Base Rent. In addition to Tenant’s obligation to pay Base Rent for the Original Premises, during the Temporary Space Term, Tenant shall pay Landlord the sum of $11,603.00 per month as Base Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment payable on or before the first day of each month during the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, shall be payable by Tenant in accordance with the terms of the Lease. Notwithstanding anything to the contrary in this Section 2, Tenant shall be entitled to an abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended hereby.
Appears in 2 contracts
Sources: Office Lease Agreement (GoPro, Inc.), Office Lease Agreement (GoPro, Inc.)
Base Rent. In addition to Tenant’s obligation Tenant agrees to pay Base Rent for the Original Premises, monthly as base rent during the Temporary Space Term, Tenant shall pay Landlord term of this Lease the sum of $11,603.00 per month as Base Rent for money set forth in Section 1.6 of this Lease, which amount shall be payable to Landlord at the Temporary Space, plus applicable state sales address shown above. One monthly installment shall be due and use taxes, with each such installment payable on or before the first day of each calendar month succeeding the Commencement Date during the term of this Lease; provided, if the Commencement Date should be a date other than the first day of a calendar month, the monthly rental set forth above shall be prorated to the end of that calendar month, and all succeeding installments of rent shall be payable on or before the first day of each succeeding calendar month during the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Dateterm of this Lease. Tenant shall pay, prorated for any partial month within the Temporary Space Term. All such Base Rentas additional rent, plus applicable state sales and use taxes, shall be payable by Tenant in accordance with the terms of the all other sums due under this Lease. Notwithstanding anything to the contrary in this Section 2, Tenant shall be entitled to an abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above Lease to the contrary, if Landlord, for any reason whatsoever (other than Tenant's default), cannot deliver possession of the Temporary Space Termination Date Premises to the Tenant on the Commencement Date, substantially complete and ready for Tenant's occupancy, this Lease shall not be void or voidable, nor shall Landlord be liable for any loss or damage resulting therefrom, nor shall the expiration of the term be extended, but all rent and additional rent shall be abated until Landlord delivers possession; provided that if the Premises are not substantially complete and ready for Tenant's occupancy by the later of: (i) September 301, 2012. If 1995, or (ii) the date one hundred twenty (120) days after Landlord elects not secures a building permit from the City of Arden Hills, which Landlord shall diligently pursue, (except by reason of force majeure or Tenant caused delays, including failure to lease approve plans and specifications for the Expansion Space Premises by April 12, 1995, in which case such date shall be extended by the number of days equal to the delays caused by Tenant), Landlord shall pay to Tenant, as a credit against the first installments of rent and additional rent payable hereunder, an amount equal to $500.00 for each day thereafter until the Premises are substantially complete and ready for Tenant's occupancy; and provided that if the Premises are not substantially complete and ready for Tenant's occupancy on or before October 1, 1995 (except by reason of force majeure or Tenant caused delays, in which case such date shall be extended by the number of days equal to the delays caused by Tenant), Tenant shall have the option, in its absolute and unfettered discretion, to terminate this Lease by written notice to Landlord given at any time prior to substantial completion of the Premises and Tenant taking occupancy of the Premises. In the event Landlord, despite due diligence, is unable to secure a building permit by May 15, 1995, Landlord shall so notify Tenant, and either Landlord or Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled thereafter terminate this Lease by written notice to the Abated Base Rentother, and Tenant shall pay Base Rent for the Temporary Spacegiven on or before May 25, effective immediately upon Landlord’s notice to Tenant. 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended hereby1995.
Appears in 2 contracts
Sources: Lease (Fair Isaac & Company Inc), Lease (Fair Isaac & Company Inc)
Base Rent. In addition to Tenant’s obligation to pay Base Rent for (a) As of the Original Premises, during the Temporary Space Term, Tenant shall pay Landlord the sum of $11,603.00 per month as Base Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment payable on or before the first day of each month during the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, shall be payable by Tenant in accordance with the terms of the Lease. Notwithstanding anything to the contrary in this Section 2, Tenant shall be entitled to an abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to TenantExisting Premises in accordance with the following rent schedule. Only (The schedule below is the same as the Base Rent schedule listed in the Existing Lease with an extended period added to cover the full First Extension Term): Time Period Annual Base Rent Monthly Installment of Base Rent Annual Base Rent per Rentable Square Foot
(b) Notwithstanding anything contained in the Lease to the contrary, commencing on the Expansion Premises Rent Commencement Date and continuing through the First Extension Term Expiration Date, Tenant shall, at the time and in the manner provided in the Lease, pay to Landlord as Base Rent for the Expansion Premises, the amounts set forth in the following rent schedule, plus any applicable tax thereon: Time Period* Annual Base Rent Monthly Installment of Base Rent Annual Base Rent per Rentable Square Foot *Note: Notwithstanding the above table, the dates of the time periods set forth therein will be adjusted based on the actual Expansion Premises Rent Commencement Date if such date occurs on a date earlier than July 1, 2020, but the final date shall remain the same. **Note: Provided Tenant is not in monetary default of the terms of this Lease, after expiration of any applicable notice and cure period, Tenant shall have no obligation to pay any Base Rent attributable to: (i) the first two (2) months of for the Expansion Premises, and only the Expansion Premises, following the Expansion Premises Rent Commencement Date (the “Expansion Premises Abatement Period”). Tenant shall be abated pursuant obligated to this Section, as more particularly described herein, and pay all of Tenant’s Share of Direct Expenses and Taxes and all other rent and other costs and charges specified in the Lease, as amended hereby, shall remain as due and payable pursuant attributable to the provisions of Expansion Premises during the Lease, as amended herebyExpansion Premises Abatement Period.
Appears in 2 contracts
Sources: Lease Agreement (Precision Biosciences Inc), Lease (Precision Biosciences Inc)
Base Rent. In addition Tenant agrees to pay to Landlord without notice an annual “Base Rent”. The Base Rent will be payable at the annual rate shown in the Basic Leasing Information of this Lease without any offset, defense or deduction whatsoever, in lawful (legal tender for public or private debts) money of the United States of America, at Landlord’s address or elsewhere as designated from time to time by Landlord’s written notice to Tenant’s obligation to pay . The Base Rent will be adjusted for increases as set forth within the Original PremisesBasic Leasing Information of this Lease. Landlord, during upon execution of this Lease by Landlord and Tenant, hereby acknowledges payment by Tenant of the Temporary Space Term“Initial Payment” as shown in the Basic Leasing Information of this Lease, representing payment of the monthly installment(s) of annual Base Rent and Additional Rent (as hereafter defined), together with the sales tax thereon. The total Base Rent is payable in monthly installments on the first day of each calendar month. If the Term commences on any day of a month other than the first day, Tenant shall pay Landlord the full monthly Base Rent as provided for herein for such commencement month, and thereafter the sum which should have actually been paid for said first month shall be calculated on a pro rata basis (such proration to be based on the actual number of $11,603.00 per month days in the commencement month), and the difference shall be credited as a reduction in the next month’s installment of annual Base Rent to be paid by Tenant hereunder on the first day of the next succeeding month. Base Rent for any partial month of occupancy at the Temporary Spaceend of the Term of this Lease will be prorated, plus applicable state sales such proration to be based on the actual number of days in the partial month. In addition to Base Rent, Tenant shall and use taxes, with each such installment payable hereby agrees to pay to Landlord on or before the first day of each calendar month during a sum equal to any sales tax, tax on rentals, and any other governmental charges, taxes and/or impositions now in existence or hereafter imposed based upon the period beginning privilege of renting the Leased Premises or upon the amount of Rent (as defined below) collected therefor, without any offset defense or deduction whatsoever, in lawful (legal tender for public or private debts) money of the United States of America, at Landlord’s address or elsewhere as designated from time to time by Landlord’s written notice to Tenant. In addition, Tenant agrees to be fully responsible for the payment of documentary stamps, if any, due pursuant to this Lease. Nothing herein shall, however, be taken to require Tenant to pay any part of any Federal and State Taxes on income imposed upon Landlord. Tenant shall be required to pay Landlord interest on any Rent (as defined below) due that remains unpaid for five (5) days after its due date. Further, in the Temporary Space Effective Date and ending on event (i) Tenant fails to pay Rent by the Temporary Space Termination Datefifth (5th) day of the month in which such installment is due, prorated or (ii) any other sums owed to Landlord pursuant to the terms of this Lease within five (5) days after accrual thereof or billing therefor, there will be added to such unpaid sum a late charge equal to ten percent (10%) of the installment or sum due, in order to defray the costs to Landlord for any partial month within additional administrative expenses incurred as a result of such late payments. For all purposes of this Lease, the Temporary Space Term. All such term “Rent” shall include all Base Rent, plus applicable state sales charges or impositions thereon, Additional Rent (as defined below), adjustments to Rent and use taxesany and all other payments due or which may become due from Tenant to Land-lord hereunder. Interest will be computed at the maximum legal rate and will be deemed to accrue from the fifth (5th) day after Rent is due and shall continue to accrue for as long as the sum remains unpaid. Provided, however, this provision shall not be construed as requiring Landlord to accept any late payment of Rent or as a waiver of any of Landlord’s rights or remedies by virtue of Tenant’s not making timely payment of Rent hereunder, and Land-lord’s acceptance of late Rent and such interest shall not be construed as constituting a waiver by Landlord of any rights or remedies available to it in the event that Rent is not timely paid by Tenant on any one or more future occasions, including declaring Tenant in default under this Lease and pursuing all remedies available to it arising from such default. The Base Rent as specified in the Basic Leasing Information of this Lease will increase annually on each yearly anniversary of the Lease Term as stated therein. Tenant by acceptance and execution of this Lease shall be payable by deemed to have agreed to and received notice of the Annual Base Rent for each year of the Lease Term. Landlord shall not be required to provide notice of the new Base Rent; and Tenant must pay Landlord the current monthly payment of Base Rent, in accordance with the terms of the Lease. Notwithstanding anything to the contrary in this Section 2, Tenant shall be entitled to an abatement of Base Rent with respect to the Premises schedule set forth in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended herebyBasic Leasing Information.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement (Omnicomm Systems Inc)
Base Rent. In addition 4.1 Lessee shall pay to Tenant’s obligation Lessor a monthly rental (“Base Rent”) for the Demised Premises and the Personal Property over and above all other and additional payments to pay be made by Lessee as provided in this Lease, in the amount set forth on Exhibit C attached hereto and made a part hereof. The payment of monthly Base Rent for the Original Premises, during the Temporary Space Term, Tenant and Additional Rent (together with all tax and insurance deposits required pursuant to Section 7.1) shall pay Landlord the sum of $11,603.00 per month as Base Rent for the Temporary Space, plus applicable state sales be due and use taxes, with each such installment payable in advance on or before the first day of each calendar month during the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Term. All such Base RentUnless otherwise notified in writing, plus applicable state sales and use taxes, all payments of Rent shall be sent by wire directly to such account as Lessor has previously or may in the future designate in writing from time to time. Base Rent and Additional Rent shall be referred to herein as “Rent.” The parties hereto acknowledge and agree that the Rent payable by Tenant in accordance with for May 2015 and prior periods are subject to payment as provided under the terms of Lease 1, Lease 2 and Lease 3, as applicable, and that the Lease. Notwithstanding anything Base Rent schedule attached hereto as Exhibit C will commence on June 1, 2016.
4.2 The parties agree that the Base Rent that will be attributable collectively to the contrary in this Section 2, Tenant Crete Plus Five Leased Property is based on the parties’ assumption that Lessor shall be entitled to an abatement of Base Rent with respect purchase same pursuant to the Premises Purchase Agreement for an aggregate purchase price of Fifteen Million and 00/100 Dollars ($15,000,000.00) plus any Closing Costs incurred by the applicable Lessor in the monthly amount of $11,603.00 per month for the Temporary Space Term connection therewith (collectively, the “Abated Base RentPurchase Price”). However, if Landlord desires to lease The parties agree that the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payablepayable under this Lease shall be increased immediately upon the closing of the acquisition of the Crete Plus Five Leased Property in an initial annualized amount equal to Nine Percent (9.0%) of the Purchase Price, such amount to increase at the commencement of each Lease Year by an amount equal to the same percentage that Base Rent payable hereunder would have increased had the Crete Plus Five Lease Property not been acquired. Immediately prior to the closing of the Crete Plus Five Leased Property purchase and sale, Lessor shall deliver to Lessee a written statement setting forth the amount of the Purchase Price, including the amount of Closing Costs, and notwithstanding anything in Section 1 above to the contrary, amount of the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay adjusted Base Rent for the Temporary Spaceduration of the first Lease Year, effective immediately upon Landlord’s notice which statement shall, without further action by Lessee, establish the Base Rent until the first adjustment date. In the event that the final total amount of the Purchase Price cannot be determined as of the date the Crete Plus Five Leased Property is acquired and subject to Tenant. Only this Lease, the Base Rent shall be abated pursuant adjusted as of the date such final total Purchase Price is finally determined by Lessor, and Lessee shall immediately pay Lessor an amount equal to the difference between the Base Rent as of the date the Crete Plus Five Leased Property is acquired and subject to this SectionLease and the adjusted Base Rent for all periods preceding the date in which the final total Purchase Price is finally determined. In the event the date the Crete Plus Five Leased Property is acquired and subject to this Lease shall be other than the first day of the month, Lessee shall pay to Lessor a pro rata portion of the Base Rent and Additional Rent for the month and a pro rata portion of all tax, insurance and other deposits provided for in this Lease.
4.3 Base Rent during the first Lease Year of the First Extended Term, if exercised, and the first Lease Year of the Second Extended Term, if exercised, shall be equal to nine percent (9%) of the Appraised FMV (as hereinafter defined), which shall be determined after Lessee exercises each of its respective options. As used herein, the term “Appraised FMV” means the appraised fair market value of the Leased Property, as more particularly described hereindetermined by a Qualified Appraiser (as defined below), based on the assumption that the Leased Property will continue to be operated as a skilled nursing facility, assisted living facility or independent living facility, as applicable. The term “Qualified Appraiser” means an appraiser certified as an MAI appraiser or with equivalent certification, and Tenant’s Share mutually acceptable to Lessor and Lessee. In the event that Lessor and Lessee cannot reach agreement as to the Qualified Appraiser, Lessor and Lessee shall each choose a Qualified Appraiser who shall, within ten (10) business days of Expenses such selection meet and Taxes select a third Qualified Appraiser to determine the Apprised FMV; provided, however, Base Rent during the first Lease Year of the First Extended Term and all other rent and other costs and charges specified the first Lease Year of the Second Extended Term shall not: (a) be less than the one hundred two percent (102%) of the Base Rent payable in the Lease, as amended hereby, shall remain as due and payable pursuant to the provisions immediately preceding Lease Year; nor (b) increase by more than fifteen percent (15%) of the LeaseBase Rent payable during the immediately preceding Lease Year. The cost and expenses for each Qualified Appraiser shall be paid by Lessee. On the first anniversary of the First Extended Term, as amended herebyand on each anniversary thereafter during the First Extended Term, the Base Rent shall increase by two percent (2.0%) over the Base Rent in effect for the prior Lease Year. On the first anniversary of the Second Extended Term, and on each anniversary thereafter during the Second Extended Term, the Base Rent shall increase by two percent (2.0%) over the Base Rent in effect for the prior Lease Year.
