Term and Fixed Rent. 1.01. Landlord hereby leases to Tenant, and Tenant hereby hires from Landlord, upon and subject to the terms, covenants, provisions and conditions of this Lease, the premises described in Section 1.02 in the building (herein called the “Building”) known as Xxx Xxxxx Xxxxxx Xxxxx xx xxx Xxxx, Xxxxxx and State of New York. The Building is located on a portion of the land (herein called the “Land”) described in Exhibit A annexed hereto and made a part hereof. 1.02. The premises (herein called the “Premises”) leased to Tenant are the entire fifteenth (15th), sixteenth (16th), seventeenth (17th) and eighteenth (18th) floors of the Building, substantially as shown hatched on the floor plans annexed hereto as Exhibit B and made a part hereof. The parties hereto hereby agree that for purposes of this Lease the Premises shall be deemed to contain 103,484 rentable square feet. 1.03. The term (“Term”) of this Lease (a) shall commence on the Effective Date (as defined in Section 1.05 hereof) and (b) shall end on December 31, 2015 (herein called the “Expiration Date”) or on such earlier date upon which the term of this Lease shall expire or be cancelled or terminated pursuant to any of the conditions or covenants of this Lease or pursuant to law. 1.04. The rents shall be and consist of: (a) For the period commencing on the Effective Date and ending on the Expiration Date: Four Million One Hundred Thirty Nine Thousand Three Hundred and Sixty ($4,139,360) Dollars per annum ($344,946.67 per month) (“Fixed Rent”). Tenant shall receive a credit against its obligation to pay Fixed Rent and Additional Charges hereunder in accordance with, and to the extent available under, Section 6 of the Settlement Agreement (as hereinafter defined). Subject to the foregoing, Fixed Rent shall be payable commencing on the Effective Date and thereafter in equal monthly installments in advance on the first day of each and every calendar month during the term of this Lease, and (b) additional rent (herein called “Additional Charges”) consisting of Tax Payments (hereinafter defined), Operating Payments (hereinafter defined), the Additional Charges set forth in Articles 14 and 15 and all other sums of money as shall become due from and payable by Tenant to Landlord hereunder from and after the Effective Date; all to be paid in lawful money of the United States to Landlord at its office, or such other place, or to Landlord’s agent and at such other place, as landlord shall designate by notice to Tenant. (a) This Lease shall become effective on the Effective Date (such term to have the meaning given thereto in Section 6 of that certain Settlement, Discontinuance and Release Agreement dated as of March 1, 2011, among Landlord, Ambac Financial Group Inc., Tenant and the Segregated Account of Ambac Assurance Corporation (the “Settlement Agreement”)). (b) As set forth in the Settlement Agreement, the Lease dated January 1, 1992 between Landlord and Ambac Financial Group, Inc., as assignee of Tenant, as amended (the “1992 Lease”), shall terminate simultaneously with the Effective Date. 1.06. Tenant covenants and agrees to pay Fixed Rent and Additional Charges promptly when due and without any abatement, deduction or setoff for any reason whatsoever, except as may be expressly provided in this Lease. Fixed Rent and Additional Charges shall be paid by good and sufficient check (subject to collection) drawn on a New York City bank which is a member of the New York Clearing House Association or a successor thereto. 1.07. If the Effective Date occurs on a day other than the first day of a calendar month, the Fixed Rent and all Additional Charges payable on a monthly basis (including, without limitation, Tax Payments and Operating Payments) shall be prorated based upon the number of days remaining in the calendar month in which the same occur. 1.08. No payment by Tenant or receipt or acceptance by Landlord of a lesser amount than the correct Fixed Rent or Additional Charges shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the balance or pursue any other remedy in this Lease or at law provided. No payment by Landlord or receipt or acceptance by Tenant of a lesser amount than that stipulated to be paid hereunder shall be deemed to be other than a payment on account nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction, and Tenant may accept such check or payment without prejudice to Tenants right to recover the balance or pursue any other remedy in this Lease or at law provided. 1.09. Any apportionments or prorations for partial calendar years that are necessary to be made under this Lease with respect to Additional Charges that are neither payable on a monthly basis nor payable strictly based on usage (such as the Additional Charges for Tenant’s submetered electricity set forth in Article 14) shall be made on a per diem basis computed on the basis of a 365-day year. 1.10. If any of the Fixed Rent or Additional Charges payable under the terms and provisions of this Lease shall be or become uncollectible, reduced or required to be refunded because of any act or law enacted by a governmental authority, Tenant shall enter into such agreement(s) and take such other steps (without any expense to Tenant over and above Tenant’s financial obligations under this Lease with respect to the Fixed Rent and the Additional Charges) as Landlord may reasonably request and as may be legally permissible to permit Landlord to collect the maximum rents which from time to time during the continuance of such legal rent restriction may be legally permissible (but not in excess of the amounts reserved therefor under this Lease). Upon the termination of such legal rent restriction, (a) the Fixed Rent and/or Additional Charges shall become and thereafter be payable in accordance with the amounts reserved herein for the periods following such termination, and (b) Tenant shall pay to Landlord promptly upon being billed, to the maximum extent legally permissible, an amount equal to (i) the Fixed Rent and/or Additional Charges which would have been paid pursuant to this Lease but for such legal rent restriction less (ii) the rents paid by Tenant during the period such legal rent restriction was in effect. Notwithstanding the foregoing, the provisions of the preceding sentence shall not be enforceable except with respect to any such legal rent restriction terminating on or before the first anniversary of the expiration of the term of this Lease and provided Landlord furnishes Tenant with a xxxx for any additional amounts payable in accordance with the preceding sentence no later than such first anniversary date. 1.11. Additional Charges shall be deemed to be rent and if Tenant shall fail to pay the Additional Charges which failure continues beyond all notice and grace periods provided herein, Landlord shall be entitled to all rights and remedies provided herein or by law for a default in the payment of Additional Charges as for a default in the payment of Fixed Rent.
