Common use of TERM; RENTAL Clause in Contracts

TERM; RENTAL. This Agreement shall be effective as of the date of execution by both Parties (the "Effective Date"), provided, however, the initial term shall be for five (5) years and shall commence on the first day of the month following the day that LESSEE commences installation of the equipment on the Premises (the “Commencement Date”) at which time rental payments shall commence and be due at a total annual rental of Eight Hundred and Forty Dollars ($840) to be paid in advance annually on the Commencement Date and on each anniversary of it in advance, to LESSOR or to such other person, firm or place as LESSOR may, from time to time, designate in writing at least thirty (30) days in advance of any rental payment date by notice given in accordance with Paragraph 18 below. XXXXXX and XXXXXX agree that they shall acknowledge in writing the Commencement Date. XXXXXX and XXXXXX acknowledge and agree that initial rental payment may not actually be sent by XXXXXX until ninety (90) days after XXXXXX’s receipt of written acknowledgement confirming the Commencement Date. As additional consideration for this Agreement, XXXXXX further agrees to pay LESSOR a one-time, lump sum payment in the sum of Two Thousand and No/100 Dollars ($2,000.00) as additional rent, which shall be due and payable within ninety (90) days of the full execution of the Agreement and which shall be non- refundable. The Parties understand and agree that this additional rent is being paid for the purpose of reimbursing LESSOR for its attorney costs. Upon agreement of the Parties, LESSEE may pay rent by electronic funds transfer and in such event, XXXXXX agrees to provide to LESSEE bank routing information for such purpose upon request of LESSEE. LESSOR hereby agrees to provide to LESSEE certain documentation (the “Rental Documentation”) including without limitation: (i) documentation evidencing LESSOR’s good and sufficient title to and/or interest in the Property and right to receive rental payments and other benefits hereunder; (ii) a completed Internal Revenue Service Form W-9, or equivalent for any party to whom rental payments are to be made pursuant to this Agreement; and (iii) other documentation requested by LESSEE and within fifteen (15) days of obtaining an interest in the Property or this Agreement, any assignee(s), transferee(s) or other successor(s) in interest of LESSOR shall provide to LESSEE such Rental Documentation. All documentation shall be acceptable to LESSEE in LESSEE’s reasonable discretion. Delivery of Rental Documentation to LESSEE shall be a prerequisite for the payment of any rent by LESSEE and notwithstanding anything to the contrary herein, LESSEE shall have no obligation to make any rental payments until Rental Documentation has been supplied to LESSEE as provided herein. Within thirty (30) days of a written request from XXXXXX, LESSOR or any assignee(s) or transferee(s) of LESSOR agrees to provide updated Rental Documentation. Delivery of Rental Documentation to LESSEE shall be a prerequisite for the payment of any rent by LESSEE to such party and notwithstanding anything to the contrary herein, LESSEE shall have no obligation to make any rental payments until Rental Documentation has been supplied to LESSEE as provided herein.

