Base Rent. As of the Commencement Date, Tenant covenants and agrees to timely pay without notice, deduction, off-set or abatement to the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month, Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments of Base Rent shall be paid on the first (1st) day of each month during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by law.
Appears in 3 contracts
Sources: Commercial Lease Addendum (Integral Systems Inc /Md/), Lease Agreement (Integral Systems Inc /Md/), Lease Agreement (Integral Systems Inc /Md/)
Base Rent. As of the Commencement Date, Tenant covenants and agrees to timely pay without notice, deduction, off-set or abatement to the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1sta) day of each month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee in United States dollars at the address for Landlord specified in the first paragraph of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If this Lease, during the Term hereof commences of this Lease the Base Rent as set forth in Section 1, except as otherwise set forth below. The Base Rent shall commence to accrue on any day other than the first day or expires on any day other than the last day of the monthCommencement Date; however, no Base Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basispayable until the Rent Commencement Date. On the Rent Commencement Date, and Tenant shall pay all succeeding installments Base Rent that has accrued from the Commencement Date (i.e. six (6) months of Base Rent payments). Thereafter, Tenant shall pay Base Rent monthly in accordance with this Article 4. All payments of Base Rent shall be paid made without notice in equal monthly installments in advance on the first (1st) day of each and every month of the Term hereof, commencing on the Rent Commencement Date. If the Rent Commencement Date falls on a date other than the first calendar day of a month, or the Termination Date falls on a date other than the last calendar day of a month, then the Base Rent due for such partial month shall be prorated based upon the actual number of days falling within said month.
(b) Commencing as of the first day of the month of the fifth anniversary of the Commencement Date and on the first day of the month of each successive five (5) year period thereafter, there will be an adjustment (hereinafter referred to as the “Base Rent Adjustment”) in each component of Base Rent other than Turnover Rent calculated by adding to such component of Base Rent in effect during the term hereofimmediately preceding Year the product of: (i) such component of Base Rent multiplied by (ii) the positive percentage increase in the Consumer Price Index between Year 1 of such immediately preceding 5 Year period and Year 5 of such immediately preceding 5 Year period, provided that such Base Rent shall never be less than the Base Rent for the immediately preceding Year. Should The following example is included for illustration purposes regarding the calculation of the Base Rent Adjustment: if the Base Rent in effect prior to the Base Rent Adjustment is $30,000 per month and the positive percentage increase in the Consumer Price Index between Year 1 and Year 5 of the preceding 5 Year period is 5%, the Base Rent shall be adjusted as follows: $30,000 plus ($30,000 multiplied by 5% which equals $1500), such that the adjusted Base Rent shall be $31,500 for the next 5 Year period.
(c) The “Consumer Price Index” shall be the Index for All Urban Consumers, U. S. Cities Average published by the Bureau of Labor Statistics of the U.S. Department of Labor. If the Consumer Price Index shall cease to be published, there shall be substituted therefor a price index published by the Bureau of Labor Statistics, or its successor government agency, which is intended to be representative of substantially similar changes in the cost of living as mutually agreed upon by Landlord and Tenant.
(d) As used herein, “Turnover Rent” shall mean one and one half percent (1.5%) of all gross monthly sales defined as all sales of cannabis, cannabis-infused products and non-cannabis products sold by Tenant, any assignee of Tenant or any subtenants of the Premises. All sales as referenced in the preceding sentence shall include, without limitation, sales tracked through state approved tracking software and include sales to patients via the dispensary or delivery or, via wholesale transactions with a licensed Registered Marijuana Dispensary or other legal transactions permitted under Massachusetts law. Tenant hereby represents and warrants to Landlord that Tenant shall include provisions requiring subtenants of the Premises to pay Turnover Rent in all subleases entered into by Tenant with respect to the Premises. Landlord shall have the right to request confirmation of such representation from time to time. If Turnover Rent is payable as Base Rent, Tenant shall pay such Turnover Rent one month in arrears not later than ten (10) days following the end of the month for which Turnover Rent is payable. Tenant shall require monthly accounting of gross sales from all subtenants so that Tenant can determine the amount of Turnover Rent that shall be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of defaultowed each month, and Tenant must cover said check with certified funds plus the penalty contained hereinshall provide copies of such monthly accounting records to Landlord when Tenant pays Turnover Rent. Landlord may also seek additional relief as provided by lawshall have the right to audit Tenant’s records with respect to the monthly gross sales of its subtenants for the purpose of confirming the Turnover Rent paid not more than once per year.
Appears in 3 contracts
Sources: Share Purchase Agreement (AmeriCann, Inc.), Share Purchase Agreement (AmeriCann, Inc.), Share Purchase Agreement (AmeriCann, Inc.)
Base Rent. As of the Commencement Date, Tenant covenants and agrees to timely pay without notice, deduction, off-set or abatement to the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant Lessee shall pay to Landlord an administrative fee Lessor a minimum monthly rental (the “Base Rent”), in arrears, calculated as follows. Beginning with calendar month immediately following the earlier of $250.00 and attorneys fees of $250.00 (total of $500.00i) together with any one hundred eighty (180) days following the Effective Date, or (ii) the date that Lessee enters into a credit facility, or receives other sums due as an essential part debt or equity financing, to provide substantial funding for the construction of the cure Plant, then, for such month and the succeeding twenty three (23) consecutive calendar months thereafter, Lessee shall pay the Base Rent of defaultForty One Thousand Six Hundred Sixty Seven Dollars ($41,667.00) per month; and, for each calendar month thereafter for so long as this Lease remains in effect, the Base Rent of Eighty Three Thousand Three Hundred Thirty Three Dollars ($83,333.00) per month. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month, Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments Payments of Base Rent shall be paid on or before the first twentieth (1st20th) day of each the next succeeding calendar month following the month for which such Base Rent is accrued. Lessee shall provide written notice to Lessor within three days following the occurrence of the condition in clause (ii) above. In the event Lessee pays Base Throughput Payments or Supplemental Throughput Payments pursuant to Section 3.02(a) or (b) below for coal transported, processed, loaded or shipped over, through or on the Surface Property in such calendar month sufficient to equal the minimum monthly rental, no minimum monthly rental shall be due with respect to such month. If Lessee does not transport, process, load or ship sufficient coal during such calendar month to pay Base Throughput Payments or Supplemental Throughput Payments equal to the term hereofmonthly Base Rent, then Lessee shall pay the difference between the Base Rent for such month and such Base Throughput Payments and Supplemental Throughput Payments, if any, paid for coal transported, processed, loaded or shipped over, through or on the Surface Property during such month. Should Tenant Base Rent payments in excess of such Base Throughput Payments and Supplemental Throughput Payments in any calendar month shall be fully recoupable by Lessee by crediting the same against such Base Throughput Payments and Supplemental Throughput Payments thereafter due to Lessor, if any, until fully recouped by Lessee. Lessor shall not be required to refund any unrecouped Base Rent paid by Lessee and not recouped from Base Throughput Payments or Supplemental Throughput Payments pursuant hereto. Notwithstanding the foregoing, the first Fifty Thousand Dollars ($50,000.00) in defaultBase Rent shall not be recoupable and shall be paid to Lessor without crediting Base Throughput Payment or Supplemental Throughput Payment against the same. Simultaneously herewith, Landlord may collect $50.00 per day penalty Lessor and Lessee have entered into that certain Mutual Cooperation Agreement of even date herewith, a copy of which is attached hereto as Exhibit D and incorporated herein by reference (the “Cooperation Agreement”). In the event Lessee leases or subleases additional property from Lessor pursuant to the exercise of rights under the Cooperation Agreement or otherwise, Lessor and Lessee shall adjust the Base Rent to reflect the addition of coal reserves in accordance with the provisions of the Cooperation Agreement. In no event shall the Base Rent be less than the Base Rent established in the first paragraph of this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawSection 3.01.
Appears in 3 contracts
Sources: Surface Rights Lease, Surface Rights Lease (Ramaco Resources, Inc.), Surface Rights Lease (Ramaco Resources, Inc.)
Base Rent. As In addition to Tenant’s obligation to pay Base Rent for the Original Premises, Tenant shall pay Landlord Base Rent for the Expansion Space as follows: 2/15/13* - 2/14/14 $ 28.80 $ 480,211.20 $ 40,017.60 2/15/14 - 2/14/15 $ 30.00 $ 500,220.00 $ 41,685.00 2/15/15 - 2/14/16 $ 31.20 $ 520,228.80 $ 43,352.40 2/15/16 - 2/14/17 $ 32.40 $ 540,237.60 $ 45,019.80 2/15/17 - 2/14/18 $ 33.60 $ 560,246.40 $ 46,687.20 2/15/18 - 2/14/19 $ 34.80 $ 580,255.20 $ 48,354.60 All such Base Rent shall be payable by Tenant in accordance with the terms of the Commencement DateLease, as amended hereby. The Base Rent and Tenant’s Share of Expenses and Taxes due with respect to the second (2nd) month following the Expansion Effective Date shall be delivered to Landlord simultaneously with Tenant’s execution and delivery of this Amendment. Notwithstanding anything in the Lease, as amended hereby, to the contrary, so long as Tenant is not in default under the Lease, as amended hereby, Tenant covenants and agrees shall be entitled to timely pay without notice, deduction, off-set or an abatement of Monthly Installment of Rent with respect to the Landlord Premises for the first full month following the Expansion Effective Date (the “Abated Base Rent”). If Tenant defaults under the Lease, as amended hereby, at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year any time during the Term hereofand fails to cure such default within any applicable cure period under the Lease, the Rent in lawful money of the United States. then all Abated Base Rent is payable shall immediately become due and payable. Only Base Rent shall be abated pursuant to this Section, as more particularly described herein, and Tenant’s Share of Expenses and Taxes and all other rent and other costs and charges specified in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is Lease, as amended hereby, shall remain as due and payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach provisions of the Lease, as amended hereby. * Landlord and Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of acknowledge that the cure of defaultforegoing schedule is based on the assumption that the Expansion Effective Date is the Target Expansion Effective Date. If the Term hereof commences on Expansion Effective Date occurs after the Target Expansion Effective Date, the schedule set forth above with respect to the payment of any day other than the first day or expires on any day other than the last day installment(s) of the month, Base Rent for the fraction of a month at the commencement and at the end of the Term Expansion Space shall be appropriately adjusted pro rata on a per diem basisbasis to reflect the actual Expansion Effective Date, and all succeeding installments the actual Expansion Effective Date shall be set forth in a confirmation letter to be prepared by Landlord. However, the effective date of any increases or decreases in the Base Rent rate shall not be postponed as a result of an adjustment of the Expansion Effective Date as provided above. If the Expansion Effective Date occurs prior to the Target Expansion Effective Date, then, notwithstanding anything in the rent schedule above to the contrary, the annual rent per square foot shall be paid $27.60 during the period commencing on the first Expansion Effective Date and ending February 14, 2013. Beginning February 15, 2013 and ending February 14, 2014, the rental rate shown above (1sti.e., $28.80) day shall apply and the increases in Base Rent rate shall occur on February 15th of each month year during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawTerm.
Appears in 2 contracts
Sources: Office Lease Agreement (GoPro, Inc.), Office Lease Agreement (GoPro, Inc.)
Base Rent. As part of the Commencement Dateconsideration of the execution of this Lease, Tenant Lessee covenants and agrees and promises to timely pay without noticebase rent ("BASE RENT") for the Initial Term described in Section 2.A above, deduction, off-set or abatement to the Landlord at the Buildingrate of $261,912.00 per year, payable in monthly installments of $21,826.00. Base Rent during an Extension Term shall be the "Fair Market Rent" as defined in, and determined pursuant to, the provisions of the Rider, and shall be payable in equal monthly installments. Until Lessor gives Lessee other instructions, Base Rent and all other amounts due under this Lease (collectively, "ADDITIONAL RENT") shall be payable by Lessee to Lessor at the address of Lessor set forth below (or at such other address as Landlord Lessor may notify Tenant of from time to time specify in writingwriting to Lessee): Hewlett-Packard Company c/o MacMunnis, yearly and every year during the Term hereofInc. ▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇, the ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ The Base Rent payable hereunder shall be payable in lawful money legal tender of the United States. Base Rent is payable States of America, in advance, without demand and without offset, abatement or deduction (except as otherwise expressly provided in this Lease), commencing on September 15, 2004 (the monthly installments set forth "RENT COMMENCEMENT DATE") and continuing on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each calendar month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event Lease Term thereafter; provided, however that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month, Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments installment of Base Rent shall be paid on September 15, 2004. Base Rent for the first period September 15 - 30, 2004, and for any partial month at the expiration or earlier termination of this Lease, shall be pro-rated. Any Base Rent or Additional Rent (1stcollectively, "RENT") day not received by the Lessor within five (5) days after the date on which the same is due hereunder, shall be accompanied by a late charge of 5% of the amount of such overdue installment of Rent. Notwithstanding anything to the contrary contained in this Lease, provided that no "Event of Default" (as hereinafter defined) has occurred, Lessee shall be entitled to a credit against each month monthly installment of Base Rent due and payable during the term hereofInitial Term in the amount of $2,598.33 per month, commencing on the Rent Commencement Date. Should Tenant In the event that this Lease is terminated by reason of the occurrence of an Event of Default hereunder, Lessee shall not be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event entitled to such credit with respect to any period from and after the effective date of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawsuch termination.
Appears in 2 contracts
Sources: Lease Agreement (Skillsoft Public Limited Co), Lease Agreement (Skillsoft Public Limited Co)
Base Rent. As (a) Subject to adjustment as hereinafter provided in Section 4.3, and except as may be otherwise expressly provided in this Lease, Lessee shall pay to Lessor the Base Rent for the Premises set forth in Section 1.7 of the Commencement DateBasic Lease Provisions, Tenant covenants and agrees to timely without offset or deduction except as expressly provided herein. Lessee shall pay without notice, deduction, off-set or abatement to Lessor upon execution hereof the Landlord at advance Base Rent described in Section 1.8 of the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year Basic Lease Provisions. Rent for any period during the Term hereof, hereof which is for less than one month shall be prorated based upon the actual number of days of the calendar month involved. Rent shall be payable in lawful money of the United States. States to Lessor at the address stated herein or to such other persons or at such other places as Lessor may designate to Lessee in writing.
(b) The parties have agreed that the length and duration of the Design Period and the Construction Period (as such terms are defined in the Work Letter) notwithstanding, in the event that the Commencement Date shall not have occurred by the end-of the 120th day following the commencement of the Design Period, Lessee shall, subject to Lessor Delays and Force Majeure Delays, pay as special Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant an amount equal to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each $22,291.00 per month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on for the fifth (5th) day and sixth months following the commencement of the month. A penalty of fifty dollars Design Period ($50.00subject to pro ration for any partial calendar months).
(c) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord Lessee is required prevented from using, and does not use, the Premises or any portion thereof for five (5) consecutive business days or ten (10) business days in any twelve (12) month period (the “Eligibility Period”) as a result of any damage or destruction to post a 3-day notice for non-payment of rent the Premises or for any other breach repair, maintenance or alteration performed by Lessor after the Commencement Date, which interferes with Lessee’s use of the LeasePremises, Tenant shall pay or any failure to Landlord provide services or access to the Premises or because of an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part eminent domain proceeding or because of the cure presence of defaultHazardous Substances in, on or around the Building, the Premises or the Site which could, in Lessee’s business judgment and taking into account the standards, guidances and recommendations included in the definition of Applicable Laws above with respect to Hazardous Substances, pose a health risk to occupants of the Premises, that is not, in any case, caused by or attributable to Lessee or its agents, employees, invitees or contractors, then Lessee’s rent shall be abated or reduced, as the case may be, for such time after expiration of the Eligibility Period that Lessee continues to be so prevented from using, and does not use, the Premises or a portion thereof, in the proportion that the rentable area of the portion of the Premises that Lessee is prevented from using, and does not use, bears to the total rentable area of the Premises. However, in the event that Lessee is prevented from conducting, and does not conduct, its business in any portion of the Premises for a period of time in excess of the Eligibility Period, and the remaining portion of the Premises is not sufficient to allow Lessee to effectively conduct its business therein, and if Lessee does not conduct its business from such remaining portion, then for such time after expiration of the Eligibility Period during which Lessee is so prevented from effectively conducting its business therein, the rent for the entire Premises shall be abated; provided, however, if Lessee reoccupies and conducts its business from any portion of the Premises during such period, the rent allocable to such reoccupied portion, based on the proportion that the rentable area of such reoccupied portion of the Premises bears to the total rentable area of the Premises, shall be payable by Lessee from the date such business operations commence. If Lessee’s right to abatement occurs during a free rent period which arises after the Term hereof commences on any day other than the first day or expires on any day other than the last day of the monthCommencement Date, Rent Lessee’s free rent period shall be extended for the fraction number of days that the abatement period overlapped the free rent period (the “Overlap Period”). Lessor shall have the right to extend the Expiration Date for a month at period of time equal to the commencement and at Overlap Period if Lessor sends a notice to Lessee of such election within ten (10) days following the end of the Term extended free rent period. To the extent Lessee is entitled to abatement because of an event covered by Lease Sections 9 or 14, then the Eligibility Period shall not be applicable and Lessee shall be adjusted pro rata on a per diem basisentitled to rent abatement, and all succeeding installments as of Base Rent shall be paid on the first (1st) day occurrence of each month during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawsuch event.
Appears in 2 contracts
Sources: Office Building Lease (Xencor Inc), Office Building Lease (Xencor Inc)
Base Rent. As Commencing upon the Ground Lease Commencement Date and continuing through the earlier of (1) eighteen (18) months following the Ground Lease Commencement Date or (2) the date the Tenant provides written notice to the Landlord that Tenant has completed its environmental site preparation work (the “Base Rent Adjustment Date”), the base rent for the Site (“Base Rent”) shall BE [***] per annum, payable in equal installments of [***] per month and after the Base Rent Adjustment Date shall thereafter be [***] per annum, payable in equal installments of [***] per month, adjusted upward five years after the date on which the Base Rent increases to [***] per annum and every five (5) years thereafter during the Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period from the Base Rent Adjustment Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Except for the first payment of Base Rent hereunder on the Ground Lease Commencement Date, Tenant covenants and agrees to timely pay without notice, deduction, off-set or abatement to Base Rent will be due each month on the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money 1st day of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due month and shall be paid in advance on or before payable by the 15th day of that month; provided, however, that: (i) the first (1st) day payment of each month during the term hereof. Base Rent is considered late and Tenant shall be in default due ten (10) days following the Ground Lease Commencement Date and, if rent the Ground Lease Commencement Date is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day date other than the first day or expires on of the month, the first payment of Base Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (ii) the first payment of Base Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period in order to permit the Tenant to calculate the CPI Percentage Increase, as set forth below and (iii) the last payment of Base Rent shall be in a prorated amount for the period of time between the immediately preceding first day other than of the month and the last day of the month, Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments of Base Rent shall be paid on the first (1st) day of each month during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawTerm.
Appears in 2 contracts
Sources: Ground Lease Agreement (Venture Global, Inc.), Ground Lease Agreement (Venture Global, Inc.)
Base Rent. As (a) Tenant's Base Rent for the Expansion Space shall be at the following rate (and otherwise payable in accordance with the provisions of Section 4 of the Existing Lease) commencing on the Expansion Space Commencement Date: Months After Rate Per Expansion Space Rentable Monthly Commencement Date Square Foot Rent ----------------- ----------- ------- 1-36 $1.30 $10,007.40 37-48 $1.34 $10,315.32 49-60 $1.38 $10,623.24
(b) Tenant shall continue to pay Base Rent for the Existing Premises in accordance with the Existing Lease through December 31, 2000. Thereafter, for the remainder of the Term, Tenant shall pay Base Rent for the Existing Premises at the same rate per rentable square foot as Tenant is then paying for the Expansion Space (including increases at the same times as the Base Rent for the Expansion Space increases) as set forth in the chart in Section 5(a) above. By way of example only, during the forty-sixth (46th) month following the Expansion Space Commencement Date, Tenant covenants and agrees to timely shall pay without notice, deduction, off-set or abatement to Base Rent for the Landlord at Existing Premises in the Building, or such other address as Landlord may notify Tenant amount of in writing, yearly and every year during the Term hereof, the Rent in lawful money $14,395.62 per month (based on $1.34 times 10,743 rentable square feet). Section 5 of the United States. Base Rent is payable in Second Amendment and Section 6 of the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and Third Amendment shall be paid deleted in advance on or before their entirety as of January 1, 2001.
(c) Notwithstanding the first (1st) day foregoing, concurrent with Tenant's execution and delivery of each month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Leasethis Fourth Amendment, Tenant shall pre-pay to Landlord an administrative fee the first month's Base Rent owned for the Expansion Space in the amount of Ten Thousand Seven and 40/100 Dollars ($250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums 10,007.40)(which amount shall be applied to the Base Rent due as an essential part of on the cure of defaultExpansion Space for the first calendar month following the Expansion Space Commencement Date). If Should the Term hereof commences on Expansion Space Commencement Date be any day other than the first day or expires on any day other than the last day of the a calendar month, then the Base Rent for the fraction of a first partial month at and the commencement and at the end last partial month shall be equitably pro rated. Tenant shall pay to Landlord within fifteen (15) business days of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments of Expansion Space Commencement Date the Base Rent shall be paid due on the Expansion Space for the first (1st) day partial month of each month during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawTerm.
Appears in 2 contracts
Sources: Office Space Lease (Adexa Inc), Office Space Lease (Adexa Inc)
Base Rent. As 4.1. During each Lease Year of the Commencement DateLease Term, Tenant covenants shall pay the Base Rent specified in Section 1.1. On the first day of the second Lease Year and agrees to timely pay on the first day of every Lease Year thereafter during the Lease Term (including the second and any succeeding Lease Year within any Renewal Term), the Base Rent in effect shall be adjusted as provided in Section 4.2. The Base Rent shall be due and payable in equal monthly installments, without notice, deductiondemand, off-set setoff or abatement to the Landlord at the Buildingdeduction (except as otherwise expressly provided in this Lease), or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each month during each Lease Year. If the term hereof. Rent Commencement Date is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on not the fifth (5th) first day of a month, then the Base Rent from the Rent Commencement Date until the first day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month, Rent for the fraction of a following month at the commencement and at the end of the Term shall be adjusted pro rata prorated on a per diem basis, and all succeeding installments Tenant shall pay such prorated installment of the Base Rent shall be paid on the Rent Commencement Date.
(a) Commencing on the first (1st) day of each the second (2nd) Lease Year and on the first day of every Lease Year thereafter, the Base Rent shall be adjusted to reflect increases in the cost of living in the following manner:
(1) The Revised Consumer Price Index for Urban Wage Earners and Clerical Workers, 1982-84 Base Year, All Items, Washington, D.C.-MD-VA Metropolitan Area (CPI-W) as published by the Bureau of Labor Statistics of the United States Department of Labor (herein referred to as the "Index"), which is published for the bimonthly period that includes the month immediately preceding the Lease Year for which such adjustment is being made (herein referred to as the "Adjustment Index"), shall be compared with the Index published for the period twelve (12) months prior thereto (herein referred to as the "Beginning Index"). If the Adjustment Index has changed from the Beginning Index, the percentage change between the Beginning Index and the Adjustment Index shall be determined. There shall be added to such percentage change three and one-half (3 1/2) percentage points, and the resulting sum shall be referred to herein as the "Escalation Factor." For example, if the Adjustment Index is two percent (2%) higher than the Beginning Index in any particular year, then the Escalation Factor for such year shall equal five and one-half percent (5.5%), and if the Adjustment Index is one percent (1%) lower than the Beginning Index in any particular year, then the Escalation Factor for such year shall equal two and one-half percent (2.5%).
(2) The Escalation Factor determined in Step (1) above shall be multiplied by the Base Rent in effect during the term hereofimmediately-preceding Lease Year to arrive at the amount of the increase in the Base Rent for such newly-commencing Lease Year. Should Tenant In no event, however, shall the amount of such increase be greater than two and 033/1000 percent (2.033%) of the Base Rent in defaulteffect during the immediately-preceding Lease Year.
(3) The amount determined in Step (2) above (subject to the limitation set forth in the last sentence of Step (2)) shall be added to the Base Rent in effect during the immediately-preceding Lease Year to arrive at the Base Rent payable for such newly-commencing Lease Year.
(b) In no event shall the Base Rent payable during any Lease Year be less than the Base Rent payable during the immediately preceding Lease Year.
(c) If the Index is changed so that a base year other than 1982-84 is used, the Index used herein shall be converted in accordance with the conversion factor published by the Bureau of Labor Statistics of the United States Department of Labor. If the Index is discontinued or otherwise revised during the Lease Term, such other government index or computation with which it is replaced shall be used in order to obtain substantially the same result as would be obtained if the Index had not been discontinued or revised.
(d) Promptly after the adjustment in the Base Rent is determined for each Lease Year, Landlord shall submit to Tenant a statement setting forth the amount of such adjustment and the computations by which it was determined. Since the actual increase in the Base Rent may collect $50.00 per day penalty not be determined until after the start of a new Lease Year, until the actual increase in the Base Rent is determined, Tenant shall make monthly payments of Base Rent in an amount equal to the monthly installments of Base Rent payable during the immediately preceding Lease Year. Promptly after receipt of a statement from Landlord setting forth the actual increase in the monthly installments of Base Rent for such Lease Year, the difference between the monthly payments paid by Tenant and the actual amount of Base Rent determined to be owing for such months shall be determined. If the actual amount determined to be owing is greater than Tenant's payments, the deficiency shall be paid by Tenant together with the next monthly installment of Base Rent due at least fifteen (15) days after the amount of the deficiency is determined.
4.3. All sums payable by Tenant under this provision Lease shall be paid to Landlord in legal tender of the United States by wire transfer (which Tenant agrees to utilize for regular monthly installments of Base Rent and additional rent, provided Landlord has furnished Tenant with accurate wiring instructions) or 18% interest under Paragraph 36by check (subject to collection), whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus at the penalty contained herein. address to which notices to Landlord are to be given or to such other party or such other address as Landlord may also seek additional relief as provided by lawdesignate in writing. Landlord's acceptance of rent after it shall have become due and payable shall not excuse a delay upon any subsequent occasion or constitute a waiver of any of Landlord's rights.
Appears in 2 contracts
Sources: Lease Agreement (American Management Systems Inc), Lease Agreement (American Management Systems Inc)
Base Rent. As of (a) Commencing on the Rent Commencement Date, Tenant covenants and agrees shall pay Base Rent in the amounts set forth in Item 9 of the Summary of Basic Terms; provided that if the First Reduction of the Security Deposit is to timely pay without notice, deduction, off-set or abatement occur prior to the Landlord at date on which the Building, or such other address as Landlord may notify Tenant first monthly installment of in writing, yearly and every year during the Term hereofBase Rent would be due, the first monthly installment of Base Rent in lawful money the amount of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and $46,870.83 shall be paid in advance on or before as a condition of such First Reduction.
