Rental. (a) Tenant 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 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 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. 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 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 calendar month, then Tenant shall pay to Landlord on the Commencement Date a sum equal to the per diem Monthly Rental for the month in which the Commencement Date shall occur (the "First Month") multiplied by the number of days from the Commencement Date to the last day of the First Month, both inclusive. 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, as herein defined shall be equitably adjusted.
Appears in 1 contract
Samples: Lease Agreement (Consumers Us Inc)
Rental. Rent for the Subject ROFO Space shall commence upon the ROFO Space Commencement Date. Upon the ROFO Space Commencement Date: (aA) Tenant the Net Rentable Area of the Premises shall pay to Wilsxx Xxxagement Company, managing agent for Landlord, or to any successor thereto named be deemed increased by Landlord, at the address described above or at such other place Net Rentable Area of the Subject ROFO Space (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 terms of this Lease, annual rental at the rate based on the formula set forth in Exhibit G the ROFO Notice) and Exhibit H both attached hereto and incorporated herein all references in the Lease to the “Premises” shall mean the Premises as increased by reference (the "Rent Formula") payable in lawful money Net Rentable Area of the United States Subject ROFO Space (except for purposes of Landlord’s obligation to deliver an ROFO Notice, “Premises” shall always mean the Premises as originally defined in equal monthly installments (the "Monthly Rental"). The Monthly Rental includes among other items all Debt Service payable Lease and not as expanded pursuant to the Lender ROFO), (B) the per annum Base Rent for the Premises shall be deemed increased by the Lease Rate or the Space Offer Rate (as defined 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 first Monthly Rental and sales tax thereon , 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 same period, as set forth in Paragraph 4 herein, shall be paid by Tenant to Landlord on l(j) of the Commencement Date. Notwithstanding the foregoingLease (e.g., the Tenant may use a portion of the Rent credit as defined in Paragraph 3(f) of this Lease Rate is subject to apply to the Monthly Rentalall scheduled escalations). 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. The term "Lease Year", as As used herein, (i) shall mean the twelve (12) month period beginning with “Space Offer Rate” means 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) base rental rate provided for in the event the Space Offer. The Lease expires or terminates on Rate shall be applicable with respect to Tenant’s lease of any Subject ROFO Space pursuant to any ROFO Notice given pursuant to a date other than the date set forth in Paragraph 1 hereof, then the term "Lease Year" shall also mean the period from Space Offer received by Landlord prior to the end of the preceding Lease Year twelfth (12th) complete calendar month after the Early Occupancy Date. The Space Offer 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 after 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 calendar month, then Tenant shall pay to Landlord on the Commencement Date a sum equal to the per diem Monthly Rental for the month in which the Commencement Date shall occur (the "First Month") multiplied by the number of days from the Commencement Date to the last day end of the First Month, both inclusive. In twelfth (12th) complete calendar month of the event this Lease terminates on a day, other than Term after the date specified in Paragraph 1 hereof, the Monthly Rental and any Additional Rental, as herein defined shall be equitably adjustedEarly Occupancy Date.
Appears in 1 contract
Samples: Lease Agreement (Accuro Healthcare Solutions, Inc.)
Rental. A. Tenant agrees to pay fixed rent (a"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 installments in advance on or before the first day of each month as specified in the Basic Lease Information. If Fixed Rent is not paid when due, interest shall accrue thereon at the 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 Wilsxx Xxxagement CompanyLandlord a late charge equal to two percent (2%) of such overdue amount, managing agent for Landlord, or to any successor thereto named by Landlord, together with interest on such overdue amount at the address described above or at Overdue Rate. The parties agree that such other place as Landlord may designate in writing, without notice or demand late charge represents a fair and without deduction, abatement, counterclaim, or set-off whatsoever, except as may be expressly noted and authorized under the 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 reasonable estimate of the United States costs Landlord will incur by reason of late payment by Tenant. Acceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant's default with respect to such overdue amount, nor prevent Landlord from exercising any of the other rights and remedies 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 each month as provided in the Basic Lease Information.
C. If, on or before the first day of any calendar quarter commencing on April 1, 1998 up to and including April 1, 2001 (each, an "Initiating Date"), Tenant delivers a written notice to Landlord (an "Investment Improvement Notice") stating 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 "Monthly RentalGuarantors"). The Monthly Rental includes among other items all Debt Service payable ) 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) Subject to the Lender as defined herein. The first Monthly Rental and sales tax thereon as set forth in Paragraph 4 hereinSection 4.F. hereof, shall be paid by Tenant to Landlord on 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 the next calendar month during quarter following the TermInitiating Date, beginning with the month next succeeding annual Fixed Rent shall be reset to equal the First MonthFixed Rent on the Initiating Date less an amount equal to the Purchase Price multiplied by the lesser of (a) 1.0%, or (b) the difference between (x) the Fixed Rent on the Initiating Date (calculated as defined hereina percentage of the Purchase Price), and with any sales, privilege or rental tax as provided in Paragraph 4 herein(y) the yield for 10-year Treasury bills plus 275 basis points. The term "yield for use in the foregoing calculation will be as shown in the Treasury Constant Maturity Series in statistical release H.15(519) of the Federal Reserve Board; or if that release is unavailable, a comparable publication.
(ii) Subject to Section 4.F. hereof, the annual Fixed Rent specified in the Basic Lease Year"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.
