Rental. (a) Tenant covenants and agrees to pay to Landlord the Fixed Rent in equal monthly installments on or before the first day of each calendar month during the Term. If the Commencement Date shall be other than the first day of a month, Fixed Rent shall be paid on the Commencement Date on a pro-rata basis for the fractional part of the month between the date same is due and the last day of said month (based on a thirty (30) day month). (i) All other charges payable pursuant to this lease hereinafter are called "Additional Rental". All payments of Additional Rental, unless otherwise provided herein, shall be due and payable to Landlord in the same manner as is set forth in Paragraph 5(a) on the first day of the calendar month or ten (10) days following demand therefor, whichever shall later occur. (ii) If the Commencement Date shall be other than the first day of a month, then Tenant shall pay on the Commencement Date, any Additional Rental for the fractional portion of the month on a per them basis until the first day of the next succeeding month. Fixed Rent and Additional Rental herein are referred to collectively as "Rental". (b) If any payment of Rental due hereunder shall be overdue, a "late charge" may be charged at the rate of five (5%) percent per month on any Rental which is overdue, computed from the due date until payment thereof. This charge shall be in addition to and not in lieu of any other remedy Landlord may have under the circumstances and is in addition to any charge by Landlord to Tenant for 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", if not previously paid, at the option of the Landlord, shall be added to and shall become cart of the succeeding Rental payment to be made hereunder and shall be deemed to constitute Additional Rental. (c) It is the intention of the parties hereto that t-e Fixed Rent payable hereunder shall be absolutely net to Landlord, so that this lease shall yield to Landlord the net annual Fixed Rent specified herein during the Term, and that all costs, expenses and obligations of every kind and nature whatsoever relating to the Premises shall be paid by Tenant, except as otherwise specifically provided for herein.
Appears in 1 contract
Rental. Rent for the Subject ROFO Space shall commence upon the ROFO Space Commencement Date. Upon the ROFO Space Commencement Date: (aA) Tenant covenants and agrees to pay to Landlord the Fixed Rent in equal monthly installments on or before Net Rentable Area of the first day of each calendar month during the Term. If the Commencement Date Premises shall be other than deemed increased by the first day Net Rentable Area of a monththe Subject ROFO Space (as set forth in the ROFO Notice) and all references in the Lease to the “Premises” shall mean the Premises as increased by the Net Rentable Area of the Subject ROFO Space (except for purposes of Landlord’s obligation to deliver an ROFO Notice, Fixed “Premises” shall always mean the Premises as originally defined in the Lease and not as expanded pursuant to the ROFO), (B) the per annum Base Rent for the Premises shall be paid on deemed increased by the Commencement Date on a pro-rata basis Lease Rate or the Space Offer Rate (as such terms are hereinafter defined), as applicable, multiplied by the Net Rentable Area of the ROFO Space, with the per annum number divided by twelve (12) to determine the required increase to monthly Base Rent, (C) Tenant’s Proportionate Share shall be adjusted based upon the increase in the Net Rentable Area of the Premises and Additional Rent due each month shall be similarly adjusted. As used herein, the “Lease Rate” for any period of the Term shall be the same per square foot of Net Rentable Area rate applicable to the original Premises for the fractional part of the month between the date same is due and the last day of said month (based on a thirty (30) day month).
(i) All other charges payable pursuant to this lease hereinafter are called "Additional Rental". All payments of Additional Rentalperiod, unless otherwise provided herein, shall be due and payable to Landlord in the same manner as is set forth in Paragraph 5(al(j) on the first day of the Lease (e.g., the Lease Rate is subject to all scheduled escalations). As used herein, the “Space Offer Rate” means the base rental rate provided for in the Space Offer. The Lease Rate shall be applicable with respect to Tenant’s lease of any Subject ROFO Space pursuant to any ROFO Notice given pursuant to a Space Offer received by Landlord prior to the end of the twelfth (12th) complete calendar month or ten (10) days following demand therefor, whichever shall later occur.
(ii) If after the Commencement Date Early Occupancy Date. The Space Offer Rate shall be other than applicable with respect to Tenant’s lease of any Subject ROFO Space pursuant to any ROFO Notice given pursuant to a Space Offer received by Landlord after the first day of a month, then Tenant shall pay on the Commencement Date, any Additional Rental for the fractional portion end of the twelfth (12th) complete calendar month on a per them basis until the first day of the next succeeding month. Fixed Rent and Additional Rental herein are referred to collectively as "Rental"Term after the Early Occupancy Date.
(b) If any payment of Rental due hereunder shall be overdue, a "late charge" may be charged at the rate of five (5%) percent per month on any Rental which is overdue, computed from the due date until payment thereof. This charge shall be in addition to and not in lieu of any other remedy Landlord may have under the circumstances and is in addition to any charge by Landlord to Tenant for 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", if not previously paid, at the option of the Landlord, shall be added to and shall become cart of the succeeding Rental payment to be made hereunder and shall be deemed to constitute Additional Rental.
(c) It is the intention of the parties hereto that t-e Fixed Rent payable hereunder shall be absolutely net to Landlord, so that this lease shall yield to Landlord the net annual Fixed Rent specified herein during the Term, and that all costs, expenses and obligations of every kind and nature whatsoever relating to the Premises shall be paid by Tenant, except as otherwise specifically provided for herein.
Appears in 1 contract
Samples: Lease Agreement (Accuro Healthcare Solutions, Inc.)
Rental. (a) a. The Development will be expected to provide a financial return to the University in the form of ground rent or other equally attractive remuneration. This section will be revised to reflect the lease rental, profit sharing, rental discounts or other similar market revenue streams to the University as such may pertain to the Development. Meeting the demand for services by University student, faculty, and staff is a priority. The Lease should include terms and conditions to meet those needs.
b. If Tenant covenants and agrees fails to pay any rent, when due, the same shall bear interest from the date due until paid at the lesser of eighteen percent (18%) per annum or the maximum rate permitted under Applicable Laws.
c. Tenant’s obligation to Landlord pay rent or other remuneration is an independent covenant, and Landlord’s failure to perform any of its obligations or responsibilities under this Lease shall not result in an abatement of rent, entitle Tenant to withhold rent or otherwise affect Tenant’s liability for the Fixed Rent in equal monthly installments on or before the first day payment of each calendar month during the Termrent. If the Commencement Date shall be other than the first day of a month, Fixed Rent All rent shall be paid on the Commencement Date on a pro-rata basis for the fractional part of the month between the date same is due and the last day of said month (based on a thirty (30) day month).
(i) All other charges payable pursuant by Tenant to this lease hereinafter are called "Additional Rental"Landlord without deduction, demand, notice or offset. All payments of Additional Rental, unless Except as otherwise expressly provided herein, Tenant shall not be due and payable entitled to any abatement or reduction of the rent. Tenant shall deliver all rent to Landlord at the address specified in the same manner Section 7 or such other place as is set forth in Paragraph 5(a) on the first day of the calendar month or ten (10) days following demand therefor, whichever shall later occurLandlord may designate to Tenant by written notice.
(ii) If the Commencement Date shall be other than the first day of a month, then Tenant shall pay on the Commencement Date, any Additional Rental for the fractional portion of the month on a per them basis until the first day of the next succeeding month. Fixed Rent and Additional Rental herein are referred to collectively as "Rental".
(b) If any payment of Rental due hereunder shall be overdue, a "late charge" may be charged at the rate of five (5%) percent per month on any Rental which is overdue, computed from the due date until payment thereof. This charge shall be in addition to and not in lieu of any other remedy Landlord may have under the circumstances and is in addition to any charge by Landlord to Tenant for 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", if not previously paid, at the option of the Landlord, shall be added to and shall become cart of the succeeding Rental payment to be made hereunder and shall be deemed to constitute Additional Rental.
(c) d. It is the intention of the parties hereto that t-e Fixed Rent payable hereunder shall be absolutely net to Landlord, so that this lease Lease be a fully net lease. Accordingly, except as otherwise expressly provided herein, Tenant shall yield to Landlord the net annual Fixed Rent specified herein during the Termpay, and that when due, all costs, expenses and obligations of every kind and nature whatsoever relating other liabilities related to the Leased Premises and the Development or the ownership, operation, use, improvement, maintenance, repair or replacement thereof, that are allocable to periods within the Term. In the event Landlord inadvertently pays any cost or expense that the Tenant is obligated to pay under the terms of this Lease, Tenant shall be paid by Tenantreimburse Landlord for such expense or cost within fifteen (15) days after its receipt of a written demand from Landlord.
e. Tenant expressly agrees that nothing contained in this Lease shall require Landlord to furnish to Tenant or any other occupant of the Leased Premises any water, except as otherwise specifically provided for hereinsewer, gas, heat, electricity, light, power, or any other utilities, labor, materials, or services of any kind whatsoever.
Appears in 1 contract
Samples: Ground Lease Agreement
Rental. (a) Tenant covenants and agrees to shall pay to Landlord throughout the Fixed Term as rental for the Premises the Base Rent, subject to the following adjustments:
(i) The rental payable during each calendar year subsequent to the Base Year shall be(i) the Base Rent, plus (ii) Tenant's Percentage Share of the total dollar increase, if any, in Operating Expenses paid or incurred by Landlord in that year over the Base Operating Expenses, and also increased by Tenant's Percentage Share of the total dollar increase, if any, in Property Taxes paid by Landlord in that year over the Base Property Taxes ("the Escalation Rent"). The increased rental due pursuant to this Section 4(a)(ii) is the "Escalation Rent."
(b) Base Rent shall be paid to Landlord in equal monthly installments installments, in advance, on or before the first day of each calendar month during the TermTerm of this Lease. If Tenant shall pay the Commencement Date shall be monthly installment of Base Rent for the first full calendar month of the Term at the time of the execution of this Lease. In the event the Term of this Lease commences on a day other than the first day of a month, Fixed Rent shall be paid on the Commencement Date calendar month or ends on a pro-rata basis for the fractional part of the month between the date same is due and day other than the last day of said a calendar month, the monthly rental for the first and last fractional months of the Term of this Lease shall be prorated according to the fraction of the total number of days in such month (based on a thirty (30) day month).
(i) All other charges payable pursuant to this lease hereinafter are called "Additional Rental". All payments of Additional Rentalfalling within the Term, unless otherwise provided herein, and such prorated payment shall be due and payable to Landlord in the same manner as is set forth in Paragraph 5(a) on the first day of such month within the Term. If the term of this lease commences on a day other thin the first day of a calendar month year or ends on a day other than the last day of a calendar year, the Base Rent and Escalation Rent for the first and last calendar years of the Term shall be prorated according to the fraction of the total number of days in such year falling within the Term.
(c) All sums of money due to Landlord under this Lease, not specifically characterized as rental, shall constitute additional rent and shall be due within ten (10) days following demand thereforafter receipt by Tenant of a billing. If any sum is not paid when due, whichever it shall later occurbe collectible as additional rent with the next installment of rental falling due.
(iid) If Tenant acknowledges that late payment of rent and other sums due under this Lease after the Commencement Date shall expiration of any applicable cure period under Section 18
(a) will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be difficult to ascertain. These costs include, but are not limited to, processing and accounting charges and late charges which may be imposed on Landlord by the terms of any trust deed covering the Premises. Accordingly, if any installment of rent or any other than sums due from Tenant are not received when due, or if a cure period is applicable under Section 18(a), prior to the first day expiration of a monththe cure period, then Tenant shall pay on the Commencement Date, any Additional Rental for the fractional portion of the month on to Landlord a per them basis until the first day of the next succeeding month. Fixed Rent and Additional Rental herein are referred late charge equal to collectively as "Rental".
(b) If any payment of Rental due hereunder shall be overdue, a "late charge" may be charged at the rate of five percent (5%) percent per month on any Rental which is overdueof the overdue amount. The parties agree that the late charge represents a fair and reasonable estimate of the costs Landlord will incur because of late payment. Acceptance of the late charge by Landlord shall not constitute a waiver of Tenant's default for the overdue amount, computed nor prevent Landlord from exercising the other rights and remedies granted under this Lease. [INITIALS APPEAR HERE] [Initials of landlord] ---------------------- [INITIALS APPEAR HERE] [Initials of Tenant] ----------------------
(e) Any amount due to Landlord other than monthly rental, if not paid within five (5) days following the due date will bear interest from the due date until payment thereofpaid at the rate of ten percent (10%) per year. This charge However, interest shall not be payable on late charges incurred by Tenant nor on any amounts on which late charges are paid by Tenant to the extent this interest would cause the total interest to be in excess of that legally permitted. Payment of interest shall not excuse or cure any default by Tenant.
(f) All payments due shall be paid to Landlord, without deduction or offset except as set forth in addition this Lease, in lawful money of the United States of America at Landlord's address for notices under this Lease or to and not in lieu of any other remedy another person or at another place as Landlord may have under designate by notice to Tenant. If Tenant pays by check and the circumstances and check is in addition to any charge by Landlord to Tenant returned for 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"non-sufficient funds more than once, if not previously paid, at the option upon request of the Landlord, the Tenant shall be added to and shall become cart of the succeeding Rental payment to be made hereunder and shall be deemed to constitute Additional Rentalmake future payments by cashiers check.
(c) It is the intention of the parties hereto that t-e Fixed Rent payable hereunder shall be absolutely net to Landlord, so that this lease shall yield to Landlord the net annual Fixed Rent specified herein during the Term, and that all costs, expenses and obligations of every kind and nature whatsoever relating to the Premises shall be paid by Tenant, except as otherwise specifically provided for herein.
Appears in 1 contract
Samples: Office Lease (Individual Inc)
Rental. (a) Tenant covenants and agrees shall pay to Landlord throughout the term of this Lease as rental for the Premises the sum specified in the Basic Lease Information as the Base Rent. As additional rental hereunder, Tenant shall pay to Landlord the Fixed Rent additional charges described in equal monthly installments paragraph 4 below.
(b) Monthly rental shall be paid to Landlord on or before the first day of the term hereof and on or before the first day of each and every successive calendar month thereafter during the Termterm hereof beginning on the Base Rent commencement date. If In the Commencement Date shall be event the term of this Lease commences on a day other than the first day of a month, Fixed Rent shall be paid on the Commencement Date calendar month or ends on a pro-rata basis for the fractional part of the month between the date same is due and day other than the last day of said month (based on a thirty (30) day calendar month).
(i) All other charges payable pursuant to this lease hereinafter are called "Additional Rental". All payments , the monthly rental for the first and last fractional months of Additional Rental, unless otherwise provided herein, the term hereof shall be due and payable to Landlord in the same manner as is set forth in Paragraph 5(a) on the first day of the calendar month or ten (10) days following demand therefor, whichever shall later occur.