Appears in 2 contracts
Sources: Master Lease (Assisted 4 Living, Inc.), Master Lease (Assisted 4 Living, Inc.)
Base Rent. In addition to Tenant’s obligation to pay Base Rent for the Original Premises, during the Temporary Space Term, Tenant shall pay Landlord the sum of $11,603.00 per month as Base Rent for the Temporary Spaceto Landlord, plus applicable state sales and use taxes, with each such installment payable in advance on or before the first day of each month during of the period beginning on the Temporary Space Effective Date Term, without further notice or demand and ending on the Temporary Space Termination Datewithout abatement, prorated offset (except as expressly set forth herein), rebate, credit or deduction for any partial month within reason whatsoever, the Temporary Space Termmonthly installments of rent specified in the Basic Lease Information (the “Base Rent”). All such Upon execution of this Lease, Tenant shall pay the Prepaid Base Rent, plus applicable state sales and use taxes, shall specified in the Basic Lease Information to be payable by Tenant in accordance with applied toward Base for the terms month of the LeaseTerm specified in the Basic Lease Information. Notwithstanding anything herein to the contrary in this Section 2contrary, Tenant shall be entitled to an abatement excused from the obligation of paying the Base Rent with respect (but not any other amounts) due hereunder for the Phase I Premises for the first six (6) full calendar months following the Commencement Date (expected to the Premises be April through September 2019), in the monthly aggregate amount of $11,603.00 per month for the Temporary Space Term 2,130,026.52 (collectively, the “Abated Excused Base Rent”). However, if Landlord desires should a Default occur prior to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for full application of the Expansion Space on or before August 31, 2012Excused Base Rent, then all Abated such application of the Excused Base Rent shall immediately become due and payablebe tolled until such time as the Default is cured, and notwithstanding anything in Section 1 above the event that Landlord properly exercises Landlord’s remedy to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not terminate this Lease pursuant to lease the Expansion Space to Paragraph 25 below as a result of a Default by Tenant, Tenant may continue to lease then the Temporary Space on a month to month basis, but Pro-Rated Excused Base Rent shall no longer be excused and shall become an obligation of Tenant hereunder, and Landlord shall be entitled to seek recovery of the Abated Base Rent, and Tenant shall pay Pro-Rated Excused Base Rent for as part of the Temporary Space, effective immediately upon Landlord’s notice damages to Tenant. 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 Lease, as amended hereby, shall remain as due and payable which Landlord is otherwise entitled pursuant to the provisions terms of this Lease. As used herein, the term “Pro-Rated Excused Base Rent” shall mean an amount computed by dividing the Excused Base Rent by one hundred twenty (120) and then multiplying the resulting quotient by the number of months which would have remained in the Term as of the Lease, as amended herebymonth of such Default by Tenant hereunder.
Appears in 2 contracts
Sources: Lease Agreement (10x Genomics, Inc.), Lease Agreement (10X Genomics, Inc.)
Base Rent. In addition to Tenant’s obligation to pay Base Rent for the Original Premises, during the Temporary Space Term, Tenant shall pay Landlord rent (herein called "Base Rent") in arrears, in currency that at the sum time of $11,603.00 per payment is legal tender for public and private debts in the United States of America, in installments on each Base Rent Date through the end of the Term. Each payment of Base Rent must be received by Landlord no later than 12:00 noon (San Francisco time) on the date it becomes due; if received after 12:00 noon it will be considered for purposes of this Lease as received on the next following Business Day. Each installment of Base Rent shall represent rent allocable to the Base Rent Period (or portion thereof) ending on the date on which the installment is due. Landlord shall notify Tenant in writing of the Base Rent due for each Base Rent Period at least fifteen (15) days prior to the Base Rent Date on which such period ends. Any failure by Landlord to so notify Tenant shall not constitute a waiver of Landlord's right to payment, but absent such notice Tenant shall not be in default for any underpayment resulting therefrom if Tenant, in good faith, reasonably estimates the payment required, makes a timely payment of the amount so estimated and corrects any underpayment within three (3) Business Days after being notified by Landlord of the underpayment. For all Base Rent Periods subject to a LIBOR Period Election of one month, two months or three months, Base Rent shall be due in one installment on the Base Rent Date upon which the Base Rent Period ends. For Base Rent Periods subject to a LIBOR Period Election of six months, Base Rent shall be payable in two installments, with the first installment becoming due on the Base Rent Date that occurs on the first Business Day of the third calendar month as following the commencement of such Base Rent Period, and with the second installment becoming due on the Base Rent Date upon which the Base Rent Period ends. Notwithstanding the foregoing, if Tenant or any Applicable Purchaser purchases Landlord's interest in the Property pursuant to the Purchase Agreement, any accrued unpaid Base Rent and all outstanding Additional Rent shall be due on the date of purchase in addition to the purchase price and other sums due Landlord under the Purchase Agreement. The Base Rent for each Base Rent Period shall equal the Temporary Space, plus applicable state sales and use taxes, with each such installment payable sum of:
(1) (A) Stipulated Loss Value on or before the first day of each month during such Base Rent Period, times (B) one minus the period beginning sum of the Certificate of Deposit Collateral Percentage for such Base Rent Period and the Securities Collateral Percentage for such Base Rent Period, times (C) the sum of (i) the Effective Rate for such Base Rent Period and (ii) the Spread calculated on the Temporary Space Effective Date and ending tenth (10th) Business Day prior to the day upon which such Base Rent Period commences, times (D) the number of days in such Base Rent Period, divided by (E) three hundred sixty (360); PLUS
(2) (A) Stipulated Loss Value on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Term. All first day of such Base RentRent Period, plus applicable state sales times (B) the Certificate of Deposit Collateral Percentage for such Base Rent Period, times (C) twenty-two and use taxesone-half basis points (22.5/100 of 1%), shall be payable times (D) the number of days in such Base Rent Period, divided by (E) three hundred sixty (360); PLUS
(3) (A) Stipulated Loss Value on the first day of such Base Rent Period, times (B) the Securities Collateral Percentage for such Base Rent Period, times (C) the sum of (i) the Effective Rate for such Base Rent Period and (ii) twenty-two and one-half basis points (22.5/100 of 1%), times (D) the number of days in such Base Rent Period, divided by (E) three hundred sixty (360). To ease the administrative burden of this Lease and the Pledge Agreement, clause (2) in the formula above for calculating Base Rent reflects a reduction in the Base Rent equal to the interest that would accrue on any Cash Collateral required by the Pledge Agreement from time to time if the Accounts (as defined in the Pledge Agreement) bore interest at the Effective Rate. Landlord has agreed to such reduction in the Base Rent to provide Tenant in accordance with the terms economic equivalent of the Lease. Notwithstanding anything to the contrary in this Section 2, Tenant shall be entitled to an abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space interest on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payablesuch Cash Collateral, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, return Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. 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 Lease, as amended hereby, shall remain as due and payable pursuant has agreed to the provisions of the LeasePledge Agreement that excuse the actual payment of interest on the Accounts. By incorporating such reduction of Base Rent into the formula above, and by providing for noninterest bearing Accounts in the Pledge Agreement, the parties will avoid an unnecessary and cumbersome periodic exchange of equal payments. It is not, however, the intent of Landlord or Tenant to understate Base Rent or interest for financial reporting purposes. Accordingly, for purposes of determining Tenant's compliance with the affirmative financial covenants set forth in subparagraph 9.(ac), and for purposes of any financial reports that this Lease requires of Tenant from time to time, Tenant may report Base Rent as amended hereby.if there had been no such reduction and as if the Cash Collateral from time to time required by the Pledge Agreement had been maintained in Accounts bearing interest at the Effective Rate. Assume, only for the purpose of illustration of the calculation of Base Rent: that after the Carrying Costs Accrual Termination Date, a hypothetical Base Rent Period contains exactly ninety (90) days; that, after taking into account all Qualified Payments, the Stipulated Loss Value on the first day of such Base Rent Period is $50,000,000; that the Certificate of Deposit Collateral Percentage for such Base Rent Period is twenty percent (20%); that the Securities Collateral Percentage for such Base Rent Period is thirty percent (30%); that the Effective Rate for the applicable Base Rent Period is 5.5%; and that the Spread for the applicable Base Rent Period is 0.5%. Under such assumptions, the Base Rent for the hypothetical Base Rent Period will equal: $50,000,000 x 50% x (5.5% + 0.5%) x 90/360, or $375,000, PLUS $50,000,000 x 20% x .225% x 90/360, or $5,625, PLUS $50,000,000 x 30% x (5.5% + .225%) x 90/360, or $214,687.5, = $595,312.5
Appears in 2 contracts
Sources: Lease Agreement (3com Corp), Lease Agreement (3com Corp)
Base Rent. In addition to Tenant’s obligation to pay Base Rent for the Original Premises, during the Temporary Space Term, Tenant shall pay to Landlord the sum of $11,603.00 per month as Base Rent for set forth in the Temporary SpaceBasic Lease Information (the “Base Rent”), plus applicable state sales without prior notice or demand, and use taxeswithout offset or deduction except as expressly provided in this Lease, with each such installment payable on or before the first day of each and every calendar month during the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Date, prorated Term. Base Rent for any partial month within at the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, beginning or end of the Term shall be prorated based on the actual number of days in the month, and Base Rent for the first month payable by Tenant hereunder (subject to Tenant’s right to receive Abated Base Rent as set forth below) shall be paid to Landlord within ten (10) days of Landlord’s and Tenant’s delivery of their signed counterparts to this Lease and ▇▇▇▇▇▇’s receipt of Landlord’s wiring instructions. Notwithstanding anything in accordance with this Lease to the contrary, subject to the terms of the Lease. Notwithstanding anything to the contrary in this Section 23.1, Tenant shall be entitled to an abatement of fifty percent (50%) of Base Rent due with respect to the Premises in the monthly amount of $11,603.00 91,217.00 per month month, for the Temporary Space first ten (10) full calendar months of the initial Term (collectively, the “Base Rent Abatement Period”). The maximum total amount of monthly Base Rent abated with respect to the Main Premises and Storage Space in accordance with the foregoing shall equal $912,170.00 (the “Abated Base Rent”). However, if Landlord desires If Tenant defaults under this Lease beyond applicable notice and cure periods at any time during the Base Rent Abatement Period and fails to lease cure such default within any applicable cure period under the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012Lease, then all Tenant’s right to receive the Abated Base Rent shall immediately become due toll (and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date Tenant shall be September 30required to pay Base Rent during such period of any Tenant default) until Tenant has cured, 2012. If Landlord elects not to lease the Expansion Space to TenantLandlord’s reasonable satisfaction, such default and at such time Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to receive any unapplied Abated Base Rent until fully applied. The payment by Tenant of any portion of the Abated Base Rent, and Tenant Rent in the event of a default shall pay Base Rent for the Temporary Space, effective immediately upon not limit or affect any of Landlord’s notice other rights, pursuant to Tenantthis Lease or at law or in equity. 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 Rent and other costs and charges specified in the Lease, as amended hereby, this Lease shall remain as due and payable pursuant to the provisions of the this Lease, as amended hereby.
Appears in 2 contracts
Sources: Lease Agreement (Attovia Therapeutics, Inc.), Lease Agreement (Attovia Therapeutics, Inc.)
Base Rent. In addition to Tenant’s obligation to Subtenant shall pay Base Rent for the Original PremisesExpansion Premises commencing on April 1, during 2021 (the Temporary Space Term“Expansion Rent Commencement Date”) in the amounts set forth on Exhibit A hereto and in the manner described in Section 3(a)(ii) of the Sublease; provided, Tenant however, Subtenant shall pay Landlord the sum of $11,603.00 per month as Base Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment payable on or before deliver the first day of each month during the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, shall be payable by Tenant in accordance with the terms of the Lease. Notwithstanding anything to the contrary in this Section 2, Tenant shall be entitled to an abatement month’s payment of Base Rent with respect to the Expansion Premises to Sublandlord concurrently with its execution of this Amendment. Subtenant shall continue to pay Base Rent for the Existing Premises in the monthly amount amounts and in the manner described in Section 3(a) of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August Sublease through March 31, 20122021. On and after April 1, then all Abated Base Rent shall immediately become due and payable2021, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant Subtenant shall pay Base Rent for the Temporary SpaceExisting Premises in the amounts set forth on Exhibit A hereto and in the manner described in Section 3(a)(ii) of the Sublease. Notwithstanding anything to the contrary herein, effective immediately upon Landlordif a shelter-in-place order (an “Order”) issued by a federal, California state or local governmental agency with jurisdiction over the Expansion Premises prohibits Subtenant from either (i) occupying the Expansion Premises or (ii) performing improvements and/or installing furniture, fixtures and equipment in the Expansion Premises and Subtenant does not actually occupy the Expansion Premises such that it delays Subtenant’s notice to Tenant. Only Base initial occupancy (a “Delay Event”), then the Expansion Rent Commencement Date shall be abated pursuant to this Sectiondelayed one day for each day Subtenant’s occupancy of the Expansion Premises is delayed beyond April 1, 2021 as a result of such Delay Event. Notwithstanding the foregoing, in no event shall the Expansion Rent Commencement Date be delayed beyond May 31, 2021. For the avoidance of doubt, as more particularly described herein, and Tenant’s Share used herein “occupying” means all personnel who can perform their job at home are permitted to return to their places of Expenses and Taxes and all other rent and other costs and charges specified employment in the Lease, as amended hereby, shall remain as due and payable pursuant to the provisions office buildings. As of the Leasedate hereof, as amended herebythe Order issued by the County of Santa ▇▇▇▇▇ Public Health Department dated October 5, 2020 which requires that all businesses require that “all personnel carry out their job functions remotely if they are able to so”, is considered an Order which prohibits occupying the Expansion Premises.
Appears in 2 contracts
Base Rent. In addition to Tenant’s obligation to Tenant shall pay Base Rent for in the Original Premisesamount set forth on the second page of this Lease, during subject to adjustment in the Temporary Space Term, Tenant shall pay Landlord event the sum Remeasurement reveals that the Premises consist of $11,603.00 per month as less than fifteen thousand (15,000) square feet. The first month’s Base Rent for and the Temporary Spacefirst monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, plus applicable state sales and use taxesTenant promises to pay to Landlord in advance, with each such installment payable without demand, deduction or set-off, monthly installments of Base Rent on or before the first day of each calendar month during succeeding the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Rent Commencement Date, prorated . Payments of Base Rent for any partial fractional calendar month within the Temporary Space Termshall 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. Any change in the address for payment of rent shall be delivered by Landlord to Tenant at least fifteen (15) days prior to the effective date of such change in address. 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 due hereunder except where expressly provided in this Lease. Tenant acknowledges that late payment by Tenant to Landlord of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such casts being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, plus applicable state sales Operating Expenses or other sums due and use taxes, shall be payable by Tenant in accordance with the terms hereunder after five (5) days from Tenant’s receipt of the Lease. Notwithstanding anything to the contrary in this Section 2notice from Landlord that such payment is past due, Tenant shall be entitled pay to an abatement Landlord a late charge equal to five percent (5%) of Base Rent with respect to such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the Premises in the monthly amount costs that Landlord will incur by reason of $11,603.00 per month such late payment by Tenant. The provision for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date such late charge shall be September 30, 2012. If Landlord elects not in addition to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon all of Landlord’s notice to Tenant. Only Base Rent other rights and remedies hereunder or at law and shall not be abated pursuant to this Section, construed 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended herebya penalty.
