Total Rent. 2.5.1 For all purposes of calculating and paying Minimum Rent and Additional Rent under this Lease, the total of the Minimum Rent and Additional Rent ("TOTAL RENT") payable by Tenant in any Lease Year will not be less than the Total Rent paid by Tenant for the previous Lease Year. 2.5.2 Notwithstanding any of the other terms of this Section 2 but subject to Section 2.5.3 below, the Total Rent due during each Lease Year shall not increase from one Lease Year to the next by an amount in excess of (i) two and one-half percent (2.5%), multiplied by (ii) the Total Rent due during the immediately preceding Lease Year. 2.5.3 The terms of Section 2.5.2 above shall have no applicability in determining the calculation of the Minimum Rent due during the first Lease Year of any Renewal Term. 2.5.4 Within sixty (60) days of the end of each Lease Year, Tenant shall deliver to Landlord a report in a form mutually agreed upon by Landlord and Tenant, certified by an officer or general partner of Tenant, as applicable, setting forth the calculations required by the application of this Section 2.5. If said report provides that Tenant owes Landlord any sum of money, Tenant shall accompany such report delivered to Landlord with such funds. If said report provides that Landlord owes Tenant any sum of money, such sum shall be applied as a credit against future installments of Minimum Rent and Additional Rent due from Tenant to Landlord; provided, however, if such sum is owed by Landlord to Tenant with respect to the last Lease Year of the Term, Landlord shall pay such sum to Tenant within thirty (30) days of Landlord's receipt of the report in question. 2.5.5 For the purpose of comparing the Total Rent from Lease Year to Lease Year pursuant to this Section 2.5, the increase in Minimum Rent by reason of any disbursement by Landlord pursuant to Section 5.7 of the Lease or pursuant to the Development Addendum shall be treated as follows: (i) for the purpose of comparing the Total Rent in the Lease Year in which such disbursement is made against the Total Rent in the preceding Lease Year, such increase in Minimum Rent shall be ignored, and (ii) for the purpose of comparing the Total Rent in the Lease Year in which such disbursement is made to the Total Rent in the following Lease Year, such increase in Minimum Rent shall be deemed effective on the first day of the Lease Year in which the disbursement is made.
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Total Rent. 2.5.1 For all purposes Tenant shall pay Base Rent plus TI Amortization, [defined in Addendum I, par. 7] (collectively the "Total Rent") in the amount set forth above. The first month's Total Rent, the Security Deposit, and the first monthly installment of calculating estimated Operating Expenses (as hereafter defined) shall be due and paying Minimum payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Total Rent on or before the first day of each calendar month succeeding the Commencement Date. Payments of Total Rent for any fractional calendar month shall be prorated. All payments required to be made by Tenant to Landlord hereunder shall be payable at such address as Landlord may specify from time to time by written notice delivered in accordance herewith. The obligation of Tenant to pay Total Rent and Additional Rent other sums to Landlord and the obligations of Landlord under this Lease, the total of the Minimum Rent and Additional Rent ("TOTAL RENT") payable by Lease are independent obligations. Tenant in any Lease Year will not be less than the Total Rent paid by Tenant for the previous Lease Year.
2.5.2 Notwithstanding any of the other terms of this Section 2 but subject to Section 2.5.3 below, the Total Rent due during each Lease Year shall not increase from one Lease Year to the next by an amount in excess of (i) two and one-half percent (2.5%), multiplied by (ii) the Total Rent due during the immediately preceding Lease Year.
2.5.3 The terms of Section 2.5.2 above shall have no applicability right at any time to abate, reduce, or set-off any rent due hereunder except as may be exxxxxxly provided in determining this Lease. Tenant waives and releases all statutory liens and offset rights as to rent. If Tenant is delinquent in any monthly installment of Total Rent or of estimated Operating Expenses beyond 5 days after the calculation of the Minimum Rent due during the first Lease Year of any Renewal Term.
2.5.4 Within sixty (60) days of the end of each Lease Yeardate thereof, and after notice as provided below, Tenant shall deliver pay to Landlord on demand a report in a form mutually agreed upon by Landlord and Tenant, certified by an officer or general partner late charge equal to 5 percent of Tenant, as applicable, setting forth the calculations required by the application of this Section 2.5such delinquent sum. If said report provides that Tenant owes Landlord any sum of money, Tenant shall accompany such report delivered not be obligated to pay the late charge until Landlord with such funds. If said report provides that Landlord owes has given Tenant 5 days written notice of the delinquent payment (which may be given at any sum of money, such sum shall be applied as a credit against future installments of Minimum Rent and Additional Rent due from Tenant to Landlordtime during the delinquency); provided, however, if that such sum is owed by Landlord to Tenant with respect to notice shall not be required more than once in any 12-month period or four times over the last Lease Year term of the Term, Landlord Lease. The provision for such late charge shall pay such sum be in addition to Tenant within thirty (30) days all of Landlord's receipt of the report other rights and remedies hereunder or at law and shall not be construed as a penalty or as limiting Landlord's remedies in questionany manner.
