Common use of Triple Net Rent Clause in Contracts

Triple Net Rent. In addition to the Basic Rent hereinbefore reserved, except as otherwise provided in the Lease, Tenant shall pay any and all of the charges, costs and expenses arising out of its use or occupation of the demised premises of whatsoever nature, kind or description as additional rent. In the event of non-payment, Landlord shall have all the rights and remedies herein provided and as provided by law in the case of non-payment of rent or of breach of condition. If the Tenant shall default in making any payment required to be made by the Tenant, or shall be in default in performing any terms, covenants, or conditions of this Lease on the part of the Tenant to be performed, which shall involve the expenditure of money by Tenant, Landlord, at its option, may after ten (10) days written notice to Tenant, expend such sums as may be necessary to perform and fulfill such terms, covenants or conditions, and any and all sums so expended by Landlord, with interest thereon at the rate of 15% per annum from the date of such expenditure shall be and be deemed to be additional rent, and shall be repaid by Tenant to Landlord on demand, and in the case of non-payment of any other additional rent. However, no such payment or expenditure by Landlord shall be deemed a waiver of Tenant's default nor shall it affect any of the remedies of Landlord by reason of such default. It is the intention of the parties that the rent specified herein shall be triple net to the Landlord and the Landlord shall be indemnified by the Tenant against all the costs, expenses and charges arising out of Tenant's use or occupation of the demised premises or any part thereof during the term of this Lease Agreement except as otherwise provided in Lease Agreement. In the event that the tenant vacates the premises prior to the expiration of the lease, without the express written permission of the landlord or, in the event the tenant abandons the premises and fails to maintain occupancy and removes property from the demised premises, the rent for the balance of the unexpired term shall, at once, become fully due and payable at the option of the landlord.

Triple Net Rent. In addition The rent paid by Lessee will be on a triple net basis. Lessee agrees to pay as additional rent an amount equal to Lessee’s Pro Rata Share of the following, collectively called “Additional Rent”: (a) all ad valorem taxes on the Leased Premises and all improvements thereon (including, without limitation, the Leased Premises (b) all premiums for insurance carried by Landlord on the improvements and operations situated on the Park and/or Leased Premises (c) Common Area Maintenance Charges, and all expenses and liabilities incurred by Landlord in connection with its possession of the Park and/or Leased Premises, including without limitation, deductibles on insured claims, and for the purposes of the foregoing, the amount of the said deductible(s) shall be passed through to the Basic Rent hereinbefore reserved, except as otherwise provided Lessee in the Lease, Tenant shall pay any and all year of the charges, costs and expenses arising out of its use or occupation occurrence of the demised premises event causing such claim based on the amount of whatsoever nature, kind or description as additional rent. In the event of non-payment, Landlord shall have all the rights and remedies herein provided and as provided by law deductible set forth in the case policy. For purposes of non-payment of rent or of breach of condition. If this Sublease, the Tenant phrase “Common Area Maintenance Charges” (“CAM”) shall default in making any payment required to be made by the Tenantmean for each calendar year, or shall be in default in performing any termsportion thereof, covenantsduring the Sublease Term, or conditions the aggregate of this Lease on the part of the Tenant to be performed, which shall involve the expenditure of money by Tenant, Landlord, at its option, may after ten (10) days written notice to Tenant, expend such sums as may be necessary to perform and fulfill such terms, covenants or conditions, and any and all sums so expended by Landlord, with interest thereon at the rate of 15% per annum from the date of such expenditure shall be and be deemed to be additional rent, and shall be repaid by Tenant to Landlord on demand, and in the case of non-payment of any other additional rent. However, no such payment or expenditure by Landlord shall be deemed a waiver of Tenant's default nor shall it affect any of the remedies of Landlord by reason of such default. It is the intention of the parties that the rent specified herein shall be triple net to the Landlord and the Landlord shall be indemnified by the Tenant against all the costs, expenses and charges arising out liabilities of Tenant's use every kind or occupation nature paid or incurred by Landlord to operate, manage, maintain and repair the common area and all other improvements on the Park and/or Leased Premises, including, without limitation, those paid or incurred in connection with the sweeping, cleaning, removing of debris from, maintaining, re-striping, and repairing the common areas; the cost of supplying water, electricity, gas, sewer disposal and/or garbage pickup and disposal, and monitoring and security services with respect to the common areas (all of which Landlord is obligated to furnish; providing the Park and/or Leased Premises identification signs and the repair and maintenance of the demised premises pylons and all signs thereon: providing traffic control, if any; constructing, maintaining and repairing any on-site and off-site utilities necessary or appropriate for operation of the common areas; maintaining, repairing and renovating the Park and/or Leased Premises; plus all other costs and expenses of every kind or nature paid or incurred by Landlord relative to maintaining, managing, repairing, renovating, and equipping the common areas in the Park and/or Leased Premises. The portion of CAM attributable to Lessee herein for the replacement of any HVAC system or component thereof, any roof or portion thereof, or any part thereof during the term of other system or component for which Landlord must replace pursuant to this Lease Agreement except as otherwise provided in Lease Agreement. In the event that the tenant vacates the premises prior Sublease shall be limited to the expiration cost of the lease, without replacement divided by the express written permission total expected service life of the landlord oritem so replaced (in months) multiplied by the number of months that have passed since the Effective Date of the Sublease, in which number shall then be further multiplied by the event product of the tenant abandons total square footage of the premises Park and/or Leased Premises, as the case may be, divided by the square footage of the Park and/or Leased Premises leased by Lessee. Common areas of the Park and/or Leased Premises are those parts of the Park and/or Leased Premises designated by Landlord for the common and fails to maintain occupancy and removes property from the demised premisesnon-exclusive use of all Lessees, including, among other facilities, the rent for parking areas, sidewalks, landscaped areas, curbs, loading areas, private streets and alleys, lighting facilities, signs erected or maintained by Landlord advertising or identifying the balance Park and/or Leased Premises and service drives, all of which shall be subject to the unexpired term shall, at once, become fully due Landlord’s sole management and payable at the option of the landlordcontrol.