(ii) If the Commencement Date shall be other than the first day of a month, then Tenant shall pay on the Commencement Date, any Additional Rental for the fractional portion of the month on a per them basis until the first day of the next succeeding month. Fixed Rent and Additional Rental herein are referred to collectively as "Rental".
(b) If any payment of Rental due hereunder shall be overdue, a "late charge" may be charged at the rate of five (5%) percent per month on any Rental which is overdue, computed from the due date until payment thereof. This charge shall be in addition to and not in lieu of any other remedy Landlord may have under the circumstances and is in addition to any charge by Landlord to Tenant for 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", if not previously paid, at the option of the Landlord, shall be added to and shall become cart of the succeeding Rental payment to be made hereunder and shall be deemed to constitute Additional Rentalappropriately prorated.
(c) It All sums of money due from Tenant hereunder not specifically characterized as rental shall constitute additional rent, and if any such sum is not paid when due it shall nonetheless be collectible as additional rent with the intention next installment of rental thereafter falling due, but nothing contained herein shall be deemed to suspend or delay the payment of any sum of money at the time it becomes due and payable hereunder, or to limit any other remedy of Landlord.
(d) Tenant hereby acknowledges that late payment by Tenant to Landlord of rent and other sums due hereunder after the expiration of any applicable grace period described in paragraph 19
(a) will cause Landlord to incur costs not contemplated by this Lease, the exact amounts of which will be difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges, and late charges which may be imposed on Landlord by the terms of any encumbrances covering the Building and the Premises. Accordingly, if any installment of rent or any other sums due from Tenant shall not be received by Landlord prior to the expiration of any applicable grace period described in paragraph 19(a), Tenant shall pay to Landlord a late charge equal to three percent (3%) of such overdue amount, but, after the second occurrence in any calendar year, the late charge for all subsequent occurrences in the same calendar year shall be five percent (5%) of such overdue amount. The parties hereby agree that such late charge represents a fair and reasonable estimate of the parties hereto costs Landlord will incur by reason of late payment by Tenant based on the circumstances existing as of the date of this Lease. Acceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant's default with respect to such overdue amount, nor prevent Landlord from exercising any of the other rights and remedies granted hereunder.
(e) Any amount due from Landlord or Tenant, if not paid when first due, shall bear interest from the date first due until paid at an annual rate equal to 4% over the annual prime rate of interest announced publicly by Citibank, N.A. in New York, New York from time to time (but in no event in excess of the maximum rate of interest permitted by law), provided that t-e Fixed Rent interest shall not be payable on late charges incurred by Tenant nor on any amounts upon which late charges are paid by Tenant to the extent such interest would cause the total interest to be in excess of that legally permitted. Payment of interest shall not excuse or cure any default hereunder by Landlord or Tenant.
(f) All payments due from Tenant shall be absolutely net paid to Landlord, so that this lease shall yield without deduction or offset, in lawful money of the United States of America at Landlord's address for notices hereunder, or to such other person or at such other place as Landlord the net annual Fixed Rent specified herein during the Term, and that all costs, expenses and obligations of every kind and nature whatsoever relating may from time to the Premises shall be paid time designate by notice to Tenant, except as otherwise specifically provided for herein.
Appears in 1 contract
Rental. (a) Tenant covenants and agrees to pay to Landlord during the Fixed Rent Lease Term, without any setoff or deduction except as otherwise expressly provided herein, the Base Rental, and all such other sums of money as shall become due hereunder as additional rent, all of which are sometimes herein collectively called “rent.” In the event of nonpayment of any rent, Landlord shall be entitled to exercise all such rights and remedies as are herein provided in the case of the nonpayment of Base Rental. Except as otherwise provided herein, the annual Base Rental for each calendar year or portion thereof during the Lease Term, together with Tenant’s Pro Rata Share of any Excess Basic Costs payable pursuant to Exhibit “C” hereof, shall be due and payable in advance in twelve (12) equal monthly installments on or before the first day of each calendar month during the Terminitial Term of this Lease and any extensions or renewals hereof, and Tenant hereby agrees to pay such Base Rental and any adjustments thereto to Landlord at Landlord’s address provided herein (or such other address as may be designated by Landlord in writing from time-to-time) monthly, in advance, and without notice or demand. If the Commencement Date shall be Term of this Lease commences on a day other than the first day of a month, Fixed Rent shall be paid on the Commencement Date month or terminates on a pro-rata basis for the fractional part of the month between the date same is due and the last day of said month (based on a thirty (30) day month).
(i) All other charges payable pursuant to this lease hereinafter are called "Additional Rental". All payments of Additional Rental, unless otherwise provided herein, shall be due and payable to Landlord in the same manner as is set forth in Paragraph 5(a) on the first day of the calendar month or ten (10) days following demand therefor, whichever shall later occur.
(ii) If the Commencement Date shall be other than the first last day of a month, then Tenant the installments of Base Rental and any adjustment thereto for such month or months shall pay be prorated, based on the Commencement Date, any Additional number of days in such month. The Base Rental for the fractional portion first partial month, if any, shall be payable at the beginning of said period. All such payments shall be by a good and sufficient check (subject to collection) drawn on a bank reasonably acceptable to Landlord. No payment by Tenant or receipt or acceptance by Landlord of a lesser amount than the correct installment of rent due under this Lease shall be deemed to be other than a payment on account of the month earliest rent due hereunder, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the balance or pursue any other remedy provided by this Lease or applicable law. The acceptance by Landlord of an installment of rent on a per them basis until date after the first day due date of such payment shall not be construed to be a waiver of Landlord’s right to declare a default for any other late payment. If Tenant fails to timely pay any three (3) installments of rent, Landlord at its sole option may (i) require Tenant to pay rent (as estimated by Landlord, 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 collectible personal or corporate check shall no longer constitute payment thereof, or (ii) Landlord. may require that Tenant deposit an additional Security Deposit equal to three (3) months rent, from which Landlord, at his or her sole discretion, may satisfy any future late payments made by Tenant, and Tenant shall be required to maintain such additional Security Deposit levels throughout the remaining Term as described in subsection (ii) above, then Tenant shall have five (5) days to deposit such additional Security Deposit as required above. Nothing in this section shall relieve Tenant from its duties to pay Late Charges (as defined below). Any acceptance of Tenant’s collectible personal or corporate check thereafter by Landlord shall not be construed as a waiver of the next succeeding monthrequirement that such payments be made in cash or by cashier’s check or money order. Fixed Rent All amounts received by Landlord from Tenant hereunder shall be applied first to the earliest accrued and Additional Rental herein are referred to collectively as "Rental"unpaid rent then outstanding.
(b) If any payment To the extent allowed by law, all installments of Rental rent not paid when due hereunder shall be overdue, a "late charge" may be charged bear interest at the rate Default Rate from the date due until paid; and, in addition, all installments of rent not paid within seven (7) days of when due and payable shall incur a Late Charge equal to five percent (5%) percent per month on any Rental which is overdue, computed from the due date until payment thereof. This charge shall be in addition to and not in lieu of any other remedy Landlord may have under the circumstances and is in addition to any charge by Landlord to Tenant for 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", if not previously paid, at the option of the Landlordoutstanding balance due, provided, Landlord shall be added not impose a late charge for the first late payment in any calendar year unless Tenant shall fail to and shall become cart pay such late installment within seven (7) days of the succeeding Rental payment to be made hereunder and shall be deemed to constitute Additional Rentalwritten notice from Landlord of non-payment.
(c) It is In addition to Base Rental payable hereunder, commencing January 1, 1999 for the intention Premises and September 23, 2000 for the Expansion Space, Tenant shall pay monthly as additional rent Tenant’s Pro Rata Share of the parties Excess Basic Costs over the Base Year Basic Costs in accordance with the provisions of Exhibit “C” attached hereto that t-e Fixed Rent payable hereunder shall be absolutely net to Landlord, so that this lease shall yield to Landlord the net annual Fixed Rent specified and incorporated herein during the Term, and that for all costs, expenses and obligations of every kind and nature whatsoever relating to the Premises shall be paid by Tenant, except as otherwise specifically provided for hereinpurposes.
Appears in 1 contract
Rental. (a) A. Tenant covenants and agrees to pay fixed rent ("Fixed Rent") to Landlord without notice, by check sent to Landlord at such address as shall be provided by Landlord to Tenant, provided that such check shall be received by Landlord in sufficient time that the funds will be received by the Fixed Rent due date, or to such other persons or place as may be provided by written notice from the person then entitled to receive the Fixed Rent, in equal monthly installments in advance on or before the first day of each calendar month during as specified in the TermBasic Lease Information. If Fixed Rent is not paid when due, interest shall accrue thereon at the Commencement Date Overdue Rate until payment is made. Tenant hereby acknowledges that late payment by Tenant to Landlord of Fixed Rent, Additional Rent and other sums due under this Lease will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges and late charges which may be imposed on Landlord by the terms of any mortgage or trust deed covering the Premises. Accordingly, if any installment of Fixed Rent or any other sum due to Landlord from Tenant shall not have been received by Landlord or Landlord's designee within fifteen (15) days after such amount shall be due, then, without any requirement for notice to Tenant, Tenant shall pay to Landlord a late charge equal to two percent (2%) of such overdue amount, together with interest on such overdue amount at the Overdue Rate. The parties agree that such late charge represents a fair and reasonable estimate of the costs Landlord will incur by reason of late payment by Tenant. Acceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant's default with respect to such overdue amount, nor prevent Landlord from exercising any of the other than rights and remedies granted hereunder; provided that nothing contained herein shall relieve Landlord of a duty to mitigate damages under applicable law.
B. The Fixed Rent for each Renewal Term shall be payable in equal monthly installments in advance on or before the first day of a montheach month as provided in the Basic Lease Information.
C. If, Fixed Rent shall be paid on at any time from the first day of the month following the fourth anniversary of the Commencement Date on a pro-rata basis for the fractional part of the month between the date same is due and through the last day of said the month in which the seventh anniversary of the Commencement Date occurs (based on the "Initiating Date"), Tenant obtains a thirty BBB- or better investment grade credit rating from Standard & Poors Corporation and a Baa3 or better investment grade credit rating from Moodx'x Xxxestors Services, Inc. for its senior debt obligations, and such investment grade credit ratings are maintained for 12 consecutive months (30) day monththe "Lookback Period")., then:
(i) All other charges payable pursuant to this lease hereinafter are called "Additional Rental". All payments of Additional Rental, unless otherwise provided herein, shall be due and payable to Landlord in the same manner as is set forth in Paragraph 5(a) on the first day of the calendar month following the Lookback Period, the annual Fixed Rent shall be reset to equal the Fixed Rent on the Initiating Date less an amount equal to the Purchase Price multiplied by the lesser of (a) 1.0%, or ten (b) the difference between (x) the Fixed Rent on the Initiating Date (calculated as a percentage of the Purchase Price), and (y) the yield for 10-year Treasury bills plus 275 basis points. The yield for use in the foregoing calculation will be as shown in the Treasury Constant Maturity Series in statistical release H.15(519) days following demand thereforof the Federal Reserve Board; or if that release is unavailable, whichever shall later occura comparable publication.
(ii) If the Commencement Date annual Fixed Rent specified in the Basic Lease Information shall be other than increased at the first day end of a month, then Tenant shall pay on every 30-month period measured from the Commencement Date, any Additional Rental for Initiating Date by an amount equal to the fractional portion annual Fixed Rent prior to such increase multiplied by the greater of 5.72028% or 56.25% of the increase in the CPI over the prior 30-month on a per them basis until period. Such increase in the Fixed Rent shall not be greater than 11.632519% of the annual Fixed Rent immediately prior to the increase.
D. If at any time from the first day of the next succeeding month. month following the Initiating Date, Tenant obtains an A- or better investment grade credit rating from Standard & Poors corporation and an A3 or better investment grade credit rating from Moodx'x Xxxestors Services, Inc. for its senior debt obligations, and such investment grade credit ratings are maintained during the Lookback Period, then:
(i) on the first day of the month following the Lookback Period, the annual Fixed Rent shall be reset to equal the Fixed Rent on the Initiating Date less an amount equal to the Purchase Price multiplied by the lesser of (a) 2.0%, or (b) the difference between (x) the Fixed Rent on the Initiating Date (calculated as a percentage of the Purchase Price) and Additional Rental herein are referred to collectively (y) the yield, determined as "Rental"provided above, for 10-year Treasury obligations plus 225 basis points.
(bii) If any payment of Rental due hereunder shall be overdue, a "late charge" may be charged at the rate of five (5%) percent per month on any Rental which is overdue, computed from the due date until payment thereof. This charge shall be in addition to and not in lieu of any other remedy Landlord may have under the circumstances and is in addition to any charge by Landlord to Tenant for 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", if not previously paid, at the option of the Landlord, shall be added to and shall become cart of the succeeding Rental payment to be made hereunder and shall be deemed to constitute Additional Rental.
(c) It is the intention of the parties hereto that t-e Fixed Rent payable hereunder shall be absolutely net to Landlord, so that this lease shall yield to Landlord the net annual Fixed Rent specified herein in the Basic Lease Information shall be increased at the end of every 30-month period measured from the Initiating Date by an amount equal to the annual Fixed Rent prior to such increase multiplied by the greater of 5.72028% or 56.25% of the increase in the CPI over the prior 30-month period. Such increase in the Fixed Rent shall not be greater than 11.632519% of the annual Fixed Rent immediately prior to the increase.
E. If, at any time from the first day of the month following the Initiating Date, Tenant obtains either of the required investment grade ratings indicated in subparagraphs C and D, but not both and such investment grade credit ratings are maintained during the TermLookback Period, then:
(i) on the first day of the month following the Lookback Period, the annual Fixed Rent shall be reset to equal the Fixed Rent on the Initiating Date less an amount equal to the Purchase Price multiplied by the lesser of (a) 1.5%, or (b) the difference between (x) the Fixed Rent on the Initiating Date (calculated as a percentage of the Purchase Price) and that all costs(y) the yield, expenses and determined as provided above, for 10-year Treasury obligations plus 250 basis points.
(ii) the annual Fixed Rent specified in the Basic Lease Information shall be increased at the end of every kind and nature whatsoever relating 30-month period measured from the Initiating Date by an amount equal to the Premises annual Fixed Rent prior to such increase multiplied by the greater of 5.72028% or 56.25% of the increase in the CPI over the prior 30-month period. Such increase in the Fixed Rent shall not be paid greater than 11.632519% of the annual Fixed Rent immediately prior to the increase. In no event shall the calculation required by Tenantsubparagraphs C(i), except as otherwise specifically provided for hereinD(i) and E(i) above result in an increase in Fixed Rent.