D. If, as used hereinon 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) shall mean the twelve (12) month period beginning with the Commencement Date as defined in Paragraph 1 Subject to Section 4.F. 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 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 next calendar monthquarter following the Initiating Date, then Tenant the annual Fixed Rent shall pay be reset to Landlord equal the Fixed Rent on the Commencement Initiating Date a sum less an amount equal to the per diem Monthly Rental for the month in which the Commencement Date shall occur (the "First Month") Purchase Price multiplied by the number lesser of days from (a) 2.0%, or (b) the Commencement difference between (x) the Fixed Rent on the Initiating Date to the last day of the First Month, both inclusive. 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, (calculated as herein defined shall be equitably adjusted.a
Appears in 1 contract
Rental. (a) Tenant Sublandlord shall pay deliver to Wilsxx Xxxagement CompanySubtenant (i) on or before November 23, managing agent for Landlord, 2016 and before the 24th day of each month thereafter during the Sublease Term a statement (“Metroplex Rent Statement”) setting forth the monthly installment of Metroplex Rent due on or to any successor thereto named by Landlord, at before 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 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 first (the "Rent Formula"1st) payable in lawful money day of the United States in equal monthly installments next succeeding month 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 "Monthly Rental"Metroplex Excess Cap Rent Statement, collectively, the “Sublease Rent Statement”). 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 the Commencement Date. Notwithstanding the foregoing, the Tenant may use failure of Sublandlord to timely deliver a portion 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 to pay the Metroplex Excess Cap Rent within thirty (30) days after Sublandlord’s delivery of a Metroplex Excess Cap Rent Statement.
(b) Subject to the receipt by Subtenant of the Rent credit as defined in Paragraph 3(f) of this Lease to apply foregoing, and subject to the Monthly Rental. All subsequent Monthly Rentals Metroplex Cap, Subtenant 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. The term "Lease Year", as used hereindeliver to Sublandlord, (i) shall mean with respect to Metroplex Rent as of the twelve first (121st) month period beginning with business day of such next succeeding month, Subtenant’s check (or wire transfer) payable to Sublandlord for the Commencement Date as defined in Paragraph 1 hereof, and each twelve (12) month period thereafter occurring during the Term of this Lease, amount shown on Sublandlord’s Metroplex Rent Statement and (ii) in the event the Lease expires or terminates on a date other than the date set forth in Paragraph 1 hereofwith respect to Metroplex Excess Cap Rent, then the term "Lease Year" shall 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 within twenty (20) days after Subtenant’s receipt of a calendar month, then Tenant shall pay to Landlord on the Commencement Date a sum equal to the per diem Monthly Rental for the month in which the Commencement Date shall occur Metroplex Excess Cap Rent Statement.
(the "First Month"c) multiplied by the number of days from the Commencement Date to the last day of the First Month, both inclusive. In the event this 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 source of the original obligation).
(d) Notwithstanding anything contained herein to the contrary, Subtenant shall not be liable for the following (collectively, “Excluded Liabilities”) (i) any defaults, claims, losses or liability under the Lease terminates on arising or accruing prior to the Commencement Date, (ii) except as provided below, any defaults, claims, losses or liability under the 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 Transition 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 dayresult 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 the date specified in Paragraph 1 hereof, the Monthly Rental and any Additional Rental, as herein defined shall be equitably adjustedobligations or liabilities that are Metroplex Excess Cap Rent.
Appears in 1 contract
Samples: Office Lease
Rental. The Department shall pay rent as reflected in the chart below:
(a) Tenant Years Square Feet Cost Per Square Foot Annual Rent Monthly Rent Rent is payable in arrears, in accordance with the State’s usual accounting procedures, commencing with the first month of occupancy as established by the provisions of Section 2.
(b) In the event commencement occurs after the first day of a month, the first month’s rent shall pay be prorated to Wilsxx Xxxagement Companythe end of that month, managing agent for Landlord, or payable in arrears; a partial first month shall be added 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 terms initial term of this Lease.
(c) In addition, annual rental at the rate Department agrees to reimburse Lessor annually as additional rent within sixty (60) days after receipt of proper substantiating documentation, for 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 formula set forth in Exhibit G following operating/ escalator expenses: • Fuel for Heat • Janitorial • Water & Sewer Usage (separately metered) • Snow removal, sanding and Exhibit H both attached hereto and incorporated herein by reference salting • Real Estate Taxes (leased premises) Base Year shall be the "Rent Formula") payable in lawful money 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 United States net reduction. Proper substantiating documentation shall be photocopies of all bills from each vendor for the period during which reimbursement is sought and receipts showing that the charges have been paid in equal monthly installments (full. Aggregated expenses shall reflect both increases and decreases in Operating Costs. Base year shall be the "Monthly Rental")first full twelve months after commencement date for all items except for municipal real estate taxes. The Monthly Rental includes among other items all Debt Service payable 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 the Lender as defined herein. The first Monthly Rental and sales tax thereon as set forth Department once a year, in Paragraph 4 hereinarrears, shall be paid by Tenant to Landlord on 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 beginning on the first day of each calendar the 25th full month during of the Initial 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 hereinannually thereafter. The term "Lease Year", as used herein, (i) shall mean Lessor must reconcile the twelve (12) month period beginning with annual operating costs against the Commencement Date as defined in Paragraph 1 hereof, base year expenses and each twelve (12) month period thereafter occurring during xxxx/refund 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 also mean the period from the end amount of the preceding Lease Year variance to the Department within six (6) months of the anniversary commencement date of said expiration or termination of this the Office Lease. Notwithstanding anything to the contrary contained herein, in the event the Commencement Date is other than the first day of a calendar month, then Tenant shall pay to Landlord on the Commencement Date a sum equal to the per diem Monthly Rental for the month in which the Commencement Date shall occur (the "First Month") multiplied by the number of days from the Commencement Date to the last day of the First Month, both inclusive. 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, as herein defined shall be equitably adjusted.