2.5.5 For the purpose of comparing the Total Rent from Lease Year to Lease Year pursuant to this Section 2.5, the increase in Minimum Rent by reason of any disbursement by Landlord pursuant to Section 5.7 of the Lease or pursuant to the Development Addendum shall be treated as follows: (i) for the purpose of comparing the Total Rent in the Lease Year in which such disbursement is made against the Total Rent in the preceding Lease Year, such increase in Minimum Rent shall be ignored, and (ii) for the purpose of comparing the Total Rent in the Lease Year in which such disbursement is made to the Total Rent in the following Lease Year, such increase in Minimum Rent shall be deemed effective on the first day of the Lease Year in which the disbursement is made.
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Samples: Lease Agreement (Celerity Group Inc)
Total Rent. 2.5.1 For all purposes Tenant shall pay Base Rent plus TI Amortization, [defined in Addendum I, par. 7] (collectively the "Total Rent") in the amount set forth above. The first month's Total Rent, the Security Deposit, and the first monthly installment of calculating estimated Operating Expenses (as hereafter defined) shall be due and paying Minimum payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Total Rent on or before the first day of each calendar month succeeding the Commencement Date. Payments of Total Rent for any fractional calendar month shall be prorated. All payments required to be made by Tenant to Landlord hereunder shall be payable at such address as Landlord may specify from time to time by written notice delivered in accordance herewith. The obligation of Tenant to pay Total Rent and Additional Rent other sums to Landlord and the obligations of Landlord under this Lease, the total of the Minimum Rent and Additional Rent ("TOTAL RENT") payable by Lease are independent obligations. Tenant in any Lease Year will not be less than the Total Rent paid by Tenant for the previous Lease Year.
2.5.2 Notwithstanding any of the other terms of this Section 2 but subject to Section 2.5.3 below, the Total Rent due during each Lease Year shall not increase from one Lease Year to the next by an amount in excess of (i) two and one-half percent (2.5%), multiplied by (ii) the Total Rent due during the immediately preceding Lease Year.
2.5.3 The terms of Section 2.5.2 above shall have no applicability right at any time to xxxxx, reduce, or set-off any rent due hereunder except as may be expressly provided in determining this Lease. Tenant waives and releases all statutory liens and offset rights as to rent. If Tenant is delinquent in any monthly installment of Total Rent or of estimated Operating Expenses beyond 5 days after the calculation of the Minimum Rent due during the first Lease Year of any Renewal Term.
2.5.4 Within sixty (60) days of the end of each Lease Yeardate thereof, and after notice as provided below, Tenant shall deliver pay to Landlord on demand a report in a form mutually agreed upon by Landlord and Tenant, certified by an officer or general partner late charge equal to 5 percent of Tenant, as applicable, setting forth the calculations required by the application of this Section 2.5such delinquent sum. If said report provides that Tenant owes Landlord any sum of money, Tenant shall accompany such report delivered not be obligated to pay the late charge until Landlord with such funds. If said report provides that Landlord owes has given Tenant 5 days written notice of the delinquent payment (which may be given at any sum of money, such sum shall be applied as a credit against future installments of Minimum Rent and Additional Rent due from Tenant to Landlordtime during the delinquency); provided, however, if that such sum is owed by Landlord to Tenant with respect to notice shall not be required more than once in any 12-month period or four times over the last Lease Year term of the Term, Landlord Lease. The provision for such late charge shall pay such sum be in addition to Tenant within thirty (30) days all of Landlord's receipt of the report other rights and remedies hereunder or at law and shall not be construed as a penalty or as limiting Landlord's remedies in questionany manner.
2.5.5 For the purpose of comparing the Total Rent from Lease Year to Lease Year pursuant to this Section 2.5, the increase in Minimum Rent by reason of any disbursement by Landlord pursuant to Section 5.7 of the Lease or pursuant to the Development Addendum shall be treated as follows: (i) for the purpose of comparing the Total Rent in the Lease Year in which such disbursement is made against the Total Rent in the preceding Lease Year, such increase in Minimum Rent shall be ignored, and (ii) for the purpose of comparing the Total Rent in the Lease Year in which such disbursement is made to the Total Rent in the following Lease Year, such increase in Minimum Rent shall be deemed effective on the first day of the Lease Year in which the disbursement is made.
Appears in 1 contract
Samples: Lease Agreement
Total Rent. 2.5.1 For all purposes Tenant shall pay Base Rent plus TI Amortization, [defined in Addendum 1, par. 7] (collectively the "Total Rent") in the amount set forth above. The first month's Total Rent, the Security Deposit, and the first monthly installment of calculating estimated Operating Expenses (as hereafter defined) shall be due and paying Minimum payable on the date hereof, and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Total Rent on or before the first day of each calendar month succeeding the Commencement Date. Payments of Total Rent for any fractional calendar month shall be prorated. All payments required to be made by Tenant to Landlord hereunder shall be payable at such address as Landlord may specify from time to time by written notice delivered in accordance herewith. The obligation of Tenant to pay Total Rent and Additional Rent other sums to Landlord and the obligations of Landlord under this Lease, the total of the Minimum Rent and Additional Rent ("TOTAL RENT") payable by Lease are independent obligations. Tenant in any Lease Year will not be less than the Total Rent paid by Tenant for the previous Lease Year.
