SUBLEASE PAYMENTS. A. District shall pay Lessor sublease payments (the “Sublease Payments”) for the improvements, use and occupancy of the Project and Site. The obligation of the District to pay Sublease Payments hereunder shall constitute a current expense of the District and shall not in any way be construed to be a debt of the District in contravention of any applicable constitutional or statutory limitations or requirements concerning the creation of indebtedness by the District, nor shall anything contained herein constitute a pledge of the general tax revenues, funds or moneys of the District. The Sublease Payments, which the parties acknowledge and agree, are good and sufficient consideration for the improvements and the District’s use and occupancy of the Project and the Site.
B. The District shall pay Lessor the portion of the GMP in accordance with the CSA. No Sublease Payment shall be made by the District in an amount that exceeds the aggregate cost approved in accordance with the CSA to the Lessor of the work on the Project completed to the date the Lessor submits an application for payment, less the aggregate amount of all Sublease Payments previously made by the District to the Lessor.
C. In the event the District elects to exercise its option under Article 21.B below, the District’s obligations under this Sublease including, but not limited to, the District’s obligations to make Sublease Payments under this Article, shall thereupon cease and terminate.
D. Except as specifically provided in this Article and in Article 9 hereof or as otherwise provided by law, the obligation of the District to make Sublease Payments when due and payable hereunder will be absolute and unconditional in all events and will not be subject to any set-off, defense, counterclaim, abatement or recoupment for any reason whatsoever.
SUBLEASE PAYMENTS. A. District shall pay Lessor sublease payments (“Sublease Payments”) in accordance with the provisions in Exhibit "C" of this Sublease. The District shall have no obligation to make Sublease Payments hereunder in the event the Effective Date of this Sublease does not occur as a result of District’s inability to issue a Notice to Proceed for the Project pursuant to the provisions of Section 5 of the Construction Services Agreement.
B. Should District fail to pay any part of the Sublease Payments not otherwise excused pursuant to this Section or Section 9, below, within fifteen (15) business days from the due date thereof, District shall, upon Xxxxxx’s written request, pay interest on such delinquent payment from the date said payment was due until paid at the rate of twelve percent (12%) per annum or the maximum legal rate, whichever is less.
SUBLEASE PAYMENTS. After the parties execute the Memorandum of Commencement ("MOC") Date, attached as Exhibit "D" of this Sublease, the District shall pay to Contractor
(a) The Sublease Payments shall be consideration for the District's rental, use, and occupancy of the Project and Site and shall be made in equal monthly installments for the duration of the Term.
SUBLEASE PAYMENTS. A. District shall pay Lessor lease payments (the "Sublease Payments") in the amount of on the first day of each month at the office of the Lessor or to such other person or at such other place as the Lessor may from time to time designate in writing. In no event shall the sum of the Sublease Payments due hereunder and/or any Sublease Prepayments exceed the GMP as it may be revised by the District from time to time in accordance with the provisions set forth in the Construction Services Agreement. The Sublease Payments shall be adjusted to reflect any adjustment to the GMP agreed to in writing by the District and the Contractor. The District shall have no obligation to make Sublease payments hereunder in the event the Effective Date of this Sublease does not occur as a result of District's inability to issue a Notice to Proceed for the Project pursuant to the provisions of Section 5 of the Construction Services Agreement.
B. If the Effective Date falls upon a day other than the first day of a calendar month, the District shall pay upon the Effective Date a pro rata portion of the Sublease Payment for the first calendar month pro-rated on a per diem basis with respect to such fractional calendar month.
C. Should the District fail to pay any part of the Sublease Payments not otherwise excused pursuant to this Section or Section 9 hereof, within fifteen (15) business days from the due date thereof, the District shall, upon Lessor's written request, pay interest on such delinquent payment from the date said payment was due until paid at the rate of twelve percent (12%) per annum or the maximum legal rate, whichever is less. The obligation of the District to pay Sublease Payments hereunder shall constitute a current expense of the District and shall not in any way be construed to be a debt of the District in contravention of any applicable constitutional or statutory limitations or requirements concerning the creation of indebtedness by the District, nor shall anything contained herein constitute a pledge of the general tax revenues, funds or moneys of the District.
D. In the event that the District exercises its option under Section 27(B) below, and purchases the Project by paying the Prepayment Price, the District's obligations under this Lease, including but not limited to the District's obligation to pay Sublease Payments under this Section, shall thereupon cease and terminate.