(i) The annual Base Rent per square foot for the first Extension Term will be ninety percent (1st90%) day of each month during the term hereofannual Market Rent per square foot, determined in accordance with this Section 4.1(b); provided, however, that in no event shall the annual Base Rent per square foot for the Extension Term be less than the annual Base Rent per square foot for the last Lease Year of the Initial Term. Rent is considered late Within sixty (60) days after Tenant gives to Landlord written notice of exercise of the extension option pursuant to Section 2.4(d), Landlord and Tenant shall be in default if simultaneously exchange proposals setting forth their opinions as to the annual fair market base rent is received after 5:00 o’clock p.m. on per square foot for the fifth Premises for the Extension Term (5th) day of the month“Market Rent”). A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, and Tenant shall pay negotiate in good faith for fifteen (15) days after such exchange of proposals (such period being herein called the “Negotiation Period”) to Landlord an administrative fee attempt to agree upon the Market Rent, and, in the course of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of such negotiations, each party may from time to time submit modified proposals to the cure of defaultother. If the Term hereof commences on any day other than parties agree upon the first day or expires on any day other than Market Rent prior to the last day determination of the montharbitrator pursuant to Section 4.1(b)(ii), whether such agreement is reached during or after the Negotiation Period, the Market Rent shall be as so agreed.
(ii) If the parties are unable to agree upon the Market Rent within the Negotiation Period, then each party shall, upon selection of an arbitrator pursuant to Section 4.1(b)(iii), simultaneously exchange and submit to the arbitrator for binding arbitration a proposal as to the Market Rent. The “Market Rent” shall be determined as of the commencement of the Extension Term at the then current arms-length negotiated base rents being charged to new (or renewal tenants for renewals and extensions which do not have pre-negotiated contract rents) for comparable space in comparable buildings located in the market area of the Project, taking into account and giving effect to, in determining comparability, without limitation, such considerations as lease term and the age, size, location, condition, and amenities of the Building. The Market Rent may include escalations at various points during the Extension Term. For purposes of such determination, the Premises shall be considered to be vacant and to be rented as a whole for its highest and best use with the degree of finishes and level of leasehold improvements then generally afforded as “building standard” by landlords in the City of Cambridge. The arbitrator shall also consider and incorporate into the computation the existing improvements to the Premises. Neither party shall be deemed under any compulsion to rent or lease space. The arbitrator shall not have the right to modify any other provision of the Lease except Base Rent. Within thirty (30) days after both parties have submitted such proposals to the arbitrator, the arbitrator shall select one of the proposals as more closely approximating the Market Rent appropriate for the Extension Term, and, unless the parties have then agreed upon the Market Rent, the proposed Market Rent set forth in such proposal selected by the arbitrator shall be deemed to be the Market Rent.
(iii) If the parties are unable to agree upon the Market Rent within the Negotiation Period, then the parties shall, within fifteen (15) days after the end of the Negotiation Period (such fifteen (15) day period being herein called the “Selection Period”), attempt to agree upon an arbitrator to whom to submit the determination of Market Rent for binding arbitration pursuant to Section 4.1(b)(ii). If the fraction of a month at parties are unable to agree upon an arbitrator within the commencement and Selection Period, then, at the end of the Term Selection Period, each party shall select an arbitrator and, within fifteen (15) days after the end of the Selection Period, the arbitrators shall agree upon an arbitrator to whom the determination of Market Rent shall be adjusted pro rata on submitted for binding arbitration pursuant to Section 4.1(b)(ii). If such arbitrators are unable to agree promptly upon an arbitrator, an arbitrator shall be selected by the American Arbitration Association. Any arbitrator selected by either party, by the arbitrators selected by the parties or by the American Arbitration Association shall be independent of both parties and shall have such experience, either as a per diem basislicensed real estate broker or salesperson or as an appraiser, as would qualify such arbitrator as an expert with respect to leasing terms in the City of Cambridge. Such arbitrator shall make the determination required pursuant to Section 4.1(b)(ii) within thirty (30) days of selection. The parties shall share equally the fees and all succeeding installments expenses of the arbitrator to whom the determination of Market Rent is submitted. Landlord and Tenant shall each pay the fee of the arbitrator selected by it. In making its determination of Market Rent, the arbitrator shall not make any downward adjustment to account for any savings to be realized by Landlord with respect to leasing commissions or tenant improvements.
(c) Base Rent shall be payable in equal monthly installments of one-twelfth (1/12th) of the annual Base Rent then in effect (prorated for any partial months) and shall be paid without offset for any reason, in advance, on the first (1st) day of each calendar month during from and after the term hereofRent Commencement Date. Should Base Rent and Additional Rent shall be paid as specified by Landlord either (i) by an “electronic funds transfer” system arranged by and among Tenant, Tenant’s bank and Landlord, or (ii) by check sent to Landlord’s office c/o “▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇,” or at such other place as Landlord shall from time to time designate in writing. The parties acknowledge and agree that the obligations owing by Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest Section 4.1 are rent reserved under Paragraph 36this Lease, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of defaultall purposes hereunder, and Tenant must cover said check with certified funds plus are rent reserved within the penalty contained herein. Landlord may also seek additional relief as provided by lawmeaning of Section 502(b)(6) of the Bankruptcy Code or any successor provision thereto.
Appears in 2 contracts
Sources: Sublease Agreement (Genocea Biosciences, Inc.), Sublease Agreement (Genocea Biosciences, Inc.)
Base Rent. As of the Commencement Date, Tenant covenants and agrees to timely pay without notice, deduction, off-set or abatement to the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before For the first (1st) day year of each month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the this Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part in good funds representing lawful currency of the cure United States for the payment of default. If the Term hereof commences debts monthly in advance on any day other than the first day or expires of each month unless a different period of time and method of payment is hereinafter provided Base Rent of $51,776 per month. The first twelve-month period in which rent is herein payable and each twelve-month period thereafter is hereinafter referred to as a “Lease Year”. The first Lease Year shall commence on any day other than the last first day of the monthterm of this Lease, January 1, 2017, and shall end on December 31, 2017. For the second Lease Year and for each Lease Year thereafter, the monthly Base Rent for shall be adjusted so that it is equal to the fraction of a month at the commencement and monthly Base Rent in effect at the end of the Term immediately preceding Lease Year multiplied by a fraction, the numerator of which shall be adjusted pro rata on a per diem basisthe Consumer Price Index (CPI-U) (1982-1984 = 100) for the immediately preceding December, and all succeeding installments the denominator of which shall be the Consumer Price Index for the month of December immediately preceding the beginning of the prior Lease Year. As used herein, the Consumer Price Index means the Consumer Price Index – All Cities Average Urban Wage Earners as published by the Bureau of Labor Statistics of the Department of Labor of the United States, or if no longer published, that index as determined by Landlord which most closely reflects the components of the Consumer Price Index (CPI-U). The Base Rent Rent, as adjusted, shall remain in effect until the next adjustment period and shall be paid on in twelve equal monthly installments. In no event shall the first monthly Base Rent, as adjusted, be less than the monthly Base Rent for the period immediately prior to such adjustment period. In the event that the amount of such adjustment cannot be calculated prior to the effective date thereof, the monthly Base Rent for the period prior to the effective date of such adjustment shall continue to be paid by Tenant. As soon as Tenant shall be notified of the amount of the adjustment, Tenant shall, within thirty (1st30) day of each month during days, pay to the term hereofLandlord the difference between the monthly Base Rent, as adjusted, for all monthly periods occurring in whole or in part after the date such adjustment was to be effective and the monthly Base Rent actually paid. Should Thereafter the monthly Base Rent, as adjusted, shall be payable by the Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawherein provided.
Appears in 1 contract
Base Rent. As of Commencing on the Rent Commencement Date, Tenant covenants and agrees to timely pay without notice, deduction, off-set or abatement the Base ▇▇▇▇ to the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of for each month during the term hereofLease Term as herein provided. Base Rent is considered late and Tenant shall be due and payable in default if rent is received after 5:00 o’clock p.m. advance on the fifth (5th) first day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on month without notice or demand, and without any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3set-day notice for non-payment of rent off, counterclaim, abatement or for any other breach of the deduction whatsoever, except as expressly set forth in this Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any Rent Commencement Date is a day other than the first day of a calendar month or expires in the event this Lease terminates on any day such other than the last day of the a calendar month, then Base Rent for the fraction of a each month at the commencement and at the end of the Term or months shall be adjusted pro rata on a per diem basis, prorated and all succeeding the installment or installments so prorated shall be paid in advance. In the event that Tenant fails to make any payment of Base Rent or any other amount payable to Landlord hereunder within five (5) days after the date such payment becomes due and payable, a late charge in an amount equal to the greater of: (i) four percent (4%) of such payment; or (ii) $150.00, shall also become due and payable to Landlord by Tenant, such late charge bein▇ ▇▇▇ Landlord’s administrative and ▇▇▇▇▇ ▇osts and is in addition to and cumulative with any other rights and remedies which Landlord may have hereunder with regard to the failure of Tenant to make any payment of Base Rent or any other sum due hereunder. Notwithstanding the foregoing, no interest or late charges shall be paid on assessed for the first (1st) day late payment received by Landlord during any twelve (12) month period, if such payment is received by Landlord within five (5) days after Tenant’s receipt of each month during written n▇▇▇▇▇ from Landlord that such payment is late. As of the term date hereof. Should , Tenant be shall pay all amounts in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by law.manner set forth below:
Appears in 1 contract
Base Rent. As of Commencing on the Rent Commencement Date, Tenant covenants and agrees to timely pay without notice, deduction, off-set or abatement but subject to the Landlord Initial Abatement Period and the Second Abatement Period and the Initial Improvement Allowance and the Second Improvement Allowance, Sublessee shall pay to Sublessor, at the Buildingaddress specified in this Sublease for the giving of notices to Sublessor, or at such other address place as Landlord Sublessor may notify Tenant of specify in writing, yearly and every year during the Term hereofwithout any prior notice or demand, the annual rent (“Base Rent”) as follows: Rent in lawful money Commencement Date – December 31, 2020 $12.00 per Rentable Square Foot of the United States. Base Rent is payable in Premises (excluding the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first Parking Deck) (1st$382,442.00 per month) day of each month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day January 1, 2021 – August 23, 2035 $10.00 per Rentable Square Foot of the month. A penalty of fifty dollars Premises (excluding the Parking Deck) ($50.00318,701.67 per month) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month, Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments of The Base Rent shall be paid due and payable in equal monthly installments, in advance, beginning on the Rent Commencement Date and continuing on the first (1st) day of each succeeding month during thereafter throughout the term hereofTerm, without demand, deduction or offset (except as specifically set forth herein); provided, however, that the monthly installment of Base Rent payable for any partial calendar month shall be prorated on a daily basis. Should Tenant be Sublessee fail to pay any installment of Base Rent, such late payment shall bear interest at the Default Rate commencing upon the due date therefor until paid in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of defaultfull, and Tenant must cover said check if any such payment is not made within fifteen (15) days after Sublessee’s receipt of notice that the same is past due, Sublessee shall in addition pay a late charge equal to two percent (2%) of the amount of such late payment. Sublessee may make payments of Base Rent via electronic payment (e.g., ACH or wire transfer) at no additional cost to Sublessee. Upon request, Sublessor will provide Sublessee with certified funds plus the penalty contained herein. Landlord may also seek additional relief Sublessor’s current accurate wiring instructions or similar information to permit electronic payment, and will update such information by sending notice to Sublessee as provided by lawin Section 31 hereof.
Appears in 1 contract
Sources: Sublease Agreement (Red Hat Inc)
Base Rent. As Tenant shall pay, without notice or demand, to Landlord or Landlord’s agent at the management office of the Commencement Date, Tenant covenants and agrees to timely pay without notice, deduction, off-set or abatement to the Landlord at the Building, or at such other address place as Landlord may notify Tenant of from time to time designate in writing, yearly and every year during the Term hereof, the Rent monthly installments of base rent (“Base Rent”) as set forth in lawful money Section 8 of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid Summary, in advance on or before the first (1st) day of each and every month during the term hereofLease Term, without any setoff or deduction whatsoever. Notwithstanding anything to the contrary contained herein and provided that Tenant faithfully performs all of the terms and conditions of this Lease, Landlord hereby agrees to ▇▇▇▇▇ Tenant’s obligation to pay monthly Base Rent is considered late and Additional Rent for the first five (5) full months plus the first two (2) weeks of month six (6) of the initial Lease Term. During such abatement periods, Tenant shall still be in default if rent is received after 5:00 o’clock p.m. on responsible for the fifth (5th) day payment of the month. A penalty all of fifty dollars ($50.00) per day will be assessed on any sums due its other monetary obligations under the lease which are received after the fifth (5th) day of the monththis Lease. In the event of a default by Tenant under the terms of this Lease that Landlord is required results in early termination pursuant to post a 3-day notice for non-payment the provisions of rent or for any other breach Section 19.1 of the this Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due then as an essential a part of the cure recovery set forth in Section 20 of defaultthis Lease, Landlord shall be entitled to the recovery of the monthly Base Rent abated under the provisions of this Article 3. The Base Rent for the first full month of the Lease Term (or if the first full month of the Lease Term is within a free rent period, then the Base Rent for the first full month which occurs after the expiration of any free rent period) shall be paid at the time of Tenant’s execution of this Lease. If any rental or other payment date (including the Term hereof commences Lease Commencement Date) falls on any a day of the month other than the first day of such month or expires on if any day rental or other payment is for a period which is shorter than the last day of the one month, Rent then the rental or other payment for the fraction any such fractional month shall be a proportionate amount of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments of Base Rent shall be paid full calendar month’s rental or other payment based on the first (1st) day proportion that the number of each days in such fractional month bears to the number of days in the calendar month during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawwhich such fractional month occurs.
Appears in 1 contract
Sources: Office Lease (Planar Systems Inc)
Base Rent. As Lessee shall pay to Lessor as mat for the Premises, monthly payments in advance, on the first day of each month of the Commencement Dateterm hereof the base monthly rent set forth below for each applicable rental period: RENTAL PERIOD (inclusive of dates listed below) COMMENCING EXPIRING BASE MONTHLY RENT ---------- -------- ----------------- November 1, Tenant covenants and agrees to timely pay without notice2000 October 31, deduction2002 $4,993.33 November 1, off-set or abatement 200k2 October 31, 2004 $5,200.00 November 1, 2004 October 31, 2005 $5,416.67 Rent for any period during the term hereof which is for less than one month shall be a pro rata portion of the monthly installment. In addition to the Landlord at base monthly rent, Lessee shall also pay to Lessor all additional Rents, incremental Rents, charges and fees (collectively referred to as the Building"Rent") as provided for in the Lease or in any other agreement or writing between the parties. All Rents shall be paid by Lessee promptly when due, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United StatesStates of America, without notice or demand, and without deduction, abatement, counterclaim, recoupment or set-off of any amount or for any reason whatsoever. Base All Rent is payable to be paid to the Lessor at the address set forth in the monthly installments set forth heading of this Lease and made payable to Avi Don Management. L.L.C., Managing Agent, or to such other person or address as Lessor may from time to time direct and if so directed, Lessee agrees to make the payments in such other manner. All Rent payments shall be deemed on account of the earliest stipulated Rent or in such other manner as Lessor in Lessor's sole discretion may determine, and no endorsement or statement on any check or letter shall be deemed an accord and satisfaction, estoppel or waiver of Lessor's rights and Lessor may accept any check or payment without prejudice to its rights to recover the balance due or to pursue any other remedies available against Lessee. Lessee hereby agrees to timely pay the Rent imposed under this Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant or any other agreements or writings between the parties and to observe and timely fulfill and perform all of its obligations to the terms of Paragraph 7 hereofLessor. Rent is due and shall be paid in advance on or before the first (1st) day of each month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. Lessee agrees that, In the event that Landlord is it falls to make any payments when due or to perform any obligation required to post a 3-day notice for non-payment of rent or for any other breach it, it shall be deemed in default of the LeaseLease and Lessor shall have all remedies available to it under this Lease and/or available to a Landlord under the law, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month, Rent for the fraction of a month at the commencement and at the end of the Term whichever shall be adjusted pro rata on a per diem basis, and all succeeding installments of Base Rent shall be paid on the first (1st) day of each month during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawmore expansive.
Appears in 1 contract
Base Rent. Base Rent during the first year of the Lease term shall determined by multiplying the actual Project Costs (as defined in Section 6(g) of the Development Agreement) by eight and one-half percent (8.5%) (hereinafter “Base Rent”). By way of illustration only, the budget for Project Costs is $19,391,187, which (if fully used) results in the initial Base Rent being $1,648,250.89 per annum, payable in monthly installments of $137,354.24. At least thirty (30) days prior to the Commencement Date, Landlord shall notify Tenant, in writing, of Landlord’s best estimate of the actual Project Costs and the Base Rent shall be initially calculated based on such estimate. Within forty-five (45) days after the Commencement Date, Landlord shall furnish Tenant with a final, written statement of Project Costs and the Base Rent shall be recalculated based thereon; provided Tenant shall have the right to dispute any Project Costs in accordance with the Development Agreement and the Base Rent shall be recalculated again once such dispute is resolved pursuant thereto. Within fifteen (15) business days after any recalculation of Project Costs, Landlord or Tenant, as applicable, shall make any payments necessary to cause Tenant to have paid the correct Base Rent with respect to prior periods, but not more. As soon as Project Costs are finally known, Landlord and Tenant shall execute a written certificate setting forth the exact Base Rent for the first (1st) year of the Lease term. Notwithstanding anything to the contrary, for purposes of calculating the Base Rent, in no event will the actual Project Costs exceed the Maximum Project Costs (as defined in the Development Agreement). Base Rent shall be increased annually by two and one half percent (2.5%) each year, such increases to be effective on the first day of the month following the anniversary of the Commencement Date (unless the Commencement Date is on the first day of a month, in which case Base Rent will be increased annually on the anniversary of the Commencement Date, Tenant covenants ) throughout the term and agrees to timely pay without notice, deduction, off-set any renewal or abatement to the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money extension terms of the United StatesLease. Base Rent is payable shall be due and paid in the equal monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) 1st day of each calendar month during throughout the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month, Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments of Base Rent shall be paid on the first (1st) day of each month during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawLease term.
Appears in 1 contract
Base Rent. As Throughout the Primary Term of the Commencement Datethis Lease, Tenant covenants and agrees to timely pay without notice, deduction, off-set or abatement to the Landlord at the Building, or such other address as Landlord may notify Tenant regardless of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Leasean early termination date, Tenant shall pay to Landlord County twenty-five percent (25%) of the then available Residual Receipts (the “Base Rent”), subject to adjustment and as set forth herein. Base Rent shall be due and payable on an administrative fee annual basis commencing once the certificate of occupancy (or an equivalent form of occupancy certification or approval) for the Project has been issued beginning on the date six (6) months after closing of Tenant’s previous year’s books and every one-year anniversary date thereafter. Notwithstanding the foregoing, Base Rent shall only become due after the Tenant has repaid those certain loans from the County, evidenced each by a Loan Agreement, Promissory Note and Leasehold Deed of Trust (collectively, the “County Loan Documents”), in the amounts of $250.00 1,532,983 for the County’s Mental Health Services Act permanent loan and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part 500,000 for the County’s construction loan, which are also being paid out of the cure same twenty-five percent (25%) of defaultthe Residual Receipts. If the Term hereof commences on any day other than the first day or expires on any day other than On the last day of the month, Rent for Term the fraction of a month at the commencement and at the end then outstanding amount of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments of County Base Rent shall be paid on in full if not already paid by that time. County Base Rent will bear interest at the first simple rate of three percent (1st3%) day of each month during per year until paid in full. Once the term hereof. Should County Base Rent has been paid in full, Tenant be in default, Landlord may collect $50.00 per day penalty shall have no further obligation for County Base Rent under this provision or 18% interest under Paragraph 36Lease. Notwithstanding the foregoing, whichever County acknowledges that the percentage of Residual Receipts to be paid as Base Rent, may be decreased, with the prior written consent of the County, if Tenant obtains commitments for financing that is greaterrequired to be paid out of Residual Receipts. County agrees to reasonably cooperate with Tenant on a fair and reasonable allocation of Residual Receipts, including compliance with any applicable regulations that require that a designated percentage of Residual Receipts be allocated to such financing. Any rent check returned for insufficient funds reduction of the Base Rent shall constitute be memorialized in an event of default, amendment to this Lease executed by the Tenant and Tenant must cover said check the Chief Real Estate Officer. This Lease is not cross-defaulted with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawCounty Loan Documents and any obligation to make payments under the County Loan Documents.
Appears in 1 contract
Sources: Ground Lease
Base Rent. As (a) Tenant shall pay the Base Rent to Landlord in accordance with the schedule set forth on the Basic Lease Information sheet and in the manner described below. Tenant shall pay the Base Rent for the THIRD (3rd) month of the Commencement DateTerm upon execution of this Lease. Commencing with the first day of the FOURTH (4th) calendar month of the Term, Tenant covenants and agrees to timely shall pay without noticethe Gross Rent (consisting of Base Rent plus, deductionwhen applicable in accordance with SECTION 3.04 below, off-set Tenant's Proportionate Share of Increased Basic Operating Cost and/or Tenant's Proportionate Share of Increased Property Taxes) in monthly installments on or abatement to before the Landlord at the Building, or such other address as Landlord may notify Tenant first day of in writing, yearly and every year each calendar month during the Term hereofand any extensions or renewals thereof, the Rent in advance without demand and without any reduction, abatement, counterclaim or setoff, except as otherwise set forth in this Lease, in lawful money of the United States. Base Rent is payable States at Landlord's address specified on the Basic Lease Information sheet or at such other address as may be designated by Landlord in the monthly installments set forth on the manner provided for giving notice under SECTION 9.11 hereof.
(b) Notwithstanding any other provision of this Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each month during the term hereof. Rent is considered late and Tenant shall be in default contrary, if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences Commencement Date occurs on any a day other than the first day or expires of a month, then the Base Rent provided for such partial month shall be prorated based upon a thirty (30)-day month and the prorated installment shall be paid on any the first day of the third (3rd) full calendar month after the Term Commencement Date together with the other amounts payable on that day. If the Term terminates on other than the last day of the a calendar month, then the Gross Rent provided for the fraction of a such partial month at the commencement and at the end of the Term shall be adjusted pro rata on prorated based upon a per diem basis, thirty (30)-day month and all succeeding installments of Base Rent the prorated installment shall be paid on the first (1st) day of each the calendar month during in which the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event date of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawtermination occurs.
Appears in 1 contract
Base Rent. As of the Commencement Date, Tenant covenants and agrees to timely pay to Landlord the Base Rent set forth in the Basic Lease Information, without noticeprior notice or demand, deduction, off-set or abatement to on the Landlord at the Building, or such other address as Landlord may notify Tenant first day of in writing, yearly each and every year calendar month during the Term hereofTerm, except that Base Rent for the Rent first full calendar month in lawful money of the United States. which Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day upon T▇▇▇▇▇’s execution of each month during the term hereof. this Lease and Base Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month, Rent for the fraction of a partial month at the commencement and beginning of the Term shall be paid on the Commencement Date. Base Rent for any partial month at the beginning or end of the Term shall be adjusted pro rata prorated based on a per diem basis, and all succeeding installments the actual number of days in the month. If the Basic Lease Information provides for any change in Base Rent shall by reference to years or months (without specifying particular dates), the change will take effect on the applicable annual or monthly anniversary of the Commencement Date (which might not be paid on the first day of a calendar month). Notwithstanding anything in this Lease to the contrary, so long as Tenant is not in default beyond applicable cure periods under this Lease, (a) during the first (1st) day through sixth (6th) full months of each month the initial Term, Tenant shall be entitled to an abatement of (i) Base Rent with respect to the Premises in the amount of $313,036.55 per month, and (ii) Tenant’s Share of Operating Costs and Taxes, and (b) during the term hereofseventh (7th) through twelfth (12th) full months of the initial Term, an abatement of (i) Base Rent with respect to the Premises in the amount of $156,518.30 per month, and (ii) fifty percent (50%) of Tenant’s Share of Operating Costs and Taxes ((a) and (b) above, collectively, the “Abated Rent”). Should If Tenant be in default, Landlord may collect $50.00 per day penalty defaults under this provision or 18% interest Lease at any time during the Term and fails to cure such default within any applicable cure period under Paragraph 36this Lease, whichever is greaterthen all Abated Rent shall immediately become due and payable. Any rent check returned for insufficient funds shall constitute an The payment by Tenant of the Abated Rent in the event of defaulta default shall not limit or affect any of Landlord's other rights, pursuant to this Lease or at law or in equity. Only Base Rent and T▇▇▇▇▇’s Share of Operating Costs and Taxes shall be abated pursuant to this Section, as more particularly described herein, and Tenant must cover said check with certified funds plus all other Rent and other costs and charges specified in this Lease shall remain as due and payable pursuant to the penalty contained herein. Landlord may also seek additional relief as provided by lawprovisions of this Lease.
Appears in 1 contract
Base Rent. As 4.1 Tenant shall pay Base Rent in advance, in equal monthly installments, the first payment to be made upon the signing of this Lease by ▇▇▇▇▇▇, and subsequent monthly payments to be made on the first day of each calendar month during the Lease Term. (Subject to the abatement of Base Rent as set forth in Paragraph 1 of Exhibit G). If the Lease Term begins on a date other than on the first day of a month, rent for the month of commencement shall be prorated at the rate of one-thirtieth (1/30th) of the monthly installment of Base Rent for each day, payable in advance of the Lease Commencement Date. Tenant will pay all rent to Landlord, Tenant covenants and agrees to timely pay without notice, deduction, off-set or abatement to the Landlord at the Buildingoffice of Landlord, or to such other party or to such other address as Landlord may notify designate from time to time by written notice to ▇▇▇▇▇▇.
4.2 If Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money fails to make any payment of the United States. Base Rent is Rent, Additional [lent or any other sum payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance Landlord on or before the first date such payment is due and payable (1stwithout regard to any grace period specified in Section 20.1), then Tenant shall pay a late charge of five percent (5%) day of each the amount of such payment. In addition, such payment and such late fee shall bear interest at the Default Rate as set forth in Section 20.5 from the date such payment was due to the date of payment thereof. Notwithstanding the foregoing, ▇▇▇▇▇▇▇▇ agrees that on no more than one (1) occasion during any twelve (12) month period during the term hereofLease term, Landlord shall waive such late charge and interest if payment is received within five (5) days of notice that said payment has not been made. Such late charge and interest shall constitute Additional Rent is considered late due hereunder, shall be paid with the next monthly installment of Base Rent coming due hereunder, shall constitute agreed liquidated damages and Tenant not penalties, and shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that addition to, and not in lieu of, all other rights and remedies provided to Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the in this Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day at law, or expires on any day other than the last day of the month, Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments of Base Rent shall be paid on the first (1st) day of each month during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawequity.