Appears in 1 contract
Samples: Office Lease
Rental. A. Tenant agrees to pay fixed rent (a"Fixed Rent") Tenant to Landlord without notice, by check sent to Landlord at such address as shall pay be provided by Landlord to Wilsxx Xxxagement CompanyTenant, managing agent for Landlordprovided 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 any successor thereto named by Landlord, at the address described above or at such other persons or 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 provided by written notice from the terms of this Leaseperson then entitled to receive the Fixed Rent, 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 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 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, beginning with interest shall accrue thereon at the month next succeeding Overdue Rate until payment is made. Tenant hereby acknowledges that the First Monthlate payment by Tenant to Landlord of Fixed Rent, as defined herein, Additional Rent and with any sales, privilege or rental tax as provided in Paragraph 4 herein. The term "other sums due under this 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 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 (ii15) in the event the Lease expires or terminates on a date other than the date set forth in Paragraph 1 hereofdays after such amount shall be due, then the term "Lease Year" shall also mean the period from the end of the preceding Lease Year then, without any requirement for notice to the date of said expiration or termination of this Lease. Notwithstanding anything to the contrary contained hereinTenant, in the event the Commencement Date is other than the first day of a calendar month, then Tenant shall pay to Landlord on the Commencement Date a sum late charge equal to two percent (2%) of such overdue amount, together with interest on such overdue amount at the per diem Monthly Rental 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 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 month in which the Commencement Date shall occur (the "First Month") multiplied by the number of days from the Commencement Date to the last first day of each month as provided in the First MonthBasic Lease Information.
1.3 Section 15 of the Lease is hereby amended and restated in its entirety, both inclusive. In effective as of the event this Lease terminates on a dayEffective Date, other than the date specified in Paragraph 1 hereof, the Monthly Rental and any Additional Rental, to read as herein defined shall be equitably adjusted.follows:
Appears in 1 contract
Rental. (a) Tenant As rental for the subleasing of the Exclusive TEC Subleased Premises for and during the Sublease Term, Sublessee shall pay to Wilsxx Xxxagement Company, managing agent for Landlord, or to any successor thereto named by LandlordSublessor, at the address described above set forth in Section 12 hereof for notices or at such other place address as Landlord Sublessor may designate in writingfrom time to time, without notice or demand promptly when due and without demand, deduction, abatement, counterclaim, abatement or set-off whatsoeveroff, except as may be expressly noted and authorized under the 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 hereinthis Sublease, shall be paid by Tenant to Landlord on 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 Sublease Term the month next succeeding same Base Rent plus any additional rent attributable to the First Month, Exclusive TEC Subleased Premises on a per square foot basis as defined herein, and with any sales, privilege or rental tax as provided in Paragraph 4 hereinLessee pays to Sublessor under the Lease Agreement plus the TEC Share of the Shared Costs. The term "Lease Year", as used herein, (i) shall mean If the twelve (12) month period beginning with the Commencement Effective 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 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 Sublease is other than the first day of a calendar month, then Tenant Sublessee shall pay to Landlord on the Commencement Effective Date a sum equal pro rata monthly installment of Base Rent for the first partial calendar month of the Sublease Term; and,
b) Sublessee shall pay, to the per diem Monthly Rental extent not otherwise paid above, the TEC Share of the amounts payable by Sublessor under Section 6 (Adjustment of Base Rent) of the Lease Agreement; such Sublessee's share (based on the 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 of each calendar month in which during the Commencement Date shall occur (Sublease Term; and,
c) All other amounts, if any, due by Sublessor to Lessor under the "First Month") multiplied by the number of days from the Commencement Date Lease Agreement with respect to the last day Subleased Premises, including, without limiting the generality of the First Monthforegoing, both inclusive. In additional costs for overtime air conditioning requested by Sublessee with respect to the event Subleased Premises, costs related to default by Sublessee under this Sublease or the Lease terminates on a dayAgreement, expenses relating to signs or graphics or other than improvements and such other sums as may be due under the date specified in Paragraph 1 hereofLease Agreement with respect to Sublessee's leasing of the Subleased Premises, the Monthly Rental and any Additional Rental, as herein defined all of which amounts shall be equitably adjusteddue and payable by Sublessee to Sublessor on the later of(i) five (5) days after Sublessee receives written notice thereof, together with copies of all matters furnished by Lessor with respect thereto, or (ii) the same day as the payments are payable by Sublessor.
Appears in 1 contract
Samples: Sublease Agreement (Particle Drilling Technologies Inc/Nv)
Rental. (a) Tenant shall pay to Wilsxx Xxxagement CompanyLandlord throughout the Term as rental for the Premises the Base Rent, managing agent for Landlordsubject to the following adjustments:
(i) The rental payable during each calendar year subsequent to the Base Year shall be the Base Rent, or to any successor thereto named increased 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 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 Tenant's Percentage Share of the United States total dollar increase, if any, in equal monthly installments (Operating Expenses paid or incurred by Landlord in that year over the "Monthly Rental")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 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 Landlord, in advance, on or before the Commencement Date. Notwithstanding the foregoing, the Tenant may use a portion first day of the Rent credit as defined in Paragraph 3(f) Term of this Lease to apply to the Monthly Rental. All subsequent Monthly Rentals shall be due in advance lease and on or before the first day of each successive 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. 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 . In the event the Term of this Lease expires or terminates commences on a date other than the date set forth in Paragraph 1 hereof, then the term "Lease Year" shall 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 day other than the first day of a calendar month or ends on a day other than the last day of a calendar month, then the monthly rental for the first and last fractional months of the Term of this Lease shall be appropriately prorated.
(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) 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.
(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 on the Commencement Date a sum late charge equal to ten percent (10%) of the per diem Monthly 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 month in which overdue amount, nor prevent Landlord from exercising the Commencement Date shall occur other rights and remedies granted under this Lease.