Appears in 1 contract

Samples: Lease Agreement

AutoNDA by SimpleDocs

TERM; RENTAL. This Agreement shall be effective as of the date of execution by both Parties (the "Effective Date"), provided, however, the initial term shall be for five (5) years and shall commence on the first day of the month following the day that LESSEE commences installation of the equipment on the Premises (the “Commencement Date”) at which time rental payments shall commence and be due at a total annual monthly rental of Eight Hundred and Forty Dollars ($840400.00) to be paid in advance annually monthly starting on the Commencement Date and on each anniversary of it in advanceDate, to LESSOR or to such other person, firm or place as LESSOR may, from time to time, designate in writing at least thirty (30) days in advance of any rental payment date by notice given in accordance with Paragraph 18 17 below. XXXXXX In no event shall the Commencement Date be later than one eighty (180) days from the date of this Agreement. LESSOR and XXXXXX LESSEE acknowledge and agree that initial rental payment shall not actually be sent by LESSEE until thirty (30) days after the Commencement Date. LESSOR and LESSEE agree that they shall acknowledge in writing the Commencement Date. XXXXXX and XXXXXX acknowledge and agree that initial rental payment may not actually be sent by XXXXXX until ninety (90) days after XXXXXX’s receipt of written acknowledgement confirming the Commencement Date. As additional consideration for this Agreement, XXXXXX further agrees to pay LESSOR a one-time, lump sum payment in the sum of Two Thousand and No/100 Dollars ($2,000.00) as additional rent, which shall be due and payable within ninety (90) days of the full execution of the Agreement and which shall be non- refundable. The Parties understand and agree that this additional rent is being paid for the purpose of reimbursing LESSOR for its attorney costs. Upon agreement of the Parties, LESSEE may pay rent by electronic funds transfer and in such event, XXXXXX LESSOR agrees to provide to LESSEE bank routing information for such purpose upon request of LESSEE. LESSOR hereby agrees to provide to LESSEE certain documentation (the “Rental Documentation”) including without limitation: (i) documentation evidencing LESSOR’s good and sufficient title to and/or interest in the Property and right to receive rental payments and other benefits hereunder; (ii) a completed Internal Revenue Service Form W-9, or equivalent for any party to whom rental payments are to be made pursuant to this Agreement; and (iiiii) other documentation requested by LESSEE and to the extent applicable, within fifteen (15) days of obtaining an interest in the Property or this Agreement, any assignee(s), transferee(s) or other successor(s) in interest of LESSOR (“Successor”) shall provide to LESSEE such Rental Documentationdocumentation evidencing Successor’s interest in the Property and right to receive rental payments and other benefits and any other documentation reasonably required by LESSEE. All documentation shall be acceptable to LESSEE in LESSEE’s reasonable discretion. Delivery of Rental Documentation to LESSEE shall be a prerequisite for the payment of any rent by LESSEE and notwithstanding anything to the contrary herein, LESSEE shall have no obligation to make any rental payments until Rental Documentation has been supplied to LESSEE as provided herein. Within thirty (30) days of a written request from XXXXXXLESSEE, LESSOR or any assignee(s) or transferee(s) of LESSOR agrees to provide updated Rental Documentation. Delivery of Rental Documentation to LESSEE shall be a prerequisite for the payment of any rent by LESSEE to such party and notwithstanding anything to the contrary herein, LESSEE shall have no obligation to make any rental payments until Rental Documentation has been supplied to LESSEE as provided herein.