Appears in 1 contract
Rental. (a) Tenant covenants and agrees to shall pay to Landlord the Fixed Total Rent set forth in equal monthly General Terms above by making the Periodic Installment Payments set out in the General Terms above. The Periodic Installment Payments shall be payable by Tenant to Landlord in advance without demand, abatement, or set-off,payable to and by mail to Xxxxxx Farm, LLC, X.X. Xxx 0000, Xxxxxxxxx XX 00000. All other sums due from Tenant to Landlord under this Lease Agreement or under any other written agreement between Landlord and Tenant related to Tenant's occupancy at the Community will be considered additional rent hereunder, and any payments made by Tenant to Landlord pursuant to this Lease Agreement, in Landlord's discretion, may be applied to any outstanding or delinquent additional rent or other sums due hereunder or under any other written agreement between Landlord and Tenant before being applied to delinquent Periodic Installment Payments hereunder. Payment of any sums due from Tenant to Landlord under this Lease Agreement, including without limitation, Periodic Installment Payments and additional rent, shall be made by check, cashier's check, money order or other traceable or negotiable instrument. Landlord, from time to time, in Landlord's sole discretion, may accept or require individual or recurring automated payments by credit card, debit card or ACH transfer. Payments by credit or debit will incur an additional 3% service charge per payment. Tenant agrees to furnish to Landlord such information and authorization as requested by Landlord to facilitate such payments and to maintain such available credit or funds as necessary to timely fund such payments. Landlord shall not be obligated to accept cash payments. Tenant acknowledges that the Total Rent is due even though the Term does not encompass a full 365 days, unless the Term is extended as set forth in Section 3 above. Tenant further acknowledges that the Periodic Installment Payments are intended as installment payments of the Total Rent and are apportioned into installments for the benefit of the Tenant, and, further, that payment of any Periodic Installment Payments does not entitle Tenant to possession of the Premises for any period of time not included in the Term. If Tenant holds over and fails to move out on or before the first day of each calendar month date and time required under this Lease Agreement, then, without limiting Landlord's remedies under Applicable Law and this Lease Agreement, Landlord may elect to consider Tenant a "Holdover Tenant" and Tenant agrees, in such instance, that the rent due during the Term. If the Commencement Date holdover period shall be other than the first day of a month, Fixed Rent shall be paid on the Commencement Date on a prothirty-rata basis for the fractional part of the month between the date same is due and the last day of said month (based on a thirty (30) day month).
(i) All other charges payable pursuant to this lease hereinafter are called "Additional Rental". All payments of Additional Rental, unless otherwise provided herein, shall be due and payable to Landlord in the same manner as is set forth in Paragraph 5(a) on the first day of the calendar month or ten (10) days following demand therefor, whichever shall later occur.
(ii) If the Commencement Date shall be other than the first day of a month, then Tenant shall pay on the Commencement Date, any Additional Rental for the fractional portion of the month on a per them basis until the first day of the next succeeding month. Fixed Rent and Additional Rental herein are referred to collectively as "Rental".
(b) If any payment of Rental due hereunder shall be overdue, a "late charge" may be charged at the rate of five (5%$35.00) percent dollars per month on any Rental which day until occupancy is overdue, computed from the due date until payment thereofre-delivered to Landlord. This charge Landlord's acceptance of rent or other amounts owed by Tenant during such holdover period shall be in addition not constitute a waiver of Landlord's right to and not in lieu of any other remedy Landlord may have terminate Tenant's possession under the circumstances and is in this Lease Agreement without advance notice. In addition to any charge rents due during the holdover tenancy, Tenant shall and does hereby indemnify and defend Landlord for any damages or liabilities incurred due to such holdover (including consequential damages for Landlord's inability to lease or deliver the Premises to another tenant), and, at Landlord's option, Landlord may extend the Term for an additional one month by Landlord delivering written notice to Tenant for 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 lawwhile Tenant is still holding over. Any such "late charges", if not previously paid, at the option of the Landlord, Holdover rents shall be added immediately due on a daily basis in advance to and shall become cart of the succeeding Rental payment to be made hereunder and Landlord. Nothing contained herein shall be deemed construed as Landlord's consent to constitute Additional Rentala holdover tenancy.
(c) It is the intention of the parties hereto that t-e Fixed Rent payable hereunder shall be absolutely net to Landlord, so that this lease shall yield to Landlord the net annual Fixed Rent specified herein during the Term, and that all costs, expenses and obligations of every kind and nature whatsoever relating to the Premises shall be paid by Tenant, except as otherwise specifically provided for herein.
Appears in 1 contract
Samples: Lease Agreement
Rental. (a) A. Tenant covenants and agrees to pay fixed rent ("Fixed Rent") to Landlord without notice, by check sent to Landlord at such address as shall be provided by Landlord to Tenant, provided that such check shall be received by Landlord in sufficient time that the funds will be received by the Fixed Rent due date, or to such other persons or place as may be provided by written notice from the person then entitled to receive the Fixed Rent, in equal monthly installments in advance on or before the first day of each calendar month during as specified in the TermBasic Lease Information. If Fixed Rent is not paid when due, interest shall accrue thereon at the Commencement Date Overdue Rate until payment is made. Tenant hereby acknowledges that the late payment by Tenant to Landlord of Fixed Rent, Additional Rent and other sums due under this Lease will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges and late charges which may be imposed on Landlord by the terms of any mortgage or trust deed covering the Premises. Accordingly, if any installment of Fixed Rent or any other sum due to Landlord from Tenant shall not have been received by Landlord or Landlord's designee within fifteen (15) days after such amount shall be due, then, without any requirement for notice to Tenant, Tenant shall pay to Landlord a late charge equal to two percent (2%) of such overdue amount, together with interest on such overdue amount at the Overdue Rate. The parties agree that such late charge represents a fair and reasonable estimate of the costs Landlord will incur by reason of late payment by Tenant. Acceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant's default with respect to such overdue amount, nor prevent Landlord from exercising any of the other than rights and remedies granted hereunder; provided that nothing contained herein shall relieve Landlord of a duty to mitigate damages under applicable law.
B. The Fixed Rent for each Renewal Term shall be payable in equal monthly installments in advance on or before the first day of a montheach month as provided in the Basic Lease Information.
C. If, Fixed Rent shall be paid on or before the Commencement Date on a pro-rata basis for the fractional part of the month between the date same is due and the last first day of said month any calendar quarter commencing on April 1, 1998 up to and including April 1, 2001 (based on each, an "Initiating Date"), Tenant delivers a thirty written notice to Landlord (30an "Investment Improvement Notice") day monthstating that Tenant or any of SC International Services, Inc. ("SCIS")., Sky Chefs, Inc. ("Sky Chefs") Onex Food Services, Inc. ("OFSI") or Caterair International, Inc. (II) ("CII" and together with SCIS, Sky Chefs and OFSI, the "Guarantors") currently has a BBB- or better investment grade credit rating from Standard & Poor's Corporation and a Baa3 or better investment grade credit rating from Moodx'x Xxxestors Service, Inc. for its senior debt obligations, then:
(i) All other charges payable pursuant Subject to this lease hereinafter are called "Additional Rental". All payments of Additional RentalSection 4.F. hereof, unless otherwise provided herein, shall be due and payable to Landlord in the same manner as is set forth in Paragraph 5(a) on the first day of the next calendar month quarter following the Initiating Date, the annual Fixed Rent shall be reset to equal the Fixed Rent on the Initiating Date less an amount equal to the Purchase Price multiplied by the lesser of (a) 1.0%, or ten (b) the difference between (x) the Fixed Rent on the Initiating Date (calculated as a percentage of the Purchase Price), and (y) the yield for 10-year Treasury bills plus 275 basis points. The yield for use in the foregoing calculation will be as shown in the Treasury Constant Maturity Series in statistical release H.15(519) days following demand thereforof the Federal Reserve Board; or if that release is unavailable, whichever shall later occura comparable publication.
(ii) If Subject to Section 4.F. hereof, the Commencement Date annual Fixed Rent specified in the Basic Lease Information shall be other increased at the end of every 30-month period measured from the Initiating Date by an amount equal to the annual Fixed Rent prior to such increase multiplied by the greater of 5.72028% or 56.25% of the increase in the CPI over the prior 30-month period. Such increase in the Fixed Rent shall not be greater than 11.632519% of the annual Fixed Rent immediately prior to the increase.
D. If, on an Initiating Date, Tenant delivers an Investment Improvement Notice stating that Tenant or any of the Guarantors currently has an A- or better investment grade credit rating from Standard & Poor's Corporation and an A3 or better investment grade credit rating from Moodx'x Xxxestors Service, Inc. for its senior debt obligations.
(i) Subject to Section 4.F. hereof, on the first day of a monthnext calendar quarter following the Initiating Date, then Tenant the annual Fixed Rent shall pay be reset to equal the Fixed Rent on the Commencement DateInitiating Date less an amount equal to the Purchase Price multiplied by the lesser of (a) 2.0%, any Additional Rental for the fractional portion of the month on a per them basis until the first day of the next succeeding month. Fixed Rent and Additional Rental herein are referred to collectively as "Rental".
or (b) If any payment of Rental due hereunder shall be overdue, a "late charge" may be charged at the rate of five difference between (5%x) percent per month on any Rental which is overdue, computed from the due date until payment thereof. This charge shall be in addition to and not in lieu of any other remedy Landlord may have under the circumstances and is in addition to any charge by Landlord to Tenant for 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", if not previously paid, at the option of the Landlord, shall be added to and shall become cart of the succeeding Rental payment to be made hereunder and shall be deemed to constitute Additional Rental.
(c) It is the intention of the parties hereto that t-e Fixed Rent payable hereunder shall be absolutely net to Landlord, so that this lease shall yield to Landlord on the net annual Fixed Rent specified herein during the Term, and that all costs, expenses and obligations of every kind and nature whatsoever relating to the Premises shall be paid by Tenant, except Initiating Date (calculated as otherwise specifically provided for herein.a
Appears in 1 contract
Rental. (a) Section 5.01 Tenant covenants and agrees to pay to Landlord as Rental for the Fixed Rent Premises, in equal lawful money of the United States, 1/12 of the Annual Base Rental, payable monthly installments in advance, without set-off, notice or demand, on or before the first day of each calendar month during month. In the Termevent rent is not received by Landlord from Tenant by the tenth (10th) day of each calendar month, Tenant shall pay a late charge for special handling equal to four percent (4%) of the Rental due. If Rental shall be paid to Landlord, without deduction or offset, at the address of Landlord specified in the Basic Lease Information or such other place as Landlord may designate in writing. The first monthly installment of Rental shall be paid on the Commencement Date, except that if Commencement Date shall be is a date other than the first day of a calendar month, Fixed Rent then the monthly Rental for the first and last fractional months of the Term shall be paid on appropriately prorated. The term "Rental" as used herein means the Commencement Date on a pro-rata basis sum of Annual Base Rental, and all other sums due hereunder by Tenant to Landlord, whether or not expressly denominated as rent, and shall constitute Rental for the fractional part purposes of Section 502(b)(6) of the month between Bankruptcy Code (11 U.S.C. § 502(b)(6)) unless a lesser amount as permitted under said section is actually due to Landlord, which in that case the date same is due and lesser amount shall constitute Rental owed to the last day Landlord. A service charge of said month ten percent (based on a thirty (3010%) day month).
(i) All other charges payable pursuant to this lease hereinafter are called of the amount of any checks returned stamped "Additional Rental". All payments of Additional Rental, unless otherwise provided herein, shall NSF" will be due and payable to Landlord in the same manner as is set forth in Paragraph 5(a) on the first day of the calendar month or ten (10) days following demand thereforpayable, whichever shall later occur.
(ii) If the Commencement Date shall be other than the first day of a month, then Tenant shall pay on the Commencement Date, any Additional Rental for the fractional portion of the month on a per them basis until the first day of the next succeeding month. Fixed Rent and Additional Rental herein are referred to collectively as "Rental".
(b) If any payment of Rental due hereunder shall be overdue, a "late charge" may be charged at the rate of five (5%) percent per month on any Rental which is overdue, computed from the due date until payment thereof. This charge shall be in addition to the overdue installments to cover Landlord's extra cost and not expense in lieu of any other remedy Landlord may have under the circumstances handling and is in addition to any charge processing. No payment by Tenant or receipt by Landlord to Tenant for reasonable fees and charges of any agents or attorneys Landlord may employ as a result of any default in lesser amount than the payment of Rental hereunder whether authorized herein or by law. Any such "late charges", if not previously paid, at the option of the Landlord, shall be added to and shall become cart of the succeeding Rental payment to be made hereunder and monthly installment due under this Lease shall be deemed to constitute Additional Rental.
(c) It is the intention be other than on account of the parties hereto that t-e Fixed Rent payable hereunder earliest Rental due hereunder, nor shall any endorsement or statement on any check or payment as Rental be absolutely net deemed a waiver of a breach of the Lease Agreement or an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord's right to recover possession of the Premise and/or the balance of such Rental or pursue any other remedy provided in this Lease or by law, so that this lease unless otherwise waived in writing by Landlord. All rent in arrears shall yield to Landlord bear interest at the net annual Fixed Rent specified herein during Stipulated Rate of Interest of one and one half percent (1.5%) per month from the Term, and that all costs, expenses and obligations date on which the same became due until the date of every kind and nature whatsoever relating to the Premises shall be paid by Tenant, except as otherwise specifically provided for hereinpayment thereof.
Appears in 1 contract
Rental. (a) Tenant covenants and agrees to shall pay to Landlord throughout the Fixed Term as rental for the Premises the Base Rent. In addition to the Base Rent, for each calendar year subsequent to the Base Year the Base Rent shall be increased by (i) Tenant’s Percentage Share of the total dollar increase, if any, in equal monthly installments Operating Expenses paid or incurred by Landlord in that year over the Base Year Operating Expenses and (ii) Tenant’s Percentage Share of the total dollar increase, if any, in Property Taxes paid or incurred by Landlord in that year over the Base Year Property Taxes. The increased rental due pursuant to this Section 4(a) is the Escalation Rent.
(b) Monthly Rental shall be paid to Landlord, in advance, on or before the first day of the Term of this Lease and on or before the first day of each successive calendar month during the TermTerm of this Lease. If In the Commencement Date shall be event the Term of this Lease commences on a day other than the first day of a month, Fixed Rent shall be paid on the Commencement Date calendar month or ends on a pro-rata basis for the fractional part of the month between the date same is due and day other than the last day of said month a calendar month, the monthly rental for the first and last fractional months of the Term of this Lease shall be appropriately prorated.