(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 "First Month") multiplied by expiration of the number of days cure period, such amount will bear interest from the Commencement Date due date until paid at the rate of ten percent (10%) per year. 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 last day 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 First Month, both inclusive. In the event United States of America at Landlord's address for notices under this Lease terminates on a dayor 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, other than upon request of the date specified in Paragraph 1 hereofLandlord, the Monthly Rental and any Additional Rental, as herein defined Tenant shall be equitably adjustedmake future payments by cashier's check.
Appears in 1 contract
Samples: Lease Agreement (Euniverse Inc)
Rental. (a) Tenant shall pay to Wilsxx Xxxagement CompanyLandlord throughout the Term as rental for the Premises the Base Rent. In addition to the Base Rent, managing agent for Landlord, or each calendar year subsequent to any successor thereto named the Base Year the Base Rent shall be increased 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 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"i) payable in lawful money Tenant’s Percentage Share of the United States 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 "Monthly Rental")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 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 Landlord, in advance, on or before the Commencement Date. Notwithstanding the foregoing, the Tenant may use a portion first day of the Rent credit as defined in Paragraph 3(f) eighth month of this Lease to apply to the Monthly Rental. All subsequent Monthly Rentals shall be due in advance and on or before the first day of each successive 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. 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 . In the event the Term of this Lease expires or terminates commences on a date other than the date set forth in Paragraph 1 hereof, then the term "Lease Year" shall 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 day other than the first day of a calendar month or ends on a day other than the last day of a calendar month, then the monthly rental for the first and last fractional months of the Term of this Lease shall be appropriately prorated.
(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) 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.
(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 on the Commencement Date a sum late charge equal to ten percent (10%) of the per diem Monthly 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 month in which overdue amount, nor prevent Landlord from exercising the Commencement Date shall occur other rights and remedies granted under this Lease. ______ [Initials of landlord] ______ [Initials of Tenant]
(the "First Month"e) multiplied by the number If any installment of rent or any other sums due from Tenant are not received within five (5) business days from the Commencement Date of its due date, or if a cure period is applicable under Section 18(a), prior to the last day expiration of the First Monthcure period, both inclusivesuch amount will thereafter bear interest until paid at the rate of ten percent (10%) per year. In 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 event 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 terminates on a dayor 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 elects, other and Landlord 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, upon request of the date specified in Paragraph 1 hereofLandlord, the Monthly Rental and any Additional Rental, as herein defined Tenant shall be equitably adjustedmake future payments by cashier’s check.
Appears in 1 contract
Samples: Office Lease (Java Detour Inc.)
Rental. Section 5.01 Tenant covenants and agrees to pay to Landlord as Rental for the Premises, in lawful money of the United States, 1/12 of the Annual Base Rental, payable monthly in advance, without set-off, notice or demand, on the first day of each calendar month. In the event rent is not received by Landlord from Tenant by the tenth (a10th) day of each calendar month, Tenant shall pay a late charge for special handling equal to Wilsxx Xxxagement Company, managing agent for four percent (4%) of the Rental due. Rental shall be paid to Landlord, without deduction or to any successor thereto named by Landlordoffset, at the address described above of Landlord specified in the Basic Lease Information 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 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 monthly installment of Rental and sales tax thereon as set forth in Paragraph 4 herein, shall be paid by Tenant to Landlord on 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. 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 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 except that if Commencement Date is a date other than the first day of a calendar month, then Tenant shall pay to Landlord on the Commencement Date a sum equal to the per diem Monthly monthly Rental for the first and last fractional months of the Term shall be appropriately prorated. The term "Rental" as used herein means the 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 purposes of Section 502(b)(6) of the 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 lesser amount shall constitute Rental owed to the Landlord. A service charge of ten percent (10%) of the amount of any checks returned stamped "NSF" will be due and payable, in addition to the overdue installments to cover Landlord's extra cost and expense in handling and processing. No payment by Tenant or receipt by Landlord of a lesser amount than the monthly installment due under this Lease shall be deemed to be other than on account of the earliest Rental due hereunder, nor shall any endorsement or statement on any check or payment as Rental be 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, unless otherwise waived in writing by Landlord. All rent in arrears shall bear interest at the Stipulated Rate of Interest of one and one half percent (1.5%) per month in from the date on which the Commencement Date shall occur (the "First Month") multiplied by the number of days from the Commencement Date to the last day of the First Month, both inclusive. In the event this Lease terminates on a day, other than same became due until the date specified in Paragraph 1 hereof, the Monthly Rental and any Additional Rental, as herein defined shall be equitably adjustedof payment thereof.
Appears in 1 contract
Rental. (a) Tenant shall pay to Wilsxx Xxxagement CompanyLandlord throughout the Term as rental for the Premises the Base Rent. In addition to the Base Rent, managing agent for Landlord, or each calendar year subsequent to any successor thereto named the Base Year the Base Rent shall be increased 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 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"i) payable in lawful money Tenant’s Percentage Share of the United States 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 "Monthly Rental")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 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 Landlord, in advance, on or before the Commencement Date. Notwithstanding the foregoing, the Tenant may use a portion first day of the Rent credit as defined in Paragraph 3(f) Term of this Lease to apply to the Monthly Rental. All subsequent Monthly Rentals shall be due in advance and on or before the first day of each successive 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. 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 . In the event the Term of this Lease expires or terminates commences on a date other than the date set forth in Paragraph 1 hereof, then the term "Lease Year" shall 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 day other than the first day of a calendar month or ends on a day other than the last day of a calendar month, then the monthly rental for the first and last fractional months of the Term of this Lease shall be appropriately prorated.
(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) 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.
