Examples of Basic Rent in a sentence
Notwithstanding anything to the contrary contained herein, should Lessee fail to pay any installment of Basic Rent or Additional Rent punctually on the due date thereof, Lessee shall pay to Lessor as additional rent, a late charge equal to five (5%) percent of such installment.
Any termination under this section shall have the same effect as termination of the term of this Lease or any renewal thereof, as if the date on which possession of the Premises is taken by the condemning authority were stated as the time for termination of the Lease term or any renewal thereof, and Lessor and Lessee shall account for Basic Rent, Additional Rent and other amounts payable by Lessee as of that date.
The Bonds will be payable by the Issuer solely out of the Basic Rent, proceeds and receipts and other security pledged hereby.
As described in Section 7.01 of the Lease Agreement, the Issuer will assign and pledge to the Purchaser all right, title and interest of the Issuer in and to the Lease Agreement (except for Unassigned Rights), including without limitation the right to receive payments of Basic Rent thereunder.
The Basic Rent is sufficient in amount to ensure the prompt payment of the principal and accrued interest on the Bonds and the entire amount of the Basic Rent is pledged to the payment of principal and accrued interest on the Bonds.