Appears in 2 contracts
Samples: Lease (Ambac Financial Group Inc), Settlement Agreement (Ambac Financial Group Inc)
Term and Fixed Rent. 1.01. Landlord hereby leases to Tenant, and Tenant hereby hires from Landlord, upon and subject to the terms, covenants, provisions and conditions of this Lease, the premises described in Section 1.02 hereof in the building (herein called the “Building”) known as Xxx Xxxxx Xxxxxx Xxxxx xx xxx XxxxThe New York Times Building, Xxxxxx which Building is a leasehold condominium (the “Condominium”), in the City, County and State of New York. The Building is located on a portion of the land (herein called the “Land”) described in Exhibit A annexed hereto and made a part hereof. The Condominium was established pursuant to the Condominium’s Declaration of Leasehold Condominium dated and recorded in the New York County Office of the Register of the City of New York on in Reel , Page (the “Declaration”) and the By-Laws annexed thereto (the “By-Laws”).
1.02. (a) The premises Premises (herein called the “Premises”) leased to Tenant are consist of [the entire fifteenth (15th), sixteenth (16th), seventeenth (17thentire] [a portion of] the floor(s) and eighteenth (18th) floors of the BuildingBuilding which floor(s) are designated as Unit No(s). of the Condominium (collectively, substantially the “Unit”). The Unit also consists of an undivided [ %] interest in the Common Elements and the FC Limited Common Elements of the Condominium (each, as shown hatched on defined in the floor plans annexed hereto as Exhibit B Declaration). Landlord hereby grants to Tenant the non-exclusive right to use, in common with others, the Common Elements and made a part hereofthe FC Limited Common Elements. The parties hereto hereby agree that for purposes of this Lease the Premises shall be deemed to contain 103,484 rentable square feetfeet for all purposes under this Lease. The measurement standard for rentable square feet for the Building and the Premises is set forth on Exhibit C annexed hereto and made a part hereof.
1.03. The term (“Term”) of this Lease shall be a period of ( ) years(1) which term (a) shall commence on the Effective Commencement Date (as defined in Section 1.05 hereofhereinafter defined) and (b) shall end at 11:59 p.m. on December 31, 2015 the date (herein called the “Expiration Date”) which is the day immediately preceding the ( ) anniversary of the Commencement Date, or on such earlier date upon which the term of this Lease shall expire or be cancelled canceled or terminated pursuant to any of the conditions or covenants of this Lease or pursuant to law.
1.04. (a) The rents shall be and consist of:
(ai) For the period commencing on the Effective Date and ending on the Expiration Date: Four Million One Hundred Thirty Nine Thousand Three Hundred and Sixty ($4,139,360) Dollars per annum ($344,946.67 per month) fixed rent (“Fixed Rent”). Tenant shall receive ) at a credit against its obligation to pay Fixed Rent and Additional Charges hereunder rate determined in accordance withwith [Article XX, Section 5(a), 5(b), 5(c), or 5(d), as applicable, of the Declaration, and to the extent available underArticle XX, Section 6 8(b) of the Settlement Agreement (as hereinafter definedDeclaration](2). Subject to the foregoing, which Fixed Rent shall be payable commencing on the Effective Date and thereafter Commencement Date, in equal monthly installments in advance on the first day of each and every calendar month during the term of this Lease, ***and which Fixed Rent shall be subject to increase or decrease as of the First Adjustment Date, Second Adjustment Date and Third Adjustment Date, as such terms are hereinafter defined, as provided in Section 1.04(b) hereof***; and
(bii) additional rent (herein called “Additional Charges”) consisting of Tax Payments (hereinafter defined)Payments, Operating Payments and charges for electricity, and any other utilities furnished to Tenant at Tenant’s request for which Tenant does not pay on a
(hereinafter defined1) To be filled in upon exercise of applicable option by NYTC. Initial term to be ten (10), twenty (20), thirty (30) or forty (40) years, as elected by NYTC upon exercise of option. If NYTC elects initial term of ten (10) years, Tenant to have three (3) 10-year renewal options pursuant to Article 36. If NYTC elects initial term of twenty (20) years, Tenant to have two (2) 10-year renewal options pursuant to Article 36. If NYTC elects initial term of thirty (30) years, Tenant to have one (1) 10-year renewal option pursuant to Article 36.
(2) Substitute “Section 5.12 of the Additional Charges set forth in Articles 14 and 15 Operating Agreement” if applicable. direct metered basis, and all other sums of money as shall become due from and payable by Tenant to Landlord hereunder from and after pursuant to the Effective Dateprovisions of this Lease; all to be paid in lawful money of the United States to Landlord at its officeoffice in the United States of America, or such other place, or to Landlord’s agent and at such other place, place in the United States of America as landlord Landlord shall designate by not less than thirty (30) days prior written notice to Tenant.
(ab) This Lease The Fixed Rent shall become be subject to adjustment (i.e., either increase or decrease) effective on the Effective Date (such term to have the meaning given thereto in Section 6 of that certain Settlement, Discontinuance and Release Agreement dated as of March 1, 2011, among Landlord, Ambac Financial Group Inc., Tenant and the Segregated Account tenth (10th) anniversary of Ambac Assurance Corporation the Commencement Date (the “Settlement AgreementFirst Adjustment Date”)).
(b) As set forth in the Settlement Agreement, the Lease dated January 1, 1992 between Landlord and Ambac Financial Group, Inc., as assignee twentieth (20th) anniversary of Tenant, as amended the Commencement Date (the “1992 LeaseSecond Adjustment Date”), shall terminate simultaneously with and the Effective Date.
1.06. Tenant covenants and agrees to pay Fixed Rent and Additional Charges promptly when due and without any abatement, deduction or setoff for any reason whatsoever, except as may be expressly provided in this Lease. Fixed Rent and Additional Charges shall be paid by good and sufficient check thirtieth (subject to collection30th) drawn on a New York City bank which is a member anniversary of the New York Clearing House Association or a successor thereto.
1.07. If Commencement Date (the Effective Date occurs on a day other than the first day of a calendar month“Third Adjustment Date”), the Fixed Rent and all Additional Charges payable on a monthly basis (including, without limitation, Tax Payments and Operating Payments) shall be prorated based upon the number of days remaining in the calendar month in which the same occur.
1.08. No payment by Tenant or receipt or acceptance by Landlord of a lesser amount than the correct Fixed Rent or Additional Charges shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the balance or pursue any other remedy in this Lease or at law provided. No payment by Landlord or receipt or acceptance by Tenant of a lesser amount than that stipulated to be paid hereunder shall be deemed to be other than a payment on account nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction, and Tenant may accept such check or payment without prejudice to Tenants right to recover the balance or pursue any other remedy in this Lease or at law provided.