Triple Net Rent. In addition Rent payable under this Lease shall be “Net, Net, Net”. Commencing on the Rent Commencement Date with respect to the Basic Rent hereinbefore reservedproperty taxes, except as otherwise provided in the Leaseand Delivery Date with respect to insurance premiums and all other items that constitute Additional Rent, Tenant shall pay any and pay, as Additional Rent, all of the charges, costs and expenses of every kind and nature whatsoever, ordinary and extraordinary, arising out of its or in connection with the operation, maintenance, repair, replacement, use or occupation and occupancy of the demised premises Premises during the Term of whatsoever naturethis Lease, kind or description including, without limitation, all real estate taxes, insurance premiums and utilities. Additional Rent shall include any amount of Base Rent that would have otherwise been payable by Tenant during a period of time that the achievement of Substantial Completion of the Improvement under the Design-Build Agreement was delayed as additional rent. In a result of a Tenant's Retained Obligation, as such period of delay is documented in a Change Order under the event of nonDesign-payment, Landlord shall have all the rights Build Agreement; and remedies herein provided and as provided by law in the case of non-payment of rent or of breach of condition. If the Tenant shall default in making any payment required to be made by the Tenant, or such Additional Rent shall be in default in performing any terms, covenants, or conditions of this Lease invoiced by Landlord on the part of the Tenant to be performed, which shall involve the expenditure of money by Tenant, Landlord, at its option, may after ten (10) days written notice to Tenant, expend such sums as may be necessary to perform and fulfill such terms, covenants or conditions, and any and all sums so expended by Landlord, with interest thereon at the rate of 15% per annum from the date of such expenditure shall be and be deemed to be additional rent, a monthly basis and shall be repaid payable by Tenant to Landlord on demandwithin thirty (30) days thereafter by Tenant. Notwithstanding the foregoing, and except for Tenant’s Retained Obligations (as hereinafter defined), Tenant shall not be obligated to pay any costs or amounts payable or incurred in connection with installation, construction, repair or other work under the Design-Build Agreement. The following, to the extent that they result in an increase in the case cost of the Work under the Design-Build Agreement, shall constitute “Tenant’s Retained Obligations”:‌ (a) Any delay in the Substantial Completion Date directly attributable to and documented in a Change Order voluntarily initiated by College that results in a delay. (b) Any delay in the Substantial Completion Date directly attributable to any matter of title existing on the date hereof (including, without limitation covenants contained on any plat of the Property) or non-payment of any other additional rent. However, no such payment or expenditure by Landlord shall be deemed a waiver of Tenant's default nor shall it affect any of the remedies of Landlord by reason of such default. It is the intention of the parties that the rent specified herein shall be triple net compliance with zoning requirements (to the Landlord and the Landlord shall be indemnified by the Tenant against all the costs, expenses and charges extent not arising out of TenantDesign-Builder's use breach or occupation non-performance with the terms, conditions and requirements of the demised premises Design-Build Agreement) or failure to obtain necessary permitting for the performance of the Work (to the extent not arising out of Design-Builder's breach or non-performance with the terms, conditions and requirements of the Design-Build Agreement); provided that College shall be promptly notified of the occurrence of any part thereof during such event or circumstances and the term of this Lease Agreement except as otherwise provided parties shall diligently cooperate and coordinate to mitigate and address such event or circumstance and the impact on the Scheduled Substantial Completion Date is documented in Lease Agreement. In a Change Order. (c) Any delay in the event that Substantial Completion Date directly attributable to College failing to deliver sufficient funds to fulfill its obligations under voluntary Change Orders initiated by College. (d) Any delay in the tenant vacates Substantial Completion Date directly attributable to Hazardous Conditions in existence at the premises Property prior to the expiration effective date of the lease, without the express written permission DBAA Agreement; provided that College shall be promptly notified of the landlord or, occurrence of any such event or circumstances and the parties shall diligently cooperate and coordinate to mitigate and address such event or circumstance and the impact on the Scheduled Substantial Completion Date is documented in a Change Order. (e) Any delay in the event Substantial Completion Date beyond the tenant abandons the premises and fails to maintain occupancy and removes property from the demised premises, the rent revised Substantial Completion Date reasonably proposed by Landlord in connection with a proposed termination for the balance convenience of the unexpired term shall, at once, become fully due and payable at Design-Build Agreement directly attributable to College unreasonably withholding its consent to Landlord's recommendation for a termination for convenience of Design-Builder under the option Design- (f) Any delay in the Substantial Completion Date attributable to any Differing Site Condition (as described in Section 12.23 of the landlordGeneral Conditions) prior to the effective date of the DBAA Agreement, provided that College shall be promptly notified of the occurrence of any such event or circumstances and the parties shall diligently cooperate and coordinate to mitigate and address such event or circumstance and the impact on the Scheduled Substantial Completion Date is documented in a Change Order.