(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 on the Commencement Date a sum late charge equal to ten percent (10%) of the per diem Monthly 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 month in which overdue amount, nor prevent Landlord from exercising the Commencement Date shall occur 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 "First Month") multiplied by expiration of the number of days cure period, such amount will bear interest from the Commencement Date due date until paid at the rate of ten percent (10%) per year. 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 last day 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 First Month, both inclusive. In the event United States of America at Landlord’s address for notices under this Lease terminates on a dayor 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, other than upon request of the date specified in Paragraph 1 hereofLandlord, the Monthly Rental and any Additional Rental, as herein defined Tenant shall be equitably adjustedmake future payments by cashier’s check.
Appears in 1 contract
Rental. A. Tenant agrees to pay fixed rent (a"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 installments in advance on or before the first day of each month as specified in the Basic Lease Information. If Fixed Rent is not paid when due, interest shall accrue thereon at the 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 Wilsxx Xxxagement CompanyLandlord a late charge equal to two percent (2%) of such overdue amount, managing agent for Landlord, or to any successor thereto named by Landlord, together with interest on such overdue amount at the address described above or at Overdue Rate. The parties agree that such other place as Landlord may designate in writing, without notice or demand late charge represents a fair and without deduction, abatement, counterclaim, or set-off whatsoever, except as may be expressly noted and authorized under the 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 reasonable estimate of the United States costs Landlord will incur by reason of late payment by Tenant. Acceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant's default with respect to such overdue amount, nor prevent Landlord from exercising any of the other rights and remedies 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 each month as provided in the Basic Lease Information.
C. If, at any time from the first day of the month following the fourth anniversary of the Commencement Date through the last day of the month in which the seventh anniversary of the Commencement Date occurs (the "Monthly RentalInitiating Date"). The Monthly Rental includes among other items all Debt Service payable to , Tenant obtains a 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 (the Lender as defined herein. The first Monthly Rental and sales tax thereon as set forth in Paragraph 4 herein"Lookback Period"), shall be paid by Tenant to Landlord on the Commencement Date. Notwithstanding the foregoing, the Tenant may use a portion of the Rent credit as defined in Paragraph 3(fthen:
(i) 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 following the First MonthLookback 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 (b) the difference between (x) the Fixed Rent on the Initiating Date (calculated as defined herein, and with any sales, privilege or rental tax as provided in Paragraph 4 herein. The term "Lease Year", as used herein, (i) shall mean a percentage of 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 LeasePurchase 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) of the Federal Reserve Board; or if that release is unavailable, a comparable publication.
(ii) the annual Fixed Rent specified in the event the Basic Lease expires or terminates on a date other than the date set forth in Paragraph 1 hereof, then the term "Lease Year" Information shall also mean the period from be increased at the end of every 30-month period measured from the preceding Lease Year Initiating Date by an amount equal to the date annual Fixed Rent prior to such increase multiplied by the greater of said expiration 5.72028% or termination 56.25% of this Leasethe increase in the CPI over the prior 30-month period. Notwithstanding anything Such increase in the Fixed Rent shall not be greater than 11.632519% of the annual Fixed Rent immediately prior to the contrary contained herein, in the event the Commencement Date is other than increase.
D. If at any time from the first day of a calendar monththe month following the Initiating Date, then Tenant shall pay to Landlord 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 Commencement 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 a sum less an amount equal to the per diem Monthly Rental for the month in which the Commencement Date shall occur (the "First Month") Purchase Price multiplied by the number lesser of days (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 (y) the yield, determined as provided above, for 10-year Treasury obligations plus 225 basis points.
(ii) the annual Fixed Rent specified in the Basic Lease Information shall be increased at the end of every 30-month period measured from the Commencement Initiating Date by an amount equal to the last 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 First Monthmonth following the Initiating Date, Tenant obtains either of the required investment grade ratings indicated in subparagraphs C and D, but not both inclusiveand 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) 1.5%, or (b) the difference between (x) the Fixed Rent on the Initiating Date (calculated as a percentage of the Purchase Price) and (y) the yield, 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 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. In no event shall the event this Lease terminates on a daycalculation required by subparagraphs C(i), other than the date specified D(i) and E(i) above result in Paragraph 1 hereof, the Monthly Rental and any Additional Rental, as herein defined shall be equitably adjustedan increase in Fixed Rent.
Appears in 1 contract
Rental. (a) Tenant shall pay to Wilsxx Xxxagement Company, managing agent for Landlord, or to any successor thereto named by Landlord, at Landlord throughout 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 terms term of this LeaseLease as rental for the Premises the sum specified in the Basic Lease Information as the Base Rent, annual provided that the rental at payable during each calendar year subsequent to the rate based on Base Year shall be the formula 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 in Exhibit G different percentage shares of Operating Expenses 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")Property Taxes or a single percentage share applicable to both. The Monthly increased rental due pursuant to this paragraph (a) is hereinafter referred to as "Escalation Rent."
(b) 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 first day 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 term hereof and on or before the first day of each and every successive calendar month thereafter 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 hereinterm hereof. 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 In the event the term of this Lease expires or terminates commences on a date other than the date set forth in Paragraph 1 hereof, then the term "Lease Year" shall 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 day other than the first day of a calendar month or ends on a day other than the last day of a calendar month, then the monthly rental for the first and last fractional months of the term hereof shall be appropriately prorated.
(c) 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 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 on the Commencement Date a sum late charge equal to the per diem Monthly Rental for the month in which the Commencement Date shall occur (the "First Month") multiplied by the number 2% of days from the Commencement Date to the last day of the First Month, both inclusivesuch overdue amount. 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, as herein defined shall be equitably adjusted.The parties hereby agree that such
Appears in 1 contract
Rental. (a) Tenant shall pay to Wilsxx Xxxagement CompanyLandlord throughout the term of this Lease as rental for the Premises the sum specified in the Basic Lease Information as the Base Rent, managing agent 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 term hereof. In the event the term of this Lease commences on a day other than the first day of a calendar month or ends on a day other than the last day of a calendar month, the monthly rental for Landlordthe first and last fractional months of the term hereof shall be appropriately prorated.
