; use, in a reasonable manner, all electrical, plumbing, sanitary, heating, ventilating and air-conditioning facilities and appliances; at his own costs replace all Short Term Consumables and also at his own costs to maintain, replace and / or repair all water-bearing taps, stoves, locks, handles, windows, heating and air-conditioning facilities and appliances; at his own cost have the carpets and the furniture (where applicable) cleaned by a professional carpet cleaning company prior to the Termination Date, to the satisfaction of the Landlord. If the Landlord is unhappy with the state of the carpets and / or the furniture (if applicable), the Landlord may appoint its own professional cleaning company to clean the carpets and / or the furniture (where applicable) and may claim the costs of such cleaning from the Tenant; repair or replace any broken, damaged or missing items within the Premises belonging to the Landlord, unless these items were recorded as being broken, damaged or missing at the inspection referred to in clause 14; take all reasonable steps to prevent any blockage and / or obstruction of any drains, sewage pipes and / or water pipes in or used in connection with the Premises; respect the rights of use and enjoyment of neighbours; comply with all laws and regulations relating to the Premises, it being agreed is specifically recorded that if the Landlord is fined or penalised because the Tenant has breached any law or regulation, the Landlord shall be entitled to recover any costs associated with such breach from the Tenant; ensure that the Security Deposit Premises are occupied by no more than the number of people set out in item 1.28; make payment of all amounts to which the Landlord is legally entitled as and when such amounts are due and payable; return the Premises at the termination of this Lease Agreement in the same order and condition in which it was received, Fair Wear and Tear excepted; return the keys to the Landlord by latest on the date and at the time set out in item 1.26; ensure that should Smoking be permitted on the Premises as set out in item 1.6, such Smoking will not cause any damage to the Premises, regardless of whether the person Smoking is the Tenant, any further occupant of the Premises or any visitor of the Tenant; ensure that should Smoking not be permitted on the Premises, as set out in item 1.6, no person, including the Tenant, any further occupant of the Premises or any visitors of the Tenant will Smoke on the Premises; ensure that, should the Tenant be permitted to keep pets on the Premises as set out in item 1.7 that such pets do not cause any damage to any movable or immovable property located on the Premises, including the garden, if applicable; ensure that, should no pets be permitted to enter the Premises in accordance with item 1.7 of the Schedule, then no pets, including pets belonging to visitors of the Tenant will enter the Premises at any time and for any reason whatsoever; ensure that, should the Tenant or any other person Smoke or have Smoked on the Premises, the Tenant shall at its own cost, and using professional cleaners or fumigators, restore the Premises to the pre-smoking condition; ensure that, should pets be kept or have been kept on the Premises, the Tenant shall at its own cost, using professional cleaners or fumigators, restore the Premises to the pre-pet condition; ensure that visitors to the Premises park only in the designated visitors parking spaces that may be commingled with other funds applicable to the Premises; and at all times maintain adequate insurance in respect of all movable property brought onto the Premises, which shall include all parking bay(s) set out in item 1.5, by an insurance company of the Tenant’s choice and make prompt and regular payment of all insurance premiums in respect of such insurance. The Tenant hereby specifically acknowledges and agrees that the Landlord or of its agents. It is further agreed and acknowledged shall in no way be liable for any damage caused, for whatever reason, to any movable property brought onto the Premises, including all parking bay(s), by Tenant the Tenant; ensure that Landlord or its agents shall have the right to deposit the Security Deposit in an interest- bearing account, and all interest accrued on the Security Deposit shall belong to Landlord Premises remains free from pests and will effect pest control on a regular basis, including fumigation and pest maintenance. The Landlord however warrants that the Premises is pest free at the inception of the Lease Agreement. notify the Landlord of any changes to any locks to the Premises and provide the Landlord with keys to the changed locks within 24 (Twenty-Four) hours of such locks being changed; The Tenant must not: sublet the Premises or allow any third party to reside in or occupy the Premises without the prior Written consent of the Landlord; allow any refuse to accumulate inside or outside the Premises, save as in rubbish bins; make any structural changes or additions to the Premises; stick adhesive picture holders onto or into, or otherwise deface the walls of the Premises; drive nails or other objects into any portion of the Premises; paint the interior or exterior of the Premises without first obtaining the prior Written consent of the Landlord; interfere with the electrical, plumbing or gas system in the Premises, unless the Tenant is doing maintenance which is permitted in terms of this Lease Agreement; use any gadgets or tools or keep any liquids which may explode and cause the insurance policy of the Landlord to be retained questioned by the Landlord’s insurers; hang or place any signs, notices or advertisements anywhere inside or outside the Premises without the prior Written consent of the Landlord; remove any of the Tenant’s furniture or other movable property during the subsistence of this Lease Agreement, as legally such property can be sold by the sheriff of the court in the event that the Tenant does not pay the Rental in accordance with the provisions of this Lease Agreement; or make any improvements or installations to the Premises without the prior, Written consent of the Landlord as its property(which consent shall not be unreasonably withheld); provided that the Tenant specifically acknowledges and agrees that upon termination of the Initial Period (or any subsequent renewal period) any improvements made by the Tenant with the consent of the Landlord shall be deemed to be the property of the Landlord, unless otherwise agreed to in writing between the Parties. VISITORS OF THE TENANT The Tenant must use his best endeavours to ensure that visitors to the Premises at all times comply with the provisions of this Lease Agreement and the Rules, including, but not limited to: bringing to the attention of such visitors the relevant provisions of this Lease Agreement and / or the Rules; requesting any person who is in breach of the provisions of this Lease Agreement and / or the Rules to immediately remedy such breach; and refusing to allow persons who have previously breached this Lease Agreement and / or the Rules access to the Premises if they are likely to commit another breach.