1.09. Any apportionments or prorations for partial calendar years that are necessary to be made under this Lease with respect to Additional Charges that are neither payable on a monthly basis nor payable strictly based on usage (such as the Additional Charges for Tenant’s submetered electricity set forth in Article 14) shall be made on a per diem basis computed on the basis of a 365-day year.
1.10. If any of the Fixed Rent or Additional Charges payable under the terms and provisions of this Lease shall be or become uncollectible, reduced or required to be refunded because of any act or law enacted by a governmental authority, Tenant shall enter into such agreement(s) and take such other steps (without any expense to Tenant over and above Tenant’s financial obligations under this Lease with respect to the Fixed Rent and the Additional Charges) as Landlord may reasonably request and as may be legally permissible to permit Landlord to collect the maximum rents which from time to time during the continuance of such legal rent restriction may be legally permissible (but not in excess of the amounts reserved therefor under this Lease). Upon the termination of such legal rent restriction, (a) the Fixed Rent and/or Additional Charges shall become and thereafter be payable in accordance with the amounts reserved herein for the periods following such termination, and (b) Tenant shall pay to Landlord promptly upon being billed, to the maximum extent legally permissible, an amount equal to (i) the Fixed Rent and/or Additional Charges which would have been paid pursuant to this Lease but for the ten (10) year period beginning on the First Adjustment Date shall be the “Fair Market Rent”, as such legal rent restriction less term is defined in Article XX, Section 8(b) of the Declaration, for the Premises as of the First Adjustment Date, (ii) the rents paid by Tenant during Fixed Rent for the ten (10) year period such legal rent restriction was beginning on the Second Adjustment Date shall be the Fair Market Rent for the Premises as of the Second Adjustment Date, and (iii) the Fixed Rent for the ten (10) year period beginning on the Third Adjustment Date shall be the Fair Market Rent for the Premises as of the Third Adjustment Date.(4) Fair Market Rent as of the First Adjustment Date, Second Adjustment Date or Third Adjustment Date, as the case may be, shall be determined in effectaccordance with Article XX, Section 8(b) of the Declaration. Notwithstanding the foregoingIn each case, the provisions twenty (20) day period for the parties to meet and attempt in good faith to determine Fair Market Rent referred to in the first sentence of Article XX, Section 8(b) of the preceding sentence Declaration shall commence on the date which is one-hundred twenty (120) days prior to the First Adjustment Date, Second Adjustment Date or Third Adjustment Date, as the case may be, and, in the event the parties do not reach agreement upon Fair Market Rent within said twenty (20) days, then Fair Market Rent shall be enforceable except with respect to any such legal rent restriction terminating on or before the first anniversary determined by arbitration as more particularly set forth in Article XX, Section 8(b) of the expiration Declaration.
(c) Within ten (10) Business Days after written request by either party following any determination of Fixed Rent as provided in Section 1.04(a) and/or Section 1.04(b) hereof, the parties shall enter into a supplemental agreement in recordable form confirming such Fixed Rent for the applicable period. In the event the Fixed Rent for the initial term of this Lease and provided Landlord furnishes Tenant with a xxxx for any additional amounts payable in accordance with shall not have been finally determined as of the preceding sentence no later than such first anniversary date.
1.11. Additional Charges shall be deemed to be rent and if Commencement Date, Tenant shall fail pay an amount equal to pay Landlord’s determination of the Additional Charges which failure continues beyond all Fixed Rent as set forth in a notice and grace periods provided hereinto Tenant given within twenty (20) days after the date Tenant exercises its option to lease the Premises as described in Article XX of the Declaration, until the final determination of Fixed Rent for such initial term has been made. Within ten (10) Business Days following the final determination of Fixed Rent for such initial term, (x) Landlord shall be entitled to all rights and remedies provided herein or reimburse Tenant the amount by law for a default in which the payment of Additional Charges as for a default in the payment of Fixed Rent.Rent paid by
Appears in 2 contracts
Samples: Operating Agreement (New York Times Co), Operating Agreement (New York Times Co)
Term and Fixed Rent. 1.01. 1.01 Landlord hereby leases to Tenant, and Tenant hereby hires from Landlord, upon and subject to the terms, covenants, provisions and conditions of this Lease, the premises described in Section 1.02 in the building (herein called the “Building”) known as Xxx Xxxxx 0000 Xxxxxx Xxxxx xx xxx Xxxxxxxx, xx xxx Xxxx, Xxxxxx and State of New York. The Building is located on a portion of the land (herein called the “Land”) described in Exhibit A annexed hereto and made a part hereof.
1.02. 1.02 The premises (herein called the “Premises”) leased to Tenant are the entire fifteenth (15th), sixteenth (16th), seventeenth (17th) and eighteenth (18th) floors 33rd floor of the Building, substantially as shown hatched on the floor plans annexed plan attached hereto as Exhibit B and made a part hereof. The parties hereto Landlord and Tenant hereby covenant and agree that for purposes of this Lease the Premises shall be deemed to contain 103,484 31,286 rentable square feet. Landlord hereby grants to Tenant the non-exclusive right to use, in common with others, the public areas of the Building to the extent required for access to the Premises or use of the Premises for general, administrative and executive offices, including, without limitation, common hallways on the floor on which the Premises are located, stairways, restrooms on the floor on which the Premises are located, and the Building lobby, subject to the terms, covenants, provisions and conditions of this Lease.
1.03. 1.03 The term (“Term”) of this Lease (a) shall commence on the Effective Commencement Date (as defined in Section 1.05 hereof) and (b) shall end at 11:59 p.m. on December 31, 2015 the last day of the month in which occurs the day immediately preceding the 15th anniversary of the Rent Commencement Date (herein called as defined in Section 1.05 hereof) (the “Expiration Date”) ), or on such earlier date upon which the term of this Lease shall expire or be cancelled canceled or terminated pursuant to any of the conditions or covenants of this Lease or pursuant to law.