Appears in 1 contract

Samples: Cell Tower Lease Agreement

TERM; RENTAL. a. This Agreement shall be effective as of the date of execution by both Parties (the "Effective Date")Parties, provided, however, the initial term shall be for five (5) years and shall commence on the first day of the month following the day that LESSEE commences installation of the equipment on the Premises Commencement Date (the “Commencement Date”as hereinafter defined) at which time rental payments shall commence and be due at a total annual rental of Eight Hundred Twenty Four Thousand and Forty 00/100 Dollars ($84024,000.00) to be paid in advance annually equal monthly installments of Two Thousand and 00/100 Dollars ($2,000) on the Commencement Date and on each anniversary first day of it the month, in advance, to LESSOR or to such other person, firm or place as LESSOR may, from time to time, designate in writing at least thirty (30) days in advance of any rental payment date by notice given in accordance with Paragraph 18 2 below. XXXXXX The rental payments shall include co- location of LESSEE’S telecommunications antennas and XXXXXX equipment on the existing monopine in accordance with a separate co-location agreement to be executed by LESSOR, LESSEE and Sprint Spectrum, LP. The co-location agreement shall provide that no rental fee shall be charged for LESSEE’S co-location of its telecommunications antennas and equipment on the monopine. The Agreement shall commence based upon the date LESSEE commences installation of the equipment on the Premises and shall be the 1st of the month in which LESSEE commences installation of the equipment on the Premises. LESSOR and LESSEE agree that they shall acknowledge in writing the Commencement Date. XXXXXX LESSOR and XXXXXX LESSEE acknowledge and agree that initial rental payment may payment(s) shall not actually be sent by XXXXXX LESSEE until ninety thirty (9030) days after XXXXXX’s receipt of a written acknowledgement confirming the Commencement Date. As additional consideration for this Agreement, XXXXXX further agrees to pay LESSOR a one-time, lump sum payment in the sum By way of Two Thousand and No/100 Dollars ($2,000.00) as additional rent, which shall be due and payable within ninety (90) days illustration of the full execution of preceding sentence, if the Agreement Commencement Date is January 1 and which the written acknowledgement confirming the Commencement Date is dated January 14, LESSEE shall be non- refundable. The Parties understand send to the LESSOR the rental payments for January 1 and agree that this additional rent is being paid for the purpose of reimbursing LESSOR for its attorney costsFebruary 1 by February 13. Upon agreement of the Parties, LESSEE may pay rent by electronic funds transfer and in such event, XXXXXX LESSOR agrees to provide to LESSEE bank routing information for such purpose upon request of LESSEE. LESSOR hereby agrees to provide to LESSEE certain documentation (the “Rental Documentation”) including without limitation: (i) documentation evidencing LESSOR’s good and sufficient title to and/or interest in the Property and right to receive rental payments and other benefits hereunder; (ii) a completed Internal Revenue Service Form W-9, or equivalent for any party to whom rental payments are to be made pursuant to this Agreement; and (iii) other documentation requested by LESSEE and within fifteen (15) days of obtaining an interest in the Property or this Agreement, any assignee(s), transferee(s) or other successor(s) in interest of LESSOR shall provide to LESSEE such Rental Documentation. All documentation shall be acceptable to LESSEE in LESSEE’s reasonable discretion. Delivery of Rental Documentation to LESSEE shall be a prerequisite for the payment of any rent by LESSEE and notwithstanding anything to the contrary herein, LESSEE shall have no obligation to make any rental payments until Rental Documentation has been supplied to LESSEE as provided herein. Within thirty (30) days of a written request from XXXXXX, LESSOR or any assignee(s) or transferee(s) of LESSOR agrees to provide updated Rental Documentation. Delivery of Rental Documentation to LESSEE shall be a prerequisite for the payment of any rent by LESSEE to such party and notwithstanding anything to the contrary herein, LESSEE shall have no obligation to make any rental payments until Rental Documentation has been supplied to LESSEE as provided herein.

Appears in 1 contract

Samples: Land Lease Agreement

TERM; RENTAL. This Agreement shall be effective as of the date of execution by both Parties (the "Effective Date"), provided, however, the initial term shall be for five (5) years and shall commence on the first day of the month following the day that LESSEE commences installation of the equipment on the Premises (the “Commencement Date”) at which time rental payments shall commence and be due at a total annual rental of Eight Hundred Twelve Thousand and Forty 00/100 Dollars ($84012,000.00) to be paid in advance annually on the Commencement Date and on each anniversary of it in advance, to LESSOR or to such other person, firm or place as LESSOR may, from time to time, designate in writing at least thirty (30) days in advance of any rental payment date by notice given in accordance with Paragraph 18 below. XXXXXX LESSOR and XXXXXX LESSEE acknowledge and agree that rental payments shall not actually be sent by LESSEE until thirty (30) days after the Commencement Date. LESSOR and LESSEE agree that they shall acknowledge in writing the Commencement Date. XXXXXX and XXXXXX acknowledge and agree that initial rental payment may not actually be sent by XXXXXX until ninety (90) days after XXXXXX’s receipt of written acknowledgement confirming If the Commencement Date. As additional consideration for this Agreement, XXXXXX further agrees LESSEE fails to pay LESSOR a one-time, lump sum payment in the sum of Two Thousand and No/100 Dollars annual rent within forty‐five ($2,000.00) as additional rent, which shall be due and payable within ninety (9045) days of the full execution Commencement Date or the anniversary of the Agreement and which Commencement Date, an additional $1,000 payment shall be non- refundablemade by the LESSEE to the LESSOR. The Parties understand Throughout the Term (as hereinafter defined) of this Agreement, on each and agree that this additional every annual anniversary of the Commencement Date, the annual rent is being paid for shall increase by an amount equal to two percent (2%) of the purpose of reimbursing LESSOR for its attorney costs. then current rent amount.Upon agreement of the Parties, LESSEE may pay rent by electronic funds transfer and in such event, XXXXXX LESSOR agrees to provide to LESSEE bank routing information for such purpose upon request of LESSEE. LESSOR hereby agrees to provide to LESSEE certain documentation (the “Rental Documentation”) ), if applicable, including without limitation: (i) documentation evidencing LESSOR’s good and sufficient title to and/or interest in the Property and right to receive rental payments and other benefits hereunder; (ii) a completed Internal Revenue Service Form W-9W‐9, or equivalent for any party to whom rental payments are to be made pursuant to this Agreement; and (iiiii) other reasonable documentation requested by LESSEE and within fifteen (15) days of obtaining an interest in the Property or this Agreement, any assignee(s), transferee(s) or other successor(s) in interest of LESSOR shall provide to LESSEE such Rental Documentation. All documentation shall be acceptable to LESSEE in LESSEE’s reasonable discretion. Delivery of any applicable Rental Documentation to LESSEE shall be a prerequisite for the payment of any rent by LESSEE and notwithstanding anything to the contrary herein, LESSEE shall have no obligation to make any rental payments until Rental Documentation has been supplied to LESSEE as provided herein. Within thirty (30) days of a written request from XXXXXXLESSEE, LESSOR or any assignee(s) or transferee(s) of LESSOR agrees to provide updated Rental Documentation. Delivery of Rental Documentation to LESSEE shall be a prerequisite for the payment of any rent by LESSEE to such party and notwithstanding anything to the contrary herein, LESSEE shall have no obligation to make any rental payments until Rental Documentation has been supplied to LESSEE as provided herein.