Appears in 2 contracts
Sources: Lease Agreement (MetaMorphix Inc.), Sublease (MetaMorphix Inc.)
Base Rent. In addition Base Rent shall equal the following amounts: *a period of nine (9) months Tenant shall pay Base Rent to Landlord in equal monthly installments ("Monthly Base Rent") in advance on the first day of each calendar month during the Term, without notice, except that the first monthly installment of Base Rent shall be paid upon execution of this Lease. If the Lease Commencement Date occurs on a date other than the first day of a calendar month, Tenant shall receive a credit equal to the Monthly Base Rent multiplied by the number of days in said calendar month prior to the Lease Commencement Date and divided by the number of days in such month, which credit shall be applied toward the installment of Monthly Base Rent next due hereunder. Notwithstanding the foregoing, Landlord shall grant to Tenant a “rent holiday” from the payment of the installments of Monthly Base Rent for the first nine (9) months following the Lease Commencement Date (the “Free Rent Period”). During such Free Rent Period, the Monthly Base Rent for the entire Premises shall be abated (such rental abatement being hereinafter referred to as the “Free Rent Allowance”); provided, however, that (i) the Free Rent Period and the granting of the Free Rent Allowance as provided hereunder shall not affect the Lease Commencement Date pursuant to Section 2.A. hereof or Tenant’s obligation to pay Base Rent for the Original Premises, during the Temporary Space Term, Tenant shall pay Landlord the sum of $11,603.00 per month as Base Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment payable on or before the first day of each month during the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, shall be payable by Tenant in accordance with the terms of the Lease. Notwithstanding anything to the contrary in this Section 2, Tenant shall be entitled to an abatement installment of Base Rent with respect upon execution of this Lease as provided above, (ii) Tenant shall remain obligated during the Free Rent Period to perform all of Tenant’s obligations under this Lease except as expressly set forth above (including, but not limited to, the Premises payment of all Additional Rent coming due under this Lease), and (iii) in the monthly amount event of $11,603.00 per month for the Temporary Space Term (collectivelyany termination of this Lease by Landlord based upon a Default hereunder by Tenant, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated unamortized portion of Base Rent which would have otherwise been due and payable hereunder during the Free Rent Period in the absence of the Free Rent Allowance shall immediately become due and payable, payable and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date any remaining Free Rent Allowance hereunder shall be September 30, 2012of no force or effect. If Landlord elects not the first day following the last day of the Free Rent Period (such date being hereinafter referred to lease as the Expansion Space to Tenant“Rent Commencement Date”) is a date other than the first day of a month, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay then Monthly Base Rent for the Temporary Space, effective immediately upon Landlord’s notice period commencing with and including the Rent Commencement Date and ending on and including the day prior to Tenant. Only the first day of the following month shall be prorated at the rate of one-thirtieth (1/30th) of the Monthly Base Rent per day and shall be due and payable on the Rent Commencement Date and the first full payment of Monthly 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 Lease, as amended hereby, shall remain as due and payable pursuant applied to the provisions installment of Monthly Base Rent which is payable for the Lease, as amended herebyfirst full month immediately following the Rent Commencement Date.
Appears in 2 contracts
Sources: Office Lease (Cellular Biomedicine Group, Inc.), Office Lease (Cellular Biomedicine Group, Inc.)
Base Rent. In addition consideration of the lease of the Premises pursuant to Tenant’s this Lease, Tenant shall pay Base Rent in the applicable amount set forth in Article I payable in equal monthly installments of one-twelfth of the annual Base Rent, which shall be paid without offset or deduction for any reason (except as otherwise expressly provided in this Lease), in advance, on the first day of each calendar month during the Term hereof, subject to the following, and also on the Term Commencement Date, should it be on any day other than a first day of the month, a proportionate part of the monthly Base Rent shall be paid for such month. Notwithstanding the foregoing, Tenant shall (i) have no obligation to pay Base Rent for the Original Premises, that would otherwise be payable during the Temporary Space Termfirst five (5) months of the Lease Term (the “Initial Free Rent Period”), and (ii) receive an abatement of fifty percent (50%) of the next successive thirteen (13) months of Base Rent that would otherwise be payable during the next successive thirteen (13) months of the Lease Term (the “Partial Rent Abatement Period”). During the Initial Free Rent Period, the free rent set forth above is for Base Rent and Additional Rent for Taxes and/or Operating Costs; provided that in all events Tenant shall pay Landlord the sum cost of $11,603.00 per month as Base Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment payable on or before the first day of each month during the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, shall be payable by Tenant in accordance with the terms of the Lease. Notwithstanding anything to the contrary in this Section 2, Tenant shall be entitled to an abatement of Base Rent with respect utilities supplied to the Premises in during the monthly amount of $11,603.00 per month Initial Free Rent Period and for any services directly contracted for by the Temporary Space Term (collectivelyTenant. During the Partial Rent Abatement Period, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment rent abatement set forth above is for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, only and Tenant shall pay all Additional Rent, including but not limited to Additional Rent for Taxes and/or Operating Costs, and for the cost of utilities supplied to the Premises during the Partial Rent Abatement Period and for any services directly contracted for by the Tenant. Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. Only Base and Additional Rent shall be abated pursuant paid when due hereunder either (a) by wire transfer and/or an “electronic funds transfer” system (“EFT”) arranged by and among Tenant, Tenant’s bank and Landlord with Tenant submitting to Landlord at the time of Tenant’s execution and delivery of this SectionLease to Landlord a completed ACH electronic fund transfer form similar to the one attached hereto as Exhibit D and sufficient to allow Landlord to make such transfers, or (b) by check sent to Landlord’s office at Landlord’s Address or at such other place as more particularly described hereinLandlord shall from time to time designate in writing. If Tenant is using checks, rent checks shall be made payable to or as Landlord may designate from time to time in writing. The parties hereto acknowledge and agree that the obligations owing by Tenant under this Section are rent reserved under this Lease, for all purposes hereunder, and Tenant’s Share are rent reserved within the meaning of Expenses and Taxes and all other rent and other costs and charges specified in the Lease, as amended hereby, shall remain as due and payable pursuant to the provisions Section 502(b)(6) of the Lease, as amended herebyBankruptcy Code or any successor provision thereto.
Appears in 2 contracts
Base Rent. In addition (a) From and after the Lease Commencement Date, but subject to Tenant’s obligation the applicable Abatement Period set forth in Section 4.2(a), the Rent Credit Amount and any other rent abatement Tenant may be expressly entitled to pay Base Rent for the Original Premises, during the Temporary Space Termpursuant to this Lease, Tenant shall pay Landlord the sum of $11,603.00 per month as Initial Premises Base Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment payable in equal monthly installments in advance on or before the first day of each month during a Lease Year. If the period beginning on Lease Commencement Date is not the Temporary Space Effective first day of a month, then the Initial Premises Base Rent from the Lease Commencement Date and ending on until the Temporary Space Termination Date, prorated for any partial first day of the following month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, shall be payable by Tenant in accordance with prorated on a per diem basis at the terms rate of one-thirtieth (1/30th) of the Lease. Notwithstanding anything to monthly installment of the contrary in this Section 2, Tenant shall be entitled to an abatement of Initial Premises Base Rent with respect to payable during the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rentfirst Lease Year, and Tenant shall pay such prorated installment of the Initial Premises Base Rent on the Lease Commencement Date.
(b) Commencing on each applicable Must Take Commencement Date but subject to the applicable Abatement Period set forth in Section 4.2(b), the Rent Credit Amount and any other rent abatement Tenant may be expressly entitled to pursuant to this Lease, hereof, Tenant shall pay, and Base Rent shall include, the Must Take Expansion Premises Base Rent for such Must Take Expansion Premises. If any Must Take Commencement Date is not the Temporary Spacefirst day of a month, effective immediately upon Landlord’s notice to Tenant. Only then the applicable Must Take Expansion Premises Base Rent from the Must Take Commencement Date until the first day of the following month shall be abated pursuant to this Section, as more particularly described hereinprorated on a per diem basis at the rate of one-thirtieth (1/30th) of the monthly installment of the applicable Must Take Expansion Premises Base Rent payable during the applicable Lease Year, and Tenant’s Share of Expenses and Taxes and all other rent and other costs and charges specified in the Lease, as amended hereby, Tenant shall remain as due and payable pursuant to the provisions pay such prorated installment of the Lease, as amended herebyMust Take Expansion Premises Base Rent on the Must Take Commencement Date.
Appears in 2 contracts
Sources: Office Lease, Office Lease (2U, Inc.)
Base Rent. In addition to Tenant’s obligation to Tenant shall pay Base Rent for in the Original Premisesamount set forth above. The first month's Base Rent, during the Temporary Space TermSecurity Deposit, and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and Tenant shall promises to pay to Landlord the sum in advance, without demand, deduction or set-off, monthly installments of $11,603.00 per month as Base Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment payable on or before the first day of each calendar month during succeeding the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Commencement Date, prorated . Payments of Base Rent for any partial fractional calendar month within the Temporary Space Termshall be prorated. All such Base Rent, plus applicable state sales and use taxes, 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 Tenant written notice delivered in accordance with herewith. The obligation of Tenant to pay Base Rent and other sums to Landlord and the terms obligations of the Landlord under this Lease are independent obligations. Tenant shall have no right at any time to ▇▇▇▇▇, reduce, or set-off any rent due hereunder except as may be expressly provided in this Lease. Notwithstanding anything Tenant waives and releases all statutory liens and offset rights as to rent. If Tenant is delinquent in any monthly installment of Base Rent or of estimated Operating Expenses beyond 5 days after the contrary in this Section 2due date thereof, and after notice as provided below, Tenant shall pay to Landlord on demand a late charge equal to 5 percent of such delinquent sum, to help defray the additional costs and expenses to Landlord for processing such late payment. Tenant shall not be entitled obligated to an abatement pay the late charge until Landlord has given Tenant 3 days written notice of Base Rent with respect to the Premises delinquent payment (which may be given at any time during the delinquency); provided, however, that such notice shall not be required more than twice in any 12-month period or four times over the monthly amount of $11,603.00 per month Lease Term. The provision for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date such late charge shall be September 30, 2012. If Landlord elects in addition to all of Landlord's other rights and remedies hereunder or at law and shall not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on be construed as a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended herebypenalty.
Appears in 1 contract
Base Rent. In addition to Tenant’s obligation (a) Base Rent for the first month which Tenant is required to pay Base Rent for and the Original Premises, during Security Deposit shall be due and payable on delivery of an executed copy of this Lease to Landlord. Commencing on the Temporary Space TermRent Commencement Date, Tenant shall pay to Landlord the sum in advance, monthly installments of $11,603.00 per month as Base Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment payable on or before the first day of each calendar month during the period beginning on Term hereof, in lawful money of the Temporary Space Effective Date and ending on United States of America, at the Temporary Space Termination Date, prorated office of Landlord for payment of Rent set forth above. Payments of Base Rent for any partial fractional calendar month within shall be prorated. Tenant shall have no right at any time to ▇▇▇▇▇, reduce, or set-off any Rent due hereunder.
(b) Base Rent shall be increased on each annual anniversary of the Temporary Space TermRent Commencement Date during the Term (each an “Adjustment Date”) by multiplying the Base Rent payable immediately before such Adjustment Date by the Rent Adjustment Percentage and adding the resulting amount to the Base Rent payable immediately before such Adjustment Date. All such Base Rent, plus applicable state sales as so adjusted, shall thereafter be due as provided herein. Base Rent adjustments for any fractional calendar month shall be prorated. “CPI Adjustment Percentage” means (i) a fraction, stated as a percentage, the numerator of which shall be the Index for the calendar month 3 months before the month in which the Adjustment Date occurs, and use taxesthe denominator of which shall be the Index for the calendar month 3 months before the last Adjustment Date or, if no prior Base Rent adjustment has been made, 3 months before the first day of the first full month during the Term of this Lease, less (ii) 1.00. “Index” means the “Consumer Price Index-All Urban Consumers-MD, DC & VA Metropolitan Area, All Items” compiled by the U.S. Department of Labor, Bureau of Labor Statistics, (1982-84 = 100). If a substantial change is made in the Index, the revised Index shall be used, subject to such adjustments as Landlord may reasonably deem appropriate in order to make the revised Index comparable to the prior Index. If the Bureau of Labor Statistics ceases to publish the Index, then the successor or most nearly comparable index, as reasonably determined by Landlord, shall be payable by Tenant used, subject to such adjustments as Landlord may reasonably deem appropriate in accordance with order to make the terms of the Lease. Notwithstanding anything new index comparable to the contrary in this Section 2, Index. Landlord shall give Tenant shall be entitled to an abatement of Base Rent with respect to written notice indicating the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, as adjusted pursuant to this Section, and the method of computation and Tenant shall pay to Landlord an amount equal to any underpayment of Base Rent for the Temporary Space, effective immediately upon by Tenant within 15 days of Landlord’s notice to Tenant. Only Base Rent Failure to deliver such notice shall be abated pursuant to this Sectionnot reduce, as more particularly described herein▇▇▇▇▇, and waive or diminish Tenant’s Share of Expenses and Taxes and all other rent and other costs and charges specified in obligation to pay the Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended herebyadjusted Base Rent.
Appears in 1 contract
Base Rent. In addition to Tenant’s obligation to pay Base Rent for the Original Premises, during the Temporary Space Term, Tenant shall pay Landlord the sum an annual base rent (annual base rent is hereinafter referred to as "Base Rent" and monthly installments of $11,603.00 per month as Base Rent are hereinafter referred to as "Monthly Base Rent") to Landlord for the Temporary SpacePremises in monthly installments as described in the Reference Data page of this Lease, plus applicable state sales in advance on the first day of the Term and use taxes, with each such installment payable on or before the first day of each calendar month thereafter of the Term, 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. Provided that (i) Tenant is 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 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 beginning commencing on the Temporary Space Effective Commencement Date and ending and expiring on March 31, 2011 (the Temporary Space Termination Date“Second Rent Credit Term”), prorated 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 within occurring during such Second Rent Credit Term based on the Temporary Space Termnumber of days in any such partial month. All 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 Monthly Base Rent otherwise payable during such Lease Month, the difference between the amount of the Rent Credit to be applied towards such Lease Month and the amount of the Monthly Base Rent, plus applicable state sales and use taxesRent otherwise payable during such Lease Month, shall be applied as a credit against the Monthly Base Rent payable by for the next following Lease Month. In the event that on the date any amount of Rent Credit is to be applied, or at any time thereafter during the Term of this Lease Tenant is (x) not the original Tenant named herein, (y) in accordance with default under any of the terms and conditions of this Lease or the Lease is not in full force and effect or (z) not in actual, physical possession of the Lease. Notwithstanding anything to entire Premises, then the contrary in this Section 2, Tenant shall be entitled to an abatement of Rent Credit theretofore applied against Base Rent with respect or thereafter to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. Only applied against Base Rent shall be abated pursuant to this Section, as more particularly described hereinentirely forfeited, and Tenant’s Share the equivalent amount of Expenses and Taxes and all other rent and other costs and charges specified in the Lease, as amended hereby, shall remain as due and payable pursuant any such Rent Credit theretofore applied to the provisions of the Lease, Base Rent shall be immediately remitted by Tenant to Landlord as amended herebyadditional rent.
