Common use of Amortized Payments Clause in Contracts

Amortized Payments. As of the end of each calendar quarter during the Project, the rent shall be increased as follows. The Total Quarterly Project Payments for each calendar quarter, together with interest at the rate of 10% per annum, amortized over the period of time from the end of the subject calendar quarter through December 31, 2013, results in a certain monthly amortized payment of principal and interest, hereinafter called the "Amortized Payment." The current monthly base rent of $30,000 shall be increased by the amount of each Amortized Payment effective on the first day of the month following each calendar quarter. The foregoing calculation shall be made as of the end of each calendar quarter, and the Amortized Payment resulting from such calculation shall be added to the monthly base rent and shall be payable as additional rent for the entire amortization period through December 31, 2013. Accordingly, all Amortized Payments for the Project shall be paid in full as of December 31, 2013. Lessee may prepay and pay off the remaining principal balance for any or all Amortized Payments, at any time, without any prepayment penalty. Notwithstanding anything to the contrary contained in the Lease, there shall be no rental escalations (as described in paragraph 8 below) in the portion of the rent that constitutes the Amortized Payments.

Amortized Payments. As of the end of each calendar quarter during the Project, the rent shall be increased as follows. The Total Quarterly Project Payments for each calendar quarter, together with interest at the rate of 10% per annum, amortized over the period of time from the end of the subject calendar quarter through December 31, 2013, results in a certain monthly amortized payment of principal and interest, hereinafter called the "Amortized Payment." The current monthly base rent of $30,000 39,000 shall be increased by the amount of each Amortized Payment effective on the first day of the month following each calendar quarter. The foregoing calculation shall be made as of the end of each calendar quarter, and the Amortized Payment resulting from such calculation shall be added to the monthly base rent and shall be payable as additional rent for the entire amortization period through December 31, 2013. Accordingly, all Amortized Payments for the Project shall be paid in full as of December 31, 2013. Lessee may prepay and pay off the remaining principal balance for any or all Amortized Payments, at any time, without any prepayment penalty. Notwithstanding anything to the contrary contained in the Lease, there shall be no rental escalations (as described in paragraph 8 below) in the portion of the rent that constitutes the Amortized Payments.