Appears in 1 contract

Samples: Lease Agreement

TERM; RENTAL. This Agreement shall be effective as of the date of execution by both Parties (the "Effective Date"), provided, however, the initial term shall be for five (5) years and shall commence on the first day of the month following the day that LESSEE commences installation of the equipment on the Premises (the “Commencement Date”) at which time rental payments for the first (1st) year of the initial term shall commence and be due at a total annual rental of Eight Hundred and Forty Dollars ($840) $ to be paid in advance annually on the Commencement Date and on each anniversary of it in advance, to LESSOR or to such other person, firm or place as LESSOR may, from time to time, designate in writing at least thirty (30) days in advance of any rental payment date by notice given in accordance with Paragraph 18 17 below. XXXXXX LESSOR and XXXXXX LESSEE acknowledge and agree that initial rental payment shall not actually be sent by LESSEE until sixty (60) days after the Commencement Date. LESSOR and LESSEE agree that they shall acknowledge in writing the Commencement Date. XXXXXX [OPTIONAL: The annual rental for the second (2nd) year of the initial term and XXXXXX acknowledge for each year thereafter including any and agree that initial rental payment may not actually be sent by XXXXXX until ninety (90) days after XXXXXX’s receipt of written acknowledgement confirming the Commencement Date. As additional consideration for this Agreement, XXXXXX further agrees to pay LESSOR a one-time, lump sum payment in the sum of Two Thousand and No/100 Dollars ($2,000.00) as additional rent, which all extension terms shall be due and payable within ninety (90) days equal to % of the full execution of annual rental payable with respect to the Agreement and which shall be non- refundable. The Parties understand and agree that this additional rent is being paid for the purpose of reimbursing LESSOR for its attorney costs. immediately preceding year.] Upon agreement of the Parties, LESSEE may pay rent by electronic funds transfer and in such event, XXXXXX LESSOR agrees to provide to LESSEE bank routing information for such purpose upon request of LESSEE. LESSOR hereby agrees to provide to LESSEE certain documentation (the “Rental Documentation”) including without limitation: (i) documentation evidencing LESSOR’s good and sufficient title to and/or interest in the Property and right to receive rental payments and other benefits hereunder; (ii) a completed Internal Revenue Service Form W-9, or equivalent for any party to whom rental payments are to be made pursuant to this Agreement; and (iii) other documentation requested by LESSEE and within fifteen (15) days of obtaining an interest in the Property or this Agreement, any assignee(s), transferee(s) or other successor(s) in interest of LESSOR shall provide to LESSEE such Rental Documentation. All documentation shall be acceptable to LESSEE in LESSEE’s reasonable discretion. Delivery of Rental Documentation to LESSEE shall be a prerequisite for the payment of any rent by LESSEE and notwithstanding anything to the contrary herein, LESSEE shall have no obligation to make any rental payments until Rental Documentation has been supplied to LESSEE as provided herein. Within thirty (30) days of a written request from XXXXXXLESSEE, LESSOR or any assignee(s) or transferee(s) of LESSOR agrees to provide updated Rental Documentation. Delivery of Rental Documentation to LESSEE shall be a prerequisite for the payment of any rent by LESSEE to such party and notwithstanding anything to the contrary herein, LESSEE shall have no obligation to make any rental payments until Rental Documentation has been supplied to LESSEE as provided herein.