Appears in 1 contract
Sources: Office Lease (Careadvantage Inc)
Base Rent. In addition (a) Subject to Tenant’s obligation the provisions of this Paragraph 3.1, Tenant agrees to pay Base Rent for the Original Premises, during the Temporary Space Term, Tenant shall pay Landlord the sum of $11,603.00 per month Term as Base Rent for the Temporary SpacePremises the sums specified in the Basic Lease Information (as increased from time to time as provided in the Basic Lease Information or as may otherwise be provided in this Lease)("Base Rent").
(b) Base Rent shall increase as set forth in the Basic Lease Information or as may otherwise be provide in this Lease.
(c) Except as expressly provided to the contrary herein, plus applicable state sales Base Rent shall be payable in equal consecutive monthly installments, in advance, without deduction or offset, commencing on the Term Commencement Date and use taxes, with each such installment payable continuing on or before the first day of each calendar month during thereafter. However, the period beginning first full monthly installment of Base Rent shall be payable upon Tenant's execution of this Lease. If the Term Commencement Date is a day other than the first day of a calendar month, then the Rent for the Partial Lease Month (the "Partial Lease Month Rent") shall be prorated based on the Temporary Space Effective Date and ending on the Temporary Space Termination Date, prorated for any partial a month within the Temporary Space Termof 30 days. All such Base Rent, plus applicable state sales and use taxes, The Partial Lease Month Rent shall be payable by Tenant in accordance with on the terms first day of the Leasecalendar month next succeeding the Term Commencement Date. Notwithstanding anything Base Rent, all forms of additional rent payable hereunder by Tenant and all other amounts, fees, payments or charges payable hereunder by Tenant (collectively, "Additional Rent") shall (i) each constitute rent payable hereunder (and shall sometimes collectively be referred to herein as "Rent"), (ii) be payable to Landlord in lawful money of the United States when due without any prior demand therefore, except as may be expressly provided to the contrary herein, and (iii) be payable to Landlord at Landlord's Remittance Address set forth in this Section 2, the Basic Lease Information or to such other person or to such other place as Landlord may from time to time designate in writing to Tenant. Any Rent or other amounts payable to Landlord by Tenant hereunder for any fractional month shall be entitled to an abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space prorated based on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended hereby30 days.
Appears in 1 contract
Sources: Office Lease (Business Bancorp /Ca/)
Base Rent. In addition to Tenant’s obligation to Tenant shall pay Base Rent in the amounts in the table of Base Rent set forth on the first page of this Lease. The installment of Base Rent payable for the Original Premisesfirst (1st) Lease Month, during the Temporary Space TermSecurity Deposit, and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and Tenant shall promises to pay to Landlord the sum in advance, without demand, deduction or set-off, monthly installments of $11,603.00 per month as Base Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment payable on or before the first day of each calendar month during succeeding the period beginning on the Temporary Space Effective Commencement Date and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, shall be payable by Tenant in accordance with the terms table of Base Rent set forth on the first page of this Lease. Notwithstanding anything Payments of Base Rent 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, or, alternatively, by Automatic Clearing House pursuant to written instructions given by Landlord to Tenant. The obligation of Tenant to pay Base Rent and other sums to Landlord and the contrary obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to ▇▇▇▇▇, reduce, or set-off any rent due hereunder except where expressly provided in this Section 2Lease. Tenant acknowledges that late payment by Tenant to Landlord of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, estimated Operating Expenses or other sums due and payable hereunder for more than five (5) days, Tenant shall be entitled pay to an abatement Landlord on demand a late charge equal to five percent (5%) of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month such delinquent sum; provided, however, for the Temporary Space Term first two (collectively, the “Abated Base Rent”). However, if Landlord desires 2) instances of Tenant’s failure to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated timely pay any installment of Base Rent, estimated Operating Expenses or any other sum due hereunder in any twelve (12) consecutive calendar month period, Landlord shall waive the aforementioned late charge if Tenant pays such delinquent installment or other sum within five (5) days following Landlord’s delivery of written notice to Tenant regarding the same. In addition, all payments required of Tenant hereunder which are more than 30 days past due shall bear interest from the date due until paid at the lesser of fifteen percent or the maximum lawful rate of interest. The parties agree that such late charge and interest represent a fair and reasonable estimate of the costs that Landlord will incur by reason of such late payment by Tenant. 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 a penalty. Additionally, Tenant shall pay Base Rent for the Temporary Spaceto Landlord all sales, effective immediately upon Landlord’s notice to Tenant. Only Base Rent shall use, transaction privilege, or other excise tax that may at any time be abated pursuant to levied or imposed upon, or measured by, any amount payable by Tenant under 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended hereby.
Appears in 1 contract
Sources: Lease Agreement (Phunware, Inc.)
Base Rent. In addition to Tenant’s obligation to (a) Tenant shall pay Base Rent for in the Original Premisesamounts set forth on the first page of this Lease. The initial monthly Base Rent, during the Temporary Space TermSecurity Deposit, and the initial monthly installment of Tenant’s Proportionate Share of the estimated Operating Expenses (as hereafter defined) increase over the Base Year (as hereafter defined) shall be due and payable on the date hereof, and Tenant shall promises to pay to Landlord the sum in advance, without demand, deduction or set-off, monthly installments of $11,603.00 per month as Base Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment payable on or before the first day of each calendar month during succeeding the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Commencement Date, prorated . Payments of Base Rent for any partial fractional calendar month within the Temporary Space Termshall 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 shall constitute rent 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 due hereunder except where expressly provided in this Lease. Tenant acknowledges that late payment by Tenant to Landlord of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, plus applicable state sales estimated Operating Expenses or other sums due and use taxes, shall be payable by Tenant in accordance with the terms of the Lease. Notwithstanding anything to the contrary in this Section 2hereunder for more than five (5) days, Tenant shall pay to Landlord on demand a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of such late payment by Tenant. The late charge shall be entitled deemed to an abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payablebe rent, and notwithstanding anything in Section 1 above the right to the contrary, the Temporary Space Termination Date require it shall be September 30, 2012. If Landlord elects not in addition to lease the Expansion Space to all of Landlord’s other rights and remedies for a payment failure of Tenant, Tenant may continue including the right to lease charge interest on the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. 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 Lease, as amended hereby, shall remain as past due and payable pursuant to the provisions of the Lease, as amended herebyamount.
Appears in 1 contract
Sources: Lease Agreement (Avi Biopharma Inc)
Base Rent. In addition (a) Tenant shall pay to Landlord, at the address stated in the Summary or at such other place as Landlord shall designate in writing to Tenant’s obligation to , annual base rent (“Base Rent”) as set forth in the Summary. Tenant may, in its discretion, pay Base Rent for by EFT payment in which case Landlord shall provide to Tenant account information and wire transfer instructions such that Tenant can pay electronically by wire transfer of immediately available federal funds.
(b) Landlord, within thirty (30) days following receipt of notice from Tenant exercising its option to extend the Original Premisesterm of this Lease pursuant to Section 2(b) above, during shall advise Tenant in writing as to Landlord’s determination of what the Temporary Space Term, Tenant shall pay Landlord the sum of $11,603.00 per month as Base Fair Market Rent for the Temporary SpacePremises would be for the applicable Extension Term. “Fair Market Rent,” as that phrase is used herein, plus applicable state sales shall mean annual rent in an amount which a landlord willing but not forced to lease and use taxesa tenant willing but not forced to rent would accept and pay for the Premises, or space similar to the Premises of the same quality located in the Township of Robbinsville, County of ▇▇▇▇▇▇ and State of New Jersey (the “Market Area”), with each Landlord, in making such installment payable on or before determination, taking into account all relevant economic factors including, but not limited to, the first day of each month during the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, shall be payable by Tenant in accordance with the terms length of the Lease. Notwithstanding anything Extension Term, the condition and location of the Premises and the fact that Landlord will not be obligated to the contrary in this Section 2, Tenant shall be entitled to an abatement of Base Rent provide any tenant allowance or other tenant concessions with respect to any Extension Term; provided, however, in no event shall the Premises in Fair Market Rent be less than the monthly amount of $11,603.00 per month Base Rent which is payable during the Lease Year immediately preceding the relevant Extension Term for the Temporary Space Term which Fair Market Rent is being determined (collectively, the “Abated Minimum Extension Base Rent”). However, if Tenant shall have twenty (20) days from its receipt of Landlord’s notice to notify Landlord desires in writing that ▇▇▇▇▇▇ does not agree with ▇▇▇▇▇▇▇▇’s determination of the Fair Market Rent and that Tenant elects to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base determine Fair Market Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012(as calculated below). If Tenant does not notify Landlord elects not to lease the Expansion Space to Tenantof such election within twenty (20) days of its receipt of Landlord’s notice, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Premises for the applicable extended term shall be the Base Rent set forth in Landlord’s notice to Tenant. Only Base In the event Tenant timely notifies Landlord that ▇▇▇▇▇▇ does not agree with ▇▇▇▇▇▇▇▇’s determination of the Fair Market Rent, the Fair Market Rent shall be abated determined by an appraisal procedure as follows: In the event that Tenant timely notifies Landlord that Tenant disagrees with Landlord’s determination of the market rate and that Tenant elects to determine the Fair Market Rent, then Tenant shall specify, in such notice to Landlord, ▇▇▇▇▇▇’s selection of a real estate appraiser who shall act on Tenant’s behalf in determining the Fair Market Rent. Within twenty (20) days after ▇▇▇▇▇▇▇▇’s receipt of ▇▇▇▇▇▇’s selection of a real estate appraiser, Landlord, by written notice to Tenant, shall designate a real estate appraiser, who shall act on ▇▇▇▇▇▇▇▇’s behalf in the determination of the Fair Market Rent. Within twenty (20) days after the selection of Landlord’s appraiser, the two (2) appraisers shall render a joint written determination of the Fair Market Rent, which determination shall take into consideration any differences between the Building and those buildings comparable to the Building located in the Market Area, including without limitation age, location, setting and type of building, but in no event shall the Fair Market Rent be less than the Minimum Extension Base Rent. If the two (2) appraisers are unable to agree upon a joint written determination within said twenty (20) day period, the two appraisers shall select a third appraiser within such twenty (20) day period. Within twenty (20) days after the appointment of the third appraiser, the third appraiser shall render a written determination of the Fair Market Rent by selecting, without change, the determination of one (1) of the original appraisers as to the Fair Market Rent and such determination shall be final, conclusive and binding; provided, however, in no event shall the Fair Market Rent be less than the Minimum Extension Base Rent. All appraisers selected in accordance with this subparagraph shall have at least ten (10) years prior experience in the commercial leasing market of the Market Area and shall be members of the American Institute of Real Estate Appraisers or similar professional organization. If either Landlord or Tenant refuses to or fails to timely select an appraiser, the other appraiser shall alone determine the Fair Market Rent. Landlord and Tenant agree that they shall be bound by the determination of Fair Market Rent pursuant to this Sectionparagraph; provided, as more particularly described hereinhowever, in no event shall the Fair Market Rent be less than the Minimum Extension Base Rent. Landlord shall bear the fee and Tenant’s Share expenses of Expenses its appraiser; Tenant shall bear the fee and Taxes expenses of its appraiser; and all other rent Landlord and other costs Tenant shall share equally the fee and charges specified in the Lease, as amended hereby, shall remain as due and payable pursuant to the provisions expenses of the Leasethird appraiser, as amended herebyif any.
Appears in 1 contract
Base Rent. In addition The Subtenant shall pay a fixed minimum monthly rent ( the "Base Rent" ) to Tenant’s obligation to pay Base Rent for the Original PremisesSublandlord, its successors and assigns , during the Temporary Space Termsaid term hereby granted , Tenant of Fifty Two Thousand ($52,000 ) U.S. Dollars plus the corresponding value added tax that may be due pursuant to Mexican or other applicable law to be payable in advance on the first day of each and every month commencing on November 1, 1999 and ending on July 1, 2007 . The first month's Base Rent, the Security Deposit, and the first monthly installment of estimated Operating Expenses shall be due and payable on the date hereof, and Subtenant promises to pay Landlord the sum to Sublandlord in advance, without demand, deduction or set-off, monthly installments of $11,603.00 per month as Base Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment payable estimated Operating Expenses on or before the first day of each calendar month during succeeding the period beginning on commencement date of the Temporary Space Effective Date term. Payments of Base Rent and ending on the Temporary Space Termination Date, prorated estimated Operating Expenses for any partial fractional calendar month within the Temporary Space Termshall be prorated. All such Base Rent, plus applicable state sales and use taxes, payments required to be made by Subtenant to Sublandlord hereunder shall be payable at such address and in such manner (including, without limitation, bank wire transfer) as Sublandlord may specify from time to time by Tenant written notice delivered in accordance with herewith. The obligation of Subtenant to pay Base Rent and other sums to Sublandlord and the terms obligations of the LeaseSublandlord under this Sublease are independent obligations. Notwithstanding anything Subtenant shall have no right at any time to the contrary ▇▇▇▇▇, reduce, or set-off any rent due hereunder, except as may be expressly provided in this Section 2, Tenant shall be entitled to an abatement Sublease. If Subtenant is delinquent in any monthly installment of Base Rent with respect or of estimated Operating Expenses for more than five (5) business days, Subtenant shall pay to Sublandlord, on demand, interest thereon at the Premises rate provided for in the monthly amount of $11,603.00 per month for Head Lease. All payments required to be made by Subtenant to Sublandlord hereunder shall carry the Temporary Space Term (collectivelycorresponding value added tax, the “Abated Base Rent”)as applicable, which shall be Subtenant's obligation. However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated The Base Rent shall immediately become due and payableany other amounts payable by Subtenant to Sublandlord hereunder may be paid in Dollars, currency of the United States of America or its equivalent in Mexican currency on the date payment is received by Sublandlord, at the sell rate of exchange for debts denominated in foreign exchange and notwithstanding anything payable in Section 1 above to Mexico, published by the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. 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 Banco de Mexico in the Lease, as amended hereby, shall remain as due and payable pursuant to the provisions Official Daily of the LeaseFederation on the date of payment. Should the amounts received by Sublandlord in Mexican currency be less than the required United States of America equivalency on the date of receipt, as amended herebySubtenant will, upon demand, pay the difference to Sublandlord.