2.5.2 Notwithstanding any of the other terms of this Section 2 but subject to Section 2.5.3 below, the Total Rent due during each Lease Year shall not increase from one Lease Year to the next by an amount in excess of (i) two and one-half percent (2.5%), multiplied by (ii) the Total Rent due during the immediately preceding Lease Year.
2.5.3 The terms of Section 2.5.2 above shall have no applicability right at any time to abate, reduce, or set-off any rent due hereunder except as may be exxxxxxly provided in determining this Lease. Tenant waives and releases all statutory liens and offset rights as to rent. If Tenant is delinquent in any monthly installment of Total Rent or of estimated Operating Expenses beyond 5 days after the calculation of the Minimum Rent due during the first Lease Year of any Renewal Term.
2.5.4 Within sixty (60) days of the end of each Lease Yeardate thereof, and after notice as provided below, Tenant shall deliver pay to Landlord on demand a report in a form mutually agreed upon by Landlord and Tenant, certified by an officer or general partner late charge equal to 5 percent of Tenant, as applicable, setting forth the calculations required by the application of this Section 2.5such delinquent sum. If said report provides that Tenant owes Landlord any sum of money, Tenant shall accompany such report delivered not be obligated to pay the late charge until Landlord with such funds. If said report provides that Landlord owes has given Tenant 5 days written notice of the delinquent payment (which may be given at any sum of money, such sum shall be applied as a credit against future installments of Minimum Rent and Additional Rent due from Tenant to Landlordtime during the delinquency); provided, however, if that such sum is owed by Landlord to Tenant with respect to notice shall not be required more than once in any 12-month period or four times over the last Lease Year term of the Term, Landlord Lease. The provision for such late charge shall pay such sum be in addition to Tenant within thirty (30) days all of Landlord's receipt of the report other rights and remedies hereunder or at law and shall not be construed as a penalty or as limiting Landlord's remedies in questionany manner.
2.5.5 For the purpose of comparing the Total Rent from Lease Year to Lease Year pursuant to this Section 2.5, the increase in Minimum Rent by reason of any disbursement by Landlord pursuant to Section 5.7 of the Lease or pursuant to the Development Addendum shall be treated as follows: (i) for the purpose of comparing the Total Rent in the Lease Year in which such disbursement is made against the Total Rent in the preceding Lease Year, such increase in Minimum Rent shall be ignored, and (ii) for the purpose of comparing the Total Rent in the Lease Year in which such disbursement is made to the Total Rent in the following Lease Year, such increase in Minimum Rent shall be deemed effective on the first day of the Lease Year in which the disbursement is made.
Appears in 1 contract
Samples: Lease Agreement (Celerity Group Inc)
Total Rent. 2.5.1 For all purposes of calculating and paying Minimum Rent and Additional Rent under this Lease, the total of the Minimum Rent and Additional Rent ("TOTAL RENT") payable by Tenant in any Lease Year will not be less than the Total Rent paid by Tenant for the previous Lease Year.
2.5.2 Notwithstanding any of the other terms of this Section 2 but subject to Section 2.5.3 below, the Total Rent due during each Lease Year shall not increase from one Lease Year to the next by an amount in excess of (i) two and one-half percent (2.5%), multiplied by (ii) the Total Rent due during the immediately preceding Lease Year.
2.5.3 The terms of Section 2.5.2 above shall have no applicability in determining the calculation of the Minimum Rent due during the first Lease Year of any Renewal Term.
2.5.4 Within sixty (60) days of the end of each Lease Year, Tenant shall deliver to Landlord a report in a form mutually agreed upon by Landlord and Tenant, certified by an officer or general partner of Tenant, as applicable, setting forth the calculations required by the application of this Section 2.5. If said report provides that Tenant owes Landlord any sum of money, Tenant shall accompany such report delivered to Landlord with such funds. If said report provides that Landlord owes Tenant any sum of money, such sum shall be applied as a credit against future installments of Minimum Rent and Additional Rent due from Tenant to Landlord; provided, however, if such sum is owed by Landlord to Tenant with respect to the last Lease Year of the Term, Landlord shall pay such sum to Tenant within thirty (30) days of Landlord's receipt of the report in question.
2.5.5 For the purpose of comparing the Total Rent from Lease Year to Lease Year pursuant to this Section 2.5, the increase in Minimum Rent by reason of any disbursement by Landlord pursuant to Section 5.7 of the Lease or pursuant to the Development Addendum shall be treated as follows: (i) for the purpose of comparing the Total Rent in the Lease Year in which such disbursement is made against the Total Rent in the preceding Lease Year, such increase in Minimum Rent shall be ignored, and (ii) for the purpose of comparing the Total Rent in the Lease Year in which such disbursement is made to the Total Rent in the following Lease Year, such increase in Minimum Rent shall be deemed effective on the first day of the Lease Year in which the disbursement is made.
Appears in 1 contract
Samples: Lease and Security Agreement (American Retirement Corp)