1.04. 1.04 The rents shall be and consist of:
(a) For fixed rent (“Fixed Rent”) at the period commencing on the Effective Date and ending on the Expiration Date: Four rate of:
(i) Two Million One Hundred Thirty Nine Two Thousand Three Hundred Four and Sixty 00/100 ($4,139,3602,002,304) Dollars per annum ($344,946.67 166,858.67 per month) from the Commencement Date through and including the day immediately preceding the tenth (“Fixed Rent”). Tenant shall receive a credit against its obligation to pay Fixed Rent and Additional Charges hereunder in accordance with, and to the extent available under, Section 6 10th) anniversary of the Settlement Agreement Rent Commencement Date; and
(as hereinafter defined)ii) Two Million One Hundred Fifty Eight Thousand Seven Hundred Thirty Four and 00/100 ($2,158,734) Dollars per annum ($179,894.50 per month) from the tenth (10th) anniversary of the Rent Commencement Date through and including the Expiration Date. Subject to the foregoing, Fixed Rent shall be payable commencing on the Effective Date and thereafter in equal monthly installments in advance on the first day of each and every calendar month during the term of this Leasefrom and after the Rent Commencement Date, and
(b) additional rent (herein called “Additional Charges”) consisting of Tax Payments (hereinafter defined), Operating Payments (hereinafter defined), the Additional Charges set forth in Articles 14 and 15 charges for electricity furnished to Tenant and all other sums of money as shall become due from and payable by Tenant to Landlord hereunder;
(c) Notwithstanding anything to the contrary contained herein, provided that Tenant is not then in monetary default hereunder beyond applicable notice and cure periods, Tenant shall not be obligated to pay Fixed Rent or make any Tax Payments by reason of any increase in Taxes over the Base Tax Amount for the period from and after the Effective Commencement Date through the day immediately preceding the Rent Commencement Date. Tenant shall continue to pay all Additional Charges (except as otherwise set forth in the preceding sentence), applicable for each of the forgoing months; all to be paid in lawful money of the United States to Landlord at its office, or such other place, or to Landlord’s agent and at such other place, as landlord Landlord shall designate by notice to Tenant.
1.05 The “Commencement Date” shall be the date which is the earlier to occur of: (ai) This Lease the date on which Landlord tenders delivery of the Premises to Tenant with the work to be performed by Landlord to prepare the Premises for Tenant’s occupancy as described on Exhibit C attached hereto (“Landlord’s Work”) substantially completed, or (ii) the date Tenant or anyone claiming under or through Tenant, first occupies the Premises, or any part thereof, for the performance of Tenant’s Work, if any, or for any other purpose. Landlord shall become effective on fix the Effective Commencement Date (such term to have the meaning given thereto in Section 6 of that certain Settlement, Discontinuance and Release Agreement dated as of March 1, 2011, among Landlord, Ambac Financial Group Inc., shall give Tenant and the Segregated Account of Ambac Assurance Corporation written notice (the “Settlement AgreementCommencement Date Notice”)).
(b) As of the date so fixed. Tenant shall conclusively be deemed to have agreed with Landlord’s determination of the Commencement Date as set forth in the Settlement AgreementCommencement Date Notice unless within ten (10) Business Days (as hereinafter defined) after the giving of the Commencement Date Notice, Tenant shall deliver a notice to Landlord specifying with reasonable detail the reasons why Tenant asserts that the occurrence of the Commencement Date has not occurred. Pending the resolution of such dispute, the Lease dated January 1parties shall operate based upon Landlord’s determination that the Commencement Date has occurred, 1992 between without prejudice to Tenant’s position. If it is resolved that the Commencement Date was not the date so fixed by Landlord, any payments of rent paid by Tenant to Landlord and Ambac Financial Group, Inc.for periods prior to the proper Commencement Date or Rent Commencement Date, as assignee of Tenant, as amended (the “1992 Lease”)applicable, shall terminate simultaneously with the Effective Date.
1.06. Tenant covenants and agrees to pay Fixed Rent and Additional Charges promptly when be credited by Landlord against amounts first due and without any abatement, deduction or setoff for any reason whatsoever, except as may be expressly provided in under this Lease. Fixed Tenant shall, upon the demand of Landlord, execute, acknowledge and deliver to Landlord an instrument in form reasonably satisfactory to Landlord confirming the Commencement Date, the Rent Commencement Date and Additional Charges the Expiration Date of this Lease; provided, however, that Tenant’s failure to execute, acknowledge and deliver such instrument shall not affect in any manner whatsoever the validity of the Commencement Date. The “Rent Commencement Date” shall be paid by good and sufficient check (July 1, 2010, subject to collection) drawn on a New York City bank which is a member of the New York Clearing House Association or a successor thereto.
1.07. If the Effective Date occurs on a day other than the first day of a calendar month, the Fixed Rent and all Additional Charges payable on a monthly basis (including, without limitation, Tax Payments and Operating Payments) shall be prorated based upon the number of days remaining in the calendar month in which the same occur.
1.08. No payment by Tenant or receipt or acceptance by Landlord of a lesser amount than the correct Fixed Rent or Additional Charges shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the balance or pursue any other remedy in this Lease or at law provided. No payment by Landlord or receipt or acceptance by Tenant of a lesser amount than that stipulated to be paid hereunder shall be deemed to be other than a payment on account nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction, and Tenant may accept such check or payment without prejudice to Tenants right to recover the balance or pursue any other remedy in this Lease or at law provided.
1.09. Any apportionments or prorations for partial calendar years that are necessary to be made under this Lease with respect to Additional Charges that are neither payable on a monthly basis nor payable strictly based on usage (such as the Additional Charges for Tenant’s submetered electricity set forth in Article 14) shall be made on a per diem basis computed on the basis of a 365-day year.