Appears in 1 contract

Samples: Lease Agreement

TERM; RENTAL. This Agreement The term of lease for each Unit leased hereunder shall commence upon date of delivery of such Unit to Lessee or its representative and shall continue until the date set out in the applicable addendum. If the term is extended or renewed, all provisions of this Lease shall apply during any extension or renewal period. Lessee shall pay all rental charges due under the Lease monthly in advance unless otherwise agreed in writing and all other charges as same shall become due hereunder. All payments hereunder shall be effective as in currency of the date United States. The obligation to make rental or any other payments to Lessor shall not be deemed waived, delayed, abated or eliminated for any reason, including, without limitation, force majeure, war, civil commotion, insurrection or the like which has the effects of execution denying Lessee the temporary or permanent use of any Unit, or any failure of Lessor to perform any obligation of Lessor to Lessee under this Lease. No payment to be made by both Parties (the "Effective Date")Lessee hereunder shall be subject to reduction, limitation, impairment, set-off or counterclaim whether arising out of an alleged breach by Lessor or any third party or otherwise, provided, however, the initial term that this paragraph shall not be deemed a bar to Lessee’s right to assert any claims to which it may be entitled against Lessor, in a separate proceeding. The rental period for five (5) years and each Unit shall commence on the first day date of delivery of such Unit to Lessee or its representative, and shall end, at the month following expiration of the day that LESSEE commences installation the Unit is taken off hire pursuant to Article 9 hereof. If redelivery of any Unit is impossible because of total loss or constructive total loss, then the equipment on rental period for such Unit shall end when Lessee tenders the Premises (replacement cost of such Unit to Interpool pursuant to Lessee’s obligation under Article 9 hereof. Unless otherwise agreed, the “Commencement Date”) at which time minimum rental payments period for each Unit shall commence and be due at a total annual rental of Eight Hundred and Forty Dollars ($840) to be paid in advance annually on the Commencement Date and on each anniversary of it in advance, to LESSOR or to such other person, firm or place as LESSOR may, from time to time, designate in writing at least thirty (30) days in advance of any rental payment date by notice given in accordance with Paragraph 18 belowdays. XXXXXX and XXXXXX agree that they Lessee shall acknowledge in writing the Commencement Date. XXXXXX and XXXXXX acknowledge and agree that initial rental payment may not actually be sent by XXXXXX until ninety (90) days after XXXXXX’s receipt of written acknowledgement confirming the Commencement Date. As additional consideration pay interest for this Agreement, XXXXXX further agrees to pay LESSOR a one-time, lump sum payment in the sum of Two Thousand and No/100 Dollars ($2,000.00) as additional rent, which shall be due and payable within ninety (90) days of the full execution of the Agreement and which shall be non- refundable. The Parties understand and agree that this additional rent is being paid for the purpose of reimbursing LESSOR for its attorney costs. Upon agreement of the Parties, LESSEE may pay rent by electronic funds transfer and in such event, XXXXXX agrees to provide to LESSEE bank routing information for such purpose upon request of LESSEE. LESSOR hereby agrees to provide to LESSEE certain documentation (the “Rental Documentation”) including without limitation: (i) documentation evidencing LESSOR’s good and sufficient title to and/or interest in the Property and right to receive rental payments and other benefits hereunder; (ii) a completed Internal Revenue Service Form W-9, or equivalent for any party to whom rental payments are to be made pursuant to this Agreement; and (iii) other documentation requested by LESSEE and within fifteen (15) days of obtaining an interest in the Property or this Agreement, any assignee(s), transferee(s) or other successor(s) in interest of LESSOR shall provide to LESSEE such Rental Documentation. All documentation shall be acceptable to LESSEE in LESSEE’s reasonable discretion. Delivery of Rental Documentation to LESSEE shall be a prerequisite for the late payment of any rent by LESSEE and notwithstanding anything to sum due Lessor under this Lease at the contrary herein, LESSEE shall have no obligation to make any rental payments until Rental Documentation has been supplied to LESSEE as provided herein. Within thirty lesser of the highest legal rate or one-and-one-half percent (301 1/2%) days of a written request from XXXXXX, LESSOR or any assignee(sper month commencing on the tenth (10th) or transferee(s) of LESSOR agrees to provide updated Rental Documentation. Delivery of Rental Documentation to LESSEE shall be a prerequisite day after the day on which Lessee receives Lessor’s invoice for the payment of any rent by LESSEE to such party and notwithstanding anything to the contrary herein, LESSEE shall have no obligation to make any rental payments until Rental Documentation has been supplied to LESSEE as provided hereinsum.