Appears in 1 contract
Base Rent. As of the Commencement Date, Tenant covenants and agrees to timely pay without notice, deduction, off-set or abatement to the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. The Annual Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due shall be FORTY SEVEN THOUSAND ONE HUNDRED TWENTY SIX AND 16/100 ($47,126.16) DOLLARS and shall be paid by TENANT to LANDLORD at its principal office or that of its agent or at any other place hereafter designated in advance writing by LANDLORD, in equal monthly installments of THREE THOUSAND NINE HUNDRED TWENTY SEVEN and 18/100 ($3,927.18) DOLLARS, on or before the first (1st) day of each month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the The first month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month, Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments of 's Base Rent shall be paid on simultaneously with execution of this Lease, receipt of which is hereby acknowledged by LANDLORD. On the Commencement Date, TENANT shall pay a pro rata amount of rent, if any, for the period from the Commencement Date to the first (1st) day of each month the next calendar month. TENANT shall promptly pay any and all Rent due hereunder at the times and at the address for LANDLORD stated above. TENANT shall promptly pay charges for work performed on order of TENANT and any other charges that accrue under this Lease. If any part of the Rent or other charges shall remain due and unpaid for five (5) days after the same become due and payable, LANDLORD shall have the option (in addition to all other rights and remedies available to it by law and in equity) of assessing against TENANT a "late charge" equal to five (5) cents for every dollar of Rent which is past due, which late charge assessment shall be deemed to be Additional Rent. The term Annual Base Rent may hereinafter by referred to as "Base Rent", "Annual Base Rent", or "Rent". LANDLORD shall have the option to assess a charge against TENANT, if any of TENANT's payment checks shall be returned to LANDLORD marked "NSF" for insufficient funds, in the amount of $25.00. Additionally, if at any time during the term hereofTerm of this Lease, including any extensions or option terms, LANDLORD shall receive any two payment checks from TENANT returned to LANDLORD marked "NSF" then LANDLORD may demand that TENANT make the balance of its rental payments by cashier's check. Should Tenant TENANT may be instructed by LANDLORD to make rental payments to a "lock box", at Southeast Bank or such other institution as LANDLORD may designate. Due to the nature of the handling of such payments, those which LANDLORD would normally not accept under the below circumstances may be deposited in defaultLANDLORD's account anyway. Therefore, Landlord in the event that the payment made by TENANT is in an amount which is less than what is due or, in the event that TENANT has received a statutory notice and failed to comply with its demands and/or litigation is pending concerning TENANT's nonpayment of rent or as a result of other defaults by TENANT under the Lease, then, notwithstanding the fact that the rental payment received may collect $50.00 per day penalty under be deposited in LANDLORD's "lockbox" at Southeast Bank or such other institution utilized for this provision or 18% interest under Paragraph 36purpose by LANDLORD, whichever same SHALL NOT BE DEEMED ACCEPTED unless and until the default which is greater. Any rent check returned for insufficient funds shall constitute an event the subject of default, the above actions is cured to the satisfaction of the LANDLORD and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by under the Lease and Florida law. Such DEPOSITED BUT UNACCEPTED RENTAL PAYMENT(S) will be refunded to TENANT on a LANDLORD issued check within a reasonable time after such deposit is made. Such deposit of TENANT's check, under the above circumstances, shall in no way prejudice LANDLORD's rights under Florida law and/or the Lease.
Appears in 1 contract
Base Rent. As of Commencing on the Commencement Date, Tenant covenants Tenant, throughout the Term, and agrees without prior notice or demand, shall pay to timely pay without noticeLandlord, deductionin advance, off-set or abatement to the Landlord at the Building, address set out above or at such other address place or places as Landlord may notify Tenant from time to time direct, Total Rent on the first day of in writing, yearly and every year during the Term hereof, the Rent each month in lawful money of the United StatesStates of America. Base Total Rent is payable for any partial month shall be prorated using the percentage which the number of days in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant such partial month bears to the terms total number of Paragraph 7 hereofdays in said month. The covenant of Tenant to pay Rent hereunder is due and shall be paid in advance on or before the first (1st) day of each month during the term hereof. Rent is considered late deemed a separate and individual covenant, and Tenant shall be have no right to deduction or setoff whatsoever, except as otherwise expressly set forth in default if rent is received after 5:00 o’clock p.m. on the fifth this Lease.
(5tha) day Base Rent and Tenant’s pro rata share of the month. A penalty of fifty dollars Additional Expenses ($50.00collectively, “Rent”) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month, Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments of Base Rent shall be paid due on the first (1st) day of each calendar month during and shall be deemed delinquent if not paid by the term hereoffifth (5th) day of such month. Should If any Rent is not received by Landlord in full on or before the fifth (5th) day of each month, Tenant shall pay a late charge of five percent (5%) of the unpaid Rent. Such late payment charges are due immediately when incurred.
(b) Payment of Rent, and all sums due to Landlord hereunder, shall be by check or may be wired to an account designated by Landlord or Landlord’s agent and shall be payable to Landlord. Tenant shall pay all applicable bank charges incurred by Landlord, plus $35.00 for each returned check. In addition, if Landlord does not receive any installment of Rent, or any portion thereof, or any other sum due hereunder, within thirty (30) days after the date the same is due, or if Tenant fails to pay any other sum which at any time becomes due to Landlord under any provision of. this Lease as and when the same becomes due hereunder, then, in defaultany such event, Tenant shall pay Landlord interest on such overdue amounts from the due date thereof until paid at an annual rate (the “Past Due Rate”) which equals the lesser of (i) eighteen percent (18%) per annum, or (ii) the highest rate then permitted by law.
(c) Payment of Rent, and any other sums due hereunder, by Tenant shall be an independent covenant. In the event Tenant has net timely paid Rent, or any other sums due hereunder, for a period of more than two (2) occasions in any calendar year; or in the event of a returned check for insufficient funds or no account, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of defaultthereafter require that all Rent, and Tenant must cover said check with other sums due hereunder, be paid when due by cashier’s check, certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawcheck, or money order, without prior notice.
Appears in 1 contract
Base Rent. As of the Commencement Date, (a) Tenant covenants and agrees shall pay to timely pay without notice, deduction, off-set or abatement to the Landlord at the Buildingaddress set forth in Section 1(b), or to such other address person or at such other place as Landlord may notify Tenant of in writingfrom time to time designate, yearly without previous demand therefor and every year during the Term hereofwithout counterclaim, deduction or set-off (except as otherwise provided herein), the rent (“Base Rent”) set forth on the Rent Rider annexed hereto in lawful money of the United States. , such Base Rent is to be payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each month during the term hereofof the Lease. If the Rent is considered late and Start Date shall be other than the first day of a calendar month, Tenant shall be in default if rent is received after 5:00 o’clock p.m. pay Landlord on the fifth (5th) day particular Rent Start Date the proportionate amount of Base Rent for the balance of such month. A penalty The first full monthly installment of fifty dollars ($50.00) per day will Base Rent shall be assessed paid by Tenant on any sums due under the lease which are received after the fifth (5th) day execution of the monththis Lease. In the event that Landlord is required shall be unable to post satisfy the Approvals Requirement and Landlord or Tenant shall terminate this Lease, then Landlord shall return to Tenant the first installment of Base Rent.
(b) The Base Rent set forth on the Rent Rider and Extension Options Rider has been calculated upon the assumption that the Premises has an aggregate floor area of precisely 106,000 square feet. Prior to the Commencement Date, Landlord shall furnish to Tenant a 3-day notice for non-payment of rent or for any other breach certification from B▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Architect and Design of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part aggregate floor area of the cure Premises and the Building. In the event that the aggregate floor area of default. If the Term hereof commences on any day Premises is other than 106,000 square feet, the first day or expires on any day other than the last day of the month, Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments of Base Rent shall be paid on proportionately adjusted. The square foot area of the first Premises and the Building shall be measured in accordance with BOMA 1996.
(1stc) The Rent Start Date shall be the later to occur of (i) April 1, 2005, or (ii) the date which shall be ninety (90) days following the date the Landlord shall satisfy the Approvals Requirement. If the Tenant delays the Landlord’s prosecution of the Approvals, then the Rent Start Date shall be accelerated by one day for each such day of each month during delay, but in no event shall the term hereof. Should Tenant Rent Start Date be in defaultearlier than April 1, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by law2005.
Appears in 1 contract
Sources: Lease Agreement (Party City Corp)
Base Rent. As of Commencing on the Rent Commencement Date, Tenant covenants and agrees to timely pay without notice, deduction, off-set or abatement to the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of Landlord for each month during the term hereofLease Term as herein provided. Base Rent is considered late and Tenant shall be due and payable in default if rent is received after 5:00 o’clock p.m. advance on the fifth (5th) first day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on month without notice or demand, and without any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3set-day notice for non-payment of rent off, counterclaim, abatement or for any other breach of the deduction whatsoever, except as expressly set forth in this Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any Rent Commencement Date is a day other than the first day of a calendar month or expires in the event this Lease terminates on any day such other than the last day of the a calendar month, then Base Rent for the fraction of a each month at the commencement and at the end of the Term or months shall be adjusted pro rata on a per diem basis, prorated and all succeeding the installment or installments so prorated shall be paid in advance. In the event that Tenant fails to make any payment of Base Rent or any other amount payable to Landlord hereunder within five (5) days after the date such payment becomes due and payable, a late charge in an amount equal to the greater of: (i) four percent (4%) of such payment; or (ii) $150.00, shall also become due and payable to Landlord by Tenant, such late charge being for Landlord’s administrative and other costs and is in addition to and cumulative with any other rights and remedies which Landlord may have hereunder with regard to the failure of Tenant to make any payment of Base Rent or any other sum due hereunder. Notwithstanding the foregoing, no interest or late charges shall be paid on assessed for the first (1st) day late payment received by Landlord during any twelve (12) month period, if such payment is received by Landlord within five (5) days after Tenant’s receipt of each month during written notice from Landlord that such payment is late. As of the term date hereof. Should , Tenant be shall pay all amounts in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by law.manner set forth below:
Appears in 1 contract
Sources: Lease (Entrada Therapeutics, Inc.)
Base Rent. As During the initial Term of this Lease, Tenant hereby agrees to pay to Landlord base annual rental (as specified, the "Base Rent") at the rate of $21.45 per square foot of Rentable Area in the Premises, subject to annual adjustment beginning with the first anniversary of the Commencement Date, in the manner provided in Section 2.4 and subject to any adjustments based on Additional Allowance if granted to Tenant covenants and agrees in accordance with Exhibit B. If Tenant elects to timely pay without notice, deduction, off-set or abatement to the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during extend the Term hereofof this Lease to one hundred eighty (180) months as provided in Section 2.1.3 above, then the initial Base Rent shall be $20.80 per square foot of Rentable Area in lawful money the Premises subject to annual adjustment beginning with the first anniversary of the United States. Commencement Date as provided in Section 2.4 and subject to any adjustments based on Additional Allowance, if granted to Tenant in accordance with Exhibit B. Any overpayment of Base Rent is based upon Tenant's election to so extend shall be refunded by Landlord within sixty (60) days of receipt of Tenant's election notice. The Base Rent, and any Additional Rent then in effect shall be due and payable in the twelve (12) equal monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each calendar month during the term hereofTerm. Rent is considered late and Tenant shall be Except as elsewhere provided in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the this Lease, Tenant shall agrees to pay Rent to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of defaultmonthly in advance without demand, reduction, abatement, counterclaim or setoff at Landlord's designated address. If the Term hereof commences on any a day other than the first day of a month or expires terminates on any a day other than the last day of the a month, then the Rent for the fraction of a such month at the commencement and at the end of the Term or months shall be adjusted pro rata on a per diem basis, prorated in accordance with the actual number of days in the relevant month and all succeeding the installment or installments of Base Rent so prorated shall be paid on the first (1st) day of each month during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawadvance.
Appears in 1 contract
Base Rent. As Tenant shall pay, without prior notice or demand, to Landlord or Landlord's agent at the management office of the Commencement DateProject, Tenant covenants and agrees to timely pay without noticeor, deductionat Landlord's option, off-set or abatement to the Landlord at the Building, or such other address place as Landlord may notify Tenant of from time to time designate in writing, yearly and every year during by a check for currency which, at the Term hereoftime of payment, is legal tender for private or public debts in the Rent United States of America, base rent ("Base Rent") as set forth in lawful money Section 4 of the United States. Base Rent is Summary, payable in the equal monthly installments as set forth on in Section 4 of the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid Summary in advance on or before the first (1st) day of each and every calendar month during the term hereofLease Term, without any setoff or deduction whatsoever, except to the extent expressly provided in this Lease. In accordance with Section 4 of the Summary, any increases in Base Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. occur on the fifth (5th) first day of the monthapplicable Lease Month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event The parties acknowledge, however, that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part Base Rent for each "calendar month" of the cure Lease Term (or a prorated portion of default. If the Term hereof commences on any day other than a "calendar month", as applicable), even though the first day or expires on any day other "Lease Month" may pertain to a period longer than the last day of the one (1) calendar month, . The Base Rent for the fraction of a month at the commencement and at the end first two (2) full calendar months of the Lease Term shall be adjusted pro rata paid at the time of Tenant's execution of this Lease. If any payment of Rent is for a period which is shorter than one month, the Rent for any such fractional month shall accrue on a per diem basisdaily basis during such fractional month and shall total an amount equal to the product of (i) a fraction, the numerator of which is the number of days in such fractional month and the denominator of which is the actual number of days occurring in such calendar month, and all succeeding installments (ii) the then-applicable Monthly Installment of Base Rent Rent. All other payments or adjustments required to be made under the TCCs of this Lease that require proration on a time basis shall be paid prorated on the first (1st) day of each month during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawsame basis.
Appears in 1 contract
Sources: Office Lease (DermTech, Inc.)
Base Rent. As On the later to occur of (i) the date Tenant delivers an executed copy of this Lease to Landlord, and (ii) October 1, 2023, Tenant shall deliver to Landlord Base Rent in the amount of $251,889.00. 50% of foregoing amount shall be credited towards the Base Rent due for the first full calendar month of the Commencement DateBase Term, Tenant covenants and agrees to timely pay without notice, deduction, off-set or abatement the remaining 50% of such amount shall be a credit towards Base Rent due for the last full calendar month of the Base Term. Subject to the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Leaseforegoing sentence, Tenant shall pay to Landlord an administrative fee in advance, without demand, abatement (except as otherwise expressly provided for in this Lease), deduction or set-off, monthly installments of $250.00 and attorneys fees Base Rent on or before the first day of $250.00 (total of $500.00) together with any other sums due as an essential part each calendar month during the Term hereof, in lawful currency of the cure United States of defaultAmerica, to the physical address designated by Landlord or by federally insured electronic fund transfer (“EFT”) via wire, Society for Worldwide Interbank Financial Communications (SWIFT) or automated clearing house (ACH) pursuant to the instructions provided by Landlord to Tenant (the “EFT Payment Instructions”). If All EFT payments made by Tenant pursuant to this Section 3(a) must include a reference to ARE-3535/3565 General Atomics Court, LLC, as well as the Term hereof commences address of the Building (i.e., 3565 General Atomics Court). Payments of Base Rent for any fractional calendar month shall be prorated. Notwithstanding anything to the contrary contained herein, if the Commencement Date occurs on any a day other than the first day or expires on any day other than the last day of the a calendar month, then Tenant shall pay to Landlord the prorated Base Rent for such partial month on the fraction Commencement Date and the prepaid Base Rent delivered by Tenant pursuant to this first sentence of a month at the commencement and at the end of the Term this Section 3(a) shall be adjusted pro rata on a per diem basis, and all succeeding installments applied to the first full calendar month following the Commencement Date. The obligation of Tenant to pay Base Rent shall be paid on and other sums to Landlord and the first (1st) day obligations of each month during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision Lease are independent obligations. Tenant shall have no right at any time to ▇▇▇▇▇, reduce, or 18% interest under Paragraph 36, whichever is greater. Any rent check returned set-off any Rent (as defined in Section 5) due hereunder except for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord any abatement as may also seek additional relief as be expressly provided by lawin this Lease.
Appears in 1 contract
Base Rent. A. As part of the Commencement Dateconsideration for the execution of this Lease Agreement, Tenant covenants and agrees and promises to timely pay without notice, deduction, off-set or abatement Landlord base rent according to the following schedule (the “Base Rent”): Time Period Annual Base Rent Rate Per Square Foot of Net Rentable Area Annual Base Rent Monthly Payment 02/01/2020 – 01/31/2021 $18.50 $111,647.52 $9,303.96 02/01/2021 – 01/31/2022 $19.00 $114,665.04 $9,555.42 02/01/2022 – 01/31/2023 $19.50 $117,682.56 $9,806.88 The Base Rent shall be payable to Landlord at the Building, address set forth in Section 31 below (or such other address as may be designated by Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent writing from time to time) in lawful money monthly installments in legal tender of the United States. Base Rent is payable States of America, in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance advance, without demand, set-off or counterclaim except as herein expressly provided, on or before the first (1st) day of each calendar month during the term Term hereof. ; provided, however, the first monthly payment of Base Rent (excluding any months in which Base Rent is considered late and Tenant abated) shall be in default if rent is received after 5:00 o’clock p.m. made on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of defaultEffective Date. If the Term hereof of this Lease Agreement as described above commences on any a day other than the first day or expires on any day other than the last day of the a calendar month, Rent for then the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments of Base Rent for such month shall be prorated using the monthly payment applicable to the first month Base Rent is not abated (if applicable) and the installment so prorated shall be paid on in advance at the same time the first (1st) day monthly payment of each Base Rent is made as described above. The payment for such prorated month shall be calculated by multiplying the monthly installment by a fraction, the numerator of which shall be the number of days of the Term occurring during said commencement month, and the term hereof. Should denominator of which shall be the total number of days occurring in said commencement month..
B. In addition to the foregoing Base Rent and the Additional Rent to be paid by Tenant pursuant to Section 6 below, Tenant agrees to pay to Landlord as additional rent all charges for any services, goods or materials furnished by Landlord at Tenant’s request which are not required to be in default, furnished by Landlord may collect $50.00 per day penalty under this provision Lease Agreement, as well as other sums payable by Tenant hereunder, within ten (10) days after Landlord renders a statement therefor to Tenant, unless an alternative time period for payment is expressly set forth in this Lease Agreement. All Rent (as hereinafter defined) shall bear interest from the date due until paid at the greater of (i) two percent (2%) above the “prime rate” per annum of the JPMorgan Chase Bank, a New York banking corporation or 18% its successor or such other “money center” as Landlord and Tenant may agree from time to time (“Chase”) in effect on said due date (or if the “prime rate” be discontinued, the base reference rate then being used by Chase to define the rate of interest under Paragraph 36charged to commercial borrowers) or (ii) twelve percent (12%) per annum; provided, whichever is greater. Any rent check returned for insufficient funds however, in no event shall constitute an event the rate of defaultinterest hereunder exceed the maximum non-usurious rate of interest (hereinafter called the “Maximum Rate”) permitted by the applicable laws of the State of Texas or the United States of America, and to the extent that the Maximum Rate is determined by reference to the laws of the State of Texas, the Maximum Rate shall be the weekly ceiling (as defined and described in Chapter 303 of the Texas Finance Code, as amended) at the applicable time in effect. In addition thereto, if Tenant must cover said check with certified funds plus has failed to pay Rent as and when due, then, Tenant shall pay Landlord a “Late Charge” of six percent (6%) of the penalty contained hereinoverdue amount. Tenant agrees that the Late Charge is not a penalty, and will compensate Landlord may also seek additional relief as provided by lawfor costs not contemplated under this Lease Agreement that are impracticable or extremely difficult to fix. Landlord’s acceptance of a Late Charge does not waive Tenant’s default.
Appears in 1 contract
Sources: Lease Agreement
Base Rent. As The Base Rent to be paid by Tenant under each Lease Supplement shall begin to accrue on the Rent Commencement Date as specified in such Lease Supplement. Tenant shall pay Base Rent by wire transfer in accordance with the terms of the Commencement Date, Participation Agreement. Tenant covenants and agrees shall be supplied with such bank account information as Tenant shall require to timely pay without notice, deduction, off-set or abatement enable payment by wire transfer of Federal funds. Tenant shall wire transfer to such account in accordance with the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money terms of the United StatesParticipation Agreement until notified of any account change. Base Rent is payments shall be payable monthly in the monthly installments set forth arrears on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first fifteenth (1st15th) day of each month during successive month, except that the term hereof. last installment of Base Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. payable on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month, Term (each such date shall be a "Rent for Payment Date") and Base Rent payments shall be made to Landlord and Administrative Agent in accordance with the fraction of a month at the commencement and at the end terms of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments Participation Agreement. No sooner than thirty (30) days or later than ten (10) days prior to the due date for any installment of Base Rent hereunder, Landlord and Administrative Agent each shall deliver to Tenant Notices indicating the exact dollar amount of the Base Rent that is due on such due date to Landlord or Administrative Agent, as applicable (an "Invoice"). If either Landlord or Administrative Agent fails to send an Invoice, Tenant shall pay the amount shown on the previous month's Invoice from such Entity in accordance with the terms of the Participation Agreement. If Tenant's payment of the amount shown on the previous month's Invoice is less than the Base Rent due such Entity for such month, Tenant shall pay the difference within ten (10) days after receipt of notice from such Entity of such shortfall. If Tenant's payment of the amount shown on the previous month's Invoice exceeds the Base Rent due such Entity for such month, then (provided that no Event of Default has occurred which is continuing), such excess amount shall be paid on credited to the first (1st) day next installment of each month during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawBase Rent due to such Entity.
Appears in 1 contract
Sources: Master Lease of Land and Improvements (Adobe Systems Inc)
Base Rent. As of the Commencement Date, 2.01 Tenant covenants and agrees to timely pay Landlord as base rent (Base Rent), without notice, demand, deduction, off-set or abatement to the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereofoffset, the Rent monthly sum of $19,302.81 until January 1, 1996, and then adjusted as provided in lawful money of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid 2.03 for all months thereafter, in advance on or before the first (1st) day of each and every successive calendar month during the term hereof. Rent is considered late and Tenant The rent shall commence on the First day of July, 1995 (the "Commencement Date"). All payments to Landlord under this Lease shall be paid to Landlord at the address for notice set forth in default if rent paragraph 31.15, or at such other address provided to Tenant by Landlord in writing from time to time.
2.02 Rent for any period which is received after 5:00 o’clock p.m. on for less than one month shall be a prorated portion of the fifth monthly rental based upon a thirty (5th30) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event Tenant acknowledges that late payment by Tenant to Landlord is required to post a 3-day notice for non-payment of rent or for other sums due hereunder will cause Landlord to incur certain costs not contemplated by this Lease, the exact amount of which would be extremely difficult and impractical to ascertain. Such costs include, but are not limited to, processing and accounting charges, and late charges which may be imposed on Landlord by the terms of any other breach trust deed covering the Leased Premises. Therefore, in the event Tenant shall fail to pay any installments of the Leaserent or any sum due hereunder within five (5) days after receiving notice of such delinquency, Tenant shall pay to Landlord an administrative fee as additional rent a late charge equal to FIVE percent (5%) of each such installment or other sum. A $250.00 and attorneys fees 15.00 charge will be paid by the Tenant to the Landlord for each returned check, in addition to the late charge.
2.03 The base Rent(effective January 1, 1996) set forth in Paragraph 2.01 shall be increased in all years if the Consumer Price Index - San Francisco - All Items (Index) as published by the United States Department of $250.00 Labor's Bureau of Labor Statistics, increases over the base period Index. The base period Index for any year shall be the Index for the calendar month which is the fourth month preceding the month in which any lease year commences. The base period Index shall be compared with the Index for the same calendar month for each subsequent year (total of $500.00) together with any other sums due as an essential part of the cure of defaultcomparison month). If the Term hereof commences on Index for any day other comparison month is higher than the first day base period Index, then the rental for the next year shall be increased by the identical percentage commencing with the next rental commencement month; provided, however, that no such rental increase shall be less than 3% or expires on any day other more than the last day 8%, of the month, Rent rental for the fraction previous year. In no event shall the rental be less than that set forth in Paragraph 2.01. (By way of a month at illustration only, if Tenant commenced paying rent in July 1991, then the commencement base period Index for the second year is that for April 1992 (assume 130) and at that Index shall be compared with the end Index for April 1991 (assume 136), and because the Index for April 1992 is 4.61% higher, the rental commencing July 1992 shall be 4.61% higher; likewise the Index for April 1993 shall be compared with the Index for April 1992.) Should the Bureau revise or discontinue the publication of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments of Base Rent shall be paid on the first (1st) day of each month during the term hereof. Should Tenant be in defaultabove Index, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check shall convert to the revised index or adopt the successor index in accordance with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided guidelines therefor issued by lawthe federal government.
Appears in 1 contract
Base Rent. As of the Commencement DateA. Except as otherwise provided herein, Tenant covenants and agrees to timely shall pay without notice, deduction, off-set or abatement to the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. initial Base Rent is payable to Landlord the Annual Base Rent as set forth in the Lease Schedule in equal monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of the first full calendar month and on the first day of each calendar month thereafter during the term hereof. Term, and at the same rate for fractions of a month if the Term shall begin on any day except the first day or shall end on any day except the last day of a calendar month.
B. Any rent (whether Base Rent is considered or Additional Rent) or other amount due from Tenant to Landlord under this Lease not paid when due shall incur a late and fee equal to four percent (4%) of the amount not paid when due, but the payment of such late fee shall not excuse or cure any default by Tenant under this Lease, provided, however, that no late fee shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day imposed with respect to any portion of the month. A penalty Base Rent or Additional Rent that (i) is paid within five (5) business days after Tenant’s receipt of fifty dollars a written notice from Landlord, ($50.00ii) per day will the first late payment in any twelve (12) month period if the amount due is paid within five (5) business days after Tenant’s receipt of a written notice from Landlord, and (iii) no late charges on amounts other than Base Rent or Additional Rent shall be assessed on any sums due under the lease which are received imposed unless Tenant fails to make payment for those charges after the fifth (5th) day following the date Landlord has delivered written notice of that delinquency to Tenant. Tenant acknowledges that such late charge represents a fair and reasonable estimate of the monthcosts Landlord will incur by reason of late payments by Tenant. In the event that The acceptance by Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month, Rent for the fraction of a month at the commencement late charge and at the end of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments payment of Base Rent and Additional Rent due shall constitute a waiver of Tenant’s default with respect to such overdue amount, and shall prevent Landlord from exercising any of the other rights and remedies available to Landlord. The covenants herein to pay rent (both Base Rent and Additional Rent) shall be independent of any other covenant set forth in this Lease.
C. Except as otherwise expressly provided herein, Base Rent and all of the rent provided herein shall be paid without demand, offset, deduction or abatement in lawful money of the United States of America to Alter Asset Management, L.L.C., 198▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ ▇▇ as designated from time to time by written notice from Landlord. The Management Agent has full and complete authority to act on behalf of Landlord in connection with all dealings with Tenant, provided however, that the first (1st) day Management Agent shall not have the power to amend or modify the terms of each month during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawLease.