(c) 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 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 successor thereto named 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 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 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 paid to Landlord, without deduction or offset, in lawful money of the United States of America at the Landlord's address described above for notices hereunder, or to such other person or at such other place as Landlord may from time to time designate in writing, without by notice or demand and without deduction, abatement, counterclaim, or set-off whatsoever, except as may be expressly noted and authorized under the 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 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. 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 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 calendar month, then Tenant shall pay to Landlord on the Commencement Date a sum equal to the per diem Monthly Rental for the month in which the Commencement Date shall occur (the "First Month") multiplied by the number of days from the Commencement Date to the last day of the First Month, both inclusive. 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, as herein defined shall be equitably adjustedTenant.
Appears in 1 contract
Samples: Office Lease (Intek Information Inc)
Rental. 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 fails to pay any rent, when due, the same shall bear interest from the date due until paid at the lesser of eighteen percent (a18%) per annum or the maximum rate permitted under Applicable Laws.
c. Tenant’s obligation to 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 payment of rent. All rent shall be paid by Tenant to Landlord without deduction, demand, notice or offset. Except as otherwise expressly provided herein, Tenant shall pay to Wilsxx Xxxagement Company, managing agent for Landlord, or not be entitled to any successor thereto named by Landlord, abatement or reduction of the rent. Tenant shall deliver all rent to Landlord at the address described above specified in Section 7 or at such other place as Landlord may designate in writing, without notice or demand and without deduction, abatement, counterclaim, or set-off whatsoeverto Tenant by written notice.
d. It is the intention of the parties that this Lease be a fully net lease. Accordingly, except as may be otherwise expressly noted provided herein, Tenant shall pay, when due, all costs, expenses and authorized 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, annual rental at the rate based on the formula set forth Tenant shall reimburse 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 Exhibit G and Exhibit H both attached hereto and incorporated herein by reference (the "Rent Formula") payable in lawful money this Lease shall require Landlord to furnish to Tenant or any other occupant of the United States in equal monthly installments (the "Monthly Rental"). The Monthly Rental includes among Leased Premises any water, sewer, gas, heat, electricity, light, power, or any 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 hereinutilities, shall be paid by Tenant to Landlord on the Commencement Date. Notwithstanding the foregoinglabor, the Tenant may use a portion materials, or services 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. 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 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 calendar month, then Tenant shall pay to Landlord on the Commencement Date a sum equal to the per diem Monthly Rental for the month in which the Commencement Date shall occur (the "First Month") multiplied by the number of days from the Commencement Date to the last day of the First Month, both inclusive. 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, as herein defined shall be equitably adjustedkind whatsoever.
Appears in 1 contract
Samples: Ground Lease Agreement
Rental. (a) Tenant 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 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 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. 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 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 calendar month, then Tenant shall pay to Landlord on the Commencement Date Total Rent set forth in 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 sum equal to full 365 days, unless the per diem Monthly Rental 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 month in which the Commencement Date shall occur (the "First Month") multiplied by the number of days from the Commencement Date to the last day benefit of the First MonthTenant, both inclusiveand, 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 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 holdover period shall be thirty-five ($35.00) dollars per day until occupancy is re-delivered to Landlord. Landlord's acceptance of rent or other amounts owed by Tenant during such holdover period shall not constitute a waiver of Landlord's right to terminate Tenant's possession under this Lease Agreement without advance notice. In addition to any rents due during the event this Lease terminates 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 delivering written notice to Tenant while Tenant is still holding over. Holdover rents shall be immediately due on a day, other than the date specified daily basis in Paragraph 1 hereof, the Monthly Rental and any Additional Rental, as advance to Landlord. Nothing contained herein defined shall be equitably adjustedconstrued as Landlord's consent to a holdover tenancy.
Appears in 1 contract
Samples: Lease Agreement
Rental. (a) As rental for the lease and use of the Premises, Tenant shall will pay to Wilsxx Xxxagement Company, managing agent for Landlord or Landlord, or to any successor thereto named by Landlord’s assigns, at the address described above or at such other place as of Landlord may designate specified in writingSection 1.B. hereof, without notice or demand and without deduction, abatement, counterclaim, abatement or set-off whatsoever, setoff (except as may be otherwise expressly noted and authorized under provided for herein), the terms of this LeaseBase Rental in the manner specified in Section x.X. hereof, 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")States. 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 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. 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 If the Term of this Lease, and (ii) in the event the Lease expires or terminates does not commence on a date other than the date set forth in Paragraph 1 hereof, then the term "Lease Year" shall 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 calendar month, then Tenant shall 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 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 Commencement Date terms of any mortgage or trust deed covering the 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 after such amount shall be due, Tenant shall pay to Landlord a sum late charge equal to the per diem Monthly Rental for the month in which the Commencement Date shall occur ten percent (the "First Month"10%) multiplied by the number of days from the Commencement Date to the last day such overdue amount. The parties hereby agree that such late charge represents a fair and reasonable estimate of the First Monthcosts 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 payment, both inclusivenor be construed as liquated damages, nor prevent Landlord from exercising any of the other rights an remedies granted hereunder. In the event this Lease terminates on a dayThe failure of Tenant to pay such charge as herein stated shall, at Landlord’s option, be an Event of Default hereunder. If Tenant fails to timely pay two (2) consecutive installments of Base Rental, or other than the date payment specified herein, or any combination thereof, Landlord may require Tenant to pay (in Paragraph 1 hereof, the Monthly addition to any interest) Base Rental and any Additional Rentalother 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 shall not be construed as a waiver of the requirement that such payments be made in cash or by cashier’s check or money order. Any amount so estimated by Landlord and paid by Tenant shall be adjusted promptly after actual figures become available and paid or credited to Landlord or Tenant, as herein defined shall be equitably adjustedthe case may be.