(based on a c) All sums of money due to Landlord under this Lease, not specifically characterized as rental, shall constitute additional rent and shall be due within thirty (30) day month)days after receipt by Tenant of a billing. If any sum is not paid when due, it shall be collectible as additional rent with the next installment of rental falling due.
(id) All Tenant acknowledges that late payment of rent and other sums due under this Lease after the expiration of any applicable cure period under Section 18(a) will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be difficult to ascertain. These costs include, but are not limited to, processing and accounting charges payable pursuant and late charges which may be imposed on Landlord by the terms of any trust deed covering the Premises. Accordingly, if any installment of rent or any other sums due from Tenant are not received within five (5) business days of its due date, or if a cure period is applicable under Section 18(a), prior to this lease hereinafter are called "Additional Rental". All payments of Additional Rental, unless otherwise provided herein, shall be due and payable to Landlord in the same manner as is set forth in Paragraph 5(a) on the first day expiration of the calendar month or ten (10) days following demand thereforcure period, whichever shall later occur.
(ii) If the Commencement Date shall be other than the first day of a month, then Tenant shall pay on to Landlord a late charge equal to ten percent (10%) of the Commencement Date, any Additional Rental overdue amount. The parties agree that the late charge represents a fair and reasonable estimate of the costs Landlord will incur because of late payment. Acceptance of the late charge by Landlord shall not constitute a waiver of Tenant’s default for the fractional portion overdue amount, nor prevent Landlord from exercising the other rights and remedies granted under this Lease. ______ [Initials of the month on a per them basis until the first day landlord] ______ [Initials of the next succeeding month. Fixed Rent and Additional Rental herein are referred to collectively as "Rental".Tenant]
(be) If any payment installment of Rental rent or any other sums due hereunder shall be overdue, a "late charge" may be charged at the rate of from Tenant are not received within five (5%) percent per month on any Rental which business days of its due date, or if a cure period is overdueapplicable under Section 18(a), computed prior to the expiration of the cure period, such amount will bear interest from the due date until payment thereofpaid at the rate of ten percent (10%) per year. This charge However, interest shall not be payable on late charges incurred by Tenant nor on any amounts on which late charges are paid by Tenant to the extent this interest would cause the total interest to be in excess of that legally permitted. Payment of interest shall not excuse or cure any default by Tenant.
(f) All payments due shall be paid to Landlord, without deduction or offset, in addition lawful money of the United States of America at Landlord’s address for notices under this Lease or to and not in lieu of any other remedy another person or at another place as Landlord may have under designate by notice to Tenant. If Tenant pays by check and the circumstances and check is in addition to any charge by Landlord to Tenant returned for 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"non-sufficient funds more than once, if not previously paid, at the option upon request of the Landlord, the Tenant shall be added to and shall become cart of the succeeding Rental payment to be made hereunder and shall be deemed to constitute Additional Rentalmake future payments by cashier’s check.
(c) It is the intention of the parties hereto that t-e Fixed Rent payable hereunder shall be absolutely net to Landlord, so that this lease shall yield to Landlord the net annual Fixed Rent specified herein during the Term, and that all costs, expenses and obligations of every kind and nature whatsoever relating to the Premises shall be paid by Tenant, except as otherwise specifically provided for herein.
Appears in 1 contract
Rental. The Department shall pay rent as reflected in the chart below:
(a) Tenant covenants and agrees to pay to Landlord Years Square Feet Cost Per Square Foot Annual Rent Monthly Rent Rent is payable in arrears, in accordance with the Fixed Rent in equal monthly installments on or before State’s usual accounting procedures, commencing with the first day month of each calendar month during occupancy as established by the Term. If provisions of Section 2.
(b) In the Commencement Date shall be other than event commencement occurs after the first day of a month, Fixed Rent the first month’s rent shall be paid on prorated to the Commencement Date on end of that month, payable in arrears; a pro-rata basis for partial first month shall be added to the fractional part initial term of the month between the date same is due and the last day of said month (based on a thirty (30) day month)this Lease.
(ic) All other charges payable pursuant In addition, Department agrees to this lease hereinafter are called "Additional Rental". All payments reimburse Lessor annually as additional rent within sixty (60) days after receipt of Additional Rentalproper substantiating documentation, unless otherwise provided hereinfor 100% of aggregated actual amounts paid above base year amount for its pro-rated share, based on square foot of space occupied, for only the following operating/ escalator expenses: • Fuel for Heat • Janitorial • Water & Sewer Usage (separately metered) • Snow removal, sanding and salting • Real Estate Taxes (leased premises) Base Year shall be due the first full twelve month period after commencement date for all items except municipal real estate taxes. Base year for municipal real estate taxes shall be the first complete tax year after commencement date, which reflects assessed value of premises as improved/renovated as of commencement. Likewise, if the aggregated operating expenses decrease from the base year, the Lessor shall reimburse to the Department the amount of the net reduction. Proper substantiating documentation shall be photocopies of all bills from each vendor for the period during which reimbursement is sought and payable receipts showing that the charges have been paid in full. Aggregated expenses shall reflect both increases and decreases in Operating Costs. Base year shall be the first full twelve months after commencement date for all items except for municipal real estate taxes. Base year for municipal real estate taxes shall be first complete tax year after commencement date, which reflects assessed value of premises as improved/renovated as of commencement. Lessor will xxxx these escalation charges to Landlord the Department once a year, in the same manner as is set forth in Paragraph 5(a) arrears, beginning on the first day of the calendar 25th full month or ten (10) days following demand therefor, whichever shall later occur.
(ii) If the Commencement Date shall be other than the first day of a month, then Tenant shall pay on the Commencement Date, any Additional Rental for the fractional portion of the month on a per them basis until the first day of the next succeeding month. Fixed Rent and Additional Rental herein are referred to collectively as "Rental".
(b) If any payment of Rental due hereunder shall be overdue, a "late charge" may be charged at the rate of five (5%) percent per month on any Rental which is overdue, computed from the due date until payment thereof. This charge shall be in addition to and not in lieu of any other remedy Landlord may have under the circumstances and is in addition to any charge by Landlord to Tenant for 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", if not previously paid, at the option of the Landlord, shall be added to and shall become cart of the succeeding Rental payment to be made hereunder and shall be deemed to constitute Additional Rental.
(c) It is the intention of the parties hereto that t-e Fixed Rent payable hereunder shall be absolutely net to Landlord, so that this lease shall yield to Landlord the net annual Fixed Rent specified herein during the Initial Term, and that all costs, annually thereafter. The Lessor must reconcile the annual operating costs against the base year expenses and obligations xxxx/refund the amount of every kind and nature whatsoever relating the variance to the Premises shall be paid by Tenant, except as otherwise specifically provided for hereinDepartment within six (6) months of the anniversary commencement date of the Office Lease.
Appears in 1 contract
Samples: Office Lease
Rental. (a) A. Tenant covenants and agrees to pay fixed rent ("Fixed Rent") to Landlord without notice, by check sent to Landlord at such address as shall be provided by Landlord to Tenant, provided that such check shall be received by Landlord in sufficient time that the funds will be received by the Fixed Rent due date, or to such other persons or place as may be provided by written notice from the person then entitled to receive the Fixed Rent, in equal monthly installments in advance on or before the first day of each calendar month during as specified in the TermBasic Lease Information. If Fixed Rent is not paid when due, interest shall accrue thereon at the Commencement Date Overdue Rate until payment is made. Tenant hereby acknowledges that the late payment by Tenant to Landlord of Fixed Rent, Additional Rent and other sums due under this Lease will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges and late charges, which may be imposed on Landlord by the terms of any mortgage or trust deed covering the Premises. Accordingly, if any installment of Fixed Rent or any other sum due to Landlord from Tenant shall not have been received by Landlord or Landlord's designee within fifteen (15) days after such amount shall be due, then, without any requirement for notice to Tenant, Tenant shall pay to Landlord a late charge equal to two percent (2%) of such overdue amount, together with interest on such overdue amount at the Overdue Rate. The parties agree that such late charge represents a fair and reasonable estimate of the costs Landlord will incur by reason of late payment by Tenant. Acceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant's default with respect to such overdue amount, nor prevent Landlord from exercising any of the other than rights and remedies granted hereunder; provided that nothing contained herein shall relieve Landlord of a duty to mitigate damages under applicable law.
B. The Fixed Rent for each Renewal Term shall be payable in equal monthly installments in advance on or before the first day of a month, Fixed Rent shall be paid on each month as provided in the Commencement Date on a pro-rata basis for the fractional part Basic Lease Information.
1.3 Section 15 of the month between the date same Lease is due hereby amended and the last day of said month (based on a thirty (30) day month).
(i) All other charges payable pursuant to this lease hereinafter are called "Additional Rental". All payments of Additional Rentalrestated in its entirety, unless otherwise provided herein, shall be due and payable to Landlord in the same manner effective as is set forth in Paragraph 5(a) on the first day of the calendar month or ten (10) days following demand therefor, whichever shall later occur.
(ii) If the Commencement Date shall be other than the first day of a month, then Tenant shall pay on the Commencement Effective Date, any Additional Rental for the fractional portion of the month on a per them basis until the first day of the next succeeding month. Fixed Rent and Additional Rental herein are referred to collectively read as "Rental".
(b) If any payment of Rental due hereunder shall be overdue, a "late charge" may be charged at the rate of five (5%) percent per month on any Rental which is overdue, computed from the due date until payment thereof. This charge shall be in addition to and not in lieu of any other remedy Landlord may have under the circumstances and is in addition to any charge by Landlord to Tenant for 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", if not previously paid, at the option of the Landlord, shall be added to and shall become cart of the succeeding Rental payment to be made hereunder and shall be deemed to constitute Additional Rental.
(c) It is the intention of the parties hereto that t-e Fixed Rent payable hereunder shall be absolutely net to Landlord, so that this lease shall yield to Landlord the net annual Fixed Rent specified herein during the Term, and that all costs, expenses and obligations of every kind and nature whatsoever relating to the Premises shall be paid by Tenant, except as otherwise specifically provided for herein.follows:
Appears in 1 contract
Rental. (a) Tenant covenants and agrees to shall pay to Landlord throughout the Fixed Rent term of this Lease as rental for the Premises the sum specified in equal monthly installments the Basic Lease Information as the Base Rent, provided that the rental payable during each calendar year subsequent to the Base Year shall be the Base Rent, increased by Tenant's percentage share of the total dollar increase, if any, in Operating Expenses paid or incurred by Landlord in such year over the Base Operating Expenses, and also increased by Tenant's percentage share of the total dollar increase, if any, in Property Taxes paid by Landlord in such year over the Base Property Taxes. Tenant acknowledges that the Basic Lease Information may set forth different percentage shares of Operating Expenses and Property Taxes or a single percentage share applicable to both. The increased rental due pursuant to this paragraph (a) is hereinafter referred to as "Escalation Rent."
(b) Rental shall be paid to Landlord on or before the first day of the term hereof and on or before the first day of each and every successive calendar month thereafter during the Termterm hereof. If In the Commencement Date shall be event the term of this Lease commences on a day other than the first day of a month, Fixed Rent shall be paid on the Commencement Date calendar month or ends on a pro-rata basis for the fractional part of the month between the date same is due and day other than the last day of said month (based on a thirty (30) day calendar month).
(i) All other charges payable pursuant to this lease hereinafter are called "Additional Rental". All payments , the monthly rental for the first and last fractional months of Additional Rental, unless otherwise provided herein, the term hereof shall be due and payable to Landlord in the same manner as is set forth in Paragraph 5(a) on the first day of the calendar month or ten (10) days following demand therefor, whichever shall later occur.
(ii) If the Commencement Date shall be other than the first day of a month, then Tenant shall pay on the Commencement Date, any Additional Rental for the fractional portion of the month on a per them basis until the first day of the next succeeding month. Fixed Rent and Additional Rental herein are referred to collectively as "Rental".
(b) If any payment of Rental due hereunder shall be overdue, a "late charge" may be charged at the rate of five (5%) percent per month on any Rental which is overdue, computed from the due date until payment thereof. This charge shall be in addition to and not in lieu of any other remedy Landlord may have under the circumstances and is in addition to any charge by Landlord to Tenant for 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", if not previously paid, at the option of the Landlord, shall be added to and shall become cart of the succeeding Rental payment to be made hereunder and shall be deemed to constitute Additional Rentalappropriately prorated.
(c) It All sums of money due from Tenant hereunder not specifically characterized as rental shall constitute additional rent, and if any such sum is not paid when due it shall nonetheless be collectible as additional rent with the intention next installment of the parties hereto that t-e Fixed Rent payable hereunder rental thereafter falling due, but nothing contained herein shall be absolutely net deemed to suspend or delay the payment of any sum of money at the time it becomes due and payable hereunder, or to limit any other remedy of Landlord, so .
(d) Tenant hereby acknowledges that this lease shall yield late payment by Tenant to Landlord of rent and other sums due hereunder after the net annual Fixed Rent specified herein during expiration of any applicable grace period described in Paragraph 19
(a) will cause Landlord to incur costs not contemplated by this Lease, the Termexact amount of which will be difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges, and that all costslate charges which may be imposed on Landlord by the terms of any encumbrances covering the Building and the Premises. Accordingly, expenses and obligations if any installment of every kind and nature whatsoever relating rent or any other sums due from Tenant shall not be received by Landlord prior to the Premises expiration of any applicable grace period described in Paragraph 19(a), Tenant shall be paid by Tenant, except as otherwise specifically provided for herein.pay to Landlord a late charge equal to 2% of such overdue amount. The parties hereby agree that such
Appears in 1 contract
Rental. (a) A. Tenant covenants and agrees to pay fixed rent ("Fixed Rent") to Landlord without notice, by check sent to Landlord at such address as shall be provided by Landlord to Tenant, provided that such check shall be received by Landlord in sufficient time that the funds will be received by the Fixed Rent due date, or to such other persons or place as may be provided by written notice from the person then entitled to receive the Fixed Rent, in equal monthly installments in advance on or before the first day of each calendar month during as specified in the TermBasic Lease Information. If Fixed Rent is not paid when due, interest shall accrue thereon at the Commencement Date Overdue Rate until payment is made. Tenant hereby acknowledges that late payment by Tenant to Landlord of Fixed Rent, Additional Rent and other sums due under this Lease will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges and late charges which may be imposed on Landlord by the terms of any mortgage or trust deed covering the Premises. Accordingly, if any installment of Fixed Rent or any other sum due to Landlord from Tenant shall not have been received by Landlord or Landlord's designee within fifteen (15) days after such amount shall be due, then, without any requirement for notice to Tenant, Tenant shall pay to Landlord a late charge equal to two percent (2%) of such overdue amount, together with interest on such overdue amount at the Overdue Rate. The parties agree that such late charge represents a fair and reasonable estimate of the costs Landlord will incur by reason of late payment by Tenant. Acceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant's default with respect to such overdue amount, nor prevent Landlord from exercising any of the other than rights and remedies granted hereunder; provided that nothing contained herein shall relieve Landlord of a duty to mitigate damages under applicable law.