Appears in 1 contract
Sources: Sublease Agreement (McMS Inc)
Base Rent. In addition to Tenant’s obligation to Tenant shall pay Base Rent for in the Original Premisesamount set forth on the first page of this Lease. The first payable month's Base Rent, during the Temporary Space TermSecurity Deposit, and the first payable monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and Tenant shall promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Base Rent, in accordance with the sum of $11,603.00 per month as Monthly Base Rent for the Temporary Spacetable, plus applicable state sales and use taxes, with each such installment payable on or before the first day of each calendar month during succeeding the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Rent Commencement Date, prorated . Payments of Base Rent for any partial fractional calendar month within the Temporary Space Termshall 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. Tenant shall have no right at any time to ▇▇▇▇▇, reduce, or set-off any rent due hereunder except where expressly provided in this Lease. Tenant acknowledges that late payment by Tenant to Landlord of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, plus applicable state sales estimated Operating Expenses or other sums due and use taxespayable hereunder for more than five (5) days after written notice from Landlord, shall be payable by Tenant in accordance with the terms of the Lease. Notwithstanding anything to the contrary in this Section 2provided, however, that Tenant shall be entitled to an abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 only one (1) such written notice per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant calendar year and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date thereafter no written notice shall be September 30required, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent to Landlord on demand a late charge equal to five percent (5%) of such delinquent sum. The provision for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. Only Base Rent such late charge shall be abated pursuant in addition to this Section, all of Landlord's other rights and remedies hereunder or at law and shall not be construed 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended herebya penalty.
Appears in 1 contract
Base Rent. In addition to Tenant’s obligation to Tenant shall pay Base Rent for in the Original Premisesamounts set forth on the first page of this Lease. Tenant promises to pay to Landlord in advance, during the Temporary Space Termwithout demand, Tenant shall pay Landlord the sum deduction or set-off, monthly installments of $11,603.00 per month as Base Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment payable on or before the first business day of each calendar month during succeeding the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Commencement Date, prorated . Payments of Base Rent for any partial fractional calendar month within the Temporary Space Termshall be prorated. All such Base Rent, plus applicable state sales and use taxes, 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 Tenant written notice delivered in accordance with herewith. The obligation of Tenant to pay Base Rent and other sums to Landlord and the terms obligations of the Landlord under this Lease are independent obligations and shall constitute rent. Tenant shall have no right at any time to ▇▇▇▇▇, reduce, or set-off any rent due hereunder except where expressly provided in this Lease. Notwithstanding anything , and shall not be excused from paying any rent due hereunder for any reason whatsoever, except as expressly set forth to the contrary in this Section 2Lease. Tenant acknowledges that late payment by Tenant to Landlord of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, estimated Operating Expenses or other sums due and payable hereunder for more than five (5) days, Tenant shall pay to Landlord on demand a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of such late payment by ▇▇▇▇▇▇. The late charge shall be entitled deemed to an abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payablebe rent, and notwithstanding anything in Section 1 above the right to the contrary, the Temporary Space Termination Date require it shall be September 30, 2012. If Landlord elects not in addition to lease the Expansion Space to all of Landlord’s other rights and remedies for a payment failure of Tenant, Tenant may continue including the right to lease charge interest on the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. 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 Lease, as amended hereby, shall remain as past due and payable pursuant to the provisions of the Lease, as amended herebyamount.
Appears in 1 contract
Base Rent. In addition to Tenant’s obligation to Tenant shall pay Base Rent for in the Original Premisesamount set forth above. The Security Deposit shall be due and payable on the date hereof, during and the Temporary Space Term, Tenant shall pay Landlord the sum of $11,603.00 per month as first month's Base Rent and the first monthly installment of estimated Additional Rent for Common Area Land shall be due and payable on the Temporary SpaceRent Commencement Date. Tenant promises to pay to Landlord in advance, plus applicable state sales and use taxeswithout demand, with each such installment payable deduction or set-off (except as expressly provided in this Lease), monthly installments of Base Rent on or before the first day of each calendar month during succeeding the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Rent Commencement Date, prorated . Payments of Base Rent for any partial fractional calendar month within the Temporary Space Termshall be appropriately prorated. All such Base Rent, plus applicable state sales and use taxes, payments required to be made by Tenant to Landlord hereunder shall be payable at such address in the United States 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 have no right at any time to ▇▇▇▇▇, reduce or set-off any rent due hereunder except as may be expressly provided in this Lease. Within ten (10) days after the Substantial Completion of the Building Shell (as defined in Addendum 2), Landlord, at Landlord's cost and expense, shall have Landlord's project architect measure the square footage of the Building from dripline to dripline on each side of the exterior of the outer walls of the Building. If the measured square footage of the Building (as finally determined under this paragraph) is less than 600,000 square feet, then this Lease shall be amended to reflect the actual measured square footage of the Building, the monthly Base Rent under the Lease shall be reduced (both retroactively and for the remainder of the Lease Term) by $3.48 per year for each square foot by which the Building is less than 600,000 square feet, and Tenant's Project Proportionate Share and Additional Rent for the Common Area Land shall be adjusted accordingly (both retroactively and for the remainder of the Lease Term). Within 5 days after Landlord's architect determines the square footage of the Building in accordance with the method contained in the first sentence of this paragraph, Landlord shall cause Landlord's project architect to certify to Landlord and Tenant in writing such determination of the square footage of the Building. Tenant's architect may review such certification and if Tenant's architect disputes such measurement, then Landlord's project architect and Tenant's architect shall use good faith efforts to try and resolve the dispute over the measurement. In connection therewith, Tenant's architect shall have the right to measure the Building in accordance with the method of measurement set forth in the first sentence of this paragraph. If the two architects are unable to resolve the dispute over the measurement within 15 days, then the two architects shall choose a third architect who is impartial and independent and the third architect shall measure the total square footage of the Building in accordance with the terms of this paragraph and the Lease. Notwithstanding anything to third architect's measurement of the contrary in this Section 2, Tenant square footage of the Building shall be entitled to an abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant final and binding on both Landlord and Tenant have not entered into a lease amendment for Tenant. If the Expansion Space on measured square footage of the Building (as finally determined under this paragraph) is equal to or before August 31, 2012greater than 600,000 square feet, then all Abated Base Rent the Lease shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall not be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended herebyor modified.
Appears in 1 contract
Base Rent. In addition to Tenant’s obligation to pay Base Rent for During the Original Premises, during the Temporary Space initial Lease Term, Tenant shall pay monthly Base Rent for the Premises to Landlord in accordance with the schedule set forth below: * The Base Rent payable during each of the first eight (8) full calendar months of the initial Lease Term (the “Abatement Period”) is actually Two Hundred Ninety-two Thousand Fifty-five and 54/100 Dollars ($292,055.54) per month; however, Landlord agrees that such monthly Base Rent during the Abatement Period (the “Abated Rent”) shall be conditionally abated so long as no Default by Tenant (as defined in Paragraph 14 below) occurs and is uncured during the initial Lease Term. In the event a Default by Tenant occurs during the initial Lease Term and Landlord terminates this Lease or Tenant’s possession as a result thereof pursuant to Paragraph 14.2.1 below, then the unamortized portion of the Abated Rent (which Abated Rent shall be amortized over a period of one hundred twenty (120) months) shall become immediately due and payable following written demand of Landlord and Landlord shall be entitled to include such unamortized portion of the Abated Rent in the amount of rentals that it is otherwise entitled to recover from Tenant under Paragraph 14.2(d) below and under California Civil Code Section 1951.2. For sake of clarification, if the Commencement Date is other than the first (1st) day of a calendar month, the Abatement Period will begin on the first day of the first full month following the Commencement Date and will end on the last day of the eighth (8th) full calendar month of the initial Lease Term, and the Base Rent payable for the partial month in which the Commencement Date occurs shall be paid by Tenant to Landlord prior to the Commencement Date. Notwithstanding such conditional abatement of Base Rent as provided above, commencing as of the Commencement Date, and thereafter continuing during the Lease Term, as such Lease Term may be extended, Tenant shall be obligated to pay Tenant’s percentage share of Operating Expenses pursuant to the terms of the Lease below. (Paragraph 4) Within ten (10) days following the execution of this Lease by Landlord and Tenant, Tenant shall pay to Landlord the sum of $11,603.00 per month as 292,055.54, which shall be credited against the Base Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment payable on or before the first day of each month during the period beginning on ninth (9th) full calendar month of the Temporary Space Effective Date and ending on initial Lease Term.”
(b) Landlord acknowledges that Tenant has already paid to Landlord the Temporary Space Termination Date, prorated for any partial amount of $291,526.74 to be credited against the Base Rent payable during the ninth (9th) full calendar month within of the Temporary Space initial Lease Term. All such Base Rent, plus applicable state sales and use taxes, shall be payable by Tenant in accordance with Not later than thirty (30) days following the terms execution of the Lease. Notwithstanding anything to the contrary in this Section 2First Amendment, Tenant shall pay to Landlord an additional Five Hundred Twenty-eight and 80/100 Dollars ($528.80) and such payment shall be entitled to an abatement of credited against the Base Rent with respect to payable during the Premises in the monthly amount of $11,603.00 per ninth (9th) full calendar month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended herebyinitial Lease Term.
Appears in 1 contract
Sources: Net Lease Agreement (Rambus Inc)
Base Rent. In addition to Tenant’s obligation Tenant agrees to pay monthly as Base Rent for the Original Premises, during the Temporary Space Term, Tenant shall pay Landlord term of this Lease the sum of $11,603.00 per month as money set forth in Section 1.5 of this Lease, which amount will be payable to Landlord at the address shown above. Monthly installments of Base Rent for the Temporary Spaceshall be due and payable, plus applicable state sales and use taxesin advance, with each such installment payable on or before the first day of each calendar month during the period beginning term of this Lease; provided that if the Commencement Date should be a date other than the first day of a calendar month, the monthly Base Rent shall be prorated on a daily basis to the Temporary Space Effective Date end of that calendar month, and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, shall be payable by on or before the Commencement Date of this Lease. Tenant shall pay, as additional rent, all other sums due under this Lease. Landlord will promptly commence construction of the Building and Premises and shall diligently pursue construction thereof in order to have the Building and the Premises substantially complete on the Commencement Date. For the purposes of this provision, "substantially complete" shall mean that the Building and Premises are substantially completed in accordance with the terms approved construction documents and the requirements of the LeaseCity of Arden Hills, subject only to punchlist and minor completion items that will not prevent Tenant from occupying and commencing operations within the Premises, which punchlist and minor completion items Landlord agrees to promptly complete. Notwithstanding anything If, prior to June 15, 1999, Landlord determines that it will not be able to deliver the Building and Premises to Tenant in the condition required by the anticipated Commencement Date, Landlord shall notify Tenant, in writing, on or before July 1, 1999, and the Commencement Date shall be extended to the contrary in this Section 2actual substantial completion date. In such event, Landlord shall provide Tenant with not less than forty-five (45) days prior written notice of the anticipated substantial completion date. If, subject to force majeure or Tenant caused delays, the Building and Premises are not substantially complete and ready for Tenant's occupancy by August 1, 1999, Landlord shall pay to Tenant, as a credit against the first installment of Base Rent and additional rent payable hereunder, an amount equal to $500.00 for each day thereafter until the Building and the Premises are substantially complete and ready for Tenant's occupancy. If, subject to force majeure or Tenant caused delays, the Building and Premises are not substantially complete and ready for Tenant's occupancy by September 1, 1999, Tenant shall be entitled have the option to an abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s terminate this Lease by written notice to Tenant. Only Base Rent shall be abated pursuant Landlord after September 1, 1999 and prior 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions substantial completion of the Lease, as amended herebyBuilding and Premises.
Appears in 1 contract
Sources: Lease (Fair Isaac & Company Inc)
Base Rent. In addition to Tenant’s obligation to pay Base Rent for During the Original Premises, during the Temporary Space Lease Term, Tenant shall pay to Landlord as rental for the Premises the Base Rent described in Section 1.07 above, subject to the following adjustments (herein collectively called the "Rent Adjustments"):
(A) During each twelve (12) month period subsequent to the first complete twelve (12) month period occurring during the Lease Term, the Base Rent payable by Tenant to Landlord as described in Section 1.07 shall be increased to the sum of $11,603.00 per month as (i) Base Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment payable on or before the first day of each month during the period beginning on immediately previous 12-month period; plus (ii) two and one-half (2.5%) percent of Base Rent payable during such immediately previous 12-month period.
(B) During each calendar year during the Temporary Space Effective Date and ending on Lease Term, the Temporary Space Termination DateBase Rent payable by Tenant to Landlord, prorated for any partial month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxesas adjusted pursuant to Section 4.02(A) above, shall be increased by Tenant's Percentage Share of the Property Taxes for such year (the "Tax Adjustment").
(C) During each calendar year during the Lease Tenn, the Base Rent payable by Tenant in accordance with the terms to Landlord, as adjusted pursuant to Section 4.02(A) above, also shall be increased by Tenant's Percentage Share of the Lease. Notwithstanding anything Operating Expenses paid or incurred by Landlord during such year (the "Operating Expense Adjustment").
(D) During each calendar year during the Lease Term, the Base Rent payable by Tenant to the contrary in this Landlord, as adjusted pursuant to Section 24.02(A) above, Tenant also shall be entitled to an abatement increased by Tenant's Percentage Share of Base Rent with respect to the Premises in Insurance Expenses for such year (the monthly amount of $11,603.00 per month for the Temporary Space Term "Insurance Adjustment").
(collectivelyE) The Tax Adjustment, the “Abated Base Rent”Operating Expense Adjustment and the Insurance Adjustment are hereinafter referred to collectively as the "Tax, Operating Expense and Insurance Adjustments".). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended hereby.
Appears in 1 contract
Base Rent. In addition a. Except as set forth herein, commencing on the Expansion Effective Date, all obligations for Common Area Costs, Real Estate Taxes, Landlord’s Insurance Costs and all other charges applicable to Tenant’s obligation the Original Premises during the Lease Term shall be applicable to pay the Expansion Space during the Expansion Term calculated at the same rates, amounts and timing of increases.
b. Notwithstanding the foregoing to the contrary, Base Rent for the Expansion Space shall be calculated in accordance with the following: Notwithstanding the foregoing to the contrary, Base Rent for the Expansion Space only shall be conditionally abated from April 1, 2006 until August 31, 2006. Commencing upon September 1, 2006, Tenant shall make Base Rent payments for the Expansion Space as otherwise provided above. Notwithstanding such abatement of Base Rent (a) all other sums due under the Lease, including Base Rent for the Original Premises, during the Temporary Space Term, Tenant shall pay Landlord the sum of $11,603.00 per month as Base Premises and Additional Rent and Operating Costs for the Temporary Space, plus applicable state sales and use taxes, with each such installment payable on or before the first day of each month during the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, entire Premises shall be payable by Tenant as provided in accordance with the terms of the Lease, and (b) any increases in Base Rent set forth in the Lease shall occur on the dates scheduled therefore. Notwithstanding anything to the contrary in this Section 2, Tenant shall be entitled to an The abatement of Base Rent provided for in this provision is conditioned upon Tenant’s full and timely performance of all of its obligations under the Lease. If at any time during the Expansion Term an Event of Default by Tenant occurs, then the abatement of Base Rent provided for in this provision shall immediately become void, and Tenant shall promptly pay to Landlord, in addition to all other amounts due to Landlord under the Lease, the full amount of all Base Rent herein abated.
c. The Base Year with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Expansion Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires only shall be deemed to lease be calendar year 2006.
d. Tenant’s Share with respect to the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended hereby1.19%.
