Lease Years definition
Lease Years means successive periods of twelve (12) full calendar months, beginning on the Commencement Date. If the Commencement Date is not the first day of a month, then the first Lease Year also includes the partial month in which the Commencement Date occurs.
Lease Years. (defined below) after the Commencement Date unless sooner terminated as herein provided (including any option terms, the "TERM"). If Landlord gives and Tenant accepts possession prior to the Commencement Date, such occupancy shall be subject to all the terms and conditions of this Lease and rent and other charges shall be prorated to the date that Tenant takes possession of the Premises.
Lease Years as set forth in Section 4, Rent, shall be deleted and shall be replaced with the following: "During the first five (5) lease years (the "First Five Lease Years"), Tenant shall pay Landlord monthly rent (the "Monthly Rent") as follows: MONTHS PER MONTH 1 through 60 $4,326.83"
Examples of Lease Years in a sentence
For purposes of calculating City’s damages comprising Base Rent based on Gross Revenues, that amount will be computed by determining the highest Base Rent accruing in any Lease Year during the immediately preceding three Lease Years or such shorter period if the Term prior to termination was less than three Lease Years.
Landlord's delay in submitting any statement contemplated herein for any Lease Year shall not affect the provisions of this Paragraph, nor constitute a waiver of Landlord's rights as set forth herein for said Lease Year or any subsequent Lease Years during the Lease Term or any extensions thereof.
Thereafter, for the first seven (7) Lease Years, Rent shall be payable by Tenant in consecutive monthly installments equal to one-twelfth (1/12th) of the Rent amount for the applicable Lease Year on the first (1st) day of each calendar month (or the immediately preceding Business Day if the first (1st) day of the month is not a Business Day), in advance for such calendar month, during that Lease Year.
This requirement applies to prorated Lease Years at the start and end of the Lease.
The process for the Market Adjustment will commence on the date that is 90 days after the first day of Lease Years 15, 30, 45, 60, 75, and 90 as applicable (the “Market Date”).
More Definitions of Lease Years
Lease Years means more than one (1) Lease Year. A "Partial Lease Year" means if the Completion Date is a date other than November 1, then the period from the Completion Date to the first day of the first Lease Year. Unless otherwise expressly provided for herein, all terms and conditions herein shall apply the same to a Partial Lease Year as to a Lease Year; provided, however, that all payments and other financial obligations shall be apportioned or prorated pursuant to Section 31.7 hereof.
Lease Years means the consecutive twelve (12) month periods commencing with the Commencement Date or, if the Commencement Date falls other than on the first day of a calendar month, then commencing the first day of the first calendar month following the Commencement Date. The fraction of the month (if any) following the Commencement Date and prior to the commencement of the first Lease Year shall be deemed to be part of the first Lease Year. If Landlord employs fiscal years not constituting calendar years, the term “calendar years” shall be deemed, at Landlord’s election, to mean the consecutive twelve (12) month periods comprising Landlord’s fiscal years.
Lease Years as used herein shall be a period of twelve (12) successive calendar months, except that if the term commences on a day other than the first day of a calendar month, then the initial fractional month together with the next succeeding twelve (12) calendar months shall constitute the first Lease Year. The term of this Lease shall commence upon ("Commencement Date"): ____________, 1995.
Lease Years herein means each twelve month annual period, commencing with the first day of the Extension Period without regard to calendar years. The option to extend may be exercised only by giving Landlord written notice thereof no earlier than one year and no later than six months prior to the commencement of the Extension Period. Said exercise shall, at Landlord's election, be null and void if Tenant is in default under the Lease at the date of said notice or at any time thereafter and prior to commencement of the Extension Period. Within thirty (30) days after receiving Tenant's notice exercising such option to extend, Landlord shall provide Tenant notice of the Extension Rate. If such Extension Rate is higher than Tenant desires, Tenant may revoke its exercise of such option to extend, by written notice to Landlord given no later than five (5) days after Landlord's notice providing the Extension Rate, notwithstanding anything to the contrary herein contained. If Tenant shall not revoke its exercise of the option, and shall dispute the rate provided by Landlord, Tenant shall pay the rate provided by Landlord until the matter is resolved (by litigation or otherwise), subject to retroactive adjustment after the matter is so resolved. If Tenant shall fail to exercise or shall revoke the option herein provided, said option shall terminate, and shall be null and void and of no further force and effect. Tenant's exercise of said option shall not operate to cure any default by Tenant of any of the terms or provisions in the Lease, nor to extinguish or impair any rights or remedies of Landlord arising by virtue of such default. If the Lease or Tenant's right to possession of the Premises shall terminate in any manner whatsoever before Tenant shall exercise the option herein provided, or if Tenant shall have subleased or assigned all or any portion of the Premises, then immediately upon such termination, sublease or assignment, the option herein granted to extend the Term, shall simultaneously terminate and become null and void. Such option is personal to Tenant. Under no circumstances whatsoever shall the assignee under a complete or partial assignment of the Lease, or a subtenant under a sublease of t he Premises, have any right to exercise the option to extend granted herein. Time is of the essence of this provision. A sublease or assignment pursuant to the provisions on page 9A shall not operate so as to deprive Tenant of the Option to Extend contained herein.
Lease Years plus the partial month, if any, in which the rental commences. "Lease Year" shall mean a period of twelve consecutive calendar months. The parties hereto acknowledge that certain obligations under various articles hereof may commence prior to the lease term, i.e. construction, hold harmless, liability insurance, etc.: and the parties agree to be bound by these articles prior to commencement of the lease term. Beyond the lease term, month-to-month renewal shall occur automatically unless Tenant gives 30 days' written notice or Landlord gives 60 days' written notice.
Lease Years. (as defined below) and four (4) months, commencing on the earlier to occur of July 1, 2006, or the date the "Leasehold Improvement" (as defined in Exhibit F) are substantially complete (the earlier to occur of such dates shall hereinafter be referred to as the "Commencement Date"), and expiring on the date which occurs seven (7) Lease Years and four (4) months thereafter, both dates inclusive, unless sooner terminated in accordance with the provisions of this Lease.
Lease Years. The first Percentage Rental period shall be extended from the commencement date of the Lease to the last day of the month proceeding the first anniversary of the commencement date of this Lease. Subsequent Percentage Rental periods shall commence on each anniversary of the commencement date of this Lease Year. Percentage Rental for any partial Lease Year, whether the first or last year shall be computed on a pro-rata basis. Each Lease Year shall be considered as an independent accounting period for the purposes of computing the amount of Percentage Rental. The Percentage Rental payable by TENANT to the LANDLORD as described in this article shall begin upon the Gross Sales of the TENANT, from the leased premises as defined above reaching One Million Three Hundred Twenty Five Thousand Five Hundred Sixty Seven Dollars. ($433.33 sq. ft. break point). At which time TENANT shall pay three percent (3%) of Gross Sales above this amount to LANDLORD. Should TENANT's sales reach this amount the Percentage Rental payment due hereunder shall be paid within thirty (30) days following the end of the Lease Year. At the expiration of this Lease or any renewal option hereunder TENANT's Percentage Rental payment, if any, due hereunder shall be made within thirty (30) days of such expiration date. Gross sales must be reported monthly.