B. The Fixed Rent for each Renewal Term shall be payable in equal monthly installments in advance on or before the first day of a montheach month as provided in the Basic Lease Information.
C. If, Fixed Rent shall be paid on at any time from the first day of the month following the fourth anniversary of the Commencement Date on a pro-rata basis for the fractional part of the month between the date same is due and through the last day of said the month in which the seventh anniversary of the Commencement Date occurs (based on the "Initiating Date"), Tenant obtains a thirty BBB- or better investment grade credit rating from Standard & Poors Corporation and a Baa3 or better investment grade credit rating from Moodx'x Xxxestors Services, Inc. for its senior debt obligations, and such investment grade credit ratings are maintained for 12 consecutive months (30) day monththe "Lookback Period")., then:
(i) All other charges payable pursuant to this lease hereinafter are called "Additional Rental". All payments of Additional Rental, unless otherwise provided herein, shall be due and payable to Landlord in the same manner as is set forth in Paragraph 5(a) on the first day of the calendar month following the Lookback Period, the annual Fixed Rent shall be reset to equal the Fixed Rent on the Initiating Date less an amount equal to the Purchase Price multiplied by the lesser of (a) 1.0%, or ten (b) the difference between (x) the Fixed Rent on the Initiating Date (calculated as a percentage of the Purchase Price), and (y) the yield for 10-year Treasury bills plus 275 basis points. The yield for use in the foregoing calculation will be as shown in the Treasury Constant Maturity Series in statistical release H.l5(519) days following demand thereforof the Federal Reserve Board; or if that release is unavailable, whichever shall later occura comparable publication.
(ii) If the Commencement Date annual Fixed Rent specified in the Basic Lease Information shall be other than increased at the first day end of a month, then Tenant shall pay on every 30-month period measured from the Commencement Date, any Additional Rental for Initiating Date by an amount equal to the fractional portion annual Fixed Rent prior to such increase multiplied by the greater of 5.72028% or 56.25% of the increase in the CPI over the prior 30-month on a per them basis until period. Such increase in the Fixed Rent shall not be greater than 11.632519% of the annual Fixed Rent immediately prior to the increase.
D. If at any time from the first day of the next succeeding month. month following the Initiating Date, Tenant obtains an A- or better investment grade credit rating from Standard & Poors Corporation and an A3 or better investment grade credit rating from Moodx'x Xxxestors Services, Inc. for its senior debt obligations, and such investment grade credit ratings are maintained during the Lookback period, then:
(i) on the first day of the month following the Lookback Period, the annual Fixed Rent shall be reset to equal the Fixed Rent on the Initiating Date less an amount equal to the Purchase Price multiplied by the lesser of (a) 2.0%, or (b) the difference between (x) the Fixed Rent on the Initiating Date (calculated as a percentage of the Purchase Price) and Additional Rental herein are referred to collectively (y) the yield, determined as "Rental"provided above, for 10-year Treasury obligations plus 225 basis points.
(bii) If any payment of Rental due hereunder shall be overdue, a "late charge" may be charged at the rate of five (5%) percent per month on any Rental which is overdue, computed from the due date until payment thereof. This charge shall be in addition to and not in lieu of any other remedy Landlord may have under the circumstances and is in addition to any charge by Landlord to Tenant for 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", if not previously paid, at the option of the Landlord, shall be added to and shall become cart of the succeeding Rental payment to be made hereunder and shall be deemed to constitute Additional Rental.
(c) It is the intention of the parties hereto that t-e Fixed Rent payable hereunder shall be absolutely net to Landlord, so that this lease shall yield to Landlord the net annual Fixed Rent specified herein in the Basic Lease Information shall be increased at the end of every 30-month period measured from the Initiating Date by an amount equal to the annual Fixed Rent prior to such increase multiplied by the greater of 5.72028% or 56.25% of the increase in the CPI over the prior 30-month period. Such increase in the Fixed Rent shall not be greater than 11.632519% of the annual Fixed Rent immediately prior to the increase.
E. If, at any time from the first day of the month following the Initiating Date, Tenant obtains either of the required investment grade ratings indicated in subparagraphs C and D, but not both and such investment grade credit ratings are maintained during the TermLookback Period, then:
(i) on the first day of the month following the Lookback Period, the annual Fixed Rent shall be reset to equal the Fixed Rent on the Initiating Date less an amount equal to the Purchase Price multiplied by the lesser of (a) 1.5%, or (b) the difference between (x) the Fixed Rent on the Initiating Date (calculated as a percentage of the Purchase Price) and that all costs(y) the yield, expenses and determined as provided above, for 10-year Treasury obligations plus 250 basis points.
(ii) the annual Fixed Rent specified in the Basic Lease Information shall be increased at the end of every kind and nature whatsoever relating 30-month period measured from the Initiating Date by an amount equal to the Premises annual Fixed Rent prior to such increase multiplied by the greater of 5.72028% or 56.25% of the increase in the CPI over the prior 30-month period. Such increase in the Fixed Rent shall not be paid greater than 11.632519% of the annual Fixed Rent immediately prior to the increase. In no event shall the calculation required by Tenantsubparagraphs C(i), except as otherwise specifically provided for hereinD(i) and E(i) above result in an increase in Fixed Rent.
Appears in 1 contract
Rental. (a) Tenant covenants As rental for the subleasing of the Exclusive TEC Subleased Premises for and agrees to during the Sublease Term, Sublessee shall pay to Landlord Sublessor, at the Fixed Rent address set forth in equal monthly installments Section 12 hereof for notices or at such other address as Sublessor may designate from time to time, promptly when due and without demand, deduction, abatement or set-off, except as expressly set forth in this Sublease, in advance on or before the first day of each calendar month during the TermSublease Term the same Base Rent plus any additional rent attributable to the Exclusive TEC Subleased Premises on a per square foot basis as Lessee pays to Sublessor under the Lease Agreement plus the TEC Share of the Shared Costs. If the Commencement Effective Date shall be of this Sublease is other than the first day of a calendar month, Fixed Rent Sublessee shall be paid pay on the Commencement Effective Date on a pro-pro rata basis monthly installment of Base Rent for the fractional part first partial calendar month of the month between Sublease Term; and,
b) Sublessee shall pay, to the date same is due and extent not otherwise paid above, the last day TEC Share of said month the amounts payable by Sublessor under Section 6 (Adjustment of Base Rent) of the Lease Agreement; such Sublessee's share (based on a thirty (30the estimate of Operating Expenses, as defined in the Lease Agreement, for the corresponding calendar year provided or to be provided by Lessor pursuant to Section 6 of the Lease Agreement) being payable monthly in advance by Sublessee to Sublessor on the first day month).of each calendar month during the Sublease Term; and,
(ic) All other charges payable pursuant amounts, if any, due by Sublessor to Lessor under the Lease Agreement with respect to the Subleased Premises, including, without limiting the generality of the foregoing, additional costs for overtime air conditioning requested by Sublessee with respect to the Subleased Premises, costs related to default by Sublessee under this lease hereinafter are called "Additional Rental". All payments Sublease or the Lease Agreement, expenses relating to signs or graphics or other improvements and such other sums as may be due under the Lease Agreement with respect to Sublessee's leasing of Additional Rentalthe Subleased Premises, unless otherwise provided herein, all of which amounts shall be due and payable by Sublessee to Landlord in the same manner as is set forth in Paragraph 5(a) Sublessor on the first day of the calendar month or ten later of(i) five (105) days following demand thereforafter Sublessee receives written notice thereof, whichever shall later occur.
together with copies of all matters furnished by Lessor with respect thereto, or (ii) If the Commencement Date shall be other than same day as the first day of a month, then Tenant shall pay on the Commencement Date, any Additional Rental for the fractional portion of the month on a per them basis until the first day of the next succeeding month. Fixed Rent and Additional Rental herein payments are referred to collectively as "Rental"payable by Sublessor.
(b) If any payment of Rental due hereunder shall be overdue, a "late charge" may be charged at the rate of five (5%) percent per month on any Rental which is overdue, computed from the due date until payment thereof. This charge shall be in addition to and not in lieu of any other remedy Landlord may have under the circumstances and is in addition to any charge by Landlord to Tenant for 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", if not previously paid, at the option of the Landlord, shall be added to and shall become cart of the succeeding Rental payment to be made hereunder and shall be deemed to constitute Additional Rental.
(c) It is the intention of the parties hereto that t-e Fixed Rent payable hereunder shall be absolutely net to Landlord, so that this lease shall yield to Landlord the net annual Fixed Rent specified herein during the Term, and that all costs, expenses and obligations of every kind and nature whatsoever relating to the Premises shall be paid by Tenant, except as otherwise specifically provided for herein.
Appears in 1 contract
Samples: Sublease Agreement (Particle Drilling Technologies Inc/Nv)
Rental. (a) Tenant covenants and agrees to shall pay to Landlord throughout the Fixed Rent Term as rental for the Premises the Base Rent, subject to the following adjustments:
(i) The rental payable during each calendar year subsequent to the Base Year shall be the Base Rent, increased by Tenant's Percentage Share of the total dollar increase, if any, in equal monthly installments Operating Expenses paid or incurred by Landlord in that year over the Base Operating Expenses, and also increased by Tenant's Percentage Share of the total dollar increase, if any, in Property Taxes paid by Landlord in that year over the Base Property Taxes. The increased rental due pursuant to this Section 4(a)(i) is the Escalation Rent.
(b) Monthly Rental shall be paid to Landlord, in advance, on or before the first day of the Term of this lease and on or before the first day of each successive calendar month during the TermTerm of this Lease. If In the Commencement Date shall be event the Term of this Lease commences on a day other than the first day of a month, Fixed Rent shall be paid on the Commencement Date calendar month or ends on a pro-rata basis for the fractional part of the month between the date same is due and day other than the last day of said month a calendar month, the monthly rental for the first and last fractional months of the Term of this Lease shall be appropriately prorated.
(based on a c) All sums of money due to Landlord under this Lease, not specifically characterized as rental, shall constitute additional rent and shall be due within thirty (30) day month)days after receipt by Tenant of a billing. If any sum is not paid when due, it shall be collectible as additional rent with the next installment of rental falling due.
(id) All Tenant acknowledges that late payment of rent and other sums due under this Lease after the expiration of any applicable cure period under Section 18
(a) will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be difficult to ascertain. These costs include, but are not limited to, processing and accounting charges payable pursuant and late charges which may be imposed on Landlord by the terms of any trust deed covering the Premises. Accordingly, if any installment of rent or any other sums due from Tenant are not received within five (5) business days of its due date, or if a cure period is applicable under Section 18(a), prior to this lease hereinafter are called "Additional Rental". All payments the expiration of Additional Rentalthe cure period, unless otherwise provided herein, Tenant shall be due and payable pay to Landlord in the same manner as is set forth in Paragraph 5(aa late charge equal to ten percent (10%) on the first day of the calendar month or ten (10) days following demand thereforoverdue amount. The parties agree that the late charge
represents a fair and reasonable estimate of the costs Landlord will incur because of late payment. Acceptance of the late charge by Landlord shall not constitute a waiver of Tenant's default for the overdue amount, whichever shall later occurnor prevent Landlord from exercising the other rights and remedies granted under this Lease.
(ii) If the Commencement Date shall be other than the first day of a month, then Tenant shall pay on the Commencement Date, any Additional Rental for the fractional portion of the month on a per them basis until the first day of the next succeeding month. Fixed Rent and Additional Rental herein are referred to collectively as "Rental".
(be) If any payment installment of Rental rent or any other sums due hereunder shall be overdue, a "late charge" may be charged at the rate of from Tenant are not received within five (5%) percent per month on any Rental which business days of its due date, or if a cure period is overdueapplicable under Section 18(a), computed prior to the expiration of the cure period, such amount will bear interest from the due date until payment thereofpaid at the rate of ten percent (10%) per year. This charge However, interest shall not be payable on late charges incurred by Tenant nor on any amounts on which late charges are paid by Tenant to the extent this interest would cause the total interest to be in excess of that legally permitted. Payment of interest shall not excuse or cure any default by Tenant.
(f) All payments due shall be paid to Landlord, without deduction or offset, in addition lawful money of the United States of America at Landlord's address for notices under this Lease or to and not in lieu of any other remedy another person or at another place as Landlord may have under designate by notice to Tenant. If Tenant pays by check and the circumstances and check is in addition to any charge by Landlord to Tenant returned for 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"non-sufficient funds more than once, if not previously paid, at the option upon request of the Landlord, the Tenant shall be added to and shall become cart of the succeeding Rental payment to be made hereunder and shall be deemed to constitute Additional Rentalmake future payments by cashier's check.
(c) It is the intention of the parties hereto that t-e Fixed Rent payable hereunder shall be absolutely net to Landlord, so that this lease shall yield to Landlord the net annual Fixed Rent specified herein during the Term, and that all costs, expenses and obligations of every kind and nature whatsoever relating to the Premises shall be paid by Tenant, except as otherwise specifically provided for herein.
Appears in 1 contract
Samples: Lease Agreement (Euniverse Inc)
Rental. (a) A. Tenant covenants and agrees to pay fixed rent ("Fixed Rent") to Landlord without notice, by check sent to Landlord at such address as shall be provided by Landlord to Tenant, provided that such check shall be received by Landlord in sufficient time that the funds will be received by the Fixed Rent due date, or to such other persons or place as may be provided by written notice from the person then entitled to receive the Fixed Rent, in equal monthly installments in advance on or before the first day of each calendar month during as specified in the TermBasic Lease Information. If Fixed Rent is not paid when due, interest shall accrue thereon at the Commencement Date Overdue Rate until payment is made. Tenant hereby acknowledges that the late payment by Tenant to Landlord of Fixed Rent, Additional Rent and other sums due under this Lease will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges and late charges which may be imposed on Landlord by the terms of any mortgage or trust deed covering the Premises. Accordingly, if any installment of Fixed Rent or any other sum due to Landlord from Tenant shall not have been received by Landlord or Landlord's designee within fifteen (15) days after such amount shall be due, then, without any requirement for notice to Tenant, Tenant shall pay to Landlord a late charge equal to two percent (2%) of such overdue amount, together with interest on such overdue amount at the Overdue Rate. The parties agree that such late charge represents a fair and reasonable estimate of the costs Landlord will incur by reason of late payment by Tenant. Acceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant's default with respect to such overdue amount, nor prevent Landlord from exercising any of the other than rights and remedies granted hereunder; provided that nothing contained herein shall relieve Landlord of a duty to mitigate damages under applicable law.