Appears in 1 contract
Sources: Office Lease Agreement (Immucor Inc)
Base Rent. In addition to Tenant’s obligation to pay Base Rent for the Original Premises, during the Temporary Space Term, Tenant shall pay to Landlord base rent for the sum Premises ("Base Rent") as specified on the Basic Lease Term Sheet during the Primary Lease Term. All installments of $11,603.00 per month as Base Rent for the Temporary Spaceshall be payable in advance, plus applicable state sales and use taxes, with each such installment payable on or before the first day of each calendar month during the period beginning on Lease Term, except that the Temporary Space Effective Date first monthly installment of Base Rent shall be due and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Termpayable upon execution of this Lease by Tenant. All such Base Rent and Additional Rent (as hereinafter defined), (collectively, "Rent, plus applicable state sales and use taxes, ") shall be payable paid without notice, demand, deduction, offset, or abatement (except as otherwise expressly provided in this Lease), at Landlord's address or at such other place as Landlord from time-to-time designates in writing. In no event will the total Rent to be paid by Tenant in accordance with during any Lease Year ever be less than the terms Base Rent plus Tenant's Pro Rata Share of the LeaseOperating Expenses under Paragraph 5. Notwithstanding anything to the contrary in this Section 2contrary, Tenant shall be entitled to an abatement may occupy the Premises and defer payment of Base Rent with respect and Tenant's Pro Rata Share of Operating Expenses for a period commencing on the Commencement Date and terminating May 31, 1999 (the "Deferred Rent Period"). Rents payable hereunder are allocable to, and will be accrued by the parties during, their fiscal periods in which the same is actually paid. No portion of the Base Rent paid by Tenant during periods after the expiration of the Deferred Rent Period will be allocated to such Deferred Rent Period, nor is such Rent intended to be allocable to the Premises Deferred Rent Period. If at any time during the Term, an Event of Default occurs, Tenant owes Landlord, in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectivelyaddition to all other amounts, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. Only Base Rent shall be abated 's Pro Rata Share of Operating Expenses deferred pursuant to this SectionParagraph during the Deferred Rent Period. Tenant, as more particularly described hereinhowever, and Tenant’s Share has no obligation to pay the deferred amounts if no Event of Expenses and Taxes and all other rent and other costs and charges specified in the Lease, as amended hereby, shall remain as due and payable pursuant Default occurs prior to the provisions expiration of the Lease, as amended herebyTerm.
Appears in 1 contract
Sources: Office Lease (Esoft Inc)
Base Rent. In addition to Tenant’s obligation to pay Base Rent for (a) As of the Original Premises, during the Temporary Space Term, Tenant shall pay Landlord the sum of $11,603.00 per month as Base Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment payable on or before the first day of each month during the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, shall be payable by Tenant in accordance with the terms of the Lease. Notwithstanding anything to the contrary in this Section 2, Tenant shall be entitled to an abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to TenantExisting Premises in accordance with the following rent schedule. Only (The schedule below is the same as the Base Rent schedule listed in the Existing Lease with an extended period added to cover the full First Extension Term): Time Period Annual Base Rent Monthly Installment of Base Rent Annual Base Rent per Rentable Square Foot
(b) Notwithstanding anything contained in the Lease to the contrary, commencing on the Expansion Premises Rent Commencement Date and continuing through the First Extension Term Expiration Date, Tenant shall, at the time and in the manner provided in the Lease, pay to Landlord as Base Rent for the Expansion Premises, the amounts set forth in the following rent schedule, plus any applicable tax thereon: Time Period* Annual Base Rent Monthly Installment of Base Rent Annual Base Rent per Rentable Square Foot *Note: Notwithstanding the above table, the dates of the time periods set forth therein will be adjusted based on the actual Expansion Premises Rent Commencement Date if such date occurs on a date earlier than July 1, 2020, but the 304134396 v5 final date shall remain the same. **Note: Provided Tenant is not in monetary default of the terms of this Lease, after expiration of any applicable notice and cure period, Tenant shall have no obligation to pay any Base Rent attributable to: (i) the first two (2) months of for the Expansion Premises, and only the Expansion Premises, following the Expansion Premises Rent Commencement Date (the “Expansion Premises Abatement Period”). Tenant shall be abated pursuant obligated to this Section, as more particularly described herein, and pay all of Tenant’s Share of Direct Expenses and Taxes and all other rent and other costs and charges specified in the Lease, as amended hereby, shall remain as due and payable pursuant attributable to the provisions of Expansion Premises during the Lease, as amended herebyExpansion Premises Abatement Period.
Appears in 1 contract
Sources: Lease (Precision Biosciences Inc)
Base Rent. In addition to Tenant’s obligation Tenant shall continue to pay Base Rent for the Original PremisesPremises as provided for in the Lease. The “Expansion Space Rent Commencement Date” shall be the earlier of: (i) the date Tenant conducts any business in the Expansion Space or any part thereof, during or (ii) January 1, 2012; provided that Landlord delivers the Temporary Expansion Space Termto Tenant on or before January 1, 2012. If delivery of the Expansion Space occurs after January 1, 2012, then the Expansion Space Rent Commencement Date shall be the actual delivery date. Commencing on the Expansion Space Rent Commencement Date, Tenant shall pay Landlord the sum of $11,603.00 per month as Base Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment Expansion Space in the amount of $34.48 per rentable square foot of the Expansion Space per annum which Base Rent shall be payable in equal monthly installments on or before the first day of each calendar month during the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, In no event shall be payable by Tenant in accordance with the terms Tenant’s mere occupancy of the Lease. Notwithstanding anything to the contrary in this Section 2, Tenant shall be entitled to an abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space for storage purposes or for Tenant’s construction or installation of Expansion Space Tenant Improvements, Alterations, Tenant Property or Removable Installations prior to Tenant and Landlord and Tenant have not entered into a lease amendment January 1, 2012, cause the Expansion Space Rent Commencement Date to occur prior to January 1, 2012. On May 1, 2012, Base Rent for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not increased to lease $35.51 per rentable square foot of the Expansion Space to Tenantper annum. Commencing on May 1, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent2013, and Tenant shall pay continuing thereafter on May 1st of each year during the Base Tern (each, an “Expansion Space Adjustment Date”), Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. Only Expansion Space shall be increased by multiplying the Base Rent shall be abated pursuant to this Section, as more particularly described herein, payable for the Expansion Space immediately before such Expansion Space Adjustment Date by the Rent Adjustment Percentage of 3% and Tenant’s Share of Expenses and Taxes and all other rent and other costs and charges specified in adding the Lease, as amended hereby, shall remain as due and payable pursuant resulting amount to the provisions of Base Rent payable for the Lease, as amended herebyExpansion Space immediately before such Expansion Premises Adjustment Date.
Appears in 1 contract
Sources: Lease Agreement (Phaserx, Inc.)
Base Rent. In addition to Tenant’s obligation For purposes of this Lease, the “Base Rent Commencement Date” shall mean the later of (a) forty-five (45) days following Substantial Completion of the Leasehold Improvement Work for the North Building (as defined in the Construction Addendum), and (b) November 1, 2008; provided that Substantial Completion of the Leasehold Improvement Work has been achieved. Commencing on the Base Rent Commencement Date, Tenant hereby covenants and agrees to pay “Base Rent” in accordance with the Base Rent for the Original Premises, during the Temporary Space Term, Tenant shall pay Landlord the sum of $11,603.00 per month as schedule set forth in Exhibit “D,” attached hereto and made a part hereof. Base Rent for shall be paid without demand, set off or deduction, except as otherwise expressly set forth in this Lease, to Landlord at the Temporary Spaceaddress set forth in this Lease or such other address as Landlord directs in writing, plus applicable state sales and use taxes, with each such installment payable shall be paid in advance in equal monthly installments on or before the first day of each month during in lawful United States currency, together with any and all rental, sales or use taxes levied by any governmental body having authority upon the period beginning on use or occupancy of the Temporary Space Effective Premises and any rent or other charges payable hereunder. If the Base Rent Commencement Date should be a date other than the first day of a calendar month, the monthly rental applicable to the first full calendar month will also apply to the initial partial calendar month and ending on will be prorated to the Temporary Space Termination Dateend of the partial calendar month. As provided in, prorated for and subject to the terms of, the Construction Addendum, if any partial month within Tenant Delay delays Substantial Completion of the Temporary Space Term. All such Base RentLeasehold Improvement Work, plus applicable state sales and use taxes, then Substantial Completion of the Leasehold Improvement Work shall be payable by Tenant in accordance with deemed to be the terms date that Substantial Completion of the Lease. Notwithstanding anything to the contrary in this Section 2, Tenant shall be entitled to an abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant Leasehold Improvement Work would have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basisbeen achieved, but shall no longer be entitled to the Abated Base Rent, and for such Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. Only Base Rent shall be abated pursuant to this SectionDelay, 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended herebyreasonably determined by Landlord.
Appears in 1 contract
Sources: Lease Agreement (Office Depot Inc)
Base Rent. In addition to Tenant’s obligation to pay Base Rent for Throughout the Original Premises, during the Temporary Space Lease Term, Tenant shall pay Landlord the sum of $11,603.00 per month as Base Rent for in the Temporary Spaceamount set forth above. Tenant promises to pay to Landlord in advance, plus applicable state sales without demand, deduction or set-off, monthly installments of Base Rent and use taxes, with each such installment payable Additional Rent on or before the first day of each calendar month commencing on the Rent Commencement Date. If the Lease Term commences or expires on a date other than the first day or the last day of a calendar month, respectively, then the Rent payable for such partial calendar month shall be an amount equal to the monthly installment of Rent otherwise then in effect, divided by the number of days in the full calendar month during which the Lease Term commences or expires, respectively, and multiplied by the number of days in the partial calendar month after and including the Commencement Date or before and including the date of expiration, respectively, and provided further that the Rent for any partial calendar month at the commencement of the Initial Lease Term shall be payable on the first day of the first full calendar month during the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Lease Term. All such sums, liabilities, obligations and other amounts which Tenant is required to pay or discharge pursuant to this Lease in addition to Base Rent, plus including without limitation assessments or charges due and payable to any applicable state sales ownership associations, together with any interest, penalty, or other sum which may be added for late payment thereof, shall constitute additional rent hereunder (herein called "Additional Rent"). In the event of any failure on the part of Tenant to pay or discharge any of the foregoing, Landlord shall have all rights, powers and use taxes, remedies provided for herein (or by law or equity or otherwise) in the case of nonpayment of Base Rent. 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 Tenant written notice delivered in accordance with the terms herewith. The obligation of the Lease. Notwithstanding anything Tenant to the contrary in this Section 2, Tenant shall be entitled to an abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for and Additional Rent (sometimes hereinafter collectively referred to as "Rent") and the Temporary Spaceobligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to ▇▇▇▇▇, effective immediately upon Landlord’s notice to Tenant. Only Base reduce, or set-off any 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended herebyhereunder.
Appears in 1 contract
Sources: Lease (Blue Rhino Corp)
Base Rent. In addition to Tenant’s obligation Tenant covenants and agrees to pay to Landlord, without prior demand and without offset, deduction or abatement, base rent for the full Lease Term in the amount (before Cost of Living Increases) of $307,473.75 (“Base Rent”), for a Minimum annual Base Rent for of $102,491.25 before adjustments. For each twelve month period following the Original Premises, during preceding twelve full months of the Temporary Space Lease Term, Tenant shall pay Landlord as Additional Rent any such amount as may be necessary to increase the sum annual Base Rent (calculated upon a rate of $11,603.00 9.05 per rentable square foot) by three percent (3%) in excess of the prior twelve month period. Tenant shall further pay as Base Additional Rent for the Temporary Space, plus applicable state any sales and or use taxes, with each such installment payable tax imposed on rents collected by Landlord or before the first day any tax on rents in lieu of each month during the period beginning ad valorem taxes on the Temporary Space Effective Date and ending on Building, even though laws imposing such taxes attempt to require Landlord to pay the Temporary Space Termination Date, prorated for same. If any partial month within the Temporary Space Term. All such Base Rent, plus applicable state sales and or use taxes, tax shall be payable by Tenant in accordance with the terms of the Lease. Notwithstanding anything to the contrary in this Section 2imposed upon Landlord, Tenant and Landlord shall be entitled to an abatement of Base Rent with respect to prohibited by applicable law from collecting the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term such tax from Tenant as Additional Rent. then Landlord, upon sixty (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space 60) days prior written notice to Tenant, may terminate this Lease, unless Tenant may continue to lease legally can and does in fact reimburse Landlord for such tax. Unless expressly otherwise provided herein, Rent (as hereinafter defined) shall commence on the Temporary Space on a month to month basisearlier of: (i) sixty days following the Commencement Date; (ii) occupancy of the Premises by Tenant. For the purposes of this Lease, but shall the installation or storage of the computer system in the conference room area does not define occupying the Premises, (iii) the date Landlord has the Premises ready for occupancy by Tenant, as such date is adjusted under the Workletter, if any, attached hereto; or (iv) the date Landlord could have had the Premises ready had there been no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice Delays attributable to Tenant. 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended hereby.
Appears in 1 contract
Sources: Net Lease (TopBuild Corp)
Base Rent. In addition to Tenant’s obligation Tenant agrees to pay to Landlord the Base Rent for set forth in the Original PremisesBasic Lease Information, during the Temporary Space Termwithout prior notice or demand, Tenant shall pay Landlord the sum of $11,603.00 per month as Base Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment payable on or before the first day of each and every calendar month during the period beginning on Term, except that Base Rent for the Temporary Space Effective Date first full calendar month in which Base Rent is payable shall be paid prior to February 1, 2017 and ending on the Temporary Space Termination Date, prorated Base Rent for any partial month within at the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, beginning of the Term shall be payable by Tenant in accordance with paid on the terms Commencement Date. Base Rent for any partial month at the beginning or end of the LeaseTerm shall be prorated based on the actual number of days in the month. Notwithstanding anything in this Lease to the contrary contrary, so long as no Event of Default (as defined in this Section 215.1 below) then exists, Tenant shall be entitled to an abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month 445,280.35 for the Temporary Space first six (6) full months of the initial Term (collectively, 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”“). However, if Landlord desires to lease If an Event of Default occurs at any time during the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012Rent Abatement Period, then all Tenant’s right to receive the Abated Base Rent shall immediately become due toll (and payableTenant shall be required to pay Base Rent during such period of any Event of Default) until Tenant has cured the same, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date at such time Tenant shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the receive any unapplied Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenantuntil fully applied. Only Base Rent shall be abated pursuant to this Section, as more particularly described herein, and Tenant’s Share of Expenses Operating Costs and Taxes and all other rent Rent and other costs and charges specified in the Lease, as amended hereby, this Lease shall remain as due and payable pursuant to the provisions of this Lease. If the LeaseBasic Lease Information provides for any change in Base Rent by reference to years or months (without specifying particular dates), as amended herebythe change will take effect on the applicable annual or monthly anniversary of the Commencement Date (which might not be the first day of a calendar month).
Appears in 1 contract
Sources: Lease Agreement (FireEye, Inc.)