1.10. If any of the Fixed Rent or Additional Charges payable under the terms and provisions of this Lease shall be or become uncollectible, reduced or required to be refunded because of any act or law enacted by a governmental authority, Tenant shall enter into such agreement(s) and take such other steps (without any expense to Tenant over and above Tenant’s financial obligations under this Lease with respect to the Fixed Rent and the Additional Charges) as Landlord may reasonably request and as may be legally permissible to permit Landlord to collect the maximum rents which from time to time during the continuance of such legal rent restriction may be legally permissible (but not in excess of the amounts reserved therefor under this Lease). Upon the termination of such legal rent restriction, (a) the Fixed Rent and/or Additional Charges shall become and thereafter be payable in accordance with the amounts reserved herein for the periods following such termination, and (b) Tenant shall pay to Landlord promptly upon being billed, to the maximum extent legally permissible, an amount equal to (i) the Fixed Rent and/or Additional Charges which would have been paid adjustment pursuant to this Lease but for such legal rent restriction less (iiSection 2.01(b) the rents paid by Tenant during the period such legal rent restriction was in effect. Notwithstanding the foregoing, the provisions of the preceding sentence shall not be enforceable except with respect to any such legal rent restriction terminating on or before the first anniversary of the expiration of the term of this Lease and provided Landlord furnishes Tenant with a xxxx for any additional amounts payable in accordance with the preceding sentence no later than such first anniversary datebelow.
1.11. Additional Charges shall be deemed to be rent and if Tenant shall fail to pay the Additional Charges which failure continues beyond all notice and grace periods provided herein, Landlord shall be entitled to all rights and remedies provided herein or by law for a default in the payment of Additional Charges as for a default in the payment of Fixed Rent.
Appears in 1 contract
Term and Fixed Rent. 1.01. Landlord hereby leases to Tenant, and Tenant hereby hires from Landlord, upon and subject to the terms, covenants, provisions and conditions of this Lease, the premises described in Section 1.02 in the building hereof.
1.02. The premises (herein called the “"Premises") leased to Tenant consist of (i) the land (herein called the "Land") described in Exhibit A annexed hereto, and (ii) the entire building located on the Land (herein called the "Building”") known as Xxx Xxxxx Xxxxxxx Tower, 000 Xxxx 00xx Xxxxxx Xxxxx xx xxx Xxxx, Xxxxxx and State of New York. The Building is interior space within the Premises and located on a Floors two (2) through five (5) of the Building and the portion of the land first (1st) floor of the Building designated as retail space on the floor plans attached hereto as Exhibit B are sometimes referred to herein collectively as the "Retail Premises." The interior space within the Premises and located on Floors six (6) through twenty-four (24) of the Building are sometimes referred to herein individually as an "Office Floor" and collectively as the "Office Premises." In the event Tenant converts the use of the fifth (5th) floor or both the fourth (4th) and fifth (5th) floors of the Building from retail use to office use pursuant to Section 2.02(d) hereof, from and after any such conversion the floor(s) so converted shall be deemed "Office Floor(s)" and part of the "Office Premises" for purposes of this Lease. The Premises also include all of the subcellar and the cellar of the Building (herein collectively called the "Below-Grade Premises"), provided, however, that the portion of the cellar of the Building substantially as shown on the floor plan annexed hereto as Exhibit B-1 shall be reserved for use throughout the term of this Lease by Landlord and/or the Manager (as such term is defined in Section 15.01 hereof) for use solely as an office for the management of the Building (herein called the “Land”"Building Office"). Notwithstanding the foregoing, from time to time during the term of this Lease upon not less than sixty (60) described days prior written notice to Landlord by Tenant, Landlord agrees to relocate the Building Office to another portion of the Building designated by Tenant in Exhibit A annexed hereto and made a part hereof.
1.02. The premises such notice (herein called a "Relocated Building Office"), provided that (i) Landlord shall not be required to effect such a relocation more than once in any 12-month period, (ii) any Relocated Building Office shall be no smaller than 500 useable square feet and shall be substantially similar in finish to the “Premises”existing office and receive substantially similar HVAC service, (iii) leased all reasonable out-of-pocket costs and expenses incurred by Landlord and/or the Manager in constructing and finishing any Relocated Building Office to substantially the same standard as the previously occupied Building Office and relocating furniture, fixtures and equipment thereto shall be reimbursed by Tenant as Additional Charges within twenty (20) days after delivery to Tenant are the entire fifteenth (15th)of an invoice therefor, sixteenth (16th), seventeenth (17th) and eighteenth (18th) floors which invoice shall be accompanied by copies of the Building, substantially bills for such costs and expenses. There shall be no Fixed Rent (as shown hatched on such term is defined in Section 1.04 hereof) allocated to the floor plans annexed hereto as Exhibit B and made a part hereofBelow-Grade Premises. The parties hereto hereby agree that for purposes number of this Lease the Premises shall be deemed to contain 103,484 rentable square feetfeet contained within the Retail Premises and on each Office Floor are set forth on Exhibit B-2, attached hereto.
1.03. The term (“Term”) of this Lease (a) shall commence on the Effective Commencement Date (as such term is defined in Section 1.05 hereof) and (b) shall end at 11:59 p.m. on December 31, 2015 the date (herein called the “"Expiration Date”") that is the last day of the month in which the twentieth (20th) anniversary of the day preceding the Rent Commencement Date (as such term is defined in Section 1.05 hereof) occurs, or on such earlier date upon which the term of this Lease shall expire or be cancelled canceled or terminated pursuant to any of the conditions or covenants of this Lease or pursuant to law.
1.04. The rents shall be and consist of:
(a) For the period commencing on the Effective Date and ending on the Expiration Date: Four Million One Hundred Thirty Nine Thousand Three Hundred and Sixty ($4,139,360) Dollars per annum ($344,946.67 per month) (“Fixed Rent”). Tenant shall receive a credit against its obligation to pay Fixed Rent and Additional Charges hereunder in accordance with, and A. With respect to the extent available under, Section 6 of the Settlement Agreement (as hereinafter defined). Subject to the foregoing, Fixed Rent shall be payable commencing on the Effective Date and thereafter in equal monthly installments in advance on the first day of each and every calendar month during the term of this Lease, andRetail Premises:
(bi) additional fixed rent (herein called “Additional Charges”) consisting of Tax Payments (hereinafter defined), Operating Payments (hereinafter defined), the Additional Charges set forth in Articles 14 and 15 and all other sums of money as shall become due from and payable by Tenant to Landlord hereunder from and after the Effective Date; all to be paid in lawful money of the United States to Landlord at its office, or such other place, or to Landlord’s agent and at such other place, as landlord shall designate by notice to Tenant.
(a) This Lease shall become effective on the Effective Date (such term to have the meaning given thereto in Section 6 of that certain Settlement, Discontinuance and Release Agreement dated as of March 1, 2011, among Landlord, Ambac Financial Group Inc., Tenant and the Segregated Account of Ambac Assurance Corporation (the “Settlement Agreement”)).