B. The Fixed Rent for each Renewal Term shall be payable in equal monthly installments in advance on or before the first day of a montheach month as provided in the Basic Lease Information.
C. If, Fixed Rent shall be paid on or before the Commencement Date on a pro-rata basis for the fractional part of the month between the date same is due and the last first day of said month any calendar quarter commencing on April 1, 1998 up to and including April 1, 2001 (based on each, an "Initiating Date"), Tenant delivers a thirty written notice to Landlord (30an "Investment Improvement Notice") day monthstating that Tenant or any of SC International Services, Inc. ("SCIS")., Sky Chefs, Inc. ("Sky Chefs") Onex Food Services, Inc. ("OFSI") or Caterair International, Inc. (II) ("CII" and together with SCIS, Sky Chefs and OFSI, the "Guarantors") currently has a BBB-or better investment grade credit rating from Standard & Poor's Corporation and a Baa3 or better investment grade credit rating from Moodx'x Xxxestors Service, Inc. for its senior debt obligations, then:
(i) All other charges payable pursuant Subject to this lease hereinafter are called "Additional Rental". All payments of Additional RentalSection 4.F. hereof, unless otherwise provided herein, shall be due and payable to Landlord in the same manner as is set forth in Paragraph 5(a) on the first day of the next calendar month quarter following the Initiating Date, the annual Fixed Rent shall be reset to equal the Fixed Rent on the Initiating Date less an amount equal to the Purchase Price multiplied by the lesser of (a) 1.0%, or ten (b) the difference between (x) the Fixed Rent on the Initiating Date (calculated as a percentage of the Purchase Price), and (y) the yield for 10-year Treasury bills plus 275 basis points. The yield for use in the foregoing calculation will be as shown in the Treasury Constant Maturity Series in statistical release H.15(519) days following demand thereforof the Federal Reserve Board; or if that release is unavailable, whichever shall later occura comparable publication.
(ii) If Subject to Section 4.F. hereof, the Commencement Date annual Fixed Rent specified in the Basic Lease Information shall be other increased at the end of every 30-month period measured from the Initiating Date by an amount equal to the annual Fixed Rent prior to such increase multiplied by the greater of 5.72028% or 56.25% of the increase in the CPI over the prior 30-month period. Such increase in the Fixed Rent shall not be greater than 11.632519% of the annual Fixed Rent immediately prior to the increase.
D. If, on an Initiating Date, Tenant delivers an Investment Improvement Notice stating that Tenant or any of the Guarantors currently has an A-or better investment grade credit rating from Standard & Poor's Corporation and an A3 or better investment grade credit rating from Moodx'x Xxxestors Service, Inc. for its senior debt obligations.
(i) Subject to Section 4.F. hereof, on the first day of a monthnext calendar quarter following the Initiating Date, then Tenant the annual Fixed Rent shall pay be reset to equal the Fixed Rent on the Commencement DateInitiating Date less an amount equal to the Purchase Price multiplied by the lesser of (a) 2.0%, any Additional Rental for the fractional portion of the month on a per them basis until the first day of the next succeeding month. Fixed Rent and Additional Rental herein are referred to collectively as "Rental".
or (b) If any payment of Rental due hereunder shall be overdue, a "late charge" may be charged at the rate of five difference between (5%x) percent per month on any Rental which is overdue, computed from the due date until payment thereof. This charge shall be in addition to and not in lieu of any other remedy Landlord may have under the circumstances and is in addition to any charge by Landlord to Tenant for 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", if not previously paid, at the option of the Landlord, shall be added to and shall become cart of the succeeding Rental payment to be made hereunder and shall be deemed to constitute Additional Rental.
(c) It is the intention of the parties hereto that t-e Fixed Rent payable hereunder shall be absolutely net to Landlord, so that this lease shall yield to Landlord on the net annual Fixed Rent specified herein during the Term, and that all costs, expenses and obligations of every kind and nature whatsoever relating to the Premises shall be paid by Tenant, except Initiating Date (calculated as otherwise specifically provided for herein.a
Appears in 1 contract
Rental. (a) Tenant covenants and agrees to shall pay to Wilsxx Xxxagement Company, managing agent for Landlord, or to any successor thereto named by Landlord, at the address described above or at such other place as Landlord may designate in writing, without notice or demand and without deduction, abatement, counterclaim, or set-off whatsoever, except as may be expressly noted and authorized under the Fixed terms of this Lease, annual rental at the rate based on the formula set forth in Exhibit G and Exhibit H both attached hereto and incorporated herein by reference (the "Rent Formula") payable in lawful money of the United States in equal monthly installments (the "Monthly Rental"). The Monthly Rental includes among other items all Debt Service payable to the Lender as defined herein. The first Monthly Rental and sales tax thereon as set forth in Paragraph 4 herein, shall be paid by Tenant to Landlord on or before the Commencement Date. Notwithstanding the foregoing, the Tenant may use a portion of the Rent credit as defined in Paragraph 3(f) of this Lease to apply to the Monthly Rental. All subsequent Monthly Rentals shall be due in advance on the first day of each calendar month during the Term, beginning with the month next succeeding the First Month, as defined herein, and with any sales, privilege or rental tax as provided in Paragraph 4 herein. If The term "Lease Year", as used herein, (i) shall mean the twelve (12) month period beginning with the Commencement Date as defined in Paragraph 1 hereof, and each twelve (12) month period thereafter occurring during the Term of this Lease, and (ii) in the event the Lease expires or terminates on a date other than the date set forth in Paragraph 1 hereof, then the term "Lease Year" shall be also mean the period from the end of the preceding Lease Year to the date of said expiration or termination of this Lease. Notwithstanding anything to the contrary contained herein, in the event the Commencement Date is other than the first day of a month, Fixed Rent shall be paid on the Commencement Date on a pro-rata basis for the fractional part of the month between the date same is due and the last day of said month (based on a thirty (30) day month).
(i) All other charges payable pursuant to this lease hereinafter are called "Additional Rental". All payments of Additional Rental, unless otherwise provided herein, shall be due and payable to Landlord in the same manner as is set forth in Paragraph 5(a) on the first day of the calendar month or ten (10) days following demand therefor, whichever shall later occur.
(ii) If the Commencement Date shall be other than the first day of a month, then Tenant shall pay to Landlord on the Commencement Date, any Additional Date a sum equal to the per diem Monthly Rental for the fractional portion month in which the Commencement Date shall occur (the "First Month") multiplied by the number of days from the month on a per them basis until Commencement Date to the first last day of the next succeeding monthFirst Month, both inclusive. Fixed Rent In the event this Lease terminates on a day, other than the date specified in Paragraph 1 hereof, the Monthly Rental and any Additional Rental Rental, as herein are referred to collectively as "Rental".
(b) If any payment of Rental due hereunder defined shall be overdue, a "late charge" may be charged at the rate of five (5%) percent per month on any Rental which is overdue, computed from the due date until payment thereof. This charge shall be in addition to and not in lieu of any other remedy Landlord may have under the circumstances and is in addition to any charge by Landlord to Tenant for 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", if not previously paid, at the option of the Landlord, shall be added to and shall become cart of the succeeding Rental payment to be made hereunder and shall be deemed to constitute Additional Rentalequitably adjusted.
(c) It is the intention of the parties hereto that t-e Fixed Rent payable hereunder shall be absolutely net to Landlord, so that this lease shall yield to Landlord the net annual Fixed Rent specified herein during the Term, and that all costs, expenses and obligations of every kind and nature whatsoever relating to the Premises shall be paid by Tenant, except as otherwise specifically provided for herein.
Appears in 1 contract
Samples: Lease Agreement (Consumers Us Inc)
Rental. (a) Tenant covenants Sublandlord shall deliver to Subtenant (i) on or before November 23, 2016 and agrees to pay to Landlord before the Fixed 24th day of each month thereafter during the Sublease Term a statement (“Metroplex Rent in equal Statement”) setting forth the monthly installments installment of Metroplex Rent due on or before the first day of each calendar month during the Term. If the Commencement Date shall be other than the first day of a month, Fixed Rent shall be paid on the Commencement Date on a pro-rata basis for the fractional part of the month between the date same is due and the last day of said month (based on a thirty (301st) day month).
(i) All other charges payable pursuant to this lease hereinafter are called "Additional Rental". All payments of Additional Rental, unless otherwise provided herein, shall be due and payable to Landlord in the same manner as is set forth in Paragraph 5(a) on the first day of the calendar month or ten (10) days following demand therefor, whichever shall later occur.
(ii) If the Commencement Date shall be other than the first day of a month, then Tenant shall pay on the Commencement Date, any Additional Rental for the fractional portion of the month on a per them basis until the first day of the next succeeding monthmonth and (ii) from time to time, if applicable, a statement setting forth any Metroplex Excess Cap Rent then due and payable (“Metroplex Excess Cap Rent Statement” and together with the Metroplex Excess Cap Rent Statement, collectively, the “Sublease Rent Statement”). Fixed Notwithstanding the foregoing, the failure of Sublandlord to timely deliver a Sublease Rent Statement within the time periods set forth above (if any) or any other period, shall not result in a waiver or release of Subtenant’s obligations to pay the Metroplex Rent within five (5) business days after Sublandlord’s delivery of a Metroplex Rent Statement and Additional Rental herein are referred to collectively as "Rental"pay the Metroplex Excess Cap Rent within thirty (30) days after Sublandlord’s delivery of a Metroplex Excess Cap Rent Statement.
(b) If any payment of Rental due hereunder shall be overdue, a "late charge" may be charged at Subject to the rate of five (5%) percent per month on any Rental which is overdue, computed from the due date until payment thereof. This charge shall be in addition to and not in lieu of any other remedy Landlord may have under the circumstances and is in addition to any charge receipt by Landlord to Tenant for 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", if not previously paid, at the option Subtenant of the Landlordforegoing, and subject to the Metroplex Cap, Subtenant shall be added deliver to and shall become cart Sublandlord, (i) with respect to Metroplex Rent as of the first (1st) business day of such next succeeding Rental payment month, Subtenant’s check (or wire transfer) payable to be made hereunder Sublandlord for the amount shown on Sublandlord’s Metroplex Rent Statement and shall be deemed (ii) with respect to constitute Additional RentalMetroplex Excess Cap Rent, within twenty (20) days after Subtenant’s receipt of a Metroplex Excess Cap Rent Statement.
(c) It In the event Subtenant shall fail to make any Rental payment required to be made pursuant to the provisions of Paragraphs 4(a) and 4(b) hereof upon the due date, and such failure to pay shall continue (i) with respect to Metroplex Rent, for five (5) business days following a second notice from Sublandlord to Subtenant or (ii) with respect to Metroplex Excess Cap Rent, for thirty (30) days following a second notice from Sublandlord, the amount due from Subtenant to Sublandlord shall accrue interest at the Default Rate (as defined in the New Lease) from the date originally due, until payment is made (and shall be deemed either Metroplex Rent or Metroplex Excess Cap Rent depending upon the intention source of the parties hereto that t-e Fixed Rent payable hereunder original obligation).
(d) Notwithstanding anything contained herein to the contrary, Subtenant shall not be absolutely net liable for the following (collectively, “Excluded Liabilities”) (i) any defaults, claims, losses or liability under the Lease arising or accruing prior to Landlordthe Commencement Date, so that this lease shall yield to Landlord (ii) except as provided below, any defaults, claims, losses or liability under the net annual Fixed Rent specified herein Lease (including, without limitation, any damages) caused by acts or omissions of Sublandlord at the Subleased Premises before or at the time Sublandlord moves out of the Subleased Premises (including, without limitation, during the TermTransition Period and the Move-Out Period) unless such default is caused by Subtenant’s failure to timely pay the Metroplex Rent, Sublandlord having no duty to advance such funds to the Prime Landlord ), (iii) any liability or obligation arising as a result of a default by Sublandlord under the Lease other than a default that is caused by a Subtenant Default, and (iv) any other obligations or liabilities in excess of the Metroplex Cap, other than obligations or liabilities that all costs, expenses and obligations of every kind and nature whatsoever relating to the Premises shall be paid by Tenant, except as otherwise specifically provided for hereinare Metroplex Excess Cap Rent.
Appears in 1 contract
Samples: Office Lease
Rental. (a) Tenant During the Term, Sublessee covenants and agrees to pay to Landlord the Fixed Rent Sublessor, in equal monthly installments on or before advance by the first day of each calendar month during month, without demand, deduction, offset or notice, base rental for the Term. If Premises in accordance with the Commencement Date following schedule (the “Base Rent”): All payments shall be made payable to Coldwell Banker Real Estate Services LLC, and forwarded to the following lock box address (or such other than the first day of a month, Fixed place as Sublessor shall have designated in writing): It is understood that Base Rent shall be paid net to Sublessor, and any other charges that Sublessor may incur on the Commencement Date on a pro-rata basis for the fractional part account of the month between the date same is due and the last day of said month (based on a thirty (30) day month).
(i) All other charges payable Premises, pursuant to this lease hereinafter are called "Additional Rental". All payments of Additional Rental, unless otherwise provided hereinthe Master Lease or otherwise, shall be due the sole responsibility of Sublessee, and payable to Landlord in the same manner as is set forth in Paragraph 5(a) on the first day of the calendar month or ten (10) days following demand therefor, whichever shall later occur.
(ii) If the Commencement Date shall be such other than the first day of a month, then Tenant shall pay on the Commencement Date, any Additional Rental for the fractional portion of the month on a per them basis until the first day of the next succeeding month. Fixed Rent and Additional Rental herein are referred to collectively as "Rental".
(b) If any payment of Rental due hereunder shall be overdue, a "late charge" may be charged at the rate of five (5%) percent per month on any Rental which is overdue, computed from the due date until payment thereof. This charge charges shall be in addition to the Base Rent due hereunder (such other charges are herein referred to as "Additional Rent"). Except as provided in Section 6 below, for purposes of determining the share of the Additional Rent attributable to the Premises and not in lieu payable by Sublessee hereunder, any amounts payable by Sublessor on account of any other remedy Landlord may have the Premises shall be multiplied by a fraction, the numerator of which shall be the rentable square foot area of the Premises and the denominator of which shall be the rentable square foot area of the Master Lease Premises. Any amounts payable by Sublessor under the circumstances and is in addition to any charge by Landlord to Tenant for reasonable fees and charges Master Lease or otherwise solely on account 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", if not previously paid, at the option of the Landlord, shall be added to and shall become cart of the succeeding Rental payment to be made hereunder and shall be deemed to constitute Additional Rental.
