Fixed Base Rent definition
Examples of Fixed Base Rent in a sentence
All amounts due hereunder shall be payable to Landlord at the place where the Fixed Base Rent is payable.
In the event Tenant remains in possession of the Premises after termination of this Lease, and without the execution of a new lease, Tenant, at the option of Landlord shall be deemed to be occupying the Premises as a tenant from month to month, at twice the Fixed Base Rent subject to all the other conditions, provisions and obligations of this Lease insofar as the same are applicable to a month-to-month tenancy.
Unless this Lease is cancelled as hereinafter provided, the Fixed Base Rent provided for herein commencing with the date possession is acquired by the condemning authority, shall be reduced in proportion to the amount of the Premises taken.
Upon the date specified in such notice, the Term and all right, title, and interest of Tenant hereunder shall cease and come to an end, provided Tenant is not in default under this Lease on such date, and Fixed Base Rent, Percentage Rent and other charges shall be apportioned as of the date of such termination.
Landlord covenants and agrees that the Tenant upon paying the Fixed Base Rent, additional rent and all other charges herein provided for and performing and fulfilling the covenants, agreements, and conditions of this Lease on the Tenant's part to be performed and fulfilled, shall peaceably and quietly hold, occupy and enjoy the Premises during the Term without hindrance or molestation by the Landlord or any person (s) claiming under the Landlord, subject, however, to the terms and conditions of this Lease.
If Tenant defaults with respect to any provision of this Lease, including, but not limited to the provisions relating to the payment of Fixed Base Rent, additional rent and other charges, Landlord may use, apply or retain all or any part of this security deposit for payment of any such rent or other sum in default, or for the payments of any other amount which Landlord may spend or become obligated to spend by reason of Tenant's default.
In addition, any Rent which is not paid within thirty (30) days after it is due, including monthly Fixed Base Rent, will accrue interest at a rate equal to the Prime Rate as defined herein plus five percent (5%) per annum, from the date on which it was due until the date on which it is paid in full with accrued interest.
The parties recognize and agree that the damage to Landlord resulting from any failure by Tenant to timely surrender possession of the Demised Premises as aforesaid will be extremely substantial, will exceed the amount of the monthly installments of the Fixed Base Rent and Additional Rent theretofore payable hereunder, and will be impossible to accurately measure.
Landlord covenants that if and so long as Tenant pays Fixed Base Rent and any Additional Rent as herein provided and performs Tenant’s covenants hereof, Landlord shall do nothing to affect Tenant’s right to peacefully and quietly have, hold and enjoy the Demised Premises for the term herein defined, subject to all provisions of this Lease and to any mortgage to which this Lease shall be subordinate.
In accordance with HKFRS 16 “Leases”, the Group will recognize the value of the right-of-use asset on its consolidated statement of financial position in connection with the Fixed Base Rent in relation to the sublease of the Premises under the Sublease Agreement.