(b) As set forth in the Settlement Agreement, the Lease dated January 1, 1992 between Landlord and Ambac Financial Group, Inc., as assignee of Tenant, as amended (the “1992 Lease”), shall terminate simultaneously with the Effective Date.
1.06. Tenant covenants and agrees to pay Fixed Rent and Additional Charges promptly when due and without any abatement, deduction or setoff for any reason whatsoever, except as may be expressly provided in this Lease. Fixed Rent and Additional Charges shall be paid by good and sufficient check (subject to collection) drawn on a New York City bank which is a member of the New York Clearing House Association or a successor thereto.
1.07. If the Effective Date occurs on a day other than the first day of a calendar month, the Fixed Rent and all Additional Charges payable on a monthly basis (including, without limitation, Tax Payments and Operating Payments) shall be prorated based upon the number of days remaining in the calendar month in which the same occur.
1.08. No payment by Tenant or receipt or acceptance by Landlord of a lesser amount than the correct Fixed Rent or Additional Charges shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the balance or pursue any other remedy in this Lease or at law provided. No payment by Landlord or receipt or acceptance by Tenant of a lesser amount than that stipulated to be paid hereunder shall be deemed to be other than a payment on account nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction, and Tenant may accept such check or payment without prejudice to Tenants right to recover the balance or pursue any other remedy in this Lease or at law provided.
1.09. Any apportionments or prorations for partial calendar years that are necessary to be made under this Lease with respect to Additional Charges that are neither payable on a monthly basis nor payable strictly based on usage (such as the Additional Charges for Tenant’s submetered electricity set forth in Article 14) shall be made on a per diem basis computed on the basis of a 365-day year.
1.10. If any of the Fixed Rent or Additional Charges payable under the terms and provisions of this Lease shall be or become uncollectible, reduced or required to be refunded because of any act or law enacted by a governmental authority, Tenant shall enter into such agreement(s) and take such other steps (without any expense to Tenant over and above Tenant’s financial obligations under this Lease with respect to the Fixed Rent and the Additional Charges) as Landlord may reasonably request and as may be legally permissible to permit Landlord to collect the maximum rents which from time to time during the continuance of such legal rent restriction may be legally permissible (but not in excess of the amounts reserved therefor under this Lease). Upon the termination of such legal rent restriction, (a) the Fixed Rent and/or Additional Charges shall become and thereafter be payable in accordance with the amounts reserved herein for the periods following such termination, and (b) Tenant shall pay to Landlord promptly upon being billed, to the maximum extent legally permissible, an amount equal to (i) the Fixed Rent and/or Additional Charges which would have been paid pursuant to this Lease but for such legal rent restriction less (ii) the rents paid by Tenant during the period such legal rent restriction was in effect. Notwithstanding the foregoing, the provisions of the preceding sentence shall not be enforceable except with respect to any such legal rent restriction terminating on or before the first anniversary of the expiration of the term of this Lease and provided Landlord furnishes Tenant with a xxxx for any additional amounts payable in accordance with the preceding sentence no later than such first anniversary date.
1.11. Additional Charges shall be deemed to be rent and if Tenant shall fail to pay the Additional Charges which failure continues beyond all notice and grace periods provided herein, Landlord shall be entitled to all rights and remedies provided herein or by law for a default in the payment of Additional Charges as for a default in the payment of "Fixed Rent.") at the rate of:
Appears in 1 contract
Samples: Lease Agreement (Corporate Property Associates 15 Inc)
Term and Fixed Rent. 1.01. Landlord hereby leases to Tenant, and Tenant hereby hires from Landlord, upon and subject to the terms, covenants, provisions and conditions of this Leaselease, the premises described in Section 1.02 in the building (herein called the “Building”) known as Xxx Xxxxx Xxxxxx Xxxxx Xxxxxxx Xxxxx, 000 Xxxxxxxx xx xxx Xxxx, Xxxxxx and State of New York, together with the right to use in common with other tenants of the Building and their invitees, customers, and employees, the general common facilities located in the Building to the extent required for access to the Premises or use of the Premises for general and executive offices, subject to the terms, covenants, provisions and conditions of this lease. The Building is located on a portion of the land (herein called the “Land”) described in Exhibit A annexed hereto and made a part hereof.
1.02. The premises Premises (herein called the “Premises”) leased to Tenant are the entire fifteenth rentable area of the fifty-third (15th), sixteenth (16th), seventeenth (17th53rd) and eighteenth (18th) floors floor of the Building, substantially as shown hatched on the floor plans annexed plan attached hereto as Exhibit B and made a part hereof. The parties hereto Landlord and Tenant hereby covenant and agree that for purposes of this Lease the Premises shall be deemed to contain 103,484 45,123 rentable square feetfeet based on Landlord’s current standards of measurement.
1.03. The term (“Term”) of this Lease lease (a) shall commence on the Effective Date date hereof (as defined in Section 1.05 hereofherein called the “Commencement Date”) and (b) shall end at 11:59 p.m. on December 31, 2015 the last day of the calendar month in which occurs the day immediately preceding the tenth (10th) anniversary of the Commencement Date (herein called the “Expiration Date”) ), or on such earlier date upon which the term of this Lease lease shall expire or be cancelled or terminated pursuant to any of the conditions or covenants of this Lease lease or pursuant to law.