Appears in 1 contract
Base Rent. As of the Commencement Date, Tenant covenants and agrees to timely pay to Landlord the Base Rent set forth in the Basic Lease Information, without noticeprior notice or demand, deduction, off-set or abatement to on the Landlord at the Building, or such other address as Landlord may notify Tenant first day of in writing, yearly each and every year calendar month during the Term hereofTerm, except that Base Rent for the Rent first full calendar month in lawful money of the United States. which Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each month during the term hereof. prior to February 1, 2017 and Base Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month, Rent for the fraction of a partial month at the commencement and beginning of the Term shall be paid on the Commencement Date. Base Rent for any partial month at the beginning or end of the Term shall be adjusted pro rata prorated based on a per diem basisthe actual number of days in the month. Notwithstanding anything in this Lease to the contrary, so long as no Event of Default (as defined in Section 15.1 below) then exists, Tenant shall be entitled to an abatement of Base Rent with respect to the Premises in the monthly amount of $445,280.35 for the first six (6) full months of the initial Term (the “Rent Abatement Period“). The maximum total amount of Base Rent abated with respect to the Premises in accordance with the foregoing shall equal $2,671,682.10 (the “Abated Base Rent“). If an Event of Default occurs at any time during the Rent Abatement Period, then Tenant’s right to receive the Abated Base Rent shall toll (and Tenant shall be required to pay Base Rent during such period of any Event of Default) until Tenant has cured the same, and all succeeding installments of at such time Tenant shall be entitled to receive any unapplied Abated Base Rent until fully applied. Only Base Rent shall be paid abated pursuant to this Section, as more particularly described herein, and Tenant’s Share of Operating Costs and Taxes and all other Rent and other costs and charges specified in this Lease shall remain as due and payable pursuant to the provisions of this Lease. If the Basic Lease Information provides for any change in Base Rent by reference to years or months (without specifying particular dates), the change will take effect on the applicable annual or monthly anniversary of the Commencement Date (which might not be the first (1st) day of each month during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawa calendar month).
Appears in 1 contract
Sources: Lease Agreement (FireEye, Inc.)
Base Rent. As of From and after the date (the “Rent Commencement Date”) that is four (4) months after the Commencement Date, Tenant covenants and agrees Sub-Sub-subtenant shall pay to timely pay without noticeSub-Sub-sublandlord, deductionas rent for the Sub-Sub-sublease Premises, offbase annual rent (“Base Rent”) as set forth below. Sub-set or abatement to Sub-sublandlord hereby acknowledges receipt of Base Rent in the Landlord at amount of $162,925.67 for the Building, or such other address as Landlord may notify Tenant first full calendar month of in writing, yearly and every year during the Term hereof, following the Rent in lawful money of the United StatesCommencement Date. Base Rent is shall be payable in the equal monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid installments, in advance on or before prior to the first day of each month, as follows:
(a) Commencing on the Rent Commencement Date and continuing until the Expiration Date occurs, Sub-Sub-subtenant shall pay to Sub-Sub-sublandlord as base rent the sum of ONE MILLION NINE HUNDRED FIFTY-FIVE THOUSAND ONE HUNDRED EIGHT AND 00/100 DOLLARS ($1,955,108.00) per annum, payable in equal monthly installments of $162,925.67.
(b) If the Rent Commencement Date shall occur on a date other than the first (1st) day of each any calendar month, the Base Rent payable hereunder for such month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. prorated on a per diem basis and shall be paid on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of defaultRent Commencement Date. If the Term hereof commences Expiration Date shall occur on any day other than the first day or expires on any day date other than the last day of the a calendar month, Base Rent for the fraction of a such month at the commencement and at the end of the Term shall be adjusted pro rata prorated on a per diem basis, and all succeeding installments of Base Rent shall be paid basis based on the first number of days in the Term occurring in such month.
(1stc) day Promptly after the Commencement Date and the Rent Commencement Date are determined, Sub-Sub-sublandlord and Sub-Sub-subtenant, at either Sub-Sub-sublandlord’s or Sub-Sub-subtenant’s request, will execute an agreement setting forth each of each month during the term hereofabove dates. Should Tenant be Sub-Sub-subtenant’s or Sub-Sub-sublandlord’s failure or refusal to sign the same shall in default, Landlord may collect $50.00 per day penalty under this provision no event affect the determination of such dates or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by laweither party’s obligations hereunder.
Appears in 1 contract
Sources: Sub Sub Sublease (Datadog, Inc.)
Base Rent. As of the Commencement Date, 2.01 Tenant covenants and agrees to timely pay Landlord as base rent (Base Rent), without notice, demand, deduction, off-set or abatement to the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereofoffset, the Rent monthly sum of $3729.44 for the first 12 months, adjusted as provided in lawful money of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid 2.03 for all months thereafter, in advance on or before the first (1st) day of each and every successive calendar month during the term hereof. Rent is considered late and Tenant , except that last month's deposit shall be in default if paid upon execution hereof. Credit will be given for Tenant's current deposit. The rent is received after 5:00 o’clock p.m. shall commence on the fifth First day of January, 1996 (5ththe "Commencement Date"). All payments to Landlord under this Lease shall be paid to Landlord at the address for notice set forth in paragraph 32.15, or at such other address provided to Tenant by Landlord in writing from time to time.
2.02 Rent for any period which is for less than one month shall be a prorated portion of the monthly rental based upon a thirty (30) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event Tenant acknowledges that late payment by Tenant to Landlord is required to post a 3-day notice for non-payment of rent or for other sums due hereunder will cause Landlord to incur certain costs not contemplated by this Lease, the exact amount of which would be extremely difficult and impractical to ascertain. Such costs include, but are not limited to, processing and accounting charges, and late charges which may be imposed on Landlord by the terms of any other breach trust deed covering the Leased Premises. Therefore, in the event Tenant shall fail to pay any installments of the Leaserent or any sum due hereunder within five (5) days after receiving notice of such delinquency, Tenant shall pay to Landlord an administrative fee as additional rent a late charge equal to TEN percent (10%) of each such installment or other sum. A $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part 15.00 charge will be paid by the Tenant to the Landlord for each returned check, in addition to the late charge.
2.03 The base Rent set forth in Paragraph 2.01 shall be increased in all years after the first year of the cure term if the Consumer Price Index - San Francisco - All Items (Index) as published by the United States Department of defaultLabor's Bureau of Labor Statistics, increases over the base period Index. The base period Index for any year shall be the Index for the calendar month which is the fourth month preceding the month in which any lease year commences. The base period Index shall be compared with the Index for the same calendar month for each subsequent year (comparison month). If the Term hereof commences on Index for any day other comparison month is higher than the first day base period Index, then the rental for the next year shall be increased by the identical percentage commencing with the next rental commencement month; provided, however, that no such rental increase shall be less than 4% or expires on any day other more than the last day 8%, of the month, Rent rental for the fraction previous year. In no event shall the rental be less than that set forth in Paragraph 2.01. (By way of a month at illustration only, if Tenant commenced paying rent in July 1991, then the commencement base period Index for the second year is that for April 1992 (assume 130) and at that Index shall be compared with the end Index for April 1991 (assume 136), and because the Index for April 1992 is 4.61% higher, the rental commencing July 1992 shall be 4.61% higher; likewise the Index for April 1993 shall be compared with the Index for April 1992.) Should the Bureau revise or discontinue the publication of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments of Base Rent shall be paid on the first (1st) day of each month during the term hereofabove Index. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check shall convert to the revised index or adopt the successor index in accordance with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided guidelines therefor issued by lawthe federal government.
Appears in 1 contract
Base Rent. As Sublessee shall pay to Sublessor an amount equal to the monthly installment of Base Rent for the fifth full month of the Term (Forty-Three Thousand Seven Hundred Thirty-Nine and Eighty One-Hundredths Dollars ($43,739.80)) upon execution of this Sublease. Commencing on the Commencement Date, Tenant covenants Sublessee shall pay Base Rent to Sublessor as rent for the Premises, in monthly installments in advance, and agrees to timely pay thereafter on the first day of each calendar month of the Term, without notice, deduction, off-set offset, prior notice or abatement to the Landlord at the Buildingdemand, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States; provided, however, that Sublessee shall be entitled to four (4) month's free Base Rent with respect to the first four (4) months following the Commencement Date, as indicated in the chart contained in the definition of Base Rent in Section 1 above. The abatement of the first four months of Base Rent, as provided in the foregoing sentence, does not affect Sublessee's obligation to pay Additional Rent with respect to such period. In addition, in the event of any default by Sublessee hereunder, in addition to any other remedies available to Sublessor at law or in equity or under this Sublease, upon demand of Sublessor, Sublessee shall pay to Sublessor an amount equal to the amount of the first four months of Base Rent that was abated pursuant to this Section 6(a). If the first day for which the monthly installment of Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than not the first day of a calendar month, or expires on any day other than if the last day of the Term is not the last day of a calendar month, Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments monthly installment of Base Rent shall be paid on prorated for the first (1st) day fractional month(s). In the case of each a proration at the beginning of the Term, Sublessee shall pay the proration for such partial month during upon the term hereofdue date for Base Rent for the second month of the Term. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever Sublessee shall pay the proration for the last month of the Term when Base Rent for such month is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawdue.
Appears in 1 contract
Sources: Sublease Agreement (Corixa Corp)
Base Rent. As of From and after the Rent Commencement Date and continuing until the Expiration Date, Tenant covenants and agrees Subtenant shall pay to timely pay without noticeSublandlord base annual rent (“Base Rent”) in the sum of TWO MILLION SIX HUNDRED THREE THOUSAND SIX HUNDRED AND 00/100 DOLLARS ($2,603,600.00) per annum, deduction, off-set or abatement to the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. Base Rent is payable in the equal monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid installments, in advance on or before prior (but not more than thirty (30) days prior) to the first day of each month, in the amount of $216,966.67.
(a) If the Commencement Date or Rent Commencement Date, as applicable, shall occur on a date other than the first (1st) day of each any calendar month, the Base Rent payable hereunder for such month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. prorated on a per diem basis and shall be paid on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent Commencement Date or for any other breach of the LeaseRent Commencement Date, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of defaultapplicable. If the Term hereof commences Expiration Date shall occur on any day other than the first day or expires on any day date other than the last day of the a calendar month, Base Rent for the fraction of a such month at the commencement and at the end of the Term shall be adjusted pro rata prorated on a per diem basisbasis based on the number of days in the Term occurring in such month. The Commencement Date shall be the “Rent Commencement Date” under this Sublease; provided, however, that (1) provided no default by Subtenant hereunder has occurred and all succeeding installments is continuing beyond the expiration of any applicable notice and cure periods, Subtenant shall receive an abatement of Base Rent shall be paid for the period commencing on the first Commencement Date and running through the date which is one hundred eighty (1st180) day of each month during days following the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of defaultCommencement Date (the “Contract Abatement Period”, and Tenant must cover said check together with certified funds plus any Delay Abatement Period, the penalty contained herein. Landlord may also seek additional relief “Abatement Period”), and (2) in the event there is a Delay Abatement Period as described in Section 2.2(a) above and provided no default by lawSubtenant hereunder has occurred and is continuing beyond the expiration of any applicable notice and cure periods, Subtenant shall receive an abatement of Base Rent for the period commencing upon the expiration of the Contract Abatement Period and continuing for the number of days in the Delay Abatement Period.
Appears in 1 contract
Sources: Sublease Agreement (Datadog, Inc.)
Base Rent. As of Commencing on the Commencement Date, Tenant covenants and agrees to timely on the first of every month thereafter, the Lessee shall pay without notice, deduction, off-set or abatement to the Landlord at Lessor the BuildingBase Rent (collectively with all Additional Rent, as defined below, and other charges the "Rent"), without set-off or such other address deduction of any kind whatsoever, except as Landlord may notify Tenant of in writingspecifically permitted herein, yearly and every year during prorated for any partial month or year. Other charges payable by the Term hereof, the Rent in lawful money of the United StatesLessee on a monthly basis shall be similarly prorated. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before monthly as follows, with the first (1st) month's Base Rent paid at the Commencement Date. During the period beginning on the Commencement Date and ending on the day of each month during immediately prior to the term hereof. Full Occupancy Date, Base Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. comprised of two components, "Square Footage Base Rent" and "Interest Base Rent." During the period beginning on the fifth Commencement Date and ending on the day immediately prior to the Fully Available Date, Square Footage Base Rent shall be $13,562.00 per month (5th) day of $8.75 per square foot per annum on the Initial Occupancy Space), and Interest Base Rent shall be $11,667.00 per month. A penalty of fifty dollars (During the period commencing on the Fully Available Date and ending on the date immediately prior to the Full Occupancy Date, Square Footage Base Rent shall be $50.00) 13,562.00 per day will month, and Interest Base Rent shall be assessed on any sums due under the lease which are received after the fifth (5th) day of the $21,173.00 per month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 Square Footage Base Rent and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month, Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments of Interest Base Rent shall be paid on a monthly basis as described in the immediately preceding paragraph. If at any time after the Commencement Date and prior to the Full Occupancy Date the Lessee begins to occupy more of the Premises than the Initial Occupancy Space for its business purposes, Square Footage Base Rent shall be increased at the rate of $8.75 per square foot per annum for each additional square foot so occupied, and Interest Base Rent shall be reduced to the amount which results by multiplying the applicable figure above by a fraction, the numerator of which shall be the square feet of the Premises not occupied by the Lessee for its business purposes, and the denominator of which shall be 60,600. From the Full Occupancy Date to the third anniversary of the Full Occupancy Date, or if the Full Occupancy Date is other than the first (1st) day of a month, to the third anniversary of the first day of the month immediately following the Full Occupancy Date: $752,400.00 per annum, payable in equal monthly installments of $62,700.00 in advance on the first day of each month. From the third anniversary of the Full Occupancy Date to the seventh anniversary of the Full Occupancy Date, or if the Full Occupancy Date is other than the first day of a month, to the seventh anniversary of the first day of the month during immediately following the term hereofFull Occupancy Date: $732,600.00 per annum, payable in equal monthly installments of $61,050.00 in advance, on the first day of each month. Should Tenant be From the seventh anniversary of the Full Occupancy Date to the tenth anniversary of the Full Occupancy Date, or if the Full Occupancy Date is other than the first day of a month, to the tenth anniversary of the first day of the month immediately following the Full Occupancy Date: $772,200.00 per annum, payable in defaultequal monthly installments of $64,350.00 in advance, Landlord may collect $50.00 per on the first day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by laweach month.
Appears in 1 contract
Sources: Lease (Abiomed Inc)
Base Rent. As of the Commencement Date(1) Subject to Sections 605(B) and 605(C) below, Tenant covenants and agrees to timely will pay without noticethe Authority, deductionin arrears, off-set or abatement to the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first fifteenth (1st15th) day of each calendar month, base rent (“Base Rent”) with respect to the Leased Premises for the preceding calendar month. Subject to Section 601(A)(3) below, the Base Rent that is assessed by the Authority for a particular calendar month will be calculated solely on basis of the square footage of the Leased Premises that Tenant Occupied during that calendar month. The annual Base Rent rate for the Leased Premises during the term hereofTerm will be Two Dollars and NO/100 ($2.00) per square foot. By way of example only, if Tenant Occupies 100,000 square feet of the Leased Premises during a particular calendar month, Tenant will (subject to Sections 605(B) and (C) below) pay the Authority Base Rent is considered late for that calendar month in the amount of $16,666.67 (i.e., 100,000 square feet x $2.00 per square foot per annum /12 months).
(2) As it relates to Occupancy and subsequent de-Occupancy of Leased Premises, if Tenant Occupies a particular portion of the Leased Premises during less than all of a calendar month, Tenant shall be in default if rent is received after 5:00 o’clock p.m. pay a prorated portion of the Base Rent for that calendar month based on the fifth (5th) day number of days Tenant Occupies that portion of the month. A penalty Leased Premises.
(3) Notwithstanding anything in this Lease to the contrary, however, and regardless of fifty dollars which ($50.00if any) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day portions of the month. In the event Leased Premises that Landlord is required Tenant elects to post a 3-day notice for non-payment Activate and regardless of rent or for any other breach which (if any) portions of the Leased Premises that Tenant is Occupying or using from time to time, Tenant hereby agrees that commencing on the earlier of (a) December 1, 2004 or (b) the first date that any aircraft of Tenant’s customer(s) is located at the Leased Premises, and continuing thereafter during the Term of this Lease, Tenant shall be obligated to pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month, Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments of monthly Base Rent shall be paid on the first at least two (1st2) day of each month during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds Bays plus the penalty contained hereinHangar 4 Office Space (the “Minimum Base Rent”). Landlord may also seek additional relief Minimum Base Rent is subject to increase as provided by lawin Section 401(G) and Section 2105(A)(3) of this Lease.
Appears in 1 contract
Sources: Lease Agreement (Aar Corp)
Base Rent. As Tenant agrees to pay to Landlord at Landlord’s mailing address identified in Section 1.1, or at such other place as Landlord shall from time to time designate in writing, base rent, as calculated below, in equal monthly installments, and proportionately at such rate for any partial month (“Base Rent”). Payment of Base Rent shall commence on the Rent Commencement Date, Tenant covenants and agrees to timely pay without notice, deduction, off-set or abatement to the Landlord at the Building, or such other address unless otherwise delayed as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due herein, and shall be paid monthly in advance on or before the first (1st) day of each and every calendar month during the term hereofTerm. Payments of Base Rent is considered received more than five (5) days after the due date may be subject to a late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth payment penalty equal to two percent (5th2%) day of the monthpayment amount for each month the payment is late. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month, Tenant’s Base Rent for the fraction Leased Premises shall be equal to and fixed at a rate of $26.80 per square foot, based on the net rentable area of the Leased Premises as determined and confirmed by Section 2.1 above, provided, however, in the event the annual interest rate on the Construction Loan exceeds 4.50%, then Base Rent for the Leased Premises shall increase as set forth on Exhibit B up to a month maximum rate of $28.49 per square foot, it being the intent hereof that, for purposes of calculating the fixed rate of Base Rent pursuant to this Section 4.1, said annual interest rate shall be capped at 5.50%. Once determined in accordance with the foregoing, the Base Rent shall remain fixed for the first five (5) lease years hereunder, measured from the Rent Commencement Date. Commencing at the commencement inception of the 6th anniversary of the Rent Commencement Date, and at annually thereafter, the end Base Rent shall escalate for each remaining year of the Term shall at the rate of 1% per annum over the prior year’s Base Rent. Subject at all times to Landlord’s remaining obligations set forth in this Lease and in the Work Letter, including, but not limited to, as set forth in Section 2.3 above, the Leased Premises are anticipated to be adjusted pro completed in stages with the Rent Commencement Date(s) occurring thirty (30) days following Substantial Completion of each stage. The Base Rent coming due at each stage will be a pro-rata on a per diem basis, and all succeeding installments allocation of Base Rent shall be paid on based upon the first (1st) day percentage of completion that each month during such stage represents relative to the term hereofoverall net rentable area of the completed Project, as determined and confirmed by Section 2.1 above. Should Tenant be The allocation for any staged rent due for the Parking Facility is as set forth in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawParking Lease.
Appears in 1 contract
Sources: Lease Agreement (HS Spinco, Inc.)
Base Rent. As of Tenant shall continue to pay Base Rent as provided in the Commencement DateLease through December 31, Tenant covenants and agrees 2027. Thereafter, Base Rent shall continue to timely pay without notice, deduction, off-set or abatement to increase by the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year Rent Adjustment Percentage on each January 1st during the Base Term hereofthrough the Fifth Amendment Expiration Date. Notwithstanding anything the contrary contained in the Lease or in this Fifth Amendment, so long as Tenant is not then-currently in default under the Rent Lease or in lawful money of default under the United States. 500 Lease (beyond any applicable notice and cure periods), then Tenant shall receive a credit against Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease Lease in the amount of $620,000, which are received after shall be applied to the fifth (5th) day Base Rent first coming due on December 1, 2019, and Base Rent coming due immediately thereafter until such rent credit is exhausted. If Tenant is in default under the Lease or in default under the 500 Lease as of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the LeaseDecember 1, 2019, and subsequently cures such default, Tenant shall pay receive such credit to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the Base Rent following Tenant’s cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month, Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments of Base Rent shall be paid on the first (1st) day of each month during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of such default, and such credit shall be applied to Base Rent commencing on the date that such default has been cured by Tenant. Notwithstanding anything the contrary contained in the Lease or in this Fifth Amendment, so long as Tenant must cover said check with certified funds plus is not default under the penalty contained hereinLease or in default under the 500 Lease (beyond any applicable notice and cure periods), then Tenant shall receive an additional credit against Base Rent due under the Lease in the amount of $330,000, which shall be applied to the Base Rent first coming due on April 1, 2020, and Base Rent coming due immediately thereafter until such rent credit is exhausted. Landlord may also seek additional relief If Tenant is in default under the Lease or in default under the 500 Lease as provided of April 1, 2020, and subsequently cures such default, Tenant shall receive such credit to Base Rent following Tenant’s cure of such default, and such credit shall be applied to Base Rent commencing on the date that such default has been cured by lawTenant.
Appears in 1 contract
Sources: Lease Agreement (Moderna, Inc.)
Base Rent. a. As of agreed, the Commencement Datefirst five (5) months are rent free. Following the first five (5) rent free months, Tenant covenants and agrees to timely shall pay without notice, deduction, off-set or abatement to the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the annual Base Rent in lawful money of the United States. Base Rent is payable advance, in the twelve (12) equal monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance $3,399.50 on or before the first (1st) day of each calendar month during the term hereofTerm, without notice, deduction, demand, abatement, counterclaim or set off, at the rates set forth below. Base Rent is considered late and Tenant for any partial month shall be paid in default if rent is received after 5:00 o’clock p.m. advance and prorated based on the fifth (5th) day number of the days in such partial calendar month. A penalty of fifty dollars The first ($50.001st) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month, Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments of Base Rent shall be paid due and payable on or before the first (1st) day execution of each month during this Lease. Base Rent and all other sums of money due from Tenant hereunder shall be collectively referred to hereinafter as “Rent”.
b. Checks for all Rent shall be made payable to Landlord and mailed or delivered to the term hereof. Should Tenant be address set forth in default, Section 32 below or such other address as Landlord may collect designate to Tenant in writing. To defray administrative and handling expenses, Tenant agrees to pay an additional charge of Fifty and No/100 Dollars ($50.00 50) for each returned check. If any payment of Rent is not received by Landlord within five (5) days of the due date, then Tenant shall pay Landlord the greater of (i) five percent (5%) of the late Rent: or (ii) Two Hundred Fifty and No/00 Dollars ($250.00). In addition, if any payment of Rent is not received within ten (10) days of when due, such late Rent shall bear interest at the lesser of ten percent (10%) per day penalty annum, compounded monthly, or the maximum rate permitted under law, from the due date of such Rent until such late Rent and all interest accrued thereon is paid in full. Tenant acknowledges that the aforementioned late charge and interest are in addition to Landlord’s other rights and remedies available under this provision Lease, at law or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of defaultin equity, and Tenant must cover said check with certified funds plus that such late charge and interest shall in no way limit Landlord’s other rights and remedies. If Landlord shall at any time accept any such Rent or other sums after the penalty contained herein. Landlord may also seek additional relief same shall become due and payable, such acceptance shall not excuse a delay upon subsequent occasions, or constitute or be construed as provided by lawa waiver of any of Landlord’s rights hereunder, at law or in equity.
Appears in 1 contract
Base Rent. As of the Commencement Date, Tenant covenants and agrees to timely pay without notice, deduction, off-set . offset or abatement to the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. o'clock p.m on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums suits due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month, Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on or a per diem basis, and arid all succeeding installments of Base Rent shall be paid on the first (1st) day of each month during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by law.shall
Appears in 1 contract
Base Rent. As of During the initial term and each additional term, as rent for the Premises and rights granted to the Lessee by this instrument, the Lessee promises and agrees to pay to the Lessor without notice or demand rent as follows:
(i) On the Commencement Date, Tenant covenants and agrees Lessee shall pay to timely pay without noticeLessor Fixed Rent (Fixed Rent is defined as $66,666.67 paid monthly, deduction, off-set or abatement annualized to $800,000 per year) prorated by the number of days from the Commencement Date to the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money end of the United States. Base Rent is payable month in which the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant Commencement Date falls.
(ii) Subsequent to the terms of Paragraph 7 hereof. Rent is due Commencement Date and shall be paid in advance subject to subparagraph (iv), on or before the first day of each month, IOC-Tunica shall pay Fixed Rent in advance to Lessor in the amount of $66,666.67 for the remainder of the term of the Lease and any renewal terms thereof.
(1stiii) Percentage Rent is to be paid in arrears. Subsequent to the Commencement Date and subject to subparagraph (iv), on or before the 20/th/ day of each month, Lessee shall pay Lessor percentage rent in an amount equal to 2% of Gross Gaming Revenue for the previous calendar month less the Fixed Rent already paid on the 1/st/ of the month.
(iv) Once Lessee has paid Lessor $800,000 during a Percentage Rent Year, then Lessee shall not be obligated to make any further Base Rent payments for that Percentage Rent Year unless and until such time as Lessee's total Gross Gaming Revenue for that Percentage Rent Year exceeds $40,000,000. On the 20/th/ day of the month following the first month during which total Gross Gaming Revenue for the Percentage Rent Year exceeded $40,000,000, Lessee shall pay Lessor Base Rent in an amount equal to 2% of the amount by which total Gross Gaming Revenue for the Percentage Rent Year exceeded $40,000,000. Thereafter, on the 20/th/ day of each month for the remainder of the Percentage Rent Year (including the 20/th/ day of the month following the last month of the Percentage Rent Year), Lessee shall pay to Lessor rent equal to 2% of the Gross Gaming Revenue for the prior calendar month.
(v) It is the intent of the parties that Base Rent paid to Lessor for any given Percentage Rent Year equal the greater of (x) 2% of Gross Gaming Revenue for the Percentage Rent Year or (y) $800,000. By way of example, and for clarification, Base Rent for any Percentage Rent Year will be as follows: GROSS GAMING REVENUE BASE RENT -------------------- --------- $30,000,000 $ 800,000 $37,000,000 $ 800,000 $42,000,000 $ 840,000 $50,000,000 $1,000,000 CHANGE IN IOC-TUNICA'S FISCAL YEAR
(vi) In the event IOC-Tunica changes its fiscal year during the term hereof. Rent is considered late and Tenant shall be in default if of this lease, the minimum base rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month, Rent for the fraction of a month at the commencement and at the end of the Term such year shall be adjusted pro rata on a per diem basisto reflect the number of months in the adjusted fiscal year multiplied by one-twelth (1/12th) the base rent set forth herein provided, and all succeeding installments however, that the amount of Base monthly payments of Fixed Rent shall be unaffected by such a change.
(vii) Percentage Rent, if any, to be paid for a partial percentage rent year shall be paid consistent with the subparagraphs above.
(viii) By way of example, if IOC-Tunica's fiscal year in 1999 were to begin on the first (1st) day of each month during the term hereof. Should Tenant be in defaultMay 1, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default1999, and Tenant must cover said check with certified funds plus there were a change of IOC-Tunica's fiscal year to a calendar year (i.e., FY 1999 would end 12/31/99), then Isle of Capri- Tunica would continue to pay monthly Fixed Rent in the penalty contained herein. Landlord may also seek additional relief as provided by lawamount of $66,666.