Appears in 1 contract

Samples: Management Agreement (CAI International, Inc.)

AutoNDA by SimpleDocs

TERM; RENTAL. This Agreement shall be effective as of the date of execution by both Parties (the "Effective Date"), provided, however, the initial term shall be for five (5) years and shall commence on the first day of the month following the day that LESSEE XXXXXX commences installation of the equipment on the Premises (the “Commencement Date”) at which time rental payments for the first (1st) year of the initial term shall commence and be due at a total annual rental of Eight Hundred and Forty Dollars ($840) $ to be paid in advance annually on the Commencement Date and on each anniversary of it in advance, to LESSOR or to such other person, firm or place as LESSOR may, from time to time, designate in writing at least thirty (30) days in advance of any rental payment date by notice given in accordance with Paragraph 18 17 below. XXXXXX and XXXXXX acknowledge and agree that initial rental payment shall not actually be sent by XXXXXX until sixty (60) days after the Commencement Date. XXXXXX and XXXXXX agree that they shall acknowledge in writing the Commencement Date. XXXXXX [OPTIONAL: The annual rental for the second (2nd) year of the initial term and XXXXXX acknowledge for each year thereafter including any and agree that initial rental payment may not actually be sent by XXXXXX until ninety (90) days after XXXXXX’s receipt of written acknowledgement confirming the Commencement Date. As additional consideration for this Agreement, XXXXXX further agrees to pay LESSOR a one-time, lump sum payment in the sum of Two Thousand and No/100 Dollars ($2,000.00) as additional rent, which all extension terms shall be due and payable within ninety (90) days equal to % of the full execution of annual rental payable with respect to the Agreement and which shall be non- refundable. The Parties understand and agree that this additional rent is being paid for the purpose of reimbursing LESSOR for its attorney costs. immediately preceding year.] Upon agreement of the Parties, LESSEE may pay rent by electronic funds transfer and in such event, XXXXXX agrees to provide to LESSEE bank routing information for such purpose upon request of LESSEE. LESSOR hereby agrees to provide to LESSEE certain documentation (the “Rental Documentation”) including without limitation: (i) documentation evidencing LESSOR’s good and sufficient title to and/or interest in the Property and right to receive rental payments and other benefits hereunder; (ii) a completed Internal Revenue Service Form W-9, or equivalent for any party to whom rental payments are to be made pursuant to this Agreement; and (iii) other documentation requested by LESSEE and within fifteen (15) days of obtaining an interest in the Property or this Agreement, any assignee(s), transferee(s) or other successor(s) in interest of LESSOR shall provide to LESSEE such Rental Documentation. All documentation shall be acceptable to LESSEE in LESSEE’s reasonable discretion. Delivery of Rental Documentation to LESSEE shall be a prerequisite for the payment of any rent by LESSEE and notwithstanding anything to the contrary herein, LESSEE shall have no obligation to make any rental payments until Rental Documentation has been supplied to LESSEE as provided herein. Within thirty (30) days of a written request from XXXXXX, LESSOR or any assignee(s) or transferee(s) of LESSOR agrees to provide updated Rental Documentation. Delivery of Rental Documentation to LESSEE shall be a prerequisite for the payment of any rent by LESSEE to such party and notwithstanding anything to the contrary herein, LESSEE shall have no obligation to make any rental payments until Rental Documentation has been supplied to LESSEE as provided herein.