1.04. The rents shall be and consist of:
(a) For fixed rent (herein called “Fixed Rent”) at the following rate:
(i) ONE MILLION EIGHT HUNDRED EIGHTY-SEVEN THOUSAND TWO HUNDRED NINETY and 94/100 ($1,887,290.94) DOLLARS per annum for the period commencing beginning on the Effective Commencement Date and ending on May 31, 2006;
(ii) TWO MILLION ONE HUNDRED SIXTY-FIVE THOUSAND NINE HUNDRED FOUR and 00/100 ($2,165,904.00) DOLLARS per annum for the period beginning on June 1, 2006 and ending on June 30, 2007; and
(iii) TWO MILLION THREE HUNDRED FORTY-SIX THOUSAND THREE HUNDRED NINETY-SIX and 00/100 ($2,346,396.00) DOLLARS per annum for the period beginning on July 1, 2007 and ending on the Expiration Date: Four Million One Hundred Thirty Nine Thousand Three Hundred ; and Sixty ($4,139,360) Dollars per annum ($344,946.67 per month) (“Fixed Rent”). Tenant shall receive a credit against its obligation to pay Fixed Rent and Additional Charges hereunder in accordance with, and to the extent available under, Section 6 of the Settlement Agreement (as hereinafter defined). Subject to the foregoing, such Fixed Rent shall be payable commencing on the Effective Date and thereafter in equal monthly installments commencing on the Commencement Date and thereafter, in advance advance, on the first day of each and every calendar month during the term of this Lease, lease; and
(b) additional rent (herein called “Additional Charges”) consisting of Tax Payments (hereinafter defined), Operating Payments (hereinafter defined), the Additional Charges set forth in Articles 14 and 15 charges for electricity furnished to Tenant and all other sums sum of money as shall become due from and payable by Tenant to Landlord hereunder from and after the Effective Datehereunder; all to be paid in lawful money of the United States to Landlord at its office, or such other place, or to Landlord’s agent and at such other place, as landlord Landlord shall designate by notice to Tenant.
(a) This Lease shall become effective on the Effective Date (such term to have the meaning given thereto in Section 6 of that certain Settlement, Discontinuance and Release Agreement dated as of March 1, 2011, among Landlord, Ambac Financial Group Inc., Tenant and the Segregated Account of Ambac Assurance Corporation (the “Settlement Agreement”)).
(b) As set forth in the Settlement Agreement, the Lease dated January 1, 1992 between Landlord and Ambac Financial Group, Inc., as assignee of Tenant, as amended (the “1992 Lease”), shall terminate simultaneously with the Effective Date.
1.06. Tenant covenants and agrees to pay Fixed Rent and Additional Charges promptly when due and without any abatement, deduction or setoff for any reason whatsoever, except as may be expressly provided in this Lease. Fixed Rent and Additional Charges shall be paid by good and sufficient check (subject to collection) drawn on a New York City bank which is a member of the New York Clearing House Association or a successor thereto.
1.07. If the Effective Date occurs on a day other than the first day of a calendar month, the Fixed Rent and all Additional Charges payable on a monthly basis (including, without limitation, Tax Payments and Operating Payments) shall be prorated based upon the number of days remaining in the calendar month in which the same occur.
1.08. No payment by Tenant or receipt or acceptance by Landlord of a lesser amount than the correct Fixed Rent or Additional Charges shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the balance or pursue any other remedy in this Lease or at law provided. No payment by Landlord or receipt or acceptance by Tenant of a lesser amount than that stipulated to be paid hereunder shall be deemed to be other than a payment on account nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction, and Tenant may accept such check or payment without prejudice to Tenants right to recover the balance or pursue any other remedy in this Lease or at law provided.
1.09. Any apportionments or prorations for partial calendar years that are necessary to be made under this Lease with respect to Additional Charges that are neither payable on a monthly basis nor payable strictly based on usage (such as the Additional Charges for Tenant’s submetered electricity set forth in Article 14) shall be made on a per diem basis computed on the basis of a 365-day year.
1.10. If any of the Fixed Rent or Additional Charges payable under the terms and provisions of this Lease shall be or become uncollectible, reduced or required to be refunded because of any act or law enacted by a governmental authority, Tenant shall enter into such agreement(s) and take such other steps (without any expense to Tenant over and above Tenant’s financial obligations under this Lease with respect to the Fixed Rent and the Additional Charges) as Landlord may reasonably request and as may be legally permissible to permit Landlord to collect the maximum rents which from time to time during the continuance of such legal rent restriction may be legally permissible (but not in excess of the amounts reserved therefor under this Lease). Upon the termination of such legal rent restriction, (a) the Fixed Rent and/or Additional Charges shall become and thereafter be payable in accordance with the amounts reserved herein for the periods following such termination, and (b) Tenant shall pay to Landlord promptly upon being billed, to the maximum extent legally permissible, an amount equal to (i) the Fixed Rent and/or Additional Charges which would have been paid pursuant to this Lease but for such legal rent restriction less (ii) the rents paid by Tenant during the period such legal rent restriction was in effect. Notwithstanding the foregoing, the provisions of the preceding sentence shall not be enforceable except with respect to any such legal rent restriction terminating on or before the first anniversary of the expiration of the term of this Lease and provided Landlord furnishes Tenant with a xxxx for any additional amounts payable in accordance with the preceding sentence no later than such first anniversary date.
1.11. Additional Charges shall be deemed to be rent and if Tenant shall fail to pay the Additional Charges which failure continues beyond all notice and grace periods provided herein, Landlord shall be entitled to all rights and remedies provided herein or by law for a default in the payment of Additional Charges as for a default in the payment of Fixed Rent.
Appears in 1 contract
Term and Fixed Rent. 1.01. Landlord hereby leases to Tenant, and Tenant hereby hires from Landlord, upon and subject to the terms, covenants, provisions and conditions of this Leaselease, the premises described in Section 1.02 in the building (herein called the “Building”) known as Xxx Xxxxx Xxxxxx Xxxxx xx xxx Xxxx, Xxxxxx and State of New York. The Building is located on a portion of the land (herein called the “Land”) described in Exhibit A annexed hereto and made a part hereof1.02.
1.02. The premises (herein called the “Premises”) leased to Tenant are shall consist of the entire fifteenth Real Property, including, without limitation: the entire 2nd through 8th floors of the Building (15theach such floor is individually referred to herein an “Office Floor” and collectively as the “Office Floors”), sixteenth the lobby of the Building (16thherein called the “Lobby”), seventeenth the basement of the Building (17th) herein called the “Basement”), and eighteenth (18th) mechanical areas encompassing the 9th and 10th floors of the Building, substantially as shown hatched on the floor plans annexed hereto as Exhibit B . Landlord and made a part hereof. The parties hereto Tenant hereby agree that for purposes of this Lease the Premises shall be deemed to contain 103,484 an aggregate of 764,918 rentable square feetfeet (which is the area on which Fixed Rent is determined hereunder) comprised as follows: Office Floors: 2nd Floor 80,660 1 3rd Floor 92,927 4th Floor 92,927 5th Floor 92,927 6th Floor 93,587 7th Floor 93,587 8th Floor 93,587 1st Floor/Lobby: Retail/Storage space 5,984 Office Space 66,649 Basement: Retail/Storage space 52,083 Subject to the terms, covenants, provisions and conditions of this lease, Landlord hereby grants to Tenant the exclusive right to use the Premises and to control the operation and management thereof.