Appears in 1 contract
Sources: Lease (Isle of Capri Casinos Inc)
Base Rent. As base rent for the lease of the Commencement DatePremises, Tenant covenants and hereby agrees to timely pay pay, without noticeclaim, deductiondeductions or setoffs for the Term of the Lease base rent. ("Base Rent") as follows: PERIOD PSF ANNUAL EQUAL MONTHLY PAYMENT: ------ --- ------ ---------------------- Lease Year 1 6/1/94-5/31/95 $16.29 $20.786.04 $1.732.17 Lease Year 2 6/1/95-5/31/96 $17.29 $22.062.04 $1.838.50 Lease Year 3 6/1/96 5/31/97 $18.29 $23.338.04 $l.944.84 Such Base Rent for each Lease Year shall be due and payable in the equal monthly installments set forth above, off-set or abatement in advance, on the first day of each calendar month during the Term, commencing on the 1ST day of JULY 1994. All payments of Base Rent shall be paid to the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. Base Rent is payable States of America at the address of Landlord shown herein, or to such other party or at such other place as Landlord may designate from time to time in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant a written notice to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of defaultTenant. If the Term hereof commences or terminates on any day other than the first day or expires on any day other than the last day of the a calendar month, the Base Rent and any other sums due hereunder shall be prorated for the fraction such fractional calendar month. All past due installments of a month Base Rent and Additional Rent (defined below) shall bear interest at the commencement rate of twelve percent (12%) per annum from the date due until paid. Anything herein to the contrary notwithstanding, in no event shall the Base Rent provided herein ever be reduced. A "Lease Year" shall be the twelve month period commencing with the Commencement Date of this Lease, and ending one year later, and each following twelve-month period. If at the end expiration of any twelve month period during the Term the Term has not expired and there remains less than twelve months prior to the expiration of the Term, the final period during the Term shall be adjusted pro rata on treated like a per diem basis, Lease Year and all succeeding installments of Base Rent shall be paid on adjusted accordingly. Notwithstanding the foregoing, no Base Rent and Additional Rent shall be payable by Tenant for the first two months of the Term (1st) day of each month during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, July and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawAugust 1994).
Appears in 1 contract
Base Rent. As Tenant shall pay an annual Base Rent in the amount set forth above in the Basic Lease Information. The Initial Monthly Base Rent for the third (3rd) month of the Commencement DateTerm shall be due and payable within five (5) business days after Tenant’s execution of this Lease, and Tenant covenants and agrees promises to timely pay to Landlord in advance, without noticedemand, deductiondeduction or set-off (except as expressly permitted under this Lease), off-set or abatement to the Landlord at the Building, or such other address as Landlord may notify Tenant monthly installments of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each calendar month during commencing with the term hereofthird calendar month succeeding the Commencement Date (as that date may be extended as provided in Paragraph 2(c)). Payments of Base Rent is considered late for any fractional calendar month shall be prorated. All payments required to be made by Tenant to Landlord hereunder (or to such other party as Landlord may from time to time specify in writing) shall be made by electronic funds transfer or bank wire transfer of immediately available federal funds at such place, within the continental United States, as Landlord may from time to time designate to Tenant in writing. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Except as expressly set forth in this Lease, Tenant shall be have no right at any time to abate, r▇▇▇▇▇, or set-off any rent due hereunder. If Tenant is delinquent in default if rent is received after 5:00 o’clock p.m. on the fifth any monthly installment of Base Rent or of estimated Operating Expenses (5thas defined below) day of the month. A penalty of fifty dollars for more than five ($50.005) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Leasedays, Tenant shall pay to Landlord an administrative fee on demand a late charge equal to six percent (6%) of $250.00 and attorneys fees of $250.00 such delinquent sum; provided, however, that, not more than once during any twelve (total of $500.00) together with any other sums due as an essential part of the cure of default. If 12)- month period during the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month(as extended), Rent for the fraction of a month at the commencement and at the end of the Term Tenant shall be adjusted pro rata on a per diem basis, and all succeeding installments entitled to written notice of non-receipt of Base Rent shall be paid on the first (1st) day of each month during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of defaultestimated Operating Expenses from Landlord, and Tenant must cover said check shall not be liable for any late charge with certified funds plus the penalty contained hereinrespect thereto if such installment of Base Rent or estimate Operating Expenses is received by Landlord within five (5) days after Tenant’s receipt of such notice. Landlord may also seek additional relief The provision for such late charge shall be in addition to all of Landlord's other rights and remedies hereunder or at law and shall not be construed as provided by lawa penalty.
Appears in 1 contract
Sources: Lease (Bloom Energy Corp)
Base Rent. As a. Tenant shall pay to Landlord Base Rent during the Term hereof, without notice or demand, in the monthly installments specified in Section 1, in advance on the first day of each calendar month of the Commencement DateTerm, at Landlord's principal office as indicated in Section 1 above. The first month's installment of Premises "A" Base Rent shall be payable upon the execution of this Lease. If the Term commences other than on the first day of a calendar month, then the installments of Base Rent for the first and last calendar months of the Term shall be adjusted proportionately. Notwithstanding anything in this subsection 5(a) to the contrary, the Premises "A" Base Rent payable hereunder for the first 104 days of the Term shall equal $13,262.40 per month [$4.75 per square foot to cover Tenant's Proportionate Share of Operating Expenses] to be prorated on a per diem basis. --- ----
b. Base Rent, Additional Rent and all other sums payable by Tenant covenants and agrees to timely pay Landlord hereunder shall be paid, without notice, set-off or deduction, off-set or abatement in lawful currency of the United States of America to the Landlord at the Buildingaddress set forth in Section 1 hereof, or at such other address as Landlord may notify Tenant of from time to time designate in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant writing to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the monthTenant. In the event that Landlord is required to post a 3-day notice for non-payment of any such rent or other sums shall be unpaid on the expiration or termination hereof, the obligation therefor shall survive such expiration or termination of this Lease. In order to partially compensate Landlord for any other breach the extra expense incurred in the handling of the Leasedelinquent payments, Tenant agrees to pay Landlord a late charge equal to the product obtained by multiplying each installment of Fixed Rent Or Additional Rent not paid within ten (10) days after its due date by five (5%) percent. Notwithstanding the above, Landlord agrees not to assess such late charge until ten days have elapsed after Landlord has given Tenant notice of such delinquency; provided, however, that Landlord shall pay -------- ------- have the right to assess such late charge without notice to Tenant in the event Landlord an administrative fee has given Tenant notice of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month, Rent for the fraction of a month past delinquencies at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments of Base Rent shall be paid on the first (1st) day of each month least once during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawprior 12 months.
Appears in 1 contract
Base Rent. As (a) Lessee shall pay to Lessor as rent for the premises, (the "Base Rent"), in advance, in fixed monthly payments on the first day of each month of the Term.
(b) From the Commencement Date until the first anniversary of the commencement Date, Tenant covenants and agrees the Base Rent shall be an amount to timely pay without notice, deduction, off-set or abatement to the Landlord be computed at the Building, or such other address as Landlord may notify Tenant rate of in writing, yearly and every year $3.95 annually per square foot.
(c) Rent for any period during the Term hereof, hereof which is for less than one month shall be a pro rata portion of the monthly installment.
(d) Rent shall be payable in lawful money of the United States. States to Lessor at the address stated herein or to such other persons or at such other places as Lessor may designate in writing.
(e) commencing on the first anniversary of the Commencement Date, and on each anniversary of the commencement Date thereafter through the end of the Term and any renewal thereof, the Base Rent is payable shall be computed in accordance with the provisions of this subparagraph. In the event the Consumer Price Index for Urban Wage Earners and clerical Workers in the monthly installments set forth on city of Philadelphia (1967 = 100) (hereinafter called the Lease Agreement Facing Page attached hereto; Additional "Price Index") or a successor or substitute index appropriately adjusted, reflects an increase in the cost of living for the month immediately preceding such anniversary date ("Adjustment Month") over and above such cost of living as reflected by the Price Index as it existed for the month immediately preceding the prior anniversary date (hereinafter called the "Base Index"), the Base Rent is payable pursuant during such lease year shall equal to the terms number of Paragraph 7 hereof. Rent square feet in the Premises, multiplied by $3.95 plus the product of (i) $3.95 (as adjusted in the prior year in accordance with this subparagraph) multiplied by (ii) the lesser of (A) five percent 5% or (B) a fraction, the numerator of which is due the Price Index for the Adjustment Month and the denominator of which is the Base Index (but in no event shall such increase be paid in advance on or before the first (1st) day of each month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the monthless than 4%). In the event that Landlord is required such determination cannot be made until after any anniversary of the commencement Date, the increase in the monthly rental payments due for the months prior to post a 3-day notice for non-such determination shall bepaid to Lessee upon the date the next payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums is due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month, Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments of Base Rent shall be paid on the first (1st) day of each month during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawfollowing such determination.
Appears in 1 contract
Base Rent. As Tenant shall deliver to Landlord, concurrent with ▇▇▇▇▇▇’s delivery of an executed copy of this Lease to Landlord, the Base Rent due for the calendar month in which the day immediately following the expiration of the Commencement DateSubsequent Abatement Period occurs (or, Tenant covenants and agrees to timely pay without noticeif such date does not occur on the first day of a calendar month, deduction, off-set or abatement to Base Rent for the Landlord at first full calendar month following the Building, or such other address as Landlord may notify Tenant of date in writing, yearly and every year during which the Term hereof, day immediately following the Rent in lawful money expiration of the United StatesSubsequent Abatement Period occurs). Tenant shall pay to Landlord in advance, without demand, abatement, deduction or set-off, monthly installments of Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each calendar month during the term hereofTerm hereof after the expiration of DOCVARIABLE #DNDocID \* MERGEFORMAT 758013178.6 Net Multi-Tenant Laboratory ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ – ▇▇▇▇▇ ▇▇▇/Cargo Tx - Page 4 the Subsequent Abatement Period, in lawful currency of the United States of America, to the physical address designated by Landlord or by federally insured electronic fund transfer (“EFT”) via wire, Society for Worldwide Interbank Financial Communications (SWIFT) or automated clearing house (ACH) pursuant to the instructions provided by Landlord to Tenant (the “EFT Payment Instructions”). All EFT payments made by Tenant pursuant to this Section 3(a) must include a reference to ARE-San Francisco No. 63, LLC as well as the address of the Building (i.e., ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇.). Payments of Base Rent is considered late and Tenant for any fractional calendar month shall be in default prorated. Notwithstanding anything to the contrary contained herein, if rent is received after 5:00 o’clock p.m. on the fifth (5th) day expiration of the month. A penalty of fifty dollars ($50.00) per day will be assessed Subsequent Abatement Period occurs on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires of a calendar month, then Tenant shall pay to Landlord the prorated Base Rent for such partial month on any the day other than immediately following the last day expiration of the monthSubsequent Abatement Period and the prepaid Base Rent delivered by Tenant pursuant to this first sentence of this Section 3(a) shall be applied to the first full calendar month following the expiration of the Subsequent Abatement Period. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to ▇▇▇▇▇, reduce, or set-off any Rent (as defined in Section 5) due hereunder except for any abatement as may be expressly provided in this Lease. Notwithstanding anything to the contrary contained herein, so long as Tenant is not then in Default under this Lease, Tenant shall not be required to pay Base Rent for the fraction of a month at period commencing on the commencement and at Rent Commencement Date through the end date that is 365 days after the Rent Commencement Date (the “Subsequent Abatement Period”). Tenant shall commence paying full Base Rent on the day immediately following the expiration of the Term Subsequent Abatement Period. For the avoidance of doubt, Tenant shall be adjusted pro rata on a per diem basis, required to pay Operating Expenses and all succeeding installments of Base Rent shall be paid on other amounts payable under the first (1st) day of each month Lease during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawSubsequent Abatement Period.
Appears in 1 contract
Base Rent. As of (a) From and after the Space A Commencement Date, Tenant covenants Sub-subtenant shall pay to Sub-sublandlord, as rent for Space A, base annual rent of $792,000.00 (“Space A Base Rent”) and agrees to timely from and after the Space B Commencement Date, Sub-subtenant shall pay without noticeSub-sublandlord as rent for the entire Sub-sublease Premises, deduction, off-set or abatement to the Landlord at the Building, or such other address as Landlord may notify Tenant base annual rent of in writing, yearly and every year during the Term hereof$3,221,955.00 (combined, the Rent in lawful money of the United States“Base Rent”). Base Rent is shall be payable in the equal monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid installments, in advance on or before prior to the first day of each month, as follows:
(b) If Base Rent for either Space A or the entire Sub-sublease Premises shall commence on a date other than the first (1st) day of each any calendar month, the applicable Base Rent payable hereunder for such month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. prorated on a per diem basis and shall be paid on the fifth (5th) day of date the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of defaultapplicable Base Rent commences. If the Term hereof commences Expiration Date shall occur on any day other than the first day or expires on any day date other than the last day of the a calendar month, Base Rent for the fraction of a such month at the commencement and at the end of the Term shall be adjusted pro rata prorated on a per diem basisbasis based on the number of days in the Term occurring in such month.
(c) Promptly after each Commencement Date is determined, Sub-sublandlord and all succeeding installments Sub-subtenant, at either Sub-sublandlord’s or Sub-subtenant’s request, shall execute an agreement setting forth each of the above dates. Sub-subtenant’s or Sub-sublandlord’s failure or refusal to sign the same shall in no event affect the determination of such dates or either party’s obligations hereunder.
(d) Notwithstanding any provision hereof to the contrary, the Base Rent for the entire Sub-sublease Premises shall not be payable for the period of five months following the Space B Commencement Date (in addition to any additional credits pursuant hereto).
(e) In addition to any credit that may be due to Sub-subtenant pursuant to Section 2.2 hereof, commencing April 1, 2019 Sub-subtenant shall be given a credit against the entire Base Rent equal to the reasonable costs of the Initial Work as approved by Sub-sublandlord pursuant to Section 2.3, provided that such credit shall not exceed five months of Base Rent shall be paid on the first (1st) day of each month during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawRent.
Appears in 1 contract
Sources: Sub Sublease (Datadog, Inc.)
Base Rent. As Tenant shall pay to Landlord the sum of TWO HUNDRED FORTY THOUSAND and No/100 Dollars ($240,000.00) per annum as the "Base Rent" due for the Term; which amount shall be payable in equal monthly installments of TWENTY THOUSAND and No/100 Dollars ($20,000.00). If the Term does not begin on the first day or end on the last day of a calendar month, then the Base Rent for that partial month shall be prorated by multiplying the monthly Base Rent by a fraction, the numerator of which is the number of days of the Commencement Date, Tenant covenants and agrees to timely pay without notice, deduction, off-set or abatement to the Landlord at the Building, or such other address as Landlord may notify Tenant of partial month included in writing, yearly and every year during the Term hereof, and the Rent denominator of which is the total number of days in lawful money of the United Statesfull calendar month. The Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each calendar month during the term hereofTerm without advance notice, demand, offset, or deduction, unless such offset or deduction is made by Tenant as expressly permitted in this Lease or to recover any unpaid (non-appealable) arbitration award or court judgment Tenant has against Landlord. All Base Rent is considered late and Tenant Additional Rent (defined below) shall be paid to Landlord at the address specified in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day this Lease for any notice to be given hereunder, or as Landlord may otherwise specify in writing to Tenant. The Base Rent shall be subject to adjustment as follows: Beginning as of the month. A penalty of fifty dollars Commencement Date, each successive twelve ($50.0012) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day full calendar month period of the month. In the event Term shall be deemed to be a "Lease Year"; provided that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If should the Term hereof commences commence on any day a date other than the first day or expires on any day other than of a calendar month, the first Lease Year shall also include the partial calendar month of the Commencement Date; and further provided that the last day Lease Year shall end as of the month, Rent for the fraction Expiration Date or earlier termination date of a month at the commencement and at the end this Lease. Commencing as of the Term shall be adjusted pro rata on a per diem basissecond Lease Year and continuing for each Lease Year of the Term, and all succeeding installments of the annual Base Rent shall be paid on increased each Lease Year to an amount equal to One Hundred Two and 50/100 Percent (102.5%) of the first (1st) day of each month Base Rent payable during the term hereofprior Lease Year. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by law.(i.
Appears in 1 contract
Sources: Office Lease Agreement (E Loan Inc)
Base Rent. As of the Commencement Date, Tenant Subtenant covenants and agrees to timely pay Sublandlord Base Rent in advance, without noticedemand, set off or deduction, off-set or abatement to the Landlord at the Buildingexcept as expressly provided for herein, or such other address as Landlord may notify Tenant of in writingequal monthly installments, yearly and every year during the Term hereof, the Rent in lawful money of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each and every calendar month during the term hereof. Sublease Term, monthly base rent (“Base Rent”) as follows: Period Monthly Rate/RSF Monthly Base Rent is considered late and Tenant SCD – 12/30/2022 $ 1.20 $ 20,400.00 Notwithstanding the foregoing Base Rent schedule, Subtenant shall be in default if rent is received after 5:00 o’clock p.m. entitled to an abatement of Base Rent during the period commencing on the fifth Sublease Commencement Date and expiring on May 31, 2021 (5th) day the “Abatement Period”), in the amount of $20,400.00 per month (collectively, the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month“Abatement”). In the event of a monetary default by Subtenant under this Sublease in the form of a failure to pay Base Rent or any other amounts due under this Sublease during the Sublease Term beyond any applicable notice and cure periods, such Abatement shall be amortized on a straight-line basis and any unamortized amounts of the Abatement at the time of default shall become immediately due and payable. Further, should Subtenant be in default beyond any applicable notice and cure periods under this Sublease at the time any installment of the Abatement is otherwise due to be applied, such installment of the Abatement will not be provided until the default has been cured by Subtenant. Other than as set forth in this paragraph, Subtenant shall pay any and all other Base Rent and Additional Rent or any sum of money due of Subtenant under this Sublease during the Abatement Period. Base Rent plus any other charges due from Subtenant under this Sublease are hereinafter collectively referred to as “Rent.” Subtenant hereby acknowledges that Landlord is required to post a 3-day notice for non-if any monthly payment of rent Rent or any monies due hereunder from Subtenant shall not be received by Sublandlord within fifteen (15) days after such payment is due, then Subtenant shall pay the Sublandlord a late charge equal to five percent (5%) of the amount due. In the event Subtenant fails to pay Rent following the expiration of the notice and cure period set forth in Article X of this Sublease, Subtenant shall also be responsible for the payment of interest on such outstanding amount charged at the lesser of (i) the rate of ten percent (10%) per annum, or (ii) the maximum rate permissible by law. Base Rent for any other breach of partial months during the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month, Rent for the fraction of a month at the commencement and at the end of the Sublease Term shall be adjusted pro rata on a per diem basis, and all succeeding installments of Base Rent shall be paid on the first (1st) day of each month during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawprorated.
Appears in 1 contract
Base Rent. As Subtenant shall pay without deduction or set-off to Sublandlord Base Rental (the "Base Rent") for the Sublease Premises in the amounts set forth below. Upon the written agreement of the Commencement DateLandlord, Tenant covenants Sublandlord, and agrees the Subtenant, Subtenant may be directed to timely pay without notice, deduction, off-set or abatement the Base Rent directly to the Landlord at Landlord, provided Subtenant delivers to Sublandlord copies of all bills received and payments made for the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the monthLandlord. In the event that Subtenant defaults in any payments made directly to Landlord, Landlord is required shall give notice of such default to post a 3-day Sublandlord within ten (10) days of default and Sublandlord shall be allowed, but not required, to cure such default within ten (10) days of receive of notice for non-payment of rent or for any other breach of from the LeaseLandlord. Notwithstanding the forgoing, Tenant Base Rent shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of not commence until the cure of default. If Commencement Date, provided, however in the Term hereof commences on any day other than event that Sublandlord vacates the Sublease Premises after March 19, 2001, the Base Rental shall abate until April 1, 2001, at which time the first day or expires rental payment sh▇▇▇ ▇e due. In the event that Sublandlord fails to vacate the Sublease Premises prior to 5:00 PM CST on any day other than May 23, 2001, Subtenant, in its sole discretion, shall have the last day right to terminate this Sublease Agreement without penalty by providing Sublandlord written notice of the monthits election to terminate by 5:00 PM CST on May 26, Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments of 2001. Rentable From To /Sq. Ft. /Year /Mo. ---- -- -------- -------- ---- Base Rent shall be paid payable in monthly installments in the amounts set forth above, and each such installment shall be due and payable in advance, starting on the Commencement Date and continuing on the first (1st) day of each calendar month during thereafter. If this Sublease ends or begins on a day other than the term hereof. Should Tenant first or last day of a month, respectively, the monthly installment of Base Rent for such month shall be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief prorated except as provided by lawabove.
Appears in 1 contract
Sources: Sublease (Ipayment Inc)
Base Rent. As a component of the Commencement Date, Tenant covenants and agrees to timely pay without notice, deduction, off-set or abatement to the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the LeaseRent, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the monthLandlord, Base Rent for leasing the fraction of a month at Leased Premises, in the commencement and at the end of the Term shall be adjusted pro rata on a per diem basisamount set forth below, and all succeeding installments without offset or deduction (“Base Rent”). The first payment of Base Rent shall be paid due on the Commencement Date (“Rent Commencement Date”). April 1, 2017 to March 31, 2018 Zero Dollars (0.00) per month. If Tenant terminates this Agreement prior to March 31, 2018, Landlord shall retain the Security Deposit as Base Rent. April 1, 2018 to March 31, 2020 Five Hundred Ninety One Dollars and Fifty Cents ($591.50) per month April 1, 2020 to March 31, 2021 Market value of the Leased Premises as determined by Landlord’s City Manager as of April 1, 2020, but no less than Eight Hundred Eighty-Seven Dollars and Twenty-Five Cents ($887.25) per month April 1, 2021 to March 31, 2022 Market value of the Leased Premises as determined by Landlord’s City Manager as of April 1, 2021, but no less than Eight Hundred Eighty-Seven Dollars and Twenty-Five Cents ($887.25) per month If the Rent Commencement Date is not on the first (1st) day of a calendar month, then Tenant shall pay to Landlord, on or before the Rent Commencement Date, Tenant’s pro rata share of the Base Rent for that partial month pro-rated on the basis of a thirty (30) day month. Subsequent monthly Base Rent payments shall be due and payable on the first day of each month during following the term hereoffirst Base Rent payment. Should Tenant Payment of Base Rent shall be in default, made to Landlord at its address stated herein or to such other persons or place as Landlord may collect $50.00 per day penalty under this provision from time to time designate in writing. Acceptance of a payment which is less than the amount then due shall not be a waiver of Landlord’s rights to the balance of such Rent, regardless of Landlord’s endorsement of any check so stating. Payments will be applied first to accrued late charges and attorney’s fees, second to other outstanding charges or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of defaultcosts, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawany remaining amount to Base Rent.
Appears in 1 contract
Sources: Lease Agreement
Base Rent. As of a. Prior to the Commencement Expansion Effective Date, Tenant covenants and agrees shall continue to timely pay without notice, deduction, off-set or abatement to the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; and Additional Rent is payable pursuant to the terms of Paragraph 7 hereofthe Amended Lease with respect to the Existing Premises.
b. Tenant shall not be obligated to pay Base Rent for the Expansion Space for the period following the Expansion Effective Date through the Current Expiration Date.
c. Commencing on the Extended Term Commencement Date and continuing for the duration of the Extended Term, Tenant shall pay Base Rent for the Premises (as configured following the reduction and expansion described above) according to the following schedule: All such monthly Base Rent shall be payable by Tenant in accordance with the terms of the Lease. Notwithstanding the foregoing or anything in the Lease to the contrary, commencing as of the Extended Term Commencement Date, Base Rent is due and shall be paid to Landlord net of all costs and expenses, as provided in advance on Section 5 below. Sections 3.4(a) and (b) of the Initial Lease will not be applicable to the obligation to pay Base Rent during the Extended Term and, effective as of the Extension Date, will be deemed deleted and deemed null, void and of no further force or before effect. *Notwithstanding the foregoing, provided there is no Event of Default under the Lease, Landlord hereby agrees to ▇▇▇▇▇ ▇▇▇▇▇▇’s obligation to pay Base Rent and Tenant’s Percentage Share of Operating Expenses and Property Taxes during: (a) the first (1st) day through the ninth (9th) full calendar months, inclusive, of each month the Extended Term (i.e., January 2027 through September 2027, inclusive) (the “Construction Period”) (such amount of abated Rent during the term hereof. Rent is considered late Construction Period being referred to herein as the “Construction Period Abated Amount”), and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on (b) the fifth tenth (5th10th) day through the nineteenth (19th) full calendar months, inclusive, of the monthExtended Term (i.e., October 2027 through July 2028, inclusive) (the “Abatement Period”) (such amount of abated Rent during the Abatement Period being referred to herein as the “Abated Rent”) (the Construction Period Abated Amount and the Abated Rent are collectively referred to herein as the “Abated Amount”). A penalty of fifty dollars ($50.00) per day During the Construction Period and the Abatement Period, Tenant will still be assessed on any sums due under responsible for the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any all other breach of monetary obligations under the Lease, including, without limitation, the cost of utilities supplied to the Premises, any After Hours HVAC charges, the cost of janitorial services provided to the Premises, charges for Parking Privileges, and other gross income tax or excise tax levied by any taxing authority or adopted by any voter initiative or ballot measure with respect to the receipt of the rental payable under the Lease, including, without limitation, the San Francisco Commercial Rent Tax for Childcare and Early Education (June 2018 Proposition C), the Early Education Homelessness Gross Receipts Tax (November 2018 Proposition C), and the San ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ Receipts Tax and Business Registration Fees Ordinance (2012 Proposition E). Tenant acknowledges that any Event of Default will cause Landlord to incur costs not contemplated hereunder, the exact amount of such costs being extremely difficult and impracticable to ascertain. Therefore, should there be an Event of Default at any time during the Construction Period or the Abatement Period, then the right to the abatement of any then-remaining Abated Amount shall suspended from the date of such Event of Default until the date, if at all, that Tenant cures such Event of Default, at which point Tenant will be once again afforded the benefit of abating the then-remaining Abated Amount at the monthly amounts originally contemplated above, regardless of what the then-current monthly Rent payable is under the Lease (i.e., if the then-scheduled monthly Base Rent, Operating Expenses and Property Taxes exceed the originally scheduled monthly amount of the Abated Amount, then Tenant will only be entitled to the abatement of the originally scheduled monthly Abated Amount and will be obligated to pay any differential between the two sums). Additionally if, at any point during either or both of the Construction Period or the Abatement Period, Tenant is entitled to an abatement of Rent pursuant to the provisions of Articles 12 or 13 of the Initial ▇▇▇▇▇, then the abatement of Rent described above with respect to the Construction Period or the Abatement Period, as applicable, will be suspended during the pendency of any such Casualty or Taking, and reinstated immediately following the expiration of any such Casualty or Taking related abatement of Rent (at the rates applicable to the originally scheduled periods, as described above). Tenant acknowledges and agrees that nothing in this paragraph is intended to limit any other remedies available to Landlord an administrative fee of $250.00 at law or in equity under applicable law (including, without limitation, the remedies under Civil Code Section 1951.2 and/or 1951.4 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of successor statutes or similar laws), in the event Tenant defaults under the Lease beyond any applicable cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month, Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments of Base Rent shall be paid on the first (1st) day of each month during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawperiod.
Appears in 1 contract
Sources: Office Lease (Airbnb, Inc.)