Appears in 1 contract

Samples: Residential Lease Agreement

Rental. During the Initial Term of this lease, Tenant shall pay to Landlord rent for the use and occupancy of Premises in the ------ Demised Premises during the first year of Initial Term an initial annual rental amount of $9.75 13 per square foot, which will be seventy thousand two hundred dollars ($70,200) per annum, payable in twelve (12) equal monthly installments of five thousand eight hundred fifty dollars ($6,402.50 5,850.00) each, due and payable in advance on or before the first day of each and every calendar month beginning on during the Completion Dateterm of this lease. During For all purposes under this lease, a "lease year" shall be the remainder of the Lease Term, base rent shall increase by three percent per year, effective on each 12-month period from the Commencement Date through the date immediately preceding the anniversary date of the Completion DateCommencement Date and each successive 12-month period thereafter. All rental payments It is the purpose and intent of the Landlord and Tenant that, except for Landlord's obligations under this lease and as otherwise provided herein in this lease, the rent shall be payable net to Landlord so that this lease shall yield, net to Landlord, until the rent specified in Section3 and Section4 hereof in each year during the term of this lease and that all costs, expenses and obligations normally paid for by the Tenant in a triple net lease which becomes due during the term of this lease shall be paid by Tenant. Unless otherwise provided under this lease, all payments to be made by Tenant to Landlord under this lease shall be made by normal business methods and shall be paid to Landlord at Landlord's address for receiving notices under Section 20. Landlord represents and warrants to Tenant that the Premises are free and clear of all mortgages, deeds of trust, liens, or encumbrances, except for the Permitted Exceptions, which include the first mortgage to be given to Bank First which will secure a promissory note in the original principal amount not to exceed $410,000 and that the First Mortgage is current to date and Landlord is not otherwise in default thereunder. If Landlord defaults in making any payment due on the First Mortgage, or on any other mortgage, deed or trust, security interest, lien, or other claim which now or hereafter may encumber the Premises, Tenant may, after five (5) days prior notice to Landlord (if permitted by the contrary is given mortgagee's non-disturbance agreement), make any such payments directly out of the rent payments due Landlord under this lease. All such payments by Landlord. Tenant shall have no right to offset against rent hereunder. Any constitute a payment of rent not received on or before the first day of the month to Landlord under this lease; provided that nothing in this lease shall incur a late fee equal to fifty dollars ($50.00). In addition, any amounts of rent not paid when due hereunder shall bear interest at the rate of ten percent (10%) per annum from the date due until paid in full. As security for the faithful performance be construed as an assumption by Tenant throughout the termof Landlord's obligations under any such mortgage, and any extensions or renewals thereof, of all the terms and conditions of the Lease on the part of Tenant, Tenant shall deposit with Landlord the sum of $6,402.50 (the "Security Deposit") on the date Tenant executes and delivers this Lease to Landlord. Such amount shall be returned to Tenant, without security interest, after the expiration of the Lease Termlien, provided Tenant has fully and faithfully observed and performed all of the terms, covenants, agreements, warranties and conditions hereof on its part to be observed and performed. Landlord shall have the right to apply all or any part of the Security Deposit toward the cure of any default of Tenant. If all or any part of said security deposit is so applied by Landlord, then Tenant shall immediately pay to Landlord an amount sufficient to return said security deposit to the balance on deposit with Landlord prior to said application, Neither Landlord nor its agents shall be required to keep the Security Deposit separate from their general accounts, it being agreed that the Security Deposit may be commingled with other funds of Landlord or of its agents. It is further agreed and acknowledged by Tenant that Landlord or its agents shall have the right to deposit the Security Deposit in an interest- bearing account, and all interest accrued on the Security Deposit shall belong to Landlord and will be retained by Landlord as its propertyclaim.

Appears in 1 contract

Samples: Lease Agreement (Alliance Data Systems Corp)