1.03. The term of this lease (the “Term”) of this Lease (a) shall commence on the Effective Date date of this lease (as defined in Section 1.05 hereofherein called the “Commencement Date”) and (b) subject to the rights of Tenant to elect to extend the term of this lease pursuant to the provisions of Article 36 in which case the term of this lease shall end as of the last day of the applicable Extension Term, the term of this lease shall end at 11:59 p.m. on December 31, 2015 2020 (the later of such dates is herein called the “Expiration Date”) or on such earlier date upon which the term of this Lease lease shall expire or be cancelled canceled or terminated pursuant to any of the conditions or covenants of this Lease lease or pursuant to law.
1.04. The rents shall be and consist ofof the following amounts with respect to the Premises:
(a) For fixed rent (herein called “Fixed Rent”) at the rate of: (x) for the period commencing on the Effective Commencement Date and ending on the Expiration Date: Four Million One Hundred Thirty Nine Thousand Three Hundred and Sixty ($4,139,360) Dollars per annum ($344,946.67 per month) (“Fixed Rent”). Tenant shall receive a credit against its obligation to pay Fixed Rent and Additional Charges hereunder in accordance with, and to the extent available under, Section 6 last day of the Settlement Agreement (as hereinafter defined). Subject to the foregoing, Fixed Rent shall be payable commencing on the Effective Date and thereafter in equal monthly installments in advance on the first day 1 Includes 205 rentable square feet of each and every calendar month during the term of this Lease, and
(b) additional rent (herein called “Additional Charges”) consisting of Tax Payments (hereinafter defined), Operating Payments (hereinafter defined), the Additional Charges set forth in Articles 14 and 15 and all other sums of money as shall become due from and payable by Tenant to Landlord hereunder from and after the Effective Date; all to be paid in lawful money of the United States to Landlord at its office, or such other place, or to Landlord’s agent and at such other place, as landlord shall designate by notice to Tenantstorage space.
(a) This Lease shall become effective on the Effective Date (such term to have the meaning given thereto in Section 6 of that certain Settlement, Discontinuance and Release Agreement dated as of March 1, 2011, among Landlord, Ambac Financial Group Inc., Tenant and the Segregated Account of Ambac Assurance Corporation (the “Settlement Agreement”)).
(b) As set forth in the Settlement Agreement, the Lease dated January 1, 1992 between Landlord and Ambac Financial Group, Inc., as assignee of Tenant, as amended (the “1992 Lease”), shall terminate simultaneously with the Effective Date.
1.06. Tenant covenants and agrees to pay Fixed Rent and Additional Charges promptly when due and without any abatement, deduction or setoff for any reason whatsoever, except as may be expressly provided in this Lease. Fixed Rent and Additional Charges shall be paid by good and sufficient check (subject to collection) drawn on a New York City bank which is a member of the New York Clearing House Association or a successor thereto.
1.07. If the Effective Date occurs on a day other than the first day of a calendar month, the Fixed Rent and all Additional Charges payable on a monthly basis (including, without limitation, Tax Payments and Operating Payments) shall be prorated based upon the number of days remaining in the calendar month in which the same occur.
1.08. No payment by Tenant or receipt or acceptance by Landlord of a lesser amount than the correct Fixed Rent or Additional Charges shall be deemed to be other than a payment on account, nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction, and Landlord may accept such check or payment without prejudice to Landlord’s right to recover the balance or pursue any other remedy in this Lease or at law provided. No payment by Landlord or receipt or acceptance by Tenant of a lesser amount than that stipulated to be paid hereunder shall be deemed to be other than a payment on account nor shall any endorsement or statement on any check or any letter accompanying any check or payment be deemed an accord and satisfaction, and Tenant may accept such check or payment without prejudice to Tenants right to recover the balance or pursue any other remedy in this Lease or at law provided.
1.09. Any apportionments or prorations for partial calendar years that are necessary to be made under this Lease with respect to Additional Charges that are neither payable on a monthly basis nor payable strictly based on usage (such as the Additional Charges for Tenant’s submetered electricity set forth in Article 14) shall be made on a per diem basis computed on the basis of a 365-day year.
1.10. If any of the Fixed Rent or Additional Charges payable under the terms and provisions of this Lease shall be or become uncollectible, reduced or required to be refunded because of any act or law enacted by a governmental authority, Tenant shall enter into such agreement(s) and take such other steps (without any expense to Tenant over and above Tenant’s financial obligations under this Lease with respect to the Fixed Rent and the Additional Charges) as Landlord may reasonably request and as may be legally permissible to permit Landlord to collect the maximum rents which from time to time during the continuance of such legal rent restriction may be legally permissible (but not in excess of the amounts reserved therefor under this Lease). Upon the termination of such legal rent restriction, (a) the Fixed Rent and/or Additional Charges shall become and thereafter be payable in accordance with the amounts reserved herein for the periods following such termination, and (b) Tenant shall pay to Landlord promptly upon being billed, to the maximum extent legally permissible, an amount equal to (i) the Fixed Rent and/or Additional Charges which would have been paid pursuant to this Lease but for such legal rent restriction less (ii) the rents paid by Tenant during the period such legal rent restriction was in effect. Notwithstanding the foregoing, the provisions of the preceding sentence shall not be enforceable except with respect to any such legal rent restriction terminating on or before the first anniversary of the expiration of the term of this Lease and provided Landlord furnishes Tenant with a xxxx for any additional amounts payable in accordance with the preceding sentence no later than such first anniversary date.
1.11. Additional Charges shall be deemed to be rent and if Tenant shall fail to pay the Additional Charges which failure continues beyond all notice and grace periods provided herein, Landlord shall be entitled to all rights and remedies provided herein or by law for a default in the payment of Additional Charges as for a default in the payment of Fixed Rent.
Appears in 1 contract
Samples: Lease Agreement (Citigroup Inc)