Appears in 1 contract

Samples: Lease Agreement

TERM; RENTAL. This Agreement lease shall be effective as commence May 1, 2023 and expire April 30, 2026. After the expiration of the date lease, this lease shall automatically renew on a year to year basis. Rent shall escalate three percent of execution by the previous year on May 1, 2024 and each and every year thereafter. Landlord and Tenant shall both Parties (have the "Effective Date"), provided, however, right to terminate this lease at the end of the initial three year lease term shall be for five (5) years or any renewal period by giving the other party 90 days prior advance written notice of terminating the lease. ​ ​ Total ​ ​ Monthly ​ ​ Rent Year 1 ​ $3,200.00 Year 2 ​ $3,296.00 Year 3 ​ $3,395.00 ​ RENT DOES NOT INCLUDE ELECTRICITY, CLEANING, OR TELECOMMUNICATIONS. First month's rent and shall commence security deposit is due at lease ratification. Rent is due in advance on the first day of the month following the day that LESSEE commences installation of the equipment on the Premises (the “Commencement Date”) at which time rental payments shall commence and be due at a total annual rental of Eight Hundred and Forty Dollars ($840) to be each month. If any installment is not paid in advance annually on the Commencement Date and on each anniversary of it in advance, to LESSOR or to such other person, firm or place as LESSOR may, from time to time, designate in writing at least thirty (30) days in advance of any rental payment date by notice given in accordance with Paragraph 18 below. XXXXXX and XXXXXX agree that they shall acknowledge in writing the Commencement Date. XXXXXX and XXXXXX acknowledge and agree that initial rental payment may not actually be sent by XXXXXX until ninety (90) days after XXXXXX’s receipt of written acknowledgement confirming the Commencement Date. As additional consideration for this Agreement, XXXXXX further agrees to pay LESSOR a one-time, lump sum payment in the sum of Two Thousand and No/100 Dollars ($2,000.00) as additional rent, which shall be due and payable within ninety (90) days of the full execution of the Agreement and which shall be non- refundable. The Parties understand and agree that this additional rent is being paid for the purpose of reimbursing LESSOR for its attorney costs. Upon agreement of the Parties, LESSEE may pay rent by electronic funds transfer and in such event, XXXXXX agrees to provide to LESSEE bank routing information for such purpose upon request of LESSEE. LESSOR hereby agrees to provide to LESSEE certain documentation (the “Rental Documentation”) including without limitation: (i) documentation evidencing LESSOR’s good and sufficient title to and/or interest in the Property and right to receive rental payments and other benefits hereunder; (ii) a completed Internal Revenue Service Form W-9, or equivalent for any party to whom rental payments are to be made pursuant to this Agreement; and (iii) other documentation requested by LESSEE and within fifteen (15) days of obtaining an interest the first day of the month when due, Xxxxxx agrees to pay as additional rent the sum of 8% of rent due immediately payable. All payments received shall be applied first to unpaid late charges, if any, then to any delinquent installment(s) of rent, and finally to the most current installment of rent due. No express designation of any payment by the Tenant shall vary the application of payment as aforesaid. If payment purporting to satisfy a current installment due is insufficient to pay all amounts owed in the Property or this Agreementorder aforesaid, any assignee(s), transferee(s) or other successor(s) in interest then a late charge on the unpaid balance of LESSOR shall provide to LESSEE such Rental Documentation. All documentation current installment shall be acceptable to LESSEE in LESSEE’s reasonable discretionimposed. Delivery of Rental Documentation to LESSEE shall be a prerequisite for the payment Waiver of any rent fees/charges or repair expenses at any time shall not preclude collection of subsequent charges or expenses. No waiver by LESSEE and notwithstanding anything to the contrary herein, LESSEE shall have no obligation to make Landlord if any rental payments until Rental Documentation has been supplied to LESSEE as provided herein. Within thirty (30) days of a written request from XXXXXX, LESSOR or any assignee(s) or transferee(s) of LESSOR agrees to provide updated Rental Documentation. Delivery of Rental Documentation to LESSEE shall be a prerequisite for the payment breach of any rent covenants herein shall operate as a waiver of the covenant or condition itself. Tenant shall pay all court costs and attorney fees, and other expenses incurred by LESSEE to such party and notwithstanding anything to Landlord in effecting collection of rents from Tenant, the contrary hereincuring of any default on part of the Tenant in performance of any of its obligations hereunder and/or obtaining possession of the premises, LESSEE shall have no obligation to make any rental payments until Rental Documentation has been supplied to LESSEE as provided hereinwhere Landlord prevails.