Base Rent. As of (a) At all times during the Commencement DateLease Term, Tenant covenants shall pay to Landlord, without any prior demand or notice and without any deduction, offset or counterclaim whatsoever, the Base Rent and all other sums of money constituting Rent hereunder, and Tenant specifically agrees that its non-payment of any Rent due hereunder shall entitle the Landlord to exercise all rights and remedies as are herein provided. The annual Base Rent for each calendar year or portion thereof during the Lease Term, together with any estimated adjustment thereto pursuant to paragraph 6 hereof then in effect, shall be due and payable in advance, in twelve (12) equal installments on the first day of each calendar month during the initial term of this Lease and any extensions or renewals thereof, and Tenant hereby agrees to timely pay without notice, deduction, off-set or abatement such Base Rent and any adjustments thereto to the Landlord at the Building, Landlord's Address (or such other address as may be designated by Landlord may notify Tenant of in writingwriting from time to time) monthly, yearly in advance, and every year during the Term hereof, the Rent in lawful money of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of defaultwithout demand. If the Lease Term hereof commences on any a day other than the first day of the month or expires terminates on any a day other than the last day of the a month, Rent for then the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments of Base Rent and any adjustments thereto for such month or months shall be prorated, based on the number of days in such month.
(b) In addition to the foregoing Base Rent, Tenant agrees to pay Landlord all charges for any service, goods, or materials furnished by Landlord under this Lease within ten (10) days after Landlord delivers to Tenant a statement therefor.
(c) If any monthly installment of Base Rent or other payment due hereunder is not paid on the first or before ten (1st10) day of each month during the term hereof. Should Tenant be in defaultdays after said installment or other payment is due and payable hereunder, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of defaultthen, and in that event, Tenant must cover said check agrees to pay a late payment charge equal to the amount determined by multiplying twenty percent (20%) per annum, by the amount of the unpaid installment or other payment due hereunder, as the case may be, by a fraction the numerator of which is the number of days which elapse after the due date through the date of payment in full (of such installment or other payment, as the case may be, together with certified funds plus the penalty late payment charge) and the denominator of which is 365; provided, however, nothing contained herein. Landlord may also seek additional relief as provided in this Lease shall ever entitle Landlord, upon the arising of any contingency whatsoever, to receive or collect any late payment charge hereunder or pursuant to any other provision of this Lease including, but not limited to, paragraph 26 hereof determined, at a rate in excess of the highest lawful rate allowed by law.the laws of
Appears in 1 contract
Base Rent. As (a) Tenant shall pay the Base Rent to Landlord in accordance with the Basic Lease Information sheet and in the manner described below. Tenant shall pay the Base Rent for the first month Base Rent is payable for the Expansion Premises upon execution of this Lease. Commencing after the thirtieth (30th) day after the Term Commencement DateDate for the Expansion Premises, Tenant covenants and agrees to timely shall pay without noticethe Net Rent (consisting of Base Rent plus, deductionwhen applicable in accordance with Section 3.04 below, off-set Tenant's Proportionate Share of Basic Operating Cost) in monthly installments on or abatement to before the Landlord at the Building, or such other address as Landlord may notify Tenant first day of in writing, yearly and every year each calendar month during the Term hereofand any extensions or renewals thereof, the Rent in advance without demand and without any reduction, abatement, counterclaim or setoff, in lawful money of the United States. Base Rent is payable States at Landlord's address specified on the Basic Lease Information sheet or at such other address as may be designated by Landlord in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 manner provided for giving notice under Section 9.11 hereof. Rent is due and shall be paid in advance on or before the first .
(1stb) day of each month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires of a month, then the Base Rent provided for such partial month shall be prorated based upon a thirty (30)-day month and the prorated installment shall be paid on any the first day of the calendar month next succeeding the Term Commencement Date together with the other amounts payable on that day. If the Term terminates on other than the last day of the a calendar month, then the Net Rent provided for the fraction of a such partial month at the commencement and at the end of the Term shall be adjusted pro rata on prorated based upon a per diem basis, thirty (30)-day month and all succeeding installments of Base Rent the prorated installment shall be paid on the first (1st) day of each the calendar month during in which the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event date of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawtermination occurs.
Appears in 1 contract
Base Rent. As of the Commencement Date, Tenant covenants and agrees to timely pay without notice, deduction, off-set or abatement to the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. The annual Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due shall be Forty Nine Thousand Three Hundred Eight and 60/100 ($49,308.60) DOLLARS and shall be paid by TENANT to LANDLORD at its principal office or that of its agent or at any other place hereafter designated in advance writing by LANDLORD, in equal monthly installments of Four Thousand One Hundred Nine and 05/100 ($4,109.05) DOLLARS, on or before the first (1st) day of each month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the The first month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month, Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments of 's Base Rent shall be paid on simultaneously with execution of this Lease, receipt of which is hereby acknowledged by LANDLORD. On the Commencement Date, TENANT shall pay a pro rata amount of rent, if any, for the period from the Commencement Date to the first (1st) day of each month the next calendar month. TENANT shall promptly pay any and all Rent due hereunder at the times and at the address for LANDLORD stated above. TENANT shall promptly pay charges for work performed on order of TENANT and any other charges that accrue under this Lease. If any part of the Rent or other charges shall remain due and unpaid for five (5) days after the same become due and payable, LANDLORD shall have the option (in addition to all other rights and remedies available to it by law and in equity) of assessing against TENANT a "late charge" equal to five (5) cents for every dollar of Rent which is past due, which LANDLORD shall have the option to assess a charge against TENANT, if any of TENANT's payment checks shall be returned to LANDLORD marked "NSF" for insufficient funds, in the amount of $25.00. Additionally, if at any time during the term hereofTerm of this Lease, including any extensions or option terms, LANDLORD shall receive any two payment checks from TENANT returned to LANDLORD marked "NSF" then LANDLORD may demand that TENANT make the balance of its rental payments by cashier's check. Should Tenant TENANT may be instructed by LANDLORD to make rental payments to a "lock box", at Southeast Bank or such other institution as LANDLORD may designate. Due to the nature of the handling of such payments, those which LANDLORD would normally not accept under the below circumstances may be deposited in defaultLANDLORD's account anyway. Therefore, Landlord in the event that the payment made by TENANT is in an amount which is less than what is due or, in the event that TENANT has received a statutory notice and failed to comply with its demands and/or litigation is pending concerning TENANT's nonpayment of rent or as a result of other defaults by TENANT under the Lease, then, notwithstanding the fact that the rental payment received may collect $50.00 per day penalty under be deposited in LANDLORD's "lockbox" at Southeast Bank or such other institution utilized for this provision or 18% interest under Paragraph 36purpose by LANDLORD, whichever same SHALL NOT BE DEEMED ACCEPTED unless and until the default which is greater. Any rent check returned for insufficient funds shall constitute an event the subject of default, the above actions is cured to the satisfaction of the LANDLORD and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by under the Lease and Florida law. Such DEPOSITED BUT UNACCENTED RENTAL PAYMENT(S) will be refunded to TENANT on a LANDLORD issued check within a reasonable time after such deposit is made. Such deposit of TENANT's check, under the above circumstances, shall in no way prejudice LANDLORD's rights under Florida law and/or the Lease.
Appears in 1 contract
Base Rent. As part of the Commencement Dateconsideration for the execution of this Lease Agreement, Tenant covenants and agrees and promises to timely pay as Base Rent a total sum as provided below payable to Landlord in monthly installments in legal tender of the United States of America (which may be made via ACH transfer), in advance, without notice, demand and without deduction, offset-set off or abatement to counterclaim on the Landlord at the Building, or such other address as Landlord may notify Tenant first day of in writing, yearly and every year each calendar month during the Term hereof, . Such Base Rent shall be subject to adjustments as provided herein. Notwithstanding the fact that no Base Rent in lawful money is due for the first three (3) months of the United StatesTemporary Term and the first three (3) months of the Long Term, Tenant is obligated to pay for utilities and all Additional Rent (as defined hereinbelow) during such periods. Temporary Term Months 1- 3 $0.00 Thereafter until the Commencement Date $11.75 Long Term Months 1-3 $0.00 Months 4- 15 $11.75 Months 16- 27 $12.25 Months 28- 39 $12.75 Months 40- 51 $13.25 Months 52- 63 $13.75
A. In addition to the Base Rent and the Additional Rent to be paid by Tenant pursuant to Section 6 below, Tenant agrees to pay to Landlord as additional rent all reasonable charges for any services, goods or materials furnished by Landlord at Tenant's request, which are not required to be furnished by Landlord under this Lease Agreement, as well as other sums payable hereunder by Tenant. Base Rent is as well as all charges pursuant to this section and hereunder are payable in the monthly installments advance and without demand, deduction or set forth off on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each calendar month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of defaultterm. If the Term hereof commences begins on any a day that is other than not the first day or expires on any day other than the last day of the month, Rent Tenant shall be required to pay only a pro rata portion of the monthly installment for the fraction of a first partial month at the commencement and at the end of the Term for which rent is payable hereunder.
B. Subject to the applicable notice and cure provisions of this Lease Agreement, all past due installments which are more than five (5) days overdue shall be adjusted pro rata on a bear interest at the rate of twelve percent (12%) per diem basis, and all succeeding installments of Base Rent shall be paid on annum or the first (1st) day of each month during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36highest lawful rate, whichever is greaterless (the "Default Rate"), from the sixth (6th) day following 3 of 51 the due date until paid. Landlord, at its option, shall have the right to collect from Tenant, five cents ($0.05) for each dollar ($1.00) of each installment of Rent which is not received within fifteen) (15) days after its due date for any reason whatsoever (subject to the notice and cure requirements hereunder, if any) and Tenant agrees to pay such amount immediately on demand as liquidating damages to cover the additional cost of collecting and processing such late payments. Any rent check returned for insufficient funds payment which is less than the amount due shall constitute an event a payment made on account thereof, the parties hereto agreeing that the Landlord 's acceptance of defaultthat payment shall not alter or impair the Landlord's rights under this Lease to be paid all of such amounts then due, or in other respect. Tenant acknowledges that the late payment by Tenant to Landlord of amounts due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges, and such late charges represent a fair and reasonable estimate of the cost that Landlord will incur by reason of the late payment by Tenant.
C. If the rentable area of the Leased Premises is modified for any reason, the provisions of this Lease Agreement which are contingent upon the size of the Leased Premises (including without limitation, Base Rental, Additional Rent, Security Deposit, Tenant's pro rata share, and number of unreserved parking spaces) shall be automatically adjusted to reflect the modification of the rentable area of the Leased Premises, effective as of the date of the determination made. If the rentable area of the Building is modified for any reason, the provisions of this Lease Agreement which are contingent upon the size of the Building (including, without limitation, Tenant must cover said check with certified funds plus 's pro rata share) shall automatically be adjusted to reflect the penalty contained hereinmodification of the rentable area of the Building, effective as of the date of the determination. Landlord may also seek additional relief The parties shall memorialize all such adjustments in an amendment to this Lease Agreement as provided by lawsoon as reasonably possible thereafter.
Appears in 1 contract
Sources: Lease Agreement (Soliton, Inc.)
Base Rent. As Subject to the abatement provisions set forth below and the satisfaction of all of the Commencement Datecontingencies set forth in Paragraph 8 below, Tenant covenants and agrees to timely the Sublessee shall pay without notice, deduction, off-set or abatement to the Landlord at the BuildingSublessor base rent in monthly installments, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. Base Rent is each installment payable in the monthly installments amounts set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid below in advance on or before the first (1st) day of each month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month, Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments of Base Rent shall be paid on the first (1st) day of each month during the term hereofof this Sublease, commencing on the Commencement Date (the “Base Rent”). Should Tenant The annual amount of the Base Rent due by the Sublessee to the Sublessor for the first year of this Sublease shall be $554,800.00 payable in defaultequal monthly installments of $46,233.33 payable in advance or before the first (1st) day of each month. Commencing on the first anniversary of the first (1st) day of the month occurring immediately following the Commencement Date and on each anniversary of such date during the term of this Sublease, Landlord may collect $50.00 the Base Rent shall increase by 1.89% per day penalty year in excess of the Base Rent for the immediately preceding year. Base Rent for partial months of this Sublease shall be prorated. All Base Rent and all other amounts due under this provision Sublease shall be paid by the Sublessee in advance without notice, set-off or 18% interest deduction except as expressly provided in this Sublease, in lawful money of the United States to the Sublessor, at ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ 53188-1013 or such other address as the Sublessor may from time to time designate in writing to the Sublessee. The Sublessor hereby irrevocably authorizes the Sublessee, upon receipt of written notice from the Master Landlord that a default has occurred under Paragraph 36the Master Lease, whichever is greater. Any rent check returned for insufficient funds shall constitute an event to make all Base Rent payments and other payments due hereunder directly to the Master Landlord pursuant to the terms of defaultthe Subordination, Non-disturbance, Attornment, Renewal and Option to Purchase Agreement between the Master Landlord and the Sublessee (the “SNDA”), and Tenant must cover said check any such payments made to the Master Landlord in accordance with certified funds plus such notice shall be credited against all Base Rent payments and other payments due under this Sublease; provided however that such payments shall also be applied against and credited to the penalty amounts due by the Sublessor under the Master Lease so long as the Master Lease remains in effect. It is understood and agreed that the Sublessee shall also be responsible for all sales tax or other tax on rentals, if any, due with respect to the rentals due hereunder, which amounts shall be due along with the applicable monthly installments of rent hereunder, if such a tax were ever enacted, provided that such other taxes shall not encompass income, franchise, estate, or other similar taxes. The Sublessor shall forward such taxes as paid by the Sublessee to the applicable taxing authority and upon request by the Sublessee, the Sublessor shall provide evidence of such payment to the Sublessee. Notwithstanding any provision to the contrary contained herein. Landlord may also seek additional relief , the Base Rent shall be abated for, and the Sublessee shall not be obligated to pay the Base Rent due for the seven (7) month period commencing on the date that all of the contingencies set forth in Paragraph 8 below have been satisfied, except for the contingency for the Sublessee to obtain the BEIP Grant, and ending on the date that is seven (7) months immediately following such date; provided however, that such abatement shall not affect the Sublessee’s obligation to pay any other amounts or perform any other obligations under this Sublease; and further provided that if the Sublessee shall default at any time beyond any applicable notice and cure periods under this Sublease and the Sublessor exercises its remedies with respect to such default by terminating this Sublease, terminating the Sublessee’s right to possession, or otherwise, then the rent abatement provided under this paragraph shall not be effective and the Sublessee shall be responsible for payment immediately of all amounts due under this Sublease as provided by lawthough there were no provisions for rent abatement.
Appears in 1 contract
Base Rent. As (a) Tenant shall pay base rent (the “Base Rent”) to Landlord (i) at the rate of $1,086,000.00 per year for the period from the date (the “Rent Commencement Date”) that is the later of (A) the one hundred fifty-first (151st) calendar day after the Completion Date applicable to all of the Commencement Dateitems of Landlord’s Initial Work other than the Initial AC Work or (B) November 1, Tenant covenants 1998, to and agrees to timely pay without notice, deduction, off-set or abatement to including the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on immediately preceding the fifth (5th) day anniversary of the month. A penalty Rent Commencement Date in equal monthly installments of fifty dollars $90,500.00 and (ii) at the rate of $50.00) 1,248,900.00 per day will be assessed on any sums due under year for the lease which are received after period from the fifth (5th) anniversary of the Rent Commencement Date to and including the Term Expiration Date in equal monthly installments of $104,075.00. The Base Rent provided in this Section 2.02 shall be subject to adjustment as set forth in Section 11.01(a)(ii)(B) hereof.
(b) Base Rent shall be payable by Tenant in advance on the Rent Commencement Date and on the first day of each calendar month thereafter (appropriately prorated in the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach case of the first installment if the Rent Commencement Date is not the first day of a calendar month or the last installment if the Term Expiration Date is not the last day of a calendar month); except that, upon the execution of this Lease, Tenant shall pay to Landlord $90,500.00 on account of the first installment of Base Rent becoming due hereunder.
(c) If any of the Base Rent or additional rent (as defined in Section 2.06 hereof) payable under this Lease shall be or become uncollectible, reduced or required to be refunded because of any Legal Requirement, Tenant shall enter into such agreements and take such other steps (without additional expense to Tenant) as Landlord may reasonably request and as may be legally permissible to permit Landlord to collect the maximum rents which from time to time during the continuance of such legal rent restriction may be legally permissible (and not in excess of the amounts reserved therefor under this Lease). Upon the termination of such legal rent restriction, (i) the Base Rent and additional rent shall become and thereafter be payable in accordance with the amounts reserved herein for the periods following such termination and (ii) Tenant shall pay to Landlord, to the maximum extent legally permissible, an administrative fee amount equal to (A) the Base Rent and additional rent which would have been paid pursuant to this Lease but for such legal rent restriction, less (B) the rents and payments in lieu of rents paid by Tenant during the period such legal restriction was in effect.
(d) Provided that Tenant is not then in default of this Lease beyond the expiration of all applicable grace and cure periods, Tenant shall be entitled to receive a credit against Base Rent accruing hereunder in the sum of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than 106,903.12 to be applied against the first day or expires on any day other than the last day of the month, Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments of Base Rent shall be paid on the first (1st) day of each month during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawaccruing hereunder.
Appears in 1 contract
Sources: Lease (Digitas Inc)
Base Rent. As of the Commencement Date, Tenant covenants and agrees to timely pay without notice, deduction, off-set or abatement to the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 during the Lease Term a monthly base rent (total of $500.00"Base Rent") together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the monthfollowing: July 15, Rent for the fraction of a 1995 through July 31, 1995: $0.00 per square foot, which includes Operating Costs and Utilities August 1, 1995 through July 31, 1997: $6.25 per square foot; $10,885.41 per month at the commencement and at the end of the Term shall be adjusted pro rata on a August 1, 1997 through July 31, 1999: $6.50 per diem basissquare foot; $11,320.83 per month August 1, and all succeeding installments of Base Rent shall be paid 1999 through July 31, 2002: $6.75 per square foot; $11,756.25 per month payable on the first (1st) day of each month in advance at the office of Landlord at 900 ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇ at such other place as may from time to time be designated by Landlord. Base Rent during the Extension Option shall be at the then current Market Rent rate, but not less than the Base Rent in effect during the last year of the Lease Term. The definition of current Market Rent shall take into account transactions in comparable buildings in the Southwest Minneapolis Suburban corridor, having a term hereofequal to the extension option, including provision for all tenant or landlord concessions, costs and allowances, such as (but without limitation) tenant improvement allowance, free rent and leasing commissions. Should In the event Landlord and Tenant are unable to agree to current Market Rent within thirty (30) days of Tenant's exercise of its option, then the current Market Rent shall be determined by arbitration. Landlord and Tenant, within fifteen (15) days thereafter, shall jointly appoint as arbitrator, a commercial real estate appraiser with a minimum of ten (10) years experience in defaultthe applicable market. If Landlord and Tenant cannot agree on an acceptable arbitrator, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus shall choose, within an additional fifteen (15) days thereafter, its own arbitrator who meets the penalty contained hereinqualifications described above. The arbitrators shall then jointly select, within an additional fifteen (15) days, an arbitrator to serve as the arbitrator hereunder. Within thirty (30) days after appointment, the arbitrator shall determine the current Market Rent. The cost of the arbitrator(s) shall be borne equally by Landlord may also seek additional relief as provided by lawand Tenant.
Appears in 1 contract
Sources: Lease Agreement (Enstar Inc)
Base Rent. As The annual base rent, which Sublessee hereby agrees to pay to Sublessor and Sublessor hereby agrees to accept shall be a sum equal to the product of twenty-Two Dollars ($22.00) multiplied by the number of rentable square feet (13,518), as certified pursuant to the Standard, in the Demised Premises (the "Base Rent"). The Base Rent shall be inclusive of Real Estate Taxes and all other Operating Costs (as such terms are defined in the ▇▇▇▇▇▇▇▇▇). The obligation of Sublessee to pay Base Rent shall begin on the Sublease Commencement Date. The annual Base Rent payable during each Sublease Year, as hereinafter defined, shall be divided into twelve (12) equal monthly installments and such monthly installments shall be due and payable in advance, on the first day of each month during each Sublease Year. For the purposes of this Sublease, the term "Sublease Year" shall mean a period of twelve (12) consecutive months, commencing on the Sublease Commencement Date, Tenant covenants and agrees to timely pay without noticeeach successive twelve (12) June 1, deduction1997 Month period thereafter, off-set or abatement except that, if the Sublease Commencement Date is a day other than the first day of a month, then the first Sublease Year shall commence on the Sublease Commencement Date and shall continue for the balance of the month in which the Sublease Commencement Date occurs and for a period of twenve (12) consecutive calendar months after the last day of such month. If the Sublease Commencement Date is a day other than the first day of a month, then, in the first Sublease Year, said twelve (12) installments shall be payable beginning on the first day of the calendar month immediately following the month in which the Sublease Commencement Date occurs and, in additions, on the Sublease Commencement Date, a payment of Base Rent shall be payable in an amount equal to the Landlord product of the annual Base Rent then in effect and a fraction, the numerator of which is the number of days of the Sublease Term in the month in which the Sublease Commencement Date occurs, and the denominator of which is 365. The monthly Base Rent, Additional Rent (as defined herein), and any other charges herein reserved or payable shall be paid to Sublessor by wire transfer to the account of: ▇▇▇▇▇ Industries Inc, Account Number 3900-0965 Cititbank NY, ABA #▇▇▇-▇▇▇-▇▇▇ with written confirmation of such transfer to the Sublessor at the Buildingits offices at ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, Attention: Mr. Ian McaNeill or at such other address place as Landlord Sublessor may notify Tenant of designate in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. Base Rent is payable States of America, without demand therefor and without any deduction, setoff or abatement whatever, except as expressly provided in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the monththis Sublease. In the event that Landlord Sublessee does not remit any payment due under this Sublease to Sublessor within seven (7) calendar June 1, 1997 days of when it is required due, such amount shall be subject to post a 3-day notice for non-payment late fee of rent or for any other breach 5% of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month, Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basisamount, and all succeeding installments of Base Rent shall be paid on bear interest at 2% over the first (1st) day of each month during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawWall Street Journal Prime Rate until paid.
Appears in 1 contract
Sources: Sublease Agreement (Psinet Inc)
Base Rent. As of the Commencement Date, Tenant covenants and agrees Subject to timely pay without notice, deduction, off-set or abatement to the Landlord at the Building, or such other address proration as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant below, and subject to the terms of Paragraph 7 increase as set forth in Article 4.4, 9.2 and Article 11.2 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee as annual base rent for the Premises ("Base Rent") as follows:
(a) for the first Lease Year (as hereinafter defined) the sum of ONE MILLION TWO HUNDRED EIGHT THOUSAND NINE HUNDRED AND SEVENTY AND NO/100 DOLLARS ($250.00 1,208,970.00), together with all applicable sales and attorneys fees use and other taxes thereon, which shall be due and payable on the Commencement Date; and (b) for the second Lease Year and for each successive Lease Year thereafter during the Term, the sum of ONE MILLION TWO HUNDRED THIRTY SEVEN THOUSAND SEVEN HUNDRED FIFTY FIVE AND NO/100 DOLLARS ($250.00 (total of $500.001,237,755.00) together with any all applicable sales and use and other sums due as an essential part of the cure of default. If the Term hereof commences on any day taxes thereon (other than Landlord's income taxes) which , shall be due and payable in full on the first day or expires on any day other than the last day of the montheach such Lease Year. However, Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basisTenant's option, and all succeeding installments so long as Tenant shall not be in default of its obligations under this Lease, Base Rent shall may be paid by Tenant to Landlord in equal monthly installments, in advance, on the first (1st) day of each calendar month during commencing on the term hereoffirst (1st) day of the calendar month immediately following the Commencement Date, it being agreed that Base Rent payable with respect to the period between the Commencement Date and the first day of the following calendar month shall be due at the time that the first payment of Base Rent is due. Should In the event of a default by Tenant be in default, Landlord may collect $50.00 per day penalty of its obligations under this provision or 18% interest under Paragraph 36Lease, whichever is greater. Any rent check returned the full amount of Base Rent for insufficient funds such period, less the aggregate amount of all monthly installments of Base Rent previously paid for such period, shall constitute an event of default, be immediately due and payable by Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawto Landlord.
Appears in 1 contract
Base Rent. A. As part of the Commencement Dateconsideration for the execution of this Lease Agreement, Tenant Lessee covenants and agrees and promises to timely pay without notice, deduction, off-set or abatement as base rent an annual sum of Nineteen and 00/100 Dollars ($19.00) per square foot of Net Rentable Area in the Leased Premises (the “Base Rent”) payable to the Landlord Lessor at the Building, address specified in Section 31 below (or such other address as Landlord may notify Tenant be designated by Lessor in writing from time to time upon at least thirty (30) days’ prior notice) in monthly installments of Fourteen Thousand Eight Hundred Seven and 33/100 Dollars ($14,807.33) in writing, yearly and every year during the Term hereof, the Rent in lawful money legal tender of the United StatesStates of America, in advance, without demand, set-off or counterclaim. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each calendar month during the term hereof and any extensions or renewals hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease; provided, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than however, the first day or expires on any day other than the last day of the month, Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments monthly payment of Base Rent shall be paid made on the first (1st) day of each month during Commencement Date.
B. In addition to the term hereof. Should Tenant foregoing Base Rent, Lessee agrees to pay to Lessor as additional rent all charges for any services, goods or materials furnished by Lessor at Lessee’s request which are not required to be in default, Landlord may collect $50.00 per day penalty furnished by Lessor under this provision Lease Agreement, as well as other sums payable by Lessee here under, within ten (10) days after Lessor renders a statement therefor to Lessee. All Rent (as hereinafter defined) shall bear interest from the date due until paid at the greater of (i) two percent (2%) above the “prime rate” per annum of JPMorgan Chase Bank, a New York banking corporation or 18% its successor (“JPMorgan Chase”), in effect on said due date (or if the “prime rate” be discontinued, the base reference rate then being used by JPMorgan Chase to define the rate of interest under Paragraph 36charged to commercial borrowers) or (ii) twelve percent (12%) per annum; provided , whichever is greater. Any rent check returned for insufficient funds however , in no event shall constitute an event the rate of defaultinterest hereunder exceed the maximum non-usurious rate of interest (hereinafter called the “Maximum Rate”) permitted by the applicable laws of the State of Texas or the United States of America, and Tenant must cover said check with certified funds plus to the penalty contained herein. Landlord may also seek additional relief extent that the Maximum Rate is determined by reference to the laws of the State of Texas, the Maximum Rate shall be the weekly ceiling (as provided by lawdefined and described in Chapter 303 of the Texas Finance Code, as amended) at the applicable time in effect.