(c) It is the intention of the parties hereto that t-e Fixed Rent payable hereunder shall be absolutely net to Landlord, so that this lease shall yield to Landlord the net annual Fixed Rent specified herein during the Term, and that all costs, expenses and obligations of every kind and nature whatsoever relating to the Premises shall be paid by TenantSublessee at the rate of 100%. If Sublessee fails to pay when due any Base Rent or Additional Rent that Sublessee is obligated to pay under the terms of this Sublease, except as otherwise specifically provided the unpaid amounts shall bear interest at the rate of 12% per annum. In addition to interest, after the first instance during the term, if Sublessor does not receive the entire amount payable within ten (10) days from the date it is due, Sublessee shall pay Sublessor a late charge equal to ten percent (10%) of outstanding amount. Sublessor and Sublessee agree that this late charge represents a reasonable estimate of such costs and expenses and is fair compensation to Sublessor for hereinthe loss suffered from such nonpayment by Sublessee. Acceptance of any interest or late charge shall not constitute a waiver of Sublessee's default with respect to such nonpayment by Sublessee nor prevent Sublessor from exercising any other rights or remedies available to Sublessor under this Sublease. Any payment of any kind returned for insufficient funds will be subject to an additional handling charge of $25.00.
Appears in 1 contract
Samples: Sublease Agreement (Wright Investors Service Holdings, Inc.)
Rental. (a) Tenant covenants and agrees to shall pay to Landlord throughout the Fixed Term as rental for the Premises the Base Rent. In addition to the Base Rent, for each calendar year subsequent to the Base Year the Base Rent shall be increased by (i) Tenant’s Percentage Share of the total dollar increase, if any, in equal monthly installments Operating Expenses paid or incurred by Landlord in that year over the Base Year Operating Expenses and (ii) Tenant’s Percentage Share of the total dollar increase, if any, in Property Taxes paid or incurred by Landlord in that year over the Base Year Property Taxes. The increased rental due pursuant to this Section 4(a) is the Escalation Rent.
(b) Monthly Rental shall be paid to Landlord, in advance, on or before the first day of the eighth month of this Lease and on or before the first day of each successive calendar month during the TermTerm of this Lease. If In the Commencement Date shall be event the Term of this Lease commences on a day other than the first day of a month, Fixed Rent shall be paid on the Commencement Date calendar month or ends on a pro-rata basis for the fractional part of the month between the date same is due and day other than the last day of said month (based on a thirty (30) day calendar month).
(i) All other charges payable pursuant to , the monthly rental for the first and last fractional months of the Term of this lease hereinafter are called "Additional Rental". All payments of Additional Rental, unless otherwise provided herein, Lease shall be due and payable to Landlord in the same manner as is set forth in Paragraph 5(a) on the first day of the calendar month or ten (10) days following demand therefor, whichever shall later occur.
(ii) If the Commencement Date shall be other than the first day of a month, then Tenant shall pay on the Commencement Date, any Additional Rental for the fractional portion of the month on a per them basis until the first day of the next succeeding month. Fixed Rent and Additional Rental herein are referred to collectively as "Rental".
(b) If any payment of Rental due hereunder shall be overdue, a "late charge" may be charged at the rate of five (5%) percent per month on any Rental which is overdue, computed from the due date until payment thereof. This charge shall be in addition to and not in lieu of any other remedy Landlord may have under the circumstances and is in addition to any charge by Landlord to Tenant for 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", if not previously paid, at the option of the Landlord, shall be added to and shall become cart of the succeeding Rental payment to be made hereunder and shall be deemed to constitute Additional Rentalappropriately prorated.
(c) It All sums of money due to Landlord under this Lease, not specifically characterized as rental, shall constitute additional rent and shall be due within thirty (30) days after receipt by Tenant of a billing. If any sum is not paid when due, it shall be collectible as additional rent with the intention next installment of rental falling due.
(d) Tenant acknowledges that late payment of rent and other sums due under this Lease after the expiration of any applicable cure period under Section 18(a) will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be difficult to ascertain. These costs include, but are not limited to, processing and accounting charges and late charges which may be imposed on Landlord by the terms of any trust deed covering the Premises. Accordingly, if any installment of rent or any other sums due from Tenant are not received within five (5) business days of its due date, or if a cure period is applicable under Section 18(a), prior to the expiration of the cure period, Tenant shall pay to Landlord a late charge equal to ten percent (10%) of the overdue amount. The parties hereto agree that t-e Fixed Rent the late charge represents a fair and reasonable estimate of the costs Landlord will incur because of late payment. Acceptance of the late charge by Landlord shall not constitute a waiver of Tenant’s default for the overdue amount, nor prevent Landlord from exercising the other rights and remedies granted under this Lease. ______ [Initials of landlord] ______ [Initials of Tenant]
(e) If any installment of rent or any other sums due from Tenant are not received within five (5) business days of its due date, or if a cure period is applicable under Section 18(a), prior to the expiration of the cure period, such amount will thereafter bear interest until paid at the rate of ten percent (10%) per year. However, interest shall not be payable hereunder on late charges incurred by Tenant nor on any amounts on which late charges are paid by Tenant to the extent this interest would cause the total interest to be in excess of that legally permitted. Payment of interest shall not excuse or cure any default by Tenant.
(f) All payments due shall be absolutely net paid to Landlord, without deduction or offset, in lawful money of the United States of America at Landlord’s address for notices under this Lease or to another person or at another place as Landlord may designate by notice to Tenant. Tenant may make payments by wire or electronic funds transfer it so that this lease shall yield to Landlord the net annual Fixed Rent specified herein during the Termelects, and that all costsLandlord shall make available to Tenant the necessary account information for such transfers. If Tenant pays by check and the check is returned for non-sufficient funds more than once, expenses and obligations upon request of every kind and nature whatsoever relating to the Premises Landlord, the Tenant shall be paid make future payments by Tenant, except as otherwise specifically provided for hereincashier’s check.
Appears in 1 contract
Samples: Office Lease (Java Detour Inc.)
Rental. (a) Tenant covenants The fixed rental payable by Sublessee shall be __________________ Dollars ($______________________); the fixed common, area maintenance payable by Sublessee shall be _______________ Dollars ($________________); the fixed real estate taxes payable by Sublessee shall be __________________ Dollars ($______________). The above rental, common area maintenance and agrees real estate taxes are the net payments and shall be absolutely net to pay to Landlord the Fixed Rent in equal monthly installments on Sublessor without any right of offset, claim or before the first day of each calendar month withholding,, payable during the Term. If the Commencement Date shall be other than the first day of a month, Fixed Rent shall be paid on the Commencement Date on a pro-rata basis for the fractional part initial term of the month between the date same is due Head Lease and the last day of said month (based on a thirty (30) day month).
(i) All other charges payable pursuant to this lease hereinafter are called "Additional Rental". All payments of Additional Rental, unless otherwise provided herein, shall be due and payable to Landlord in the same manner as is set forth in Paragraph 5(a) on the first day of the calendar month or ten (10) days following demand therefor, whichever shall later occur.
(ii) If the Commencement Date shall be other than the first day of a month, then Tenant shall pay on the Commencement Date, increase during any Additional Rental for the fractional portion of the month on a per them basis until the first day of the next succeeding month. Fixed Rent and Additional Rental herein are referred to collectively as "Rental"renewal terms thereof.
(b) If In the event the Head Lease contains a provision which may result in the rental payable by Sublessor under the Head Lease being adjusted on the basis of percentage rent charges, or being adjusted during the term hereof or in any payment renewal term because of Rental due cost of living index changes or other incremental increases, and in the event such an adjustment is in fact made under the Head Lease, the fixed minimum rental payable hereunder shall be overdue, a "late charge" may be charged at adjusted by the rate of five (5%) percent per month on any Rental which is overdue, computed from same percentage as the due date until payment thereof. This charge shall be in addition to and not in lieu of any other remedy Landlord may have rent under the circumstances and Head Lease is in addition to any charge by Landlord to Tenant for 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", if not previously paid, at the option of the Landlord, shall be added to and shall become cart of the succeeding Rental payment to be made hereunder and shall be deemed to constitute Additional Rentaladjusted.
(c) It is the intention of the parties hereto that t-e Fixed Rent payable hereunder shall be absolutely net to Landlord, so that this lease shall yield to Landlord the net annual Fixed Rent specified herein during the Term, The fixed monthly rental installments and that all costs, expenses additional rents and obligations of every kind and nature whatsoever relating to the Premises charges shall be paid directly to Sublessor via a direct debit system implemented by Tenantthe Sublessor. This procedure shall be conducted pursuant to a written agreement entered into between Sublessee and Sublessor which will-permit Sublessor to automatically deduct Sublessee's rental payments via electronic funds transfer. This mechanism for payment of rent cannot be altered or cancelled by Sublessee without the prior written consent of the Sublessor.
(d) Any monies due to Licensor from Sublessee or other payments to be made by Sublessee pursuant to the License Agreement shall be deemed additional rent hereunder.
(e) All rent payments and other amounts which Sublessee is required to pay to Sublessor hereunder shall bear interest from and after their respective due dates until paid in full at a rate equal to eighteen (18%) percent per annum, except calculated and payable weekly. Sublessee acknowledges that this section shall not constitute Sublessor's agreement to accept such payments after they are due or a commitment by Sublessor to extend credit to or otherwise "finance" Sublessee's Agency. Further, Sublessee acknowledges that his/her failure to pay all amounts when due will constitute a breach of this Sublease as otherwise specifically provided for hereinin Section 10, notwithstanding the provisions of this section. Further, acceptance of any interest payment shall not be construed as a waiver by the Sublessor of its right in respect of the default giving rise to such payment and shall be without prejudice to the Sublessor's right to terminate this Sublease in respect of such default.
Appears in 1 contract
Samples: Lease Agreement (Etravnet Com Inc)
Rental. As rental for the lease and use of the Premises, Tenant will pay Landlord or Landlord’s assigns, at the address of Landlord specified in Section 1.B. hereof, without demand and without deduction, abatement or setoff (a) Tenant covenants and agrees to pay to Landlord except as otherwise expressly provided for herein), the Fixed Rent Base Rental in equal monthly installments on or before the first day manner specified in Section x.X. hereof, in lawful money of each calendar month during the TermUnited States. If the Commencement Date shall be other than Term of this Lease does not commence on the first day of a calendar month, Fixed Rent Tenant shall be paid on the Commencement Date on a pro-rata basis for the fractional part of the month between the date same is due and the last day of said month (based on a thirty (30) day month).
(i) All other charges payable pursuant to this lease hereinafter are called "Additional Rental". All payments of Additional Rental, unless otherwise provided herein, shall be due and payable pay to Landlord in advance a pro rata part of such sum as rental for such first partial month. Tenant shall not pay any installment of rental more than one (1) month in advance. All past due installments of rental or other payment specified herein shall bear interest at the same manner as is set forth in Paragraph 5(a) highest lawful rate per annum from the date due until paid. In addition, Tenant hereby acknowledges that late payment of rent and other sums due hereunder will cause Landlord to incur costs and other financial hardships not contemplated by this Lease, the exact amount of which will be difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges and late charges which may be imposed on Landlord by the first day terms of any mortgage or trust deed covering the calendar month Building. Accordingly, if any installment of rent or any other sum due from Tenant shall not be received by Landlord or Landlord’s designee within ten (10) days following demand therefor, whichever shall later occur.
(ii) If the Commencement Date after such amount shall be other than the first day of a monthdue, then Tenant shall pay on the Commencement Date, any Additional Rental for the fractional portion to Landlord a late charge equal to ten percent (10%) of such overdue amount. The parties hereby agree that such late charge represents a fair and reasonable estimate of the month on costs Landlord will incur by reason of late payment by Tenant. Acceptance of such late charge by Landlord shall in no event constitute a per them basis until the first day waiver of Tenant’s default with respect to such overdue payment, nor be construed as liquated damages, nor prevent Landlord from exercising any of the next succeeding monthother rights an remedies granted hereunder. Fixed Rent and Additional Rental The failure of Tenant to pay such charge as herein are referred stated shall, at Landlord’s option, be an Event of Default hereunder. If Tenant fails to collectively as "timely pay two (2) consecutive installments of Base Rental".
(b) If , or other payment specified herein, or any payment of Rental due hereunder shall be overduecombination thereof, a "late charge" may be charged at the rate of five (5%) percent per month on any Rental which is overdue, computed from the due date until payment thereof. This charge shall be in addition to and not in lieu of any other remedy Landlord may have under the circumstances and is require Tenant to pay (in addition to any charge interest) Base Rental and other payments specified herein (as estimated by Landlord, 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 to Tenant for reasonable fees and charges of any agents or attorneys Landlord may employ shall not be construed as a result waiver of any default the requirement that such payments be made in the payment of Rental hereunder whether authorized herein cash or by lawcashier’s check or money order. Any such "late charges", if not previously paid, at the option of the Landlord, amount so estimated by Landlord and paid by Tenant shall be added to adjusted promptly after actual figures become available and shall become cart of the succeeding Rental payment to be made hereunder and shall be deemed to constitute Additional Rental.
(c) It is the intention of the parties hereto that t-e Fixed Rent payable hereunder shall be absolutely net to Landlord, so that this lease shall yield paid or credited to Landlord the net annual Fixed Rent specified herein during the Term, and that all costs, expenses and obligations of every kind and nature whatsoever relating to the Premises shall be paid by or Tenant, except as otherwise specifically provided for hereinthe case may be.
Appears in 1 contract
Rental. (a) Tenant covenants and agrees to shall pay to Landlord throughout the Fixed Rent term of this Lease as rental for the Premises the sum specified in equal monthly installments the Basic Lease Information as the Base Rent, provided that the rental payable during each calendar year subsequent to the Base Year shall be the Base Rent, increased by Tenant's percentage share of the total dollar increase, if any, in Operating Expenses paid or incurred by Landlord in such year over the Base Operating Expenses, and also increased by Tenant's percentage share of the total dollar increase, if any, in Property Taxes paid by Landlord in such year over the Base Property Taxes. Tenant acknowledges that the Basic Lease Information may set forth different percentage shares of Operating Expenses and Property Taxes or a single percentage share applicable to both. The increased rental due pursuant to this subparagraph (a) is hereinafter referred to as "Escalation Rent."
(b) Rental shall be paid to Landlord on or before the first day of the term hereof and on or before the first day of each and every successive calendar month thereafter during the Termterm hereof. If In the Commencement Date shall be event the term of this Lease commences on a day other than the first day of a month, Fixed Rent shall be paid on the Commencement Date calendar month or ends on a pro-rata basis for the fractional part of the month between the date same is due and day other than the last day of said month (based on a thirty (30) day calendar month).