Appears in 1 contract

Samples: Lease Agreement (Monterey Capital Acquisition Corp)

TERM; RENTAL. This Agreement shall be for a term of twenty-five (25) years commencing upon the execution hereof by both Parties. Each Supplement shall be effective as of the date of execution by both Parties (the "Effective Date"), provided, however, the initial term of each Supplement shall be for five (5) years and shall commence on the first day of the month following the day that LESSEE commences installation of the equipment on the Premises (the “Commencement Date”) at which time rental payments shall commence and be due at a total annual rental of Eight Hundred and Forty Dollars ($840) 2,500.00, to be paid in advance annually on the Commencement Date and on each anniversary of it in advance, to the payee designated by LESSOR in the Supplement or to such other person, firm or place as LESSOR may, from time to time, designate in writing at least thirty (30) days in advance of any rental payment date by notice given in accordance with Paragraph 18 17 below. XXXXXX LESSOR and XXXXXX LESSEE acknowledge and agree that the initial rental payment for each Supplement shall not actually be sent by LESSEE until thirty (30) days after the Commencement Date. LESSOR and LESSEE agree that they shall acknowledge in writing the Commencement Date. XXXXXX and XXXXXX acknowledge and agree that initial rental payment may not actually be sent by XXXXXX until ninety (90) days after XXXXXX’s receipt Date of written acknowledgement confirming the Commencement Date. As additional consideration for this Agreement, XXXXXX further agrees to pay LESSOR a one-time, lump sum payment in the sum of Two Thousand and No/100 Dollars ($2,000.00) as additional rent, which shall be due and payable within ninety (90) days of the full execution of the Agreement and which shall be non- refundable. The Parties understand and agree that this additional rent is being paid for the purpose of reimbursing LESSOR for its attorney costseach Supplement. Upon agreement of the Parties, LESSEE may pay rent by electronic funds transfer and in such event, XXXXXX LESSOR agrees to provide to LESSEE bank routing information for such purpose upon request of LESSEE. LESSOR hereby agrees to provide to LESSEE certain documentation (the “Rental Documentation”) including without limitation: (i) documentation evidencing LESSOR’s good and sufficient title to and/or interest in the Property and right to receive rental payments and other benefits hereunderunder each Supplement; (ii) a completed Internal Revenue Service Form W-9, or equivalent for any party to whom rental payments are to be made pursuant to this AgreementAgreement or a Supplement; and (iii) other documentation requested by LESSEE with respect to the ownership of the subject property and the payment of rent under the Supplement and within fifteen (15) days of obtaining an interest in the Property any Property, Supplement or this Agreement, any assignee(s), transferee(s) or other successor(s) in interest of LESSOR shall provide to LESSEE such Rental Documentation. All documentation shall be acceptable to LESSEE in LESSEE’s reasonable discretion. Delivery of Rental Documentation to LESSEE shall be a prerequisite for the payment of any rent by LESSEE and notwithstanding anything to the contrary herein, LESSEE shall have no obligation to make herein or in any rental payments until Rental Documentation has been supplied to LESSEE as provided herein. Within thirty (30) days of a written request from XXXXXX, LESSOR or any assignee(s) or transferee(s) of LESSOR agrees to provide updated Rental Documentation. Delivery of Rental Documentation to LESSEE shall be a prerequisite for the payment of any rent by LESSEE to such party and notwithstanding anything to the contrary hereinSupplement, LESSEE shall have no obligation to make any rental payments until Rental Documentation has been supplied to LESSEE as provided herein.

Appears in 1 contract

Samples: Master Lease Agreement

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!