Appears in 1 contract
Rental. (a) Tenant shall pay to Wilsxx Xxxagement Company, managing agent for Landlord, or to any successor thereto named by Landlord, at Landlord throughout 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 terms term of this LeaseLease as rental for the Premises the sum specified in the Basic Lease Information as the Base Rent, annual provided that the rental at payable during each calendar year subsequent to the rate based on Base Year shall be the formula 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 in Exhibit G different percentage shares of Operating Expenses 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")Property Taxes or a single percentage share applicable to both. The Monthly increased rental due pursuant to this subparagraph (a) is hereinafter referred to as "Escalation Rent."
(b) 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 first day 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 term hereof and on or before the first day of each and every successive calendar month thereafter 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 hereinterm hereof. 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 In the event the term of this Lease expires or terminates commences on a date other than the date set forth in Paragraph 1 hereof, then the term "Lease Year" shall 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 day other than the first day of a calendar month or ends on a day other than the last day of a calendar month, then the monthly rental for the first and last fractional months of the term hereof shall be appropriately prorated.
(c) 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 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 costs Landlord will incur by reason of late payment by Tenant based on the Commencement Date a sum equal to the per diem Monthly Rental for the month in which the Commencement Date shall occur (the "First Month") multiplied by the number of days from the Commencement Date to the last day circumstances existing as of the First Month, both inclusivedate of this Lease. In the Acceptance of such late charge by Landlord shall in no event this Lease terminates on a day, other than the date specified in Paragraph 1 hereof, the Monthly Rental and any Additional Rental, as herein defined shall be equitably adjusted.constitute a
Appears in 1 contract
Samples: Office Lease (Nextcard Inc)
Rental. (a) Tenant shall pay to Wilsxx Xxxagement CompanyLandlord throughout the Term as rental for the Premises the Base Rent, managing agent for Landlordsubject to the following adjustments:
(i) The rental payable during each calendar year subsequent to the Base Year shall be the Base Rent, or to any successor thereto named increased 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 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 Tenant's Percentage Share of the United States total dollar increase, if any, in equal monthly installments (Operating Expenses paid or incurred by Landlord in that year over the "Monthly Rental")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 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 Landlord, in advance, on or before the Commencement Date. Notwithstanding the foregoing, the Tenant may use a portion first day of the Rent credit as defined in Paragraph 3(f) Term of this Lease to apply to the Monthly Rental. All subsequent Monthly Rentals shall be due in advance lease and on or before the first day of each successive 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. 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 . In the event the Term of this Lease expires or terminates commences on a date other than the date set forth in Paragraph 1 hereof, then the term "Lease Year" shall 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 day other than the first day of a calendar month or ends on a day other than the last day of a calendar month, then the monthly rental for the first and last fractional months of the Term of this Lease shall be appropriately prorated.
(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) 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.
(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 when due, or if a cure period is applicable under Section 18(a), prior to the expiration of the cure period, Tenant shall pay to Landlord on the Commencement Date a sum late charge equal to ten percent (10%) of the per diem Monthly 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 month in which overdue amount, nor prevent Landlord from exercising the Commencement Date shall occur other rights and remedies granted under this Lease. xxxx [Initials of landlord] xxxx [Initials of Tenant] ---- ----
(e) Any amount due to Landlord other than monthly rental, if not paid within five (5) days following the "First Month") multiplied by the number of days due date will bear interest from the Commencement Date due date until paid at the rate of ten percent (10%) per year or, if a higher rate is legally permissible, at the 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 last day 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 First Month, both inclusive. In the event United States of America at Landlord's address for notices under this Lease terminates on a dayor 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, other than upon request of the date specified in Paragraph 1 hereofLandlord, the Monthly Rental and any Additional Rental, as herein defined Tenant shall be equitably adjustedmake future payments by cashiers check.
Appears in 1 contract
Samples: Assignment and Assumption of Lease (Infoseek Corp /De/)
Rental. (a) Tenant shall pay to Wilsxx Xxxagement CompanyLandlord 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, managing agent Tenant shall pay to Landlord the additional charges described in 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 term hereof beginning on the Base Rent commencement date. In the event the term of this Lease commences on a day other than the first day of a calendar month or ends on a day other than the last day of a calendar month, the monthly rental for Landlordthe first and last fractional months of the term hereof shall be appropriately prorated.
(c) 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 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 successor thereto named 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 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 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 paid to Landlord, without deduction or offset, in lawful money of the United States of America at the Landlord's address described above for notices hereunder, or to such other person or at such other place as Landlord may from time to time designate in writing, without by notice or demand and without deduction, abatement, counterclaim, or set-off whatsoever, except as may be expressly noted and authorized under the 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 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. 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 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 calendar month, then Tenant shall pay to Landlord on the Commencement Date a sum equal to the per diem Monthly Rental for the month in which the Commencement Date shall occur (the "First Month") multiplied by the number of days from the Commencement Date to the last day of the First Month, both inclusive. 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, as herein defined shall be equitably adjustedTenant.