E. Except as specifically provided in this Section and in Section 9 hereof or as ...
SUBLEASE PAYMENTS. (a) The Owner shall pay Contractor lease payments (the “Sublease Payments” and each individually a “Sublease Payment”) monthly as set forth in Exhibit A hereof, at the office of Contractor or to such other person or at such other place as Contractor may from time to time designate in writing.
(b) Contractor agrees that satisfactory progress pursuant to the time schedule required pursuant to the Contract and of the construction pursuant to the time schedule required pursuant to the Contract (the “Time Schedule”) shall be conditions precedent to the making of Sublease Payments by the Owner. The determination of whether the Time Schedule has been adequately adhered to shall be made in accordance with the General Conditions of the Contract (“General Conditions”). If the Owner determines that pursuant to the Time Schedule, the work required to be performed prior to a given Sublease Payment has not been met, the Owner shall not be required to make that scheduled Sublease Payment. Once the Owner has determined that the work scheduled to be completed prior to the Sublease Payment in question has been completed, the Owner shall make the Sublease Payment corresponding to completion of such work.
(c) In accordance with the General Conditions, the Owner shall retain an amount equal to 5% of each Sublease Payment. Release of the retention and the final Sublease Payment shall be made in the manner described in the General Conditions.
(d) The obligation of the Owner to pay Sublease Payments hereunder shall constitute a current expense of the Owner and shall not in any way be construed to be a debt of the Owner in contravention of any applicable constitutional or statutory limitations or requirements concerning the creation of indebtedness by the Owner, nor shall anything contained herein constitute a pledge of the general tax revenues, funds, or moneys of the Owner.
SUBLEASE PAYMENTS. Subtenant shall pay to Tenant sublease payments of $12,023.81 per month, payable in advance on the first day of each month, for a total sublease payment of $312,619.06 over the life of the lease. Sublease payments shall be made to Tenant at 9000 Xxxxx Xxxxx Xxxxxxxxx, XX 00000, which may be changed from time to time by Tenant.
SUBLEASE PAYMENTS. After the parties execute the Memorandum of Commencement ("MOC") Date, attached as Exhibit "D" of this Sublease, the District shall pay to Contractor
(a) The Sublease Payments shall be consideration for the District's rental, use, and occupancy of the Project and Site and shall be made in equal monthly installments for the duration of the Term.
(b) The District represents that the total annual Sublease Payment obligation does not surpass the District's annual budget and will not require the District to increase or impose additional taxes or obligations on the public that did not exist prior to the execution of the Sublease.
SUBLEASE PAYMENTS. (a) Over the Term of this Sublease, the owner will pay to the Contractor the Total Sublease Amount in ( ) monthly installments, (each such installment being a “Sublease Payment”), pursuant to a Schedule of Sublease Payments which shall be prepared and executed by the Parties following approval by Owner of the Total Sublease Amount pursuant to Education Code section 17406(a)(3). Upon execution by the Parties, the Schedule of Sublease Payments shall be attached hereto as Exhibit A and shall be deemed incorporated herein by this reference.
(b) The Owner may adjust the Total Sublease Amount to account for any changes in the scope of the Project or use of the Site during the term of the Sublease. As set forth in the General Conditions, any changes in the Total Sublease Amount shall result in a prorated increase, or decrease, in Sublease Payments made following the adjustment to the Total Sublease Amount.
(c) The obligation of the Owner to pay Sublease Payments shall constitute a current expense of the Owner and shall not in any way be construed to be a debt of the Owner in contravention of any applicable constitutional or statutory limitations or requirements concerning the creation of indebtedness by the Owner, nor shall anything contained in this Sublease constitute a pledge of the general tax revenues, funds, or moneys of the Owner.
SUBLEASE PAYMENTS. (a) The Owner shall pay Contractor lease payments (the “Sublease Payments” and each individually a “Sublease Payment”) monthly, at the office of Contractor or to such other person or at such other place as Contractor may from time to time designate in writing. Notwithstanding the foregoing, after the Date of Completion, or at such earlier time that the Owner has exercised its right to the beneficial use of any portion of the Project, the Contractor agrees to provide an amount equal to a portion of the Total Sublease Amount, specifically ***INSERT DATA HERE*** $ (the “Financed Amount”) which cannot be paid by the Owner and must be financed. In consideration for the Financed Amount, the Owner agrees to pay the Contractor in monthly payments over the course of ***INSERT DATA HERE*** months (the “Financed Sublease Payments”) which shall be deemed the financing portion of the Total Sublease Amount and shall be referenced herein as the
SUBLEASE PAYMENTS. A statement listing the monthly rent payable by Borrower to AWG under each sublease executed by Borrower in connection with the Xxxxxx Acquisition.