Base Rent. In addition “Annual Base Rent” shall be calculated based on the product of the rentable square footage of the Leased Premises as stated in Section 1.2 of this Lease multiplied by the rental rate set forth in the table below. Tenant shall pay to Tenant’s obligation to pay Landlord during the Lease Term Annual Base Rent for in accordance with the Original Premisesabove table, payable in equal monthly installments (also set forth in the table above), in advance, without notice or demand and without setoff or deduction, beginning on the Commencement Date and continuing on the first (1st) day of each calendar month thereafter during the Temporary Space Lease Term; provided however, that upon execution of this Lease, Tenant shall pay to Landlord an amount equal to Three Hundred One Thousand Four Hundred Eighty and 96/100 Dollars ($301,480.96) to be held by Landlord and applied toward the sum first six (6) monthly installments of $11,603.00 per month Annual Base Rent due during the Lease Term and, pending the application of such monthly installments to Annual Base Rent, such installment shall be deemed to be a security deposit under this Lease and may be held by Landlord as security for Tenant’s obligations under this Lease. If the Commencement Date shall be other than the first (1st) day of a calendar month, then the prorated monthly installment of Annual Base Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment payable on or before the first day of each partial calendar month during the period beginning shall be paid directly by Tenant on the Temporary Space Effective Date and ending on the Temporary Space Termination Commencement Date. Except as expressly provided otherwise, prorated for any partial month within the Temporary Space Term. All such Annual Base Rent, plus applicable state sales Additional Rent (as defined herein), and use taxes, shall be payable by Tenant in accordance with the terms of the Lease. Notwithstanding anything to the contrary in this Section 2, Tenant shall be entitled to an abatement of Base Rent with respect to the Premises in the monthly amount installments of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Annual Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above be collectively referred to the contrary, the Temporary Space Termination Date shall be September 30, 2012as “Rent” throughout this Lease. If Tenant acknowledges that Landlord elects does not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated invoice for Annual Base Rent, and Tenant agrees to timely pay all rent without any statement, invoice, or reminder from Landlord. Landlord shall provide separate wiring instructions. For this purpose, Tenant agrees to establish an automatic debit arrangement in order to electronically pay all installments of Annual Base Rent for on or before the Temporary Space, effective immediately due date. Tenant shall provide written bank confirmation of such debit arrangement upon request y Landlord’s notice to Tenant. 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended hereby.
Appears in 1 contract
Base Rent. In addition to Tenant’s obligation to Tenant shall pay Base Rent for in the Original Premisesamount set forth above. The first month's Base Rent, during and the Temporary Space Termfirst monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and Tenant shall promises to pay to Landlord in advance, without demand, deduction or set-off (except as otherwise set forth in the sum Lease), monthly installments of $11,603.00 per month as Base Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment payable on or before the first day of each calendar month during succeeding the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Commencement Date, prorated . Payments of Base Rent for any partial fractional calendar month within the Temporary Space Termshall be prorated. All such Base Rent, plus applicable state sales and use taxes, 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 Tenant written notice delivered in accordance with herewith. The obligation of Tenant to pay Base Rent and other sums to Landlord and the terms obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to ▇▇▇▇▇, reduce, or set-off any rent due hereunder except where expressly provided in this Lease. If Tenant is delinquent in any monthly installment of Base Rent beyond 10 days after the due date thereof, and after notice as provided below, Tenant shall pay to Landlord on demand a late charge equal to 5 percent of such delinquent sum. Tenant shall not be obligated to pay the late charge until Landlord has given Tenant 10 days written notice of the delinquent payment (which may be given at any time during the delinquency); provided, however, that such notice shall not be required more than twice in any 12-month period or four times over the term of the Lease. Notwithstanding anything to the contrary in this Section 2, Tenant The provision for such late charge shall be entitled in addition to an abatement all of Base Rent with respect to the Premises Landlord's other rights and remedies hereunder or at law and shall not be construed as a penalty or as limiting Landlord's remedies in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended herebyany manner.
Appears in 1 contract
Base Rent. In addition to Tenant’s obligation to pay Base Rent (a) As annual base rent for the Original Premises, use and occupancy of the Leased Premises during the Temporary Space Terminitial term, Tenant shall pay to Landlord rent pursuant to the sum of $11,603.00 per month schedule attached as Exhibit "D." The annual base rent is to be payable in equal monthly installments, ("Monthly Base Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment payable Rent") in advance on or before the first day of each and every month during the period beginning initial or extended term of this Lease, except that Tenant shall pay the first installment of Monthly Base Rent upon the execution of this Lease.
(b) Tenant agrees to pay as supplemental base rent for the use of said Leased Premises an amount equal to ten percent (10%) of any Monthly Base Rent payment which is not received by Landlord within five (5) days of the date said Monthly Base Rent is due; except that because this charge is imposed in order to deter "frequent" offences, Landlord agrees to waive any such supplemental base rent once during each calendar year of the Lease term and any renewal terms. Said supplemental base rent shall be in addition to any other amounts due under this Lease.
(c) If this Lease commences on a day other than the first day of the month, the first and last monthly installments of rent provided for in Paragraph 8(a) shall be adjusted and pro-rated so that Tenant shall only pay rent for the actual number of days in the first and last months of said term; but for all other months, Tenant shall pay the full monthly installment on the Temporary Space Effective Date first day of each and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Termevery month.
(d) Rent shall be mailed by Tenant to Landlord at Landlord's principal place of business or at such other place as Landlord may designate in writing. All such Base Rent, plus applicable state sales and use taxes, Rent shall be payable promptly without deduction or setoff or prior demand thereof by Tenant in accordance with the terms of the LeaseLandlord. Notwithstanding anything to the contrary in this Section 2, Tenant All payments shall be entitled in U.S. dollars, in cash or by check, all checks subject to an abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended herebycollection.
Appears in 1 contract
Base Rent. In addition to Tenant’s obligation to pay Base Rent for the Original Premises, during the Temporary Space Term, Tenant shall pay Landlord the sum of $11,603.00 per month as Annual Base Rent for in 12 equal monthly installments in the Temporary Spaceamounts set forth on the second page of this Lease. The Security Deposit, plus applicable state sales if any, and use taxesthe first full monthly installment of Base Rent shall be due and payable contemporaneously with the execution of this Lease, with each such installment payable and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, monthly installments of Monthly Base Rent on or before the first day of each calendar month during succeeding the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Monthly Base Rent Commencement Date, prorated . Payments of Base Rent for any partial fractional calendar month within the Temporary Space Termshall be prorated. All such Base Rent, plus applicable state sales and use taxes, 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 Monthly 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 due hereunder except where expressly provided in this Lease. Tenant acknowledges that late payment by Tenant in accordance with the terms to Landlord of the any Rent due hereunder will inconvenience Landlord and cause Landlord to incur costs not contemplated by this Lease. Notwithstanding anything to the contrary Therefore, if Tenant is delinquent in this Section 2any monthly installment of Monthly Base Rent or other sums due and payable hereunder for more than ten (10) business days, Tenant shall be entitled pay to an abatement Landlord on demand a late charge equal to three percent (3%) of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month such delinquent sum. The provision for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date such late charge shall be September 30in addition to all of Landlord's other rights and remedies hereunder, 2012. If including payment to Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. 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 Leaseexpenses (including reasonable attorney's fees), or at law and shall not be construed as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended herebya penalty.
Appears in 1 contract
Sources: Lease Agreement (Sl Industries Inc)
Base Rent. In addition to TenantThe first full calendar month’s obligation to pay Base Rent for shall be due and payable to Landlord at least 10 days prior to the Original Premises, during the Temporary Space Term, Commencement Date. Tenant shall pay Landlord the sum of $11,603.00 per month as difference between the prepaid Base Rent and the Fixed Monthly Rent (as hereinafter defined) payable for the Temporary Space, plus applicable state sales first month of the Term within 30 days following receipt of Landlord’s invoice for Fixed Monthly Rent first payable under this Lease (the “FMR Invoice”). The term “Fixed Monthly Rent” shall mean the aggregate monthly installments of Adjusted Base Rent (as defined in Section 4 below) and use taxes, with each such installment payable on Equipment Rent (if any). On or before the first day of each calendar month during of the period beginning on Term following Tenant’s receipt of the Temporary Space Effective Date and ending on FMR Invoice, Tenant shall pay to Landlord in advance, without demand, abatement (except as expressly permitted in this Lease), deduction or set-off, monthly installments of Fixed Monthly Rent, in lawful money of the Temporary Space Termination DateUnited States of America, prorated 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 Fixed Monthly Rent for any partial fractional calendar month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, shall be payable by prorated. The obligation of Tenant in accordance with to pay Fixed Monthly Rent and other sums to Landlord and the terms obligations of Landlord under this Lease (excluding the payment of the Leaseallowance amounts on which the TI Rent and the Equipment Rent are based) are independent obligations. Tenant shall have no right at any time to ▇▇▇▇▇, reduce, or set-off any Fixed Monthly Rent (as defined in Section 5) due hereunder except for any abatement as may be expressly provided in this Lease (and except for Tenant’s right to prepay the Equipment Rent as provided in Section 4 below). Notwithstanding anything to the contrary in contained herein, so long as no Default has occurred or is continuing under this Section 2Lease, Tenant shall not be entitled required to an abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent as a component of Fixed Monthly Rent for the Temporary SpacePremises for the period commencing on the first day of the 7th full month of the Base Term through the expiration of the 16th month of the Base Term (“Base Rent Abatement Period”), effective immediately upon Landlord’s notice to Tenant. Only Base and Fixed Monthly Rent shall be abated pursuant adjusted accordingly during such period to this Section, as more particularly described herein, provide for the payment of TI Rent and Tenant’s Share Equipment Rent only. Tenant shall resume paying full Base Rent on the first day of Expenses and Taxes and all other rent and other costs and charges specified in the Lease, as amended hereby, shall remain as due and payable pursuant to the provisions 17th month of the LeaseTerm. Tenant shall continue to pay all TI Rent, as amended herebyEquipment Rent and Additional Rent due under this Lease during the Base Rent Abatement Period.
Appears in 1 contract
Sources: Lease Agreement (Verenium Corp)
Base Rent. In addition Tenant shall pay to Landlord, as rent for the Premises, in advance, on the first day of each calendar month, commencing on the Commencement Date (but subject to the Base Rent conditional abatement referred to in Paragraph 1.10 above) and continuing throughout the Lease Term, the Base Rent set forth in Paragraph 1.10 above (and Paragraph 3.3 above, if applicable). Base Rent shall be prorated, based on thirty (30) days per month, for any partial month during the Lease Term. Base Rent shall be payable, except as otherwise expressly set forth in this Lease, without deduction, offset, prior notice or demand in lawful money of the United States to Landlord at the address herein specified for purposes of notice or to such other persons or such other places as Landlord may designate in writing. Notwithstanding the foregoing, at Tenant’s request Landlord shall provide Landlord’s banking information (“Landlord’s ACH Account Information”) so that Tenant can pay Base Rent and Additional Rent (as defined below) by Electronic Funds Transfer (EFT) as an Automated Clearing House (“ACH”) transaction. Any such ACH transfers shall be paid by Tenant, from Tenant’s account in a bank or financial institution designated by Tenant and credited to Landlord’s bank account as Landlord shall have designated in Landlord’s ACH Account Information. Tenant shall not be in default of Tenant’s obligation to pay Base Rent and/or Additional Rent if and for the Original Premises, during the Temporary Space Term, so long as Tenant shall pay Landlord the sum of $11,603.00 per month as Base Rent for the Temporary Space, plus applicable timely comply with ACH transfer requirements and accurately state sales and use taxes, with each such installment payable on or before the first day of each month during the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, shall be payable by Tenant in accordance with the terms of the Lease. Notwithstanding anything to the contrary in this Section 2, Tenant shall be entitled to an abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”)Landlord’s ACH Account Information. However, if Landlord desires to lease Tenant shall have timely complied with ACH transfer requirements, but the Expansion Space to Tenant and Landlord and Tenant applicable funds shall thereafter have been misdirected or not entered into a lease amendment accounted for properly by the Expansion Space on or before August 31, 2012recipient bank designated by Landlord, then all Abated Base Rent Tenant shall immediately become reasonably cooperate with Landlord in an effort to recover the misdirected funds and the same shall not relieve Tenant’s obligation to make the payment so transferred (but Tenant shall not be required to be out-of-pocket the applicable payment amount in a duplicate amount due and payable, and notwithstanding anything in Section 1 above to such misdirected payment or payment not accounted for properly by the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basisrecipient bank), but shall toll the due date for such payment until the applicable funds shall have been located and deposited in Landlord’s bank account. In the event that Landlord elects to designate a different bank or financial institution into which any ACH transfer is to be deposited, written notification of such change and the required documents, instruments, authorizations, and any modified Landlord’s ACH Account Information, must be delivered to Tenant no longer be entitled later than 30 days prior to the Abated Base Rent, and date such change is to become effective. Tenant shall pay Base Rent for make a verbal confirmation with the Temporary Space, effective immediately upon Landlord’s notice to Tenant. Only Base Rent shall be abated pursuant to Landlord party identified in Paragraph 1.14 of this Section, Lease (who is ▇▇▇▇ ▇▇▇▇▇▇ 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the date of execution of this Lease, as amended hereby) upon receiving the initial ACH or new ACH account information to verify the accuracy of the same.
Appears in 1 contract
Sources: Lease Agreement (Rambus Inc)
Base Rent. In addition For the period commencing on the Base Rent Commencement Date through June 13, 2012, an annual amount equal to Tenant’s obligation $ 71,006,686, which amount shall increase by ten percent (10%) on June 14, 2012 and June 14, 2017, subject to pay reduction as hereinafter provided in connection with the termination of a Leased Property. Base Rent for each Fiscal Year shall be payable in advance in twelve (12) equal installments, on the Original Premises, during the Temporary Space Term, Tenant shall pay Landlord the sum of $11,603.00 per month as Base Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment payable on or before the first ninth (9th) day of each calendar month during of the Term (the “Rent Payment Date”), provided that if such ninth (9th) day is not a Business Day, then the Rent Payment Date shall be the immediately preceding Business Day. Base Rent shall be paid for the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, shall be payable by Tenant in accordance with the terms of the Lease. Notwithstanding anything to ninth (9th) of each month (or, if applicable, the contrary in this Section 2Commencement Date) through the eighth (8th) of the next month (or, Tenant shall be entitled to an abatement if applicable, the expiration of the Term) (each, a “Rental Period”), provided that the first and last payments of Base Rent shall be prorated as to any partial Rental Period, based on the number of days within the Term during such Rental Period and the number of days in such Rental Period. Tenant hereby agrees to make any reasonable changes with respect to the Premises definitions of “Rent Payment Date” or “Rental Period,” including, without limitation, changing the Rent Payment Date and Rental Period, as may be requested in connection with any Landlord’s Debt. Notwithstanding the monthly amount foregoing, Base Rent in respect of $11,603.00 per month for the Temporary Space Term (collectively, period from and including the “Abated Commencement Date to but not including the Base Rent Commencement Date shall equal the First Rental Period Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base The first Rent Payment Date shall immediately become due and payablebe, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. Only first installment payment of Base Rent shall be abated pursuant to this Sectionpayable on, as more particularly described hereinJuly 9, 2007 (the “Base Rent Commencement Date”), which payment shall include (i) the First Rental Period Base Rent and Tenant’s Share of Expenses and Taxes and all other rent and other costs and charges specified (ii) Base Rent in the Lease, as amended hereby, shall remain as due and payable pursuant to the provisions respect of the LeaseRental Period beginning July 9, 2007 and ending August 8, 2007. Base Rent shall be reduced by the applicable Base Rent Reduction Amount applicable to any Leased Property with respect to which this Lease is terminated on the applicable Property Removal Date as amended herebyprovided in Section 1.8.