Appears in 1 contract
Rental. (a) Tenant shall covenants and agrees to pay to Wilsxx Xxxagement CompanyLandlord during the Lease Term, managing agent for Landlordwithout any setoff or deduction except as otherwise expressly provided herein, or to any successor thereto named by Landlordthe Base Rental, at the address described above or at and all such other place 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 may designate shall be entitled to exercise all such rights and remedies as are herein provided 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 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 case of the United States in equal monthly installments (nonpayment of Base Rental. Except as otherwise provided herein, the "Monthly Rental"). The Monthly annual Base Rental includes among other items all Debt Service 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 the Lender as defined herein. The first Monthly Rental and sales tax thereon as set forth in Paragraph 4 hereinExhibit “C” hereof, shall be paid by Tenant to Landlord on 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 and payable in advance in twelve (12) equal installments on the first day of each calendar month during the Term, beginning with the month next succeeding the First Month, as defined herein, initial Term of this Lease and with any sales, privilege extensions or rental tax as provided in Paragraph 4 herein. 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 renewals hereof, and each twelve Tenant hereby agrees to pay such Base Rental and any adjustments thereto to Landlord at Landlord’s address provided herein (12or such other address as may be designated by Landlord in writing from time-to-time) month period thereafter occurring during monthly, in advance, and without notice or demand. If the Term of this Lease, and (ii) in the event the Lease expires or terminates commences on a date other than the date set forth in Paragraph 1 hereof, then the term "Lease Year" shall 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 day other than the first day of a calendar month or terminates on a day other than the last day of a month, then the installments of Base Rental and any adjustment thereto for such month or months shall be prorated, based on the number of days in such month. The Base Rental for the 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 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 date after the 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 requirement that such payments be made in cash or by cashier’s check or money order. All amounts received by Landlord from Tenant hereunder shall be applied first to Landlord on the Commencement Date earliest accrued and unpaid rent then outstanding.
(b) To the extent allowed by law, all installments of rent not paid when due shall bear interest at the 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 sum Late Charge equal to five percent (5%) of the per diem Monthly Rental outstanding balance due, provided, Landlord shall not impose a late charge for the month first late payment in which any calendar year unless Tenant shall fail to pay such late installment within seven (7) days of written notice from Landlord of non-payment.
(c) In addition to Base Rental payable hereunder, commencing January 1, 1999 for the Commencement Date Premises and September 23, 2000 for the Expansion Space, Tenant shall occur (the "First Month") multiplied by the number of days from the Commencement Date to the last day pay monthly as additional rent Tenant’s Pro Rata Share of the First Month, both inclusive. In Excess Basic Costs over the event this Lease terminates on a day, other than Base Year Basic Costs in accordance with the date specified in Paragraph 1 hereof, the Monthly Rental provisions of Exhibit “C” attached hereto and any Additional Rental, as incorporated herein defined shall be equitably adjustedfor all purposes.
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Rental. A. Tenant agrees to pay fixed rent (a"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 installments in advance on or before the first day of each month as specified in the Basic Lease Information. If Fixed Rent is not paid when due, interest shall accrue thereon at the 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 Wilsxx Xxxagement CompanyLandlord a late charge equal to two percent (2%) of such overdue amount, managing agent for Landlord, or to any successor thereto named by Landlord, together with interest on such overdue amount at the address described above or at Overdue Rate. The parties agree that such other place as Landlord may designate in writing, without notice or demand late charge represents a fair and without deduction, abatement, counterclaim, or set-off whatsoever, except as may be expressly noted and authorized under the 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 reasonable estimate of the United States costs Landlord will incur by reason of late payment by Tenant. Acceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant's default with respect to such overdue amount, nor prevent Landlord from exercising any of the other rights and remedies 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 each month as provided in the Basic Lease Information.
C. If, at any time from the first day of the month following the fourth anniversary of the Commencement Date through the last day of the month in which the seventh anniversary of the Commencement Date occurs (the "Monthly RentalInitiating Date"). The Monthly Rental includes among other items all Debt Service payable to , Tenant obtains a 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 (the Lender as defined herein. The first Monthly Rental and sales tax thereon as set forth in Paragraph 4 herein"Lookback Period"), shall be paid by Tenant to Landlord on the Commencement Date. Notwithstanding the foregoing, the Tenant may use a portion of the Rent credit as defined in Paragraph 3(fthen:
(i) 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 following the First MonthLookback 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 (b) the difference between (x) the Fixed Rent on the Initiating Date (calculated as defined herein, and with any sales, privilege or rental tax as provided in Paragraph 4 herein. The term "Lease Year", as used herein, (i) shall mean a percentage of 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 LeasePurchase 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) of the Federal Reserve Board; or if that release is unavailable, a comparable publication.
(ii) the annual Fixed Rent specified in the event the Basic Lease expires or terminates on a date other than the date set forth in Paragraph 1 hereof, then the term "Lease Year" Information shall also mean the period from be increased at the end of every 30-month period measured from the preceding Lease Year Initiating Date by an amount equal to the date annual Fixed Rent prior to such increase multiplied by the greater of said expiration 5.72028% or termination 56.25% of this Leasethe increase in the CPI over the prior 30-month period. Notwithstanding anything Such increase in the Fixed Rent shall not be greater than 11.632519% of the annual Fixed Rent immediately prior to the contrary contained herein, in the event the Commencement Date is other than increase.
D. If at any time from the first day of a calendar monththe month following the Initiating Date, then Tenant shall pay to Landlord 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 Commencement 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 a sum less an amount equal to the per diem Monthly Rental for the month in which the Commencement Date shall occur (the "First Month") Purchase Price multiplied by the number lesser of days (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 (y) the yield, determined as provided above, for 10-year Treasury obligations plus 225 basis points.
(ii) the annual Fixed Rent specified in the Basic Lease Information shall be increased at the end of every 30-month period measured from the Commencement Initiating Date by an amount equal to the last 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 First Monthmonth following the Initiating Date, Tenant obtains either of the required investment grade ratings indicated in subparagraphs C and D, but not both inclusiveand 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) 1.5%, or (b) the difference between (x) the Fixed Rent on the Initiating Date (calculated as a percentage of the Purchase Price) and (y) the yield, 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 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. In no event shall the event this Lease terminates on a daycalculation required by subparagraphs C(i), other than the date specified D(i) and E(i) above result in Paragraph 1 hereof, the Monthly Rental and any Additional Rental, as herein defined shall be equitably adjustedan increase in Fixed Rent.
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