Appears in 1 contract
Base Rent. As of the Commencement Date, Tenant covenants and agrees to timely pay without notice, deduction, off-set or abatement to the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. The Annual Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due shall be THIRTY SEVEN THOUSAND THREE HUNDRED FOUR AND 96/100 DOLLARS ($37,374.96) and shall be paid by TENANT to LANDLORD at its principal office or that of its agent or at any other place hereafter designated in advance writing by LANDLORD, in equal monthly installments of Three Thousand One Hundred Fourteen and 58/100 DOLLARS ($3,114.58), on or before the first (1st) day of each month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the The first month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month, Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments of 's Base Rent shall be paid on simultaneously with execution of this Lease, receipt of which is hereby acknowledged by LANDLORD. On the Commencement Date, TENANT shall pay a pro rata amount of rent, if any, for the period from the Commencement Date to the first (1st) day of each month the next calendar month. TENANT shall promptly pay any and all Rent due hereunder at the times and at the address for LANDLORD stated above. TENANT shall promptly pay charges for work performed on order of TENANT and any other charges that accrue under this Lease. If any part of the Rent or other charges shall remain due and unpaid for five (5) days after the same become due and payable, LANDLORD shall have the option (in addition to all other rights and remedies available to it by law and in equity) of assessing against TENANT a "late charge" equal to five (5) cents for every dollar of Rent which is past due, which late charge assessment shall be deemed to be Additional Rent. The term Annual Base Rent may hereinafter by referred to as "Base Rent", "Annual Base Rent", or "Rent". LANDLORD shall have the option to assess a charge against TENANT, if any of TENANT's payment checks shall be returned to LANDLORD marked "NSF" for insufficient funds, in the amount of $25.00. Additionally, if at any time during the term hereofTerm of this Lease, including any extensions or option terms, LANDLORD shall receive any two payment checks from TENANT returned to LANDLORD marked "NSF" then LANDLORD may demand that TENANT make the balance of its rental payments by cashier's check. Should Tenant TENANT may be instructed by LANDLORD to make rental payments to a "lock box", at Southeast Bank or such other institution as LANDLORD may designate. Due to the nature of the handling of such payments, those which LANDLORD would normally not accept under the below circumstances may be deposited in defaultLANDLORD's account anyway. Therefore, Landlord in the event that the payment made by TENANT is in an amount which is less than what is due or, in the event that TENANT has received a statutory notice and failed to comply with its demands and/or litigation is pending concerning TENANT's nonpayment of rent or as a result of other defaults by TENANT under the Lease, then, notwithstanding the fact that the rental payment received may collect $50.00 per day penalty under be deposited in LANDLORD's "lockbox" at Southeast Bank or such other institution utilized for this provision or 18% interest under Paragraph 36purpose by LANDLORD, whichever same SHALL NOT BE DEEMED ACCEPTED unless and until the default which is greater. Any rent check returned for insufficient funds shall constitute an event the subject of default, the above actions is cured to the satisfaction of the LANDLORD and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by under the Lease and Florida law. Such DEPOSITED BUT UNACCEPTED RENTAL PAYMENT(S) will be refunded to TENANT on a LANDLORD issued check within a reasonable time after such deposit is made. Such deposit of TENANT's check, under the above circumstances, shall in no way prejudice LANDLORD's rights under Florida law and/or the Lease.
Appears in 1 contract
Base Rent. As of the Commencement Date, Tenant covenants and agrees to timely pay without noticemonthly as base rent during the term of this Lease the sum of money set forth in Section 1.4 of this Lease, deduction, off-set or abatement which amount shall be payable to the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United Statesshown above. Base Rent is payable in the One monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is installment shall be due and shall be paid in advance payable on or before the first (1st) day of each calendar month succeeding the Commencement Date during the term hereof. Rent is considered late and Tenant shall of this Lease; provided, if the Commencement Date should be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day date other than the first day or expires on any day other than the last day of the a calendar month, Rent for the fraction of a month at the commencement and at monthly rental set forth above shall be prorated to the end of the Term shall be adjusted pro rata on a per diem basisthat calendar month, and all succeeding installments of Base Rent rent shall be paid payable on or before the first (1st) day of each succeeding calendar month during the term hereofof this Lease. Should Tenant be in defaultshall pay, Landlord may collect $50.00 per day penalty as additional rent, all other sums due under this provision Lease. Notwithstanding anything in this Lease to the contrary, if Landlord, for any reason whatsoever (other than Tenant's default), cannot deliver possession of the Premises to the Tenant on the Commencement Date, this Lease shall not be void or 18% interest under Paragraph 36voidable, whichever nor shall Landlord be liable for any loss or damage resulting therefrom, nor shall the expiration of the term be extended, but all rent shall be abated until Landlord delivers possession. Notwithstanding the above, in the event Landlord has not delivered the Premises to the Tenant on or before September 1, 1996 due to non-Tenant caused delays, Tenant may terminate this Lease with no further obligation. Landlord and Tenant agree that the base rental rate contained herein is greaterbased on construction costs estimated at $566,390.00. Any rent check returned for insufficient funds shall constitute an event Tenant agrees to contribute $75,000.00 towards construction of defaultthe Premises, payable to Landlord in $25,000.00 lump sum payments, the first payable upon lease execution by both parties, the second payable thirty (30) days following lease execution, and the third due sixty (60) days after lease execution. Construction cost increases of savings or $30,000.00 of less above or below the estimated construction cost of $566,390.00 shall be amortized at nine percent (9%) over the original term of this Lease and added or subtracted from the monthly base rental. Tenant must cover said check with certified funds plus improvement cost savings above $30,000.00 shall benefit the penalty Landlord, and additional tenant improvement costs of more than $30,000.00 over $566,390.00 shall be paid to Landlord upon finalization of tenant improvement costs, at which time Landlord and Tenant agree to enter into lease addendum depicting the new base rental rate, if such rate is adjusted as contained herein. Landlord may also seek additional relief as provided by lawin this section.
Appears in 1 contract
Sources: Consent to Assignment and Assumption of Lease (Digital River Inc /De)
Base Rent. As of the Commencement Date, Tenant covenants and agrees Subject to timely pay without notice, deduction, off-set or abatement to the Landlord at the Building, or such other address proration as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant below, and subject to the terms of Paragraph 7 increase as set forth in Article 4.4, 9.2 and Article 11.2 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee as annual base rent for the Premises ("Base Rent") as follows:
(a) for the first Lease Year (as hereinafter defined) the sum of ONE MILLION SIX HUNDRED FIFTY-FOUR THOUSAND THREE HUNDRED AND EIGHTY AND NO/100 DOLLARS ($250.00 1,654,380.00), together with all applicable sales and attorneys fees use and other taxes thereon, which shall be due and payable on the Commencement Date; and (b) for the second Lease Year and for each successive Lease Year thereafter during the Term, the sum of ONE MILLION SIX HUNDRED NINETY THREE THOUSAND SEVEN HUNDRED SEVENTY AND NO/100 DOLLARS ($250.00 (total of $500.001,693,770.00) together with any all applicable sales and use and other sums due as an essential part of the cure of default. If the Term hereof commences on any day taxes thereon (other than Landlord's income taxes) which , shall be due and payable in full on the first day or expires on any day other than the last day of the montheach such Lease Year. However, Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basisTenant's option, and all succeeding installments so long as Tenant shall not be in default of its obligations under this Lease, Base Rent shall may be paid by Tenant to Landlord in equal monthly installments, in advance, on the first (1st) day of each calendar month during commencing on the term hereoffirst (1st) day of the calendar month immediately following the Commencement Date, it being agreed that Base Rent payable with respect to the period between the Commencement Date and the first day of the following calendar month shall be due at the time that the first payment of Base Rent is due. Should In the event of a default by Tenant be in default, Landlord may collect $50.00 per day penalty of its obligations under this provision or 18% interest under Paragraph 36Lease, whichever is greater. Any rent check returned the full amount of Base Rent for insufficient funds such period, less the aggregate amount of all monthly installments of Base Rent previously paid for such period, shall constitute an event of default, be immediately due and payable by Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawto Landlord.
Appears in 1 contract
Base Rent. As Tenant agrees to pay to Landlord at Landlord’s mailing address identified in Section 1.1, or at such other place as Landlord shall from time to time designate in writing, base rent, as calculated below, in equal monthly installments, and proportionately at such rate for any partial month (“Base Rent”). Payment of Base Rent shall commence on the Rent Commencement Date, Tenant covenants and agrees to timely pay without notice, deduction, off-set or abatement to the Landlord at the Building, or such other address unless otherwise delayed as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due herein, and shall be paid monthly in advance on or before the first (1st) day of each and every calendar month during the term hereof. Term, Payments of Base Rent is considered received more than five (5) days after the due date may be subject to a late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth payment penalty equal to two percent (5th2%) day of the monthpayment amount for each month the payment is late. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month, Tenant’s Base Rent for the fraction Leased Premises shall be equal to and fixed at a rate of $26.80 per square foot, based on the net rentable area of the Leased Premises as determined and confirmed by Section 2.1 above, provided, however, in the event the annual interest rate on the Construction Loan exceeds 4.50%, then Base Rent for the Leased Premises shall increase as set forth on Exhibit B up to a month maximum rate of $28.49 per square foot, it being the intent hereof that, for purposes of calculating the fixed rate of Base Rent pursuant to this Section 4.1, said annual interest rate shall be capped at 5.50%. Once determined in accordance with the foregoing, the Base Rent shall remain fixed for the first five (5) lease years hereunder, measured from the Rent Commencement Date, Commencing at the commencement inception of the 6th anniversary of the Rent Commencement Date, and at annually thereafter, the end Base Rent shall esoalate for each remaining year of the Term shall at the rate of 1% per annum over the prior year’s Base Rent. Subject at all times to Landlord’s remaining obligations set forth in this Lease and in the Work Letter, including, but not limited to, as set forth in Section 2.3 above, the Leased Premises are anticipated to be adjusted pro completed in stages with the Rent Commencement Date(s) occurring thirty (30) days following Substantial Completion of each stage. The Base Rent coming due at each stage will be a pro-rata on a per diem basis, and all succeeding installments allocation of Base Rent shall be paid on based upon the first (1st) day percentage of completion that each month during such stage represents relative to the term hereofoverall net rentable area of the completed Project, as determined and confirmed by Section 2.1 above. Should Tenant be The allocation for any staged rent due for the Parking Facility is as set forth in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawParking Lease.
Appears in 1 contract
Sources: Lease Agreement (HS Spinco, Inc.)
Base Rent. As of the Commencement Date, Tenant covenants and agrees to timely pay without noticemonthly as base rent during the term of this Lease the sum of money set forth in Section 1.4 of this Lease, deduction, off-set or abatement which amount shall be payable to the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United Statesshown above. Base Rent is payable in the One monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is installment shall be due and shall be paid in advance payable on or before the first (1st) day of each calendar month succeeding the Commencement Date during the term hereof. Rent is considered late and Tenant shall of this Lease; provided, if the Commencement Date should be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day date other than the first day or expires on any day other than the last day of the a calendar month, Rent for the fraction of a month at the commencement and at monthly rental set forth above shall be prorated to the end of the Term shall be adjusted pro rata on a per diem basisthat calendar month, and all succeeding installments of Base Rent rent shall be paid payable on or before the first (1st) day of each succeeding calendar month during the term hereofof this Lease. Should Tenant be in defaultshall pay, Landlord may collect $50.00 per day penalty as additional rent, all other sums due under this provision Lease. Notwithstanding anything in this Lease to the contrary, if Landlord, for any reason whatsoever (other than Tenant's default), cannot deliver possession of the Premises to the Tenant on the Commencement Date, this Lease shall not be void or 18% interest under Paragraph 36voidable, whichever nor shall Landlord be liable for any loss or damage resulting therefrom, nor shall the expiration of the term be extended, but all rent shall be abated until Landlord delivers possession. Notwithstanding the above, in the event Landlord has not delivered the Premises to the Tenant on or before September 1, 1996 due to non-Tenant caused delays, Tenant may terminate this Lease with no further obligation. Landlord and Tenant agree that the base rental rate contained herein is greaterbased on construction costs estimated at $566,390.00. Any rent check returned for insufficient funds shall constitute an event Tenant agrees to contribute $75,000.00 towards construction of defaultthe Premises, payable to Landlord in $25,000.00 lump sum payments, the first payable upon Lease execution by both parties, the second payable thirty (30) days following Lease execution, and the third due sixty (60) days after Lease execution. Construction cost increases or savings of $30,000.00 or less above or below the estimated construction cost of $566,390.00 shall he amortized at nine percent (9%) over the original term of this Lease and added or subtracted from the monthly base rental. Tenant must cover said check with certified funds plus improvement cost savings above $30,000.00 shall benefit the penalty Landlord, and additional tenant improvement costs of more than $30,000.00 over $566,390.00 shall be paid to Landlord upon finalization of tenant improvement costs, at which time Landlord end Tenant agree to enter into a Lease addendum depicting the new base rental rate, if such rate is adjusted as contained herein. Landlord may also seek additional relief as provided by lawin this section.
Appears in 1 contract
Sources: Lease (Intranet Solutions Inc)
Base Rent. As of the Commencement Date, Tenant covenants and agrees Lessee shall pay to timely pay without notice, deduction, off-set or abatement to the Landlord Lessor at the Building, office of Lessor or at such other address place as Landlord Lessor may notify Tenant designate, the annual Base Rent (hereinafter referred to as "Base Rent") as follows: Annual Base Rent Monthly Base Rent Commencement Date - 07/31/00 $66,924.00 $5,577.00 08/01/00 - 07/31/01 $68,940.00 $5,745.00 08/01/01 - 05/31/02 $71,004.00 $5,917.00 which shall be paid and due in equal monthly installments, each in advance on the first day of in writing, yearly each and every year calendar month during the Term hereof, and at the Rent in lawful money then current rate for fractions of a month if the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and Term shall be paid in advance on commence or before the first (1st) day of each month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires terminate on any day other than the last day of a month. The Base Rent, Adjusted Rent (as hereinafter defined), Estimated Rent (as hereinafter defined) and other sums and charges payable by Lessee under this Lease are hereinafter referred to as "rent". Lessee recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Lessor, the monthextent of which additional expense is extremely difficult and economically impractical to ascertain. Lessee therefore agrees that if rent or any other sum is not paid within five (5) days after the date due and payable pursuant to this Lease, Rent such amount shall bear interest at the Designated Rate, as thereinafter defined from said fifth day until paid. In addition, if said amount remains unpaid for more than five (5) days after said amount is due, Lessee shall pay Lessor in addition to interest as aforesaid a late fee equal to the fraction greater of: (a) Fifty Dollars ($50.00), or (b) a sum equal to five percent (5%) per month of the unpaid rent or other payment. The amount of the late charge to be paid by Lessee shall be reassessed and added to Lessee=s obligation for each successive monthly period until paid. The provisions for payment of interest and for payment of a month at the commencement and at the end late fee in no way relieve Lessee of the Term obligation to pay rent or other payments on or before the date on which they are due, nor do they in any way affect Lessor=s remedies hereunder in the event said rent or other payment is unpaid after any applicable notice or cure period. The Designated Rate shall be adjusted pro rata on a per diem basisthe rate of interest announced from time to time by Bank of America -Illinois as its Reference Rate, and all succeeding installments of Base Rent shall which may not be paid on the first (1st) day of each month during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision lowest or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover best rate charged by said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawbank.
Appears in 1 contract
Sources: Office Lease (Tunes Com Inc)
Base Rent. As of the Commencement Date, Tenant covenants and agrees shall pay to timely pay without notice, deduction, off-set or abatement to the Landlord at the Buildingoffice of Landlord set forth above, or at such other address place as Landlord may notify Tenant of from time to time designate in writing, yearly and every year during the Term hereofannual sum stated in Exhibit B attached hereto (such annual sum being hereinafter referred to as “Base Rent”) in equal monthly installments, the Rent in lawful money of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid each in advance on or before the first (1st) day of each and every calendar month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on Term, without any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent set off or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of defaultdeduction whatsoever. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month, Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments of Base Rent shall be paid on the first (1st) day of a calendar month or ends other than on the last day of the calendar month, the Base Rent for such month shall be prorated (with payment for the fractional month at the start of the Term being due on the date the Term commences in a pro rated amount equal to the sum set forth for month one (1) and with month one (1) as provided in Exhibit B referring to the first full month). Tenant hereby delivers to Landlord the Prepaid Base Rent (as defined in Exhibit B attached hereto) to be held by Landlord and applied towards the first installment of Base Rent payable under this Lease (except as otherwise provided in Exhibit B). If any payment or installment of Rent shall not be received by Landlord within five (5) days of the date due then, in addition to all other rights and remedies to which Landlord is entitled, Tenant shall also be responsible for and shall immediately pay Landlord, as Additional Rent, a service charge equal to the greater of (i) a sum equal to two percent (2%) of the amount which is past due or (ii) seventy five dollars ($75.00), for the administrative expenses Landlord incurs as a result of the late payment. In addition to Base Rent, Tenant also agrees to pay to Landlord on the first day of each calendar month (and together with each such payment) a sum equal to any sales tax, use tax, tax on rentals, and any other governmental charges, taxes and/or impositions now in existence or hereafter imposed based upon the privilege of renting the Demised Premises and/or upon the amount of “Rent” (as defined below) collected therefor. Tenant shall also be responsible for and shall pay before delinquency all municipal, county or state taxes assessed during the term hereof. Should Tenant be in defaultTerm of this Lease against any occupancy interest or personal property of any kind, Landlord may collect $50.00 per day penalty under this provision owned by or 18% interest under Paragraph 36placed in, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus upon or about the penalty contained herein. Landlord may also seek additional relief as provided Demised Premises by lawTenant.
Appears in 1 contract
Base Rent. As of the Commencement Date, Tenant covenants and agrees to timely pay without noticemonthly as base rent during the term of this Lease the sum of money set forth in Section 1.4 of this Lease, deduction, off-set or abatement which amount shall be payable to the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United Statesshown above. Base Rent is payable in the One monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is installment shall be due and shall be paid in advance payable on or before the first (1st) day of each calendar month succeeding the Commencement Date during the term hereof. Rent is considered late and Tenant shall of this Lease; provided, if the Commencement Date should be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day date other than the first day or expires on any day other than the last day of the a calendar month, Rent for the fraction of a month at the commencement and at monthly rental set forth above shall be prorated to the end of the Term shall be adjusted pro rata on a per diem basisthat calendar month, and all succeeding installments of Base Rent rent shall be paid payable on or before the first (1st) day of each succeeding calendar month during the term hereofof this Lease. Should Tenant be in defaultshall pay, Landlord may collect $50.00 per day penalty as additional rent, all other sums due under this provision Lease. Notwithstanding anything in this Lease to the contrary, if Landlord, for any reason whatsoever (other than Tenant's default), cannot deliver possession of the Premises to the Tenant on the Commencement Date, this Lease shall not be void or 18% interest under Paragraph 36voidable, whichever nor shall Landlord be liable for any loss or damage resulting therefrom, nor shall the expiration of the term be extended, but all rent shall be abated until Landlord delivers possession. Notwithstanding the above, in the event Landlord has not delivered the Premises to the Tenant on or before September 1, 1996 due to non-Tenant caused delays, Tenant may terminate this lease with no further obligation. Landlord and Tenant agree that the base rental rate contained herein is greaterbased on construction costs estimated at $566,390.00. Any rent check returned for insufficient funds shall constitute an event Tenant agrees to contribute $75,000.00 towards construction of defaultthe Premises, payable to Landlord in $25,000.00 lump sum payments, the first payable upon lease execution by both parties, the second payable thirty (30) days following lease execution, and the third due sixty (60) days after lease execution. Construction cost increases or savings of $30,000.00 or less above or below the estimated construction cost of $566,390.00 shall be amortized at nine percent (9%) over the original term of this Lease and added or subtracted from the monthly base rental. Tenant must cover said check with certified funds plus improvement cost savings above $30,000.00 shall benefit the penalty Landlord, and additional tenant improvement costs of more than $30,000.00 over $566,390.00 shall be paid to Landlord upon finalization of tenant improvement costs, at which time Landlord and Tenant agree to enter into a lease addendum depicting the new base rental rate, if such rate is adjusted as contained herein. Landlord may also seek additional relief as provided by lawin this section.
Appears in 1 contract
Base Rent. As Tenant shall pay, without notice or demand, to Landlord or Landlord’s agent at the management office of the Commencement Date, Tenant covenants and agrees to timely pay without notice, deduction, off-set or abatement to the Landlord at the Building, or at such other address place as Landlord may notify Tenant of from time to time designate in writing, yearly and every year during the Term hereof, the Rent monthly installments of base rent (“Base Rent”) as set forth in lawful money Section 8 of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid Summary, in advance on or before the first (1st) day of each and every month during the term hereofLease Term, without any setoff or deduction whatsoever. The Base Rent for the first full month of the Lease Term (or if the first full month of the Lease Term is considered late and Tenant within a free rent period, then the Base Rent for the first full month which occurs after the expiration of any free rent period) shall be in default if rent is received after 5:00 o’clock p.m. paid at the time of Tenant’s execution of this Lease. If any rental or other payment date (including the Lease Commencement Date) falls on the fifth (5th) a day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day month other than the first day of such month or expires if any rental or other payment is for a period which is shorter than one month, then the rental or other payment for any such fractional month shall be a proportionate amount of a full calendar month’s rental or other payment based on any day other than the last day proportion that the number of days in such fractional month bears to the number of days in the calendar month during which such fractional month occurs. Notwithstanding anything to the contrary contained herein and provided that Tenant faithfully performs all of the monthterms and conditions of this Lease, Landlord hereby agrees to ▇▇▇▇▇ Tenant’s obligation to pay monthly Base Rent for the fraction second (2nd) through fifth (5th) full months of the initial Lease Term. During such abatement periods, Tenant shall still be responsible for the payment of all of its other monetary obligations under this Lease. In the event of a month at default by Tenant under the commencement and at terms of this Lease that results in early termination pursuant to the end provisions of Section 19.1 of this Lease, then as a part of the Term recovery set forth in Section 19.2 of this Lease, Landlord shall be adjusted pro rata on a per diem basis, and all succeeding installments entitled to the recovery of the monthly Base Rent shall be paid on abated under the first (1st) day provisions of each month during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawArticle 3.
Appears in 1 contract
Base Rent. As Commencing on the date set forth in Section 4.1 of the Summary (the "Rent Commencement Date"), Tenant covenants and agrees shall pay, without prior notice or demand, to timely pay without notice, deduction, off-set Landlord or abatement to the Landlord Landlord's agent at the Buildingaddress set forth in Section 4.3 of the Summary, or or, at Landlord's option, at such other address place as Landlord Landlord, may notify Tenant of from time to time designate in writing, yearly and every year during by a check for currency which, at the Term hereoftime of payment, is legal tender for private or public debts in the Rent United States of America, base rent ("Base Rent") as set forth in lawful money Section 4 of the United States. Base Rent is Summary, payable in the equal monthly installments as set forth on in Section 4 of the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid Summary in advance on or before the first (1st) day of each and every calendar month during the term hereofLease Term, without any setoff or deduction whatsoever. If any Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. payment date (including the Base Rent Commencement Date) falls on the fifth (5th) a day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day month other than the first day of such month or expires on if any day other payment of Rent is for a period which is shorter than the last day of the one month, the Rent for any fractional month shall accrue on a daily basis for the fraction of a month at period from the commencement and at date such payment is due to the end of such calendar month. All other payments or adjustments required to be made under the Term terms of this Lease that require proration on a time basis shall be adjusted pro rata prorated on a per diem the same basis, and all succeeding installments of . The Base Rent shall be adjusted on each anniversary of the Lease Commencement Date as set forth in Section 4.4 of the Summary. Any installment of rent or any other charge payable which is not paid on within ten (10) business days after it becomes due will be considered past due and Tenant will pay to Landlord as Additional Rent a late charge equal to the first product of five percent (1st5%) day times the amount of each month during such installment amount due, or the term hereof. Should Tenant be in default, Landlord may collect sum of one hundred dollars ($50.00 per day penalty under this provision or 18% interest under Paragraph 36100.00), whichever is greater, plus monthly interest at the rate of the variable Prime Rate “Prime”, plus six percent (6%) per annum as charged by Bank of America, Nevada, or the maximum legal interest rate, whichever is less, for each month or fractional month transpiring from the date due until paid. Any A twenty-five dollar ($25.00) handling charge will be paid by Tenant to Landlord for each returned check and, thereafter, Tenant will pay all future payments of rent check returned or other charges due by money order or cashier’s check. In the event a late charge is assessed for insufficient funds three (3) consecutive rental periods, whether or not it is collected, the Rent shall constitute an event without further notice become due and payable quarterly in advance notwithstanding any provision of defaultthis Lease to the contrary. If Tenant shall be served with a demand for the payment of past due rent, and any payments tendered thereafter to cure any default by Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided shall be made only by lawcashier’s check.
Appears in 1 contract
Base Rent. As Tenant agrees to pay Landlord a “Base Rent” in accordance with the terms and provisions of Exhibit “C” annexed hereto as part of the Commencement Date, Tenant covenants and agrees to timely pay without notice, deduction, off-set or abatement to the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly Lease for each and every year during calendar month of the Term hereofof this Lease, the Rent without any offset or deduction whatsoever in lawful (legal tender for public or private debts) money of the United StatesStates of America, at the management office of the Building or elsewhere as designated from time to time by Landlord’s written notice to Tenant. Landlord upon execution of this Lease by Landlord and Tenant, hereby acknowledges payment by Tenant of the sum of Six Thousand Two Hundred Forty Seven and 15/100 DOLLARS ($6.247.15) representing payment of Base Rent for the first full calendar month of this Lease.8 The balance of the total Base Rent is payable in the equal monthly installments set forth as specified above, on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each month during hereafter, the term hereof. Rent is considered late and Tenant first of which shall be in default if rent is received after 5:00 o’clock p.m. due and payable on the fifth (5th) first of March, 1996. If the Term of this Lease commences on any day of a month excepting the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Leasefirst day, Tenant shall pay Landlord Base Rent as provided for herein for such commencement month on a prorata basis (such proration to Landlord an administrative fee be based on the actual number of $250.00 days in the commencement month) and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than month’s rent paid by Tenant, if any, upon execution of this Lease shall apply and be credited to the last day of the next full month, ’s Base Rent due hereunder. Base Rent for the fraction any partial month of a month at the commencement and occupancy at the end of the Term shall of this Lease will be adjusted pro rata on a per diem basisprorated, and all succeeding installments of Base Rent shall such proration to be paid based on the first (1st) day actual number of each month during days in the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawpartial month.
Appears in 1 contract
Base Rent. As Tenant shall pay to Landlord the Base Rent set forth in Section 1.14, without offset or deduction commencing on the Rent Commencement Date and thereafter on the first day of each calendar month. So long as (i) this Lease shall be in full force and effect and (ii) there shall exist no Event of Default on the part of Tenant (nor any event or circumstance which, with the passage of time or the giving of notice, or both, would constitute an Event of Default), Landlord will waive payment of Base Rent (but not Additional Rent, utility charges or any other amounts due or payable hereunder) on 4,815 rentable square feet of Premises Area for the period commencing on the Commencement Date and expiring on the 365th day following the Commencement Date (e.g. Tenant shall only be responsible during such period for Base Rent on 15,000 rentable square feet of Premises Area (19,815 r.s.f. - 4,815 r.s.f. = 15,000 r.s.f. x $27.00/r.s.f./annum = $405,000/year or $33,750/month)). If the Commencement Date is not the first day of a calendar month, the partial month will be added to the first full twelve months of the Term, and Base Rent shall commence on the Commencement Date, Tenant covenants Date and agrees to timely pay without notice, deduction, off-set or abatement to shall be payable for the Landlord remainder of the partial month at the Building, or rate set forth in Section 1.14 for such other address as Landlord may notify Tenant of in writing, yearly and every year period. Base Rent for any period during the Term hereof, term hereof which is for less than one month shall be prorated based upon the actual number of days of the calendar month involved. Base Rent and all other amounts payable to Landlord hereunder shall be payable to Landlord in lawful money of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each month during the term hereof. Rent is considered late , and Tenant shall be responsible for delivering said amounts to Landlord at the address stated herein or to such other person or to such other place in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day continental United States as Landlord may designate in writing. Landlord and Tenant agree that all amounts due from Tenant under or in respect of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the this Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day whether labeled Base Rent, additional rent, additional charges or expires on any day other than the last day of the monthotherwise, Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basisconsidered as rental reserved under this Lease for all purposes, including without limitation regulations promulgated pursuant to the Bankruptcy Code, and all succeeding installments of Base Rent shall be paid on the first (1stincluding further without limitation Section 502(b) day of each month during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawthereof.