Appears in 1 contract
Sources: Master Lease Agreement (Cheeseburger-Ohio, Limited Partnership)
Base Rent. In addition to TenantThe first month’s obligation to pay Base Rent (i.e., the Base Rent due for the Original Premises, during first full month following the Temporary Space TermBase Rent Commencement Date) and the Security Deposit shall be due and payable on delivery of an executed copy of this Lease to Landlord. Commencing on the Base Rent Commencement Date, Tenant shall pay to Landlord the sum in advance, without demand, abatement, deduction or set-off, monthly installments of $11,603.00 per month as Base Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment payable on or before the first day of each calendar month during the period beginning on Term hereof, in lawful money of the Temporary Space Effective Date and ending on United States of America, at the Temporary Space Termination Dateoffice of Landlord for payment of Rent set forth above, prorated or to such other person or at such other place as Landlord may from time to time designate in writing. Building 1 (AOTC) / Kymera Therapeutics, Inc. - Page 6 Payments of Base Rent for any partial fractional calendar month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, shall be payable by 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 ▇▇▇▇▇, reduce, or set-off any Rent (as defined in accordance with Section 5) due hereunder except for any abatement as may be expressly provided in this Lease. In addition to the Tenant Improvement Allowance (as defined in the Work Letter), Landlord shall, if Tenant so requests in writing and subject to the terms of the LeaseWork Letter, make available to Tenant the Supplemental Tenant Improvement Allowance (as defined in the Work Letter). Notwithstanding anything to Commencing on the contrary in this Section 2Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall be entitled pay the amount necessary to an abatement fully amortize the portion of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). HoweverSupplemental Tenant Improvement Allowance actually funded by Landlord, if Landlord desires any, as Additional Rent in equal monthly payments with interest at a rate of 8% per annum over the Base Term, which interest shall begin to lease accrue on the Expansion Space to Commencement Date. Any of the Supplemental Tenant Improvement Allowance and Landlord and Tenant have not entered into a lease amendment for applicable interest remaining unpaid as of the Expansion Space on expiration or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to earlier termination of the contrary, the Temporary Space Termination Date Lease shall be September 30, 2012. If paid to Landlord elects not to lease in a lump sum at the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. Only Base Rent shall be abated pursuant to expiration or earlier termination of 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended hereby.
Appears in 1 contract
Base Rent. In addition Except as otherwise expressly provided herein to Tenant’s obligation the contrary, Subtenant covenants and agrees during the Term to pay Base Rent for the Original Premisesand Additional Rent (as hereinafter defined) to Sublandlord at JDS Uniphase, during the Temporary Space Termc/o The Staubach Company, Tenant shall pay Landlord the sum of $11,603.00 per month Real Estate Administration, ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, Attn: ▇▇▇ ▇▇▇▇▇ or at such other address as Sublandlord may hereafter designate in writing. Base Rent for and Additional Rent shall be paid in lawful money of the Temporary SpaceUnited States, plus applicable state sales without notice, demand, set-off, abatement or deduction whatsoever (except to the extent any abatement is permitted under the Master Lease), at the times and use taxesin the manner herein specified. For the purposes of this Sublease, with each such installment the term “Additional Rent” shall have the same meaning and amounts as set forth in the Master Lease and shall be payable by Subtenant on or before the entire Subleased Premises throughout the Term of this Sublease beginning on the Sublease Commencement Date. Base Rent shall be paid in equal monthly installments, in advance, on the first day of each and every month during throughout the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination DateTerm, prorated for any partial month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, shall be payable by Tenant in accordance with the terms of the Lease. Notwithstanding anything to the contrary in this Section 2, Tenant shall be entitled to an abatement Schedule of Base Rent set forth below, commencing on the Sublease Commencement Date. Contemporaneously with respect to the Premises in the monthly amount execution of $11,603.00 per month for the Temporary Space Term (collectivelythis Sublease, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant Subtenant shall pay to Sublandlord the sum of Twenty-two Thousand Five Hundred Thirty and no/100 Dollars ($22,530.00) which Sublandlord shall apply to Subtenant’s obligation for Base Rent for the Temporary Space, effective immediately upon Landlord’s notice twelfth (12th) month of the Term pursuant to Tenantthe Schedule of Base Rent set forth below. Only Base The Additional Rent shall be abated pursuant paid to this SectionSublandlord in monthly installments and otherwise as and when required by the Master Lease. If the Sublease Commencement Date is not the first day of the calendar month, as more particularly described hereinthen Additional Rent for the initial partial month of the Term shall be prorated based upon the number of calendar days in such month, and Tenant’s Share shall be payable on the Sublease Commencement Date. In the event that any installment of Expenses Base Rent or of Additional Rent is not paid when due, Subtenant shall pay to Sublandlord, the charges under Sections 4.2 and Taxes and all other rent and other costs and charges specified in the Lease, as amended hereby, shall remain as due and payable pursuant to the provisions 31 of the Master Lease, as amended hereby.
Appears in 1 contract
Base Rent. In addition (a) Subject to Tenant’s obligation the provisions of Paragraph 2(b) and this Paragraph 3.1, Tenant agrees to pay Base Rent for the Original Premises, during the Temporary Space Term, Tenant shall pay Landlord the sum of $11,603.00 per month Term as Base Rent for the Temporary SpacePremises the sums specified in the Basic Lease Information (as increased from time to time as provided in the Basic Lease Information or as may otherwise be provided in this Lease) ("BASE RENT").
(b) Base Rent shall increase as set forth in the Basic Lease Information or as may otherwise be provided in this Lease.
(c) Except as expressly provided to the contrary herein, plus applicable state sales Base Rent shall be payable in equal consecutive monthly installments, in advance, without deduction or offset, commencing on the Term Commencement Date and use taxes, with each such installment payable continuing on or before the first day of each calendar month during thereafter. However, the period beginning on first installment of Base Rent in the Temporary Space Effective Date and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, amount of $17,442 shall be payable by Tenant in accordance simultaneously with the terms execution of this Lease by Landlord and Tenant. If the Term Commencement Date is a day other than the Scheduled Commencement Date, then Landlord shall credit Tenant's December Base Rent in an amount equal to $1,162.80 per day for each day commencing on November 17, 1999 until the Term Commencement Date. Base Rent, all forms of additional rent payable hereunder by Tenant and all other amounts, fees, payments or charges payable hereunder by Tenant (collectively, "ADDITIONAL RENT") shall (i) each constitute rent payable hereunder (and shall sometimes collectively be referred to herein as "RENT"), (ii) be payable to Landlord in lawful money of the Lease. Notwithstanding anything United States when due without any prior demand therefor, except as may be expressly provided to the contrary herein, and (iii) be payable to Landlord at Landlord's Remittance Address set forth in this Section 2, the Basic Lease Information or to such other person or to such other place as Landlord may from time to time designate in writing to Tenant. Any Rent or other amounts payable to Landlord by Tenant hereunder for any fractional month shall be entitled to an abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space prorated based on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended hereby30 days.
Appears in 1 contract
Sources: Office Lease (Intraware Inc)
Base Rent. In addition to Tenant’s obligation to pay The Base Rent for the Original Premises, during the Temporary Space Term, Tenant shall pay Landlord the sum of $11,603.00 per month as Base Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment payable on or before the first day of each month during the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, shall be payable by Tenant in accordance with for the terms Premises during each Renewal Term shall be ninety-five percent (95%) of Market Rate (as defined below) for the Premises, valued as of the Leasecommencement of such Renewal Term; provided, however, that in no event shall the annual Base Rent payable by Tenant for any year of the Renewal Terms be less than the annual Base Rent payable by Tenant during the twelve (12) month period immediately preceding the commencement of such Renewal Term (without regard to any abatements of Rent on account of casualty or otherwise) (“Base Rent Floor”). Notwithstanding anything to As used herein, the contrary in this Section 2, Tenant term “Market Rate” shall be entitled to an abatement mean the annual amount of Base Rent with respect that a willing tenant would pay, and that a willing landlord would accept, at arm’s length, for space comparable to the Premises within the Project or other comparable first class office projects in the monthly amount vicinity of $11,603.00 per month the Project (the “Comparison Projects”), based upon binding lease transactions for tenants in the Temporary Space Comparison Projects that, where possible, commence or are to commence within six (6) months prior to or within six (6) months after the commencement of the Renewal Term (collectively, the “Abated Base RentComparison Leases”). However, if Landlord desires to lease the Expansion Space to Tenant Comparison Leases shall include renewal and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basisnew non-renewal tenancies, but shall no longer exclude subleases and leases of space subject to another tenant’s expansion rights. Rental rates payable under Comparison Leases shall be entitled adjusted to account for variations between this Lease and the Comparison Leases with respect to: (i) the length of the Renewal Term compared to the Abated Base Rentlease term of the Comparison Leases; (ii) rental structure, including, without limitation, rental rates per rentable square foot (including type, gross or net, and Tenant shall pay Base Rent if gross, adjusting for base year or expense stop), additional rental, escalation provisions, all other payments and escalations; (iii) the Temporary Spacesize of the Premises compared to the size of the premises of the Comparison Leases; (iv) free rent, effective immediately upon Landlord’s notice to Tenant. Only Base Rent shall be abated pursuant to this Sectionmoving expenses and other cash payments, as more particularly described hereinallowances or other monetary concessions affecting the rental rate; (v) the age and quality of construction of the Building; and (vi) leasehold improvements and/or allowances, including the amounts thereof in renewal leases, and Tenant’s Share of Expenses and Taxes and all other rent and other costs and charges specified taking into account, in the case of renewal leases (including this Lease), as amended hereby, shall remain as due and payable pursuant the value of existing leasehold improvements to the provisions of the Lease, as amended herebyrenewal tenant.
Appears in 1 contract
Sources: Lease (Pericom Semiconductor Corp)
Base Rent. In addition to Tenant’s obligation to pay Base Rent for the Original Premises, during the Temporary Space Term, (a) Tenant shall pay Landlord the sum of $11,603.00 per month to Landlord, as Base Rent rent for the Temporary SpaceTerm, plus applicable state sales monthly installments of rent to be determined in accordance with the provisions of subparagraph (b) below. Each monthly installment shall he payable in advance, without notice or demand, and use taxeswithout any setoff, with each such installment payable abatement, deduction, reduction or counterclaim of any kind; on or before the first day of each calendar month during the period beginning on Term at such place as the Temporary Space Effective Date and ending on Landlord shall from time to time designate.
(b) During the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, shall be payable by Tenant in accordance with the terms first twelve months of the Lease. Notwithstanding anything to Term, the contrary in this Section 2, Tenant shall be entitled to an abatement monthly installments of Base Rent with respect to shall be Twelve Thousand Dollars ($ 12,000). Upon the Premises in first anniversary of the monthly amount commencement of $11,603.00 per month for the Temporary Space Term (collectivelyTerm, and upon each anniversary thereafter, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date be adjusted. All adjustments shall be September 30cumulative and shall be based upon any increase in the Index. “Index” means the Consumer Price Index of the Bureau of Labor Statistics, 2012United States Department of Labor (CPI-U), All Items Index for All Urban Consumers U.S. City Average (1982-84 = 100), or any replacement therefor. If Landlord elects not the Index shall cease to lease the Expansion Space to Tenantbe published, Tenant may continue to lease the Temporary Space on a month to month basis, but reasonable substitute index shall no longer be entitled to the Abated Base Rent, and Tenant shall pay replace it for purposes of this Lease. The adjusted monthly installments of Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. Only twelve months succeeding any adjustment shall be the product found by multiplying the amount of the monthly installment of Base Rent due for the month just prior to adjustment times a fraction, the numerator of which shall be abated pursuant to this Sectionthe Index number indicated in the column for “all items” in the month immediately preceding the adjustment and the denominator of which shall be such Index number for the month and year used in the numerator of the previous adjustment (or for the month immediately preceding commencement of the Term, as more particularly described hereinthe case may be); provided, and Tenant’s Share of Expenses and Taxes and all other rent and other costs and charges specified however, that in no case shall monthly Base Rent, or Base Rent as adjusted, ever be reduced. Following each such adjustment, the term “Base Rent,” as used in the Lease, shall mean Base Rent as amended herebymost recently adjusted. If at the beginning of any Lease Year adjusted Base Rent shall not have been calculated, Tenant shall remain as due and payable pursuant to continue paying the provisions Base Rent previously in effect on a timely basis. Upon notification by Landlord of the Leaseadjusted Base Rent, as amended herebyTenant shall immediately pay Landlord the difference between Base Rent paid and that which would have been due had adjusted Base Rent been calculated and shall thereafter continue paying monthly installments of adjusted Base Rent.
Appears in 1 contract
Sources: Lease (Obsidian Enterprises Inc)
Base Rent. In addition to Commencing as of the earlier of (i) Tenant’s obligation to occupancy of the Additional Premises for the conduct of business (which shall exclude any “skeleton” crew initially setting up Tenant’s operations in the Substitute Premises), or (ii) ninety (90 days after the Additional Premises Commencement Date (such date, the “Additional Premises Rent Commencement Date”) and continuing through the Lease Expiration Date, Tenant shall pay Base Rent for the Original PremisesAdditional Premises pursuant to the Lease in the following amounts: Additional Premises Rent Commencement Date – 09/30/19* $ 67,602.60 10/01/19 – 09/30/20 $ 69,630.68 10/01/20 – 09/30/21 $ 71,719.60 10/01/21 – 09/30/22 $ 73,871.19 10/01/22 – 06/30/23 $ 76,087.32 *Provided that Tenant is not then in Default of the Lease, as amended, beyond any applicable notice and cure period set forth in the Lease, Landlord hereby agrees that Tenant shall not be required to pay Base Rent with respect to the Additional Premises for the period commencing on the Additional Premises Rent Commencement Date and ending two (2) months thereafter (the “AP Rent Abatement Period”). The total amount of Base Rent abated during the AP Rent Abatement Period with respect to the Additional Premises shall not exceed $135,205.20 (the “AP Rent Abatement”). Notwithstanding the foregoing, during the Temporary Space TermAP Rent Abatement Period, Tenant shall pay Landlord the sum of $11,603.00 per month as Base Rent for the Temporary Spaceremain obligated to pay, plus applicable state sales and use taxes, with each such installment payable on or before the first day of each month during the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, shall be payable by Tenant in accordance with the terms of the Lease, as amended, (i) Tenant’s Share of Building Direct Expenses, and (ii) any and all taxes and other charges as set forth in Section 4.5 of the Original Lease. Notwithstanding anything Tenant acknowledges and agrees that the foregoing AP Rent Abatement has been granted to Tenant as additional consideration for entering into this Amendment and for agreeing to pay the contrary in this Section 2Rent and performing the terms and conditions otherwise required under the Lease, as amended. If Tenant shall be entitled in Default under the Lease, as amended, prior to an abatement the end of Base the AP Rent Abatement