(i) All other charges payable pursuant to this lease hereinafter are called "Additional Rental". All payments , the monthly rental for the first and last fractional months of Additional Rental, unless otherwise provided herein, the term hereof shall be due and payable to Landlord in the same manner as is set forth in Paragraph 5(a) on the first day of the calendar month or ten (10) days following demand therefor, whichever shall later occur.
(ii) If the Commencement Date shall be other than the first day of a month, then Tenant shall pay on the Commencement Date, any Additional Rental for the fractional portion of the month on a per them basis until the first day of the next succeeding month. Fixed Rent and Additional Rental herein are referred to collectively as "Rental".
(b) If any payment of Rental due hereunder shall be overdue, a "late charge" may be charged at the rate of five (5%) percent per month on any Rental which is overdue, computed from the due date until payment thereof. This charge shall be in addition to and not in lieu of any other remedy Landlord may have under the circumstances and is in addition to any charge by Landlord to Tenant for 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", if not previously paid, at the option of the Landlord, shall be added to and shall become cart of the succeeding Rental payment to be made hereunder and shall be deemed to constitute Additional Rentalappropriately prorated.
(c) It All sums of money due from Tenant hereunder not specifically characterized as rental shall constitute additional rent, and if any such sum is not paid when due it shall nonetheless be collectible as additional rent with the intention next installment of rental thereafter falling due, but nothing contained herein shall be deemed to suspend or delay the payment of any sum of money at the time it becomes due and payable hereunder, or to limit any other remedy of Landlord.
(d) Tenant hereby acknowledges that late payment by Tenant to Landlord of rent and other sums due hereunder after the expiration of any applicable grace period described in paragraph 19
(a) will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges, and late charges which may be imposed on Landlord by the terms of any encumbrances covering the Building and the Premises. Accordingly, if any installment of rent or any other sums due from Tenant shall not be received by Landlord prior to the expiration of any applicable grace period described in paragraph 19(a), Tenant shall pay to Landlord a late charge equal to 5% of such overdue amount. The parties hereby agree that such late charge represents a fair and reasonable estimate of the parties hereto that t-e Fixed Rent payable hereunder costs Landlord will incur by reason of late payment by Tenant based on the circumstances existing as of the date of this Lease. Acceptance of such late charge by Landlord shall be absolutely net to Landlord, so that this lease shall yield to Landlord the net annual Fixed Rent specified herein during the Term, and that all costs, expenses and obligations of every kind and nature whatsoever relating to the Premises shall be paid by Tenant, except as otherwise specifically provided for herein.in no event constitute a
Appears in 1 contract
Samples: Office Lease (Nextcard Inc)
Rental. (a) Tenant covenants and agrees to shall pay to Landlord throughout the Fixed Rent Term as rental for the Premises the Base Rent, subject to the following adjustments:
(i) The rental payable during each calendar year subsequent to the Base Year shall be the Base Rent, increased by Tenant's Percentage Share of the total dollar increase, if any, in equal monthly installments Operating Expenses paid or incurred by Landlord in that year over the Base Operating Expenses, and also increased by Tenant's Percentage Share of the total dollar increase, if any, in Property Taxes paid by Landlord in that year over the Base Property Taxes. The increased rental due pursuant to this Section 4(a)(i) is the Escalation Rent.
(b) Monthly Rental shall be paid to Landlord, in advance, on or before the first day of the Term of this lease and on or before the first day of each successive calendar month during the TermTerm of this Lease. If In the Commencement Date shall be event the Term of this Lease commences on a day other than the first day of a month, Fixed Rent shall be paid on the Commencement Date calendar month or ends on a pro-rata basis for the fractional part of the month between the date same is due and day other than the last day of said month a calendar month, the monthly rental for the first and last fractional months of the Term of this Lease shall be appropriately prorated.
(based on a c) All sums of money due to Landlord under this Lease, not specifically characterized as rental, shall constitute additional rent and shall be due within thirty (30) day month)days after receipt by Tenant of a billing. If any sum is not paid when due, it shall be collectible as additional rent with the next installment of rental falling due.
(id) All Tenant acknowledges that late payment of rent and other sums due under this Lease after the expiration of any applicable cure period under Section 18
(a) will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be difficult to ascertain. These costs include, but are not limited to, processing and accounting charges payable pursuant and late charges which may be imposed on Landlord by the terms of any trust deed covering the Premises. Accordingly, if any installment of rent or any other sums due from Tenant are not received when due, or if a cure period is applicable under Section 18(a), prior to this lease hereinafter are called "Additional Rental". All payments the expiration of Additional Rentalthe cure period, unless otherwise provided herein, Tenant shall be due and payable pay to Landlord in the same manner as is set forth in Paragraph 5(aa late charge equal to ten percent (10%) on the first day of the calendar month or ten overdue amount. The parties agree that the late charge represents a fair and reasonable estimate of the costs Landlord will incur because of late payment. Acceptance of the late charge by Landlord shall not constitute a waiver of Tenant's default for the overdue amount, nor prevent Landlord from exercising the other rights and remedies granted under this Lease. xxxx [Initials of landlord] xxxx [Initials of Tenant] ---- ----
(10e) Any amount due to Landlord other than monthly rental, if not paid within five (5) days following demand therefor, whichever shall later occur.
(ii) If the Commencement Date shall be other than the first day of a month, then Tenant shall pay on the Commencement Date, any Additional Rental for the fractional portion of the month on a per them basis until the first day of the next succeeding month. Fixed Rent and Additional Rental herein are referred to collectively as "Rental".
(b) If any payment of Rental due hereunder shall be overdue, a "late charge" may be charged at the rate of five (5%) percent per month on any Rental which is overdue, computed date will bear interest from the due date until payment thereof. This charge shall be in addition to and not in lieu paid at the rate of any other remedy Landlord may have under the circumstances and is in addition to any charge by Landlord to Tenant for 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"ten percent (10%) per year or, if not previously paida higher rate is legally permissible, at the option highest rate legally permitted. However, interest shall not be payable on late charges incurred by Tenant nor on any amounts on which late charges are paid by Tenant to the extent this interest would cause the total interest to be in excess of that legally permitted. Payment of interest shall not excuse or cure any default by Tenant.
(f) All payments due shall be paid to Landlord, without deduction or offset, in lawful money of the United States of America at Landlord's address for notices under this Lease or to another person or at another place as Landlord may designate by notice to Tenant. If Tenant pays by check and the check is returned for non-sufficient funds more than once, upon request of the Landlord, the Tenant shall be added to and shall become cart of the succeeding Rental payment to be made hereunder and shall be deemed to constitute Additional Rentalmake future payments by cashiers check.
(c) It is the intention of the parties hereto that t-e Fixed Rent payable hereunder shall be absolutely net to Landlord, so that this lease shall yield to Landlord the net annual Fixed Rent specified herein during the Term, and that all costs, expenses and obligations of every kind and nature whatsoever relating to the Premises shall be paid by Tenant, except as otherwise specifically provided for herein.
Appears in 1 contract
Samples: Assignment and Assumption of Lease (Infoseek Corp /De/)
Rental. (a) A. Tenant covenants and agrees to pay fixed rent ("Fixed Rent") to Landlord without notice, by check sent to Landlord at such address as shall be provided by Landlord to Tenant, provided that such check shall be received by Landlord in sufficient time that the funds will be received by the Fixed Rent due date, or to such other persons or place as may be provided by written notice from the person then entitled to receive the Fixed Rent, in equal monthly installments in advance on or before the first day of each calendar month during as specified in the TermBasic Lease Information. If Fixed Rent is not paid when due, interest shall accrue thereon at the Commencement Date Overdue Rate until payment is made. Tenant hereby acknowledges that the late payment by Tenant to Landlord of Fixed Rent, Additional Rent and other sums due under this Lease will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges and late charges which may be imposed on Landlord by the terms of any mortgage or trust deed covering the Premises. Accordingly, if any installment of Fixed Rent or any other sum due to Landlord from Tenant shall not have been received by Landlord or Landlord's designee within fifteen (15) days after such amount shall be due, then, without any requirement for notice to Tenant, Tenant shall pay to Landlord a late charge equal to two percent (2%) of such overdue amount, together with interest on such overdue amount at the Overdue Rate. The parties agree that such late charge represents a fair and reasonable estimate of the costs Landlord will incur by reason of late payment by Tenant. Acceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant's default with respect to such overdue amount, nor prevent Landlord from exercising any of the other than rights and remedies granted hereunder; provided that nothing contained herein shall relieve Landlord of a duty to mitigate damages under applicable law.
B. The Fixed Rent for each Renewal Term shall be payable in equal monthly installments in advance on or before the first day of a month, Fixed Rent shall be paid on each month as provided in the Commencement Date on a pro-rata basis for the fractional part Basic Lease Information.
1.3 Section 15 of the month between the date same Lease is due hereby amended and the last day of said month (based on a thirty (30) day month).
(i) All other charges payable pursuant to this lease hereinafter are called "Additional Rental". All payments of Additional Rentalrestated in its entirety, unless otherwise provided herein, shall be due and payable to Landlord in the same manner effective as is set forth in Paragraph 5(a) on the first day of the calendar month or ten (10) days following demand therefor, whichever shall later occur.
(ii) If the Commencement Date shall be other than the first day of a month, then Tenant shall pay on the Commencement Effective Date, any Additional Rental for the fractional portion of the month on a per them basis until the first day of the next succeeding month. Fixed Rent and Additional Rental herein are referred to collectively read as "Rental".
(b) If any payment of Rental due hereunder shall be overdue, a "late charge" may be charged at the rate of five (5%) percent per month on any Rental which is overdue, computed from the due date until payment thereof. This charge shall be in addition to and not in lieu of any other remedy Landlord may have under the circumstances and is in addition to any charge by Landlord to Tenant for 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", if not previously paid, at the option of the Landlord, shall be added to and shall become cart of the succeeding Rental payment to be made hereunder and shall be deemed to constitute Additional Rental.
(c) It is the intention of the parties hereto that t-e Fixed Rent payable hereunder shall be absolutely net to Landlord, so that this lease shall yield to Landlord the net annual Fixed Rent specified herein during the Term, and that all costs, expenses and obligations of every kind and nature whatsoever relating to the Premises shall be paid by Tenant, except as otherwise specifically provided for herein.follows:
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Rental. (a) Tenant covenants and agrees to shall pay to Landlord throughout the Fixed Rent term of this Lease as rental for the Premises the sum specified in equal monthly installments the Basic Lease Information as the Base Rent, provided that the rental payable during each calendar year subsequent to the Base Year shall be the Base Rent, increased by Tenant's percentage share of the total dollar increase, if any, in Operating Expenses paid or incurred by Landlord in such year over the Base Operating Expenses, and also increased by Tenant's percentage share of the total dollar increase, if any, in Property Taxes paid by Landlord in such year over the Base Property Taxes. Tenant acknowledges that the Basic Lease Information may set forth different percentage shares of Operating Expenses and Property Taxes or a single percentage share applicable to both. The increased rental due pursuant to this subparagraph (a) is hereinafter referred to as "Escalation Rent."
(b) Rental shall be paid to Landlord on or before the first day of the term hereof and on or before the first day of each and every successive calendar month thereafter during the Termterm hereof. If In the Commencement Date shall be event the term of this Lease commences on a day other than the first day of a month, Fixed Rent shall be paid on the Commencement Date calendar month or ends on a pro-rata basis for the fractional part of the month between the date same is due and day other than the last day of said month (based on a thirty (30) day calendar month).
(i) All other charges payable pursuant to this lease hereinafter are called "Additional Rental". All payments , the monthly rental for the first and last fractional months of Additional Rental, unless otherwise provided herein, the term hereof shall be due and payable to Landlord in the same manner as is set forth in Paragraph 5(a) on the first day of the calendar month or ten (10) days following demand therefor, whichever shall later occur.
(ii) If the Commencement Date shall be other than the first day of a month, then Tenant shall pay on the Commencement Date, any Additional Rental for the fractional portion of the month on a per them basis until the first day of the next succeeding month. Fixed Rent and Additional Rental herein are referred to collectively as "Rental".
(b) If any payment of Rental due hereunder shall be overdue, a "late charge" may be charged at the rate of five (5%) percent per month on any Rental which is overdue, computed from the due date until payment thereof. This charge shall be in addition to and not in lieu of any other remedy Landlord may have under the circumstances and is in addition to any charge by Landlord to Tenant for 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", if not previously paid, at the option of the Landlord, shall be added to and shall become cart of the succeeding Rental payment to be made hereunder and shall be deemed to constitute Additional Rentalappropriately prorated.
(c) It All sums of money due from Tenant hereunder not specifically characterized as rental shall constitute additional rent, and if any such sum is not paid when due it shall nonetheless be collectible as additional rent with the intention next installment of rental thereafter falling due, but nothing contained herein shall be deemed to suspend or delay the payment of any sum of money at the time it becomes due and payable hereunder, or to limit any other remedy of Landlord.
(d) Tenant hereby acknowledges that late payment by Tenant to Landlord of rent and other sums due hereunder after the expiration of any applicable grace period described in paragraph 19
(a) will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges, and late charges which may be imposed on Landlord by the terms of any encumbrances covering the Building and the Premises. Accordingly, if any installment of rent or any other sums due from Tenant shall not be received by Landlord prior to the expiration of any applicable grace period described in paragraph 19(a), Tenant shall pay to Landlord a late charge equal to 5% of such overdue amount. The parties hereby agree that such late charge represents a fair and reasonable estimate of the parties hereto costs Landlord will incur by reason of late payment by Tenant based on the circumstances existing as of the date of this Lease. Acceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant's default with respect to such overdue amount, nor prevent Landlord from exercising any of the other rights and remedies granted hereunder.
(e) Any amount due from Tenant, if not paid when first due, shall bear interest from the date due until paid at an annual rate equal to 4% over the annual prime rate of interest announced publicly by Citibank, N.A. in New York, New York from time to time (but in no event in excess of the maximum rate of interest permitted by law), provided that t-e Fixed Rent interest shall not be payable on late charges incurred by Tenant nor on any amounts upon which late charges are paid by Tenant to the extent such interest would cause the total interest to be in excess of that legally permitted. Payment of interest shall not excuse or cure any default hereunder by Tenant.
(f) All payments due from Tenant shall be absolutely net paid to Landlord, so that this lease shall yield without deduction or offset, in lawful money of the United States of America at Landlord's address for notices hereunder, or to such other person or at such other place as Landlord the net annual Fixed Rent specified herein during the Term, and that all costs, expenses and obligations of every kind and nature whatsoever relating may from time to the Premises shall be paid time designate by notice to Tenant, except as otherwise specifically provided for herein.
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Samples: Office Lease (Intek Information Inc)