Appears in 1 contract
Sources: Lease Agreement (Nitromed Inc)
Base Rent. As 4.1 During the Term, Subtenant agrees to pay Sublandlord as base rent (“Base Rent”) for the Sublease Premises commencing on the Commencement Date the amounts set forth below. Months 1 and 2 Abated Months 3-12 $ 21,654.88 Months 13-18 $ 29,983.68 Months 19-Expiration Date $ 31,233.00
4.2 Each monthly installment of Base Rent shall be payable in advance on the first day of each calendar month during the Term, without demand, notice or invoice. If the Term commences or ends on a day other than the first day of a calendar month, then the rent for the month in which this Sublease commences or ends shall be prorated in the proportion that the number of days this Sublease is in effect during such month bears to the total number of days in such month, and such partial month’s installment shall be paid no later than the commencement of the Commencement Datesubject month. In addition to Base Rent, Tenant covenants and Subtenant agrees to timely pay as additional rent the amount of Additional Rent and other charges required to be paid by this Sublease. All rent (which shall include Base Rent, Additional Rent and other charges required to be paid by this Sublease or the Master Lease, including without noticelimitation Operating Costs Share Rent, Tax Share Rent and all other costs, expenses, liabilities and amounts which Sublandlord, as tenant, is required to pay under the Master Lease) shall be paid to Sublandlord without any deduction, off-set offset, counterclaim or abatement to the Landlord at the Building(except as specifically set forth in this Sublease), or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United StatesStates of America, at Sublandlord’s address, or to such other person or at such other place as Sublandlord may from time to time designate in writing. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant Subtenant’s covenant to the terms of Paragraph 7 hereof. Rent is due and pay rent shall be paid independent of every other covenant in advance on this Sublease.
4.3 On the condition that Subtenant does not default under this Sublease beyond any grace or before the first cure period, Rent for months one (1st1) day of each month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth two (5th2) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the monthabated, including Operating Costs Share Rent and Tax Share Rent. In the event that Landlord is required of any such default by Subtenant, all such amounts (including a monthly Base Rent of $21,654.88) will become immediately due and payable.
4.4 The sum of $21,654.88 shall be payable by Subtenant to post a Sublandlord upon the mutual execution of this Sublease as the Base Rent for month three (3-day notice ) of the Term and as consideration for non-payment this Sublease.
4.5 If Subtenant fails to pay any installment of rent Base Rent, Additional Rent or for other charges within five (5) days after the same are due, or fails to make any other breach of the Leasepayment for which Subtenant is obligated under this Sublease, Tenant then Subtenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 Sublandlord a late charge equal to five percent (total of $500.005%) together with any other sums due as an essential part of the cure amount so payable. Subtenant acknowledges that late payments will cause Sublandlord to incur costs not contemplated by this Sublease, the exact amount of defaultwhich costs are extremely difficult and impracticable to calculate. If The parties agree that the Term hereof commences on late charge described above represents a fair and reasonable estimate of the extra costs incurred by Sublandlord as a result of such late payment.
4.6 Sublandlord’s failure to prepare and deliver any day other statements or notice provided for in this Sublease, or Sublandlord’s failure to make a demand, shall not in any way cause Sublandlord to forfeit or surrender its rights to collect any items of Rent. Subtenant’s liability for such amounts shall survive expiration of the Term.
4.7 No payment by Subtenant or receipt and acceptance by Sublandlord of a lesser amount than the first day Sublease Base Rent or expires on any day other than the last day of the month, Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments of Base Sublease Additional Rent shall be paid deemed to be other than part payment of the full amount then due and payable; nor shall any endorsement or statement on any check or any letter accompanying any check, payment of Rent or other payment, be deemed an accord and satisfaction; and Sublandlord may accept, but is not obligated to accept, such part payment without prejudice to Sublandlord’s right to recover the first (1st) day of each month during the term hereof. Should Tenant be balance due and payable or to pursue any other remedy provided in default, Landlord may collect $50.00 per day penalty under this provision Sublease or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by law. If Sublandlord shall at any time or times accept Rent after it becomes due and payable, such acceptance shall not excuse a subsequent delay or constitute a waiver of Sublandlord’s rights hereunder.
Appears in 1 contract
Sources: Sublease (Bluearc Corp)
Base Rent. As Tenant shall pay Base Rent in the amount set forth above. The first month's Base Rent, the Security Deposit, and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the Commencement Date, Tenant covenants and agrees to timely pay without notice, deduction, off-set or abatement to the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term date hereof, the Rent and Tenant promises to pay to Landlord in lawful money advance, without demand, deduction or set-off, monthly installments of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each calendar month during succeeding the term hereofCommencement Date. Payments of Base Rent is considered late for any fractional calendar month shall be prorated. All payments required to be made by Tenant to Landlord hereunder shall be payable at such address as Landlord may specify from time to time by written notice delivered in accordance herewith. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall be have no right at any time to abat▇, ▇▇duce, or set-off any rent due hereunder except where expressly provided in default if rent this Lease. If Tenant is received after 5:00 o’clock p.m. on the fifth (5th) day delinquent in any monthly installment of the month. A penalty Base Rent or of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice estimated Operating Expenses for non-payment of rent or for any other breach of the Leasemore than 5 days, Tenant shall pay to Landlord an administrative fee on demand a late charge equal to 3 percent of $250.00 such delinquent sum. The provision for such late charge shall be in addition to all of Landlord's other rights and attorneys fees of $250.00 (total of $500.00) together with any other sums due remedies hereunder or at law and shall not be construed as an essential part a penalty. Notwithstanding the above, Tenant shall not be obligated to pay the late charge until Landlord has given Tenant 5 days written notice of the cure of default. If delinquent payment (which may be give at any time during the Term hereof commences on delinquency); provided, however, that such notice shall not be required more than twice in any day other than 12-month period or five times over the first day or expires on any day other than the last day term of the month, Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments of Base Rent shall be paid on the first (1st) day of each month during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawLease.
Appears in 1 contract
Sources: Lease Agreement (Phase Metrics Inc)
Base Rent. As Upon execution of the Commencement Date, Tenant covenants and agrees to timely pay without notice, deduction, off-set or abatement to the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the this Lease, Tenant shall pay to Landlord an administrative fee the first payment of $250.00 Monthly Base Rent, FOE and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of Taxes payable under the cure of default. If the Term hereof commences on any day other Lease, and thereafter Tenant shall pay all such payments in advance, without demand no later than the first day of each calendar month following the Commencement Date (prorated for any fractional calendar month). Tenant shall make all payments to Landlord (or expires to such other party or at such location as Landlord may from time to time specify in writing) by Electronic Fund Transfer or Automated Clearing House. Tenant’s payment obligations and ▇▇▇▇▇▇▇▇’s obligations under this Lease are independent obligations. Tenant shall not ▇▇▇▇▇, reduce or set-off any amounts payable except as may be expressly provided in this Lease. Without limiting Landlord’s other rights and remedies, if Tenant is delinquent in any payment due for more than 5 days, Tenant shall pay to Landlord on demand as a late charge (and not as a penalty) an amount equal [***] percent [***]% of the delinquent sum. FOE represents payment for Landlord’s costs incurred for insurance premiums (see Section 9), Landlord’s costs for repair and maintenance (see Section 10), and association and property management fees. The amount of Monthly Taxes represents one-twelfth (1/12th) of ▇▇▇▇▇▇’s Share of Taxes incurred with respect to the tax parcel on which the Building is situated (see Section 8) as estimated by Landlord from time to time. Tenant shall be responsible only for Tenant’s Share of actual Taxes in any day other calendar year. Any difference between ▇▇▇▇▇▇’s estimated payments and ▇▇▇▇▇▇’s Share of actual Taxes will be reconciled annually no later than 90 days following the last first day of a calendar year by either Landlord or Tenant making payment to the monthother, Rent as applicable, within 60 days after such determination. Tenant’s Share may be proportionately adjusted for changes in the fraction of a month at the commencement and at the end size of the Term shall be adjusted pro rata on a per diem basisPremises, and all succeeding installments of Base Rent shall be paid on the first (1st) day of each month during the term hereof. Should Tenant be in defaultBuilding, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawProject.
Appears in 1 contract
Sources: Lease Agreement (ERock, Inc.)
Base Rent. As of the Commencement Date, 2.01 Tenant covenants and agrees to timely pay Landlord as base rent (Base Rent), without notice, demand, deduction, off-set or abatement to the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereofoffset, the Rent in lawful money monthly sum of $3507.75 for the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid first 12 months, in advance on or before the first (1st) day of each and every successive calendar month during the term hereof. Rent is considered late and Tenant , except that last month's deposit shall be in default if paid upon execution hereof. Credit will be given for Tenant's current deposit. The rent is received after 5:00 o’clock p.m. shall commence on the fifth First day of July, 1997 (5ththe "Commencement Date"). All payments to Landlord under this Lease shall be paid to Landlord at the address for notice set forth in paragraph 32.15, or at such other address provided to Tenant by Landlord in writing from time to time.
2.02 Rent for any period which is for less than one month shall be a prorated portion of the monthly rental based upon a thirty (30) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event Tenant acknowledges that late payment by Tenant to Landlord is required to post a 3-day notice for non-payment of rent or for other sums due hereunder will cause Landlord to incur certain costs not contemplated by this Lease, the exact amount of which would be extremely difficult and impractical to ascertain. Such costs include, but are not limited to, processing and accounting charges, and late charges which may be imposed on Landlord by the terms of any other breach trust deed covering the Leased Premises. Therefore, in the event Tenant shall fail to pay any installments of the Leaserent or any sum due hereunder within five (5) days after receiving notice of such delinquency, Tenant shall pay to Landlord an administrative fee as additional rent a late charge equal to TEN percent (10%) of each such installment or other sum. A $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month, Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments of Base Rent shall 15.00 charge will be paid on by the first (1st) day of Tenant to the Landlord for each month during returned check, in addition to the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawlate charge.
2.03 INTENTIONALLY OMITTED
Appears in 1 contract
Sources: Commercial Lease (Penn Octane Corp)
Base Rent. As Base Rent payable for the first full calendar month immediately following the Building 3 Premises Abatement Period (as defined below) and the Security Deposit shall be due and payable on delivery of an executed copy of this Lease to Landlord. Tenant shall pay to Landlord in advance, without demand, abatement (except for any abatement as may be expressly provided for in this Lease), deduction or set-off, monthly installments of Base Rent on or before the Commencement Date, Tenant covenants and agrees to timely pay without notice, deduction, off-set or abatement to the Landlord at the Building, or such other address as Landlord may notify Tenant first day of in writing, yearly and every year each calendar month during the Term hereof, the Rent in lawful money of the United StatesStates of America, at the office of Landlord for payment of Rent set forth above, or to such other person or at such other place as Landlord may from time to time designate in writing. Payments of Base Rent for any fractional calendar month shall be prorated. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to a▇▇▇▇, reduce, or set-off any Rent (as defined in Section 5) due hereunder except for any abatement as may be expressly provided for in this Lease. Notwithstanding anything to the contrary contained in this Lease, (i) so long as Tenant is not in Default under this Lease, Base Rent payable in with respect to the monthly installments set forth Building 3 Premises only shall be abated for the period commencing on the Lease Agreement Facing Commencement Date (or, if the Commencement Date does not occur DocuSign Envelope ID: FC2CC128-9822-4855-A001-C19E6B8CA968 Buildings B3 and B4/Singular - Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance 5 on or before the first (1st) day of each month during a calendar month, then as of the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) first day of the first full calendar month immediately following the Commencement Date) and continuing for the first 210 calendar days following the Commencement Date (the “Building 3 Premises Abatement Period”), and (ii) if Tenant has exercised the Building 4 Premises Acceleration Election, so long as Tenant is not in Default under this Lease, Base Rent payable with respect to the Building 4 Premises only shall be abated for the period commencing on the Building 4 Premises Commencement Date (or, if the Building 4 Premises Commencement Date does not occur on the first day of a calendar month. A penalty , then as of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) first day of the monthfirst full calendar month immediately following the Building 4 Premises Commencement Date) and continuing for the first 365 calendar days following the Building 4 Premises Commencement Date (the “Building 4 Premises Abatement Period”). In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the Lease, Tenant shall pay commence paying Base Rent with respect to Landlord an administrative fee the Building 3 Premises on the calendar day following the Building 3 Premises Abatement Period (the “Rent Commencement Date”) and with respect to the Building 4 Premises on the calendar day following the Building 4 Premises Abatement Period. For the avoidance of $250.00 doubt, if Tenant does not exercise the Building 4 Premises Acceleration Election, then Tenant shall commence paying Base Rent with respect to the Building 4 Premises on the Building 4 Premises Commencement Date and attorneys fees of $250.00 (total of $500.00) together with shall not be entitled any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month, Rent for the fraction of a month at the commencement and at the end of the Term shall be adjusted pro rata on a per diem basis, and all succeeding installments abatement of Base Rent shall be paid on with respect to the first (1st) day of each month during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawBuilding 4 Premises.
Appears in 1 contract
Base Rent. As of In addition to Tenant's obligation to pay Base Rent for the Commencement DateOriginal Premises, Tenant covenants and agrees to timely shall pay without notice, deduction, off-set or abatement to Landlord the Landlord at the Building, or such other address sum of $93,941.10 as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. aggregate Base Rent is payable for the Expansion Space in the forty two (42) monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is ("Monthly Rental") as follows:
A. Six (6) equal installments of $2,125.19 each payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each month during the term hereof. Rent is considered late period beginning August 1, 1999, and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on ending January 31, 2000, provided that the fifth (5th) day installment of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice Monthly Rental for non-payment of rent or for any other breach of the Lease, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of default. If the Term hereof commences on any day other than the first day or expires on any day other than the last day of the month, Rent for the fraction of a full calendar month at the commencement and at the end of the Term for the Expansion Space shall be adjusted pro rata on a per diem basis, and all succeeding payable upon the execution of this Amendment by Tena▇▇.
B. Twelve (12) equal installments of Base Rent shall be paid $2,188.75 each payable on or before the first (1st) day of each month during the term hereof. Should Tenant be in defaultperiod beginning February 1, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default2000, and ending January 31, 2001.
C. Twelve (12) equal installments of $2,254.53 each payable on or before the first day of each month during the period beginning February 1, 2001, and ending January 31, 2002.
D. Twelve (12) equal installments of $2,322.55 each payable on or before the first day of each month during the period beginning February 1, 2002, and ending January 31, 2003. All such Base Rent shall be payable by Tenant must cover said check in accordance with certified funds plus the penalty contained hereinterms of the Lease. Landlord may also seek additional relief and Tenant acknowledge that the foregoing schedule is based on the assumption that the Expansion Effective Date is the Target Expansion Effective Date. If the Expansion Effective Date is other than the Target Expansion Effective Date, the schedule set forth above with respect to the payment of any installments of Base Rent for the Expansion Space shall be appropriately adjusted on a per diem basis to reflect the actual Expansion Effective Date and the actual Expansion Effective Date shall be set forth in a confirmation letter to be prepared by Landlord. However, the effective date of any increases or decreases in the Base Rent rate shall not be postponed as a result of an adjustment of the Expansion Effective Date as provided by lawabove.
Appears in 1 contract
Base Rent. As of (a) During the Commencement Date, Tenant covenants and agrees to timely pay without notice, deduction, off-set or abatement to the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each month during the term hereof. Rent is considered late and Tenant shall be in default if rent is received after 5:00 o’clock p.m. on the fifth (5th) day of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under the lease which are received after the fifth (5th) day of the month. In the event that Landlord is required to post a 3-day notice for non-payment of rent or for any other breach of the LeaseTerm, Tenant shall pay annual Base Rent (and all other Rent due and owing by Tenant under this Lease) to Landlord an administrative fee at such place as Landlord shall from time to time designate in writing, such annual Base Rent to be payable in equal monthly installments, as set forth in the chart below. References to numbered “Months” shall mean full calendar months following the Commencement Date. *As shown in the chart above, provided that no Event of $250.00 Default (as hereinafter defined) then exists, the Base Rent due for months 1-12 shall be calculated on the basis of 25,000 rentable square feet only and attorneys fees the Base Rent due for months 13-24 shall be calculated on the basis of $250.00 (total 32,000 rentable square feet only. The difference between the Base Rent payable during such months in accordance with the chart above and the Base Rent that would have been payable on the entire rentable square footage of $500.00) together with the Premises at the rate set forth above for such months is referred to herein as the “Abated Rent.” In no event shall the abatement set forth herein be deemed to reduce or eliminate Tenant’s obligation to pay Tenant’s Share of CAM Charges, Taxes or Insurance or any other sums amounts due as an essential part of under the cure of default. If the Term hereof commences on any day Lease other than the first day or expires on any day other than Abated Rent as set forth above. If this Lease shall terminate prior to the last day expiration of the monthinitial Term as a result of an Event of Default by Tenant hereunder, Rent for then the fraction of a month at the commencement and at the end then-unamortized portion of the Term Abated Rent shall be adjusted pro rata on a per diem basisbecome immediately due and payable to Landlord. The foregoing is in addition to, and all succeeding not in lieu of, any other remedies available to Landlord at law, in equity or otherwise.
(b) All monthly installments of Base Rent shall be paid payable to Landlord in advance on the first (1st) day of each month during the term hereofTerm without notice, demand, deduction or set-off. Should Together with executed copies of this Lease, Tenant shall deliver to Landlord (i) first full month’s installment of Base Rent, and (ii) a security deposit as set forth in Section 5 below. Tenant shall timely pay Rent (as hereinafter define) to Landlord (either directly or to its expressly designated agent or designee) in lawful money of the United States of America (thus expressly excluding any non-U.S. currency and excluding any cryptocurrency or similar form of currency), as directed by ▇▇▇▇▇▇▇▇ in writing, (i) via check, sent to Landlord’s street address provided in this Lease (or such other street address(es) as Landlord may specify hereunder); or, upon ▇▇▇▇▇▇▇▇’s written request, (ii) via wire transfer, ACH payment or similar electronic means (“Electronic Remittance”). If Landlord instructs Tenant to remit payments of Rent via Electronic Remittance, then Landlord shall provide Tenant with written instructions therefor from time to time (collectively, “Electronic Remittance Instructions”). Tenant shall continue to remit Rent to Landlord via Electronic Remittance using such Electronic Remittance Instructions unless and until Landlord provides new Electronic Remittance Instructions or notifies Tenant in writing that payments should thereafter be made via check or some other method, as set forth above. Tenant shall remain liable for all Rent owed hereunder, and ▇▇▇▇▇▇ shall release and discharge Landlord for any liability for any amounts not properly credited against Tenant’s Rent obligation due to any inaccuracy or mistake made by Tenant in defaultits in use of the Electronic Remittance Instructions. Further, Landlord may collect $50.00 per day penalty shall not be responsible or have any liability for any loss of funds caused by (y) the errors and omissions of Tenant’s financial institution, its employees or agents in the processing, transmission or proper crediting of such transmitted funds, or (z) any illegal interference with any such transmission of funds by any third party or parties, including any criminal or tortious activities by such party or parties, and the foregoing shall not constitute a default by Tenant but shall not relieve Tenant of its obligation to pay Rent in accordance with this Lease. Rent due pursuant to this Lease and remitted via Electronic Remittance shall be deemed received only when Landlord or its designated agent actually receives such funds in its designated account.
(c) All charges payable by Tenant under the terms of this Lease other than Base Rent are called “Additional Rent.” Unless this Lease provides otherwise, all Additional Rent shall be paid concurrently with each monthly installment of Base Rent. The term “Rent” shall mean Base Rent and Additional Rent. All payments of Rent shall include sales and use tax in accordance with applicable law. All Rent due and owing by Tenant under this provision Lease shall be paid by Tenant to Landlord without deduction, set off or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawabatement.
Appears in 1 contract
Base Rent. As Tenant shall deposit monthly installments of Base Rent, along with applicable value added tax, directly into the Commencement Date, Tenant covenants and agrees to timely pay without notice, deduction, off-set Rent Payment Account or abatement to the Landlord at the Building, or such other address as Landlord may notify Tenant of place designated by Landlord, monthly, in writingadvance, yearly and every year during the Term hereof, the Rent in lawful money of the United States. Base Rent is payable in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms of Paragraph 7 hereof. Rent is due and shall be paid in advance on or before the first (1st) day of each calendar month during the term hereofTerm, without notice or demand and without any setoff, abatement or counterclaim. Deposits of rent will be made by Tenant directly into the Rent is considered late Payment Account by, at the election of Tenant, wire transfer or intra- or inter- bank transfer of funds. Landlord agrees to render to Tenant monthly rental invoices which shall comply with all applicable legal and Tenant tax requirements and include a breakdown of the value added tax. Said rental invoices shall be in default if issued on the date rent is received after 5:00 o’clock p.m. on paid and shall contain the fifth (5th) day amount of rent paid in United States Dollars, as well as the corresponding amount in Mexican Pesos, according to the exchange rate published in the Official Journal of the monthFederation (Diario Oficial de la Federación) on such date. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under Landlord acknowledges that Tenant has the lease which are received after the fifth (5th) day of the monthright to pay rent in Mexican Pesos. In the event that Landlord rent is required paid in Mexican Pesos, such will be paid at the rate of exchange in effect for selling Mexican Pesos to post a 3-day notice for non-payment of rent or for any other breach purchase United States Dollars, according to the rate published in the Official Journal of the Lease, Federation (Diario Oficial de la Federación) on the date Tenant shall pay to pays Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part of the cure of defaultsuch rent. If the Term hereof commences Commencement Date does not occur on any day other than the first day of a calendar month or expires if the Term does not expire or terminate on any day other than the last day of the a calendar month, Rent rent payable hereunder shall be prorated for such partial month on the fraction basis of a month thirty (30) day month. In addition to all other rights and remedies provided to Landlord, all amounts payable hereunder which remain unpaid for five (5) days after their respective due dates shall be subject to an immediate penalty of five percent (5%) of the unpaid amount, and in addition, shall bear interest from the date that the same became due and payable including the date of payment, whether or not demand is made therefor, at the commencement rate of twelve percent (12%) per annum. For purposes of this Lease, the term “rent” will be deemed to include all Base Rent plus CPI Escalations, additional rent, reimbursements, late charges and at the end of the Term shall be adjusted pro rata on a per diem basisinterest, and all succeeding installments of Base Rent shall be paid on the first (1st) day of each month during the term hereof. Should Tenant be in default, other amounts payable to Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of default, and Tenant must cover said check with certified funds plus the penalty contained herein. Landlord may also seek additional relief as provided by lawany reason whatsoever hereunder.
Appears in 1 contract
Base Rent. As Tenant shall pay an annual base rent (annual base rent is hereinafter referred to as "Base Rent" and monthly installments of the Commencement Date, Tenant covenants and agrees to timely pay without notice, deduction, off-set or abatement to the Landlord at the Building, or such other address as Landlord may notify Tenant of in writing, yearly and every year during the Term hereof, the Rent in lawful money of the United States. Base Rent is payable are hereinafter referred to as "Monthly Base Rent") to Landlord for the Premises in monthly installments as described in the monthly installments set forth on the Lease Agreement Facing Page attached hereto; Additional Rent is payable pursuant to the terms Reference Data page of Paragraph 7 hereof. Rent is due and shall be paid this Lease, in advance on or before the first (1st) day of the Term and on the first day of each calendar month during thereafter of the term hereofTerm, and at the same rate for fractions of a month if the Term begins on any day except the first day of a calendar month or ends on any day except the last day of a calendar month. Rent Provided that (i) Tenant is considered late the original Tenant named herein; (ii) Tenant is not then in default under any of the terms and conditions of this Lease and the Lease be and remains in full force and effect, and (iii) Tenant is then in actual, physical possession of the entire Premises, then Tenant shall be granted a credit towards Base Rent as follows: Lease Month Amount of Credit 1 $ 10,057.13 2 $ 10,057.13 7 $ 10,057.13 14 $ 10,057.13 (the above four (4) Lease Months during which Tenant is being granted a credit towards Base Rent as described above is hereinafter referred to as the “First Rent Credit Term”, with Tenant herein acknowledging that this particular Base Rent credit is only being given in default if rent is received after 5:00 o’clock p.m. the amounts described above and only for Lease Months one (1), two (2), seven (7) and fourteen (14) as described above). In addition, during the period commencing on the fifth Commencement Date and ending and expiring on March 31, 2011 (5th) day the “Second Rent Credit Term”), Tenant shall be granted an additional credit towards Base Rent in the amount of $8,379.67 per Lease Month during the Second Rent Credit Term, such credit sum to be applied on a pro rata basis for any partial month occurring during such Second Rent Credit Term based on the number of days in any such partial month. The aforementioned credits towards Base Rent to be granted to Tenant as described in this Section 3.1 during the First Rent Credit Term and Second Rent Credit Term are herein collectively referred to as the "Rent Credit". In the event the amount of any Rent Credit to be applied in any one Lease Month is greater than the amount of the month. A penalty of fifty dollars ($50.00) per day will be assessed on any sums due under Monthly Base Rent otherwise payable during such Lease Month, the lease which are received after difference between the fifth (5th) day amount of the monthRent Credit to be applied towards such Lease Month and the amount of the Monthly Base Rent otherwise payable during such Lease Month, shall be applied as a credit against the Monthly Base Rent payable for the next following Lease Month. In the event that Landlord on the date any amount of Rent Credit is required to post a 3-day notice for non-payment be applied, or at any time thereafter during the Term of rent or for this Lease Tenant is (x) not the original Tenant named herein, (y) in default under any other breach of the Leaseterms and conditions of this Lease or the Lease is not in full force and effect or (z) not in actual, Tenant shall pay to Landlord an administrative fee of $250.00 and attorneys fees of $250.00 (total of $500.00) together with any other sums due as an essential part physical possession of the cure of default. If entire Premises, then the Term hereof commences on any day other than the first day Rent Credit theretofore applied against Base Rent or expires on any day other than the last day of the month, Rent for the fraction of a month at the commencement and at the end of the Term shall thereafter to be adjusted pro rata on a per diem basis, and all succeeding installments of applied against Base Rent shall be paid on the first (1st) day of each month during the term hereof. Should Tenant be in default, Landlord may collect $50.00 per day penalty under this provision or 18% interest under Paragraph 36, whichever is greater. Any rent check returned for insufficient funds shall constitute an event of defaultentirely forfeited, and the equivalent amount of any such Rent Credit theretofore applied to the Base Rent shall be immediately remitted by Tenant must cover said check with certified funds plus the penalty contained herein. to Landlord may also seek as additional relief as provided by lawrent.
Appears in 1 contract
Sources: Office Lease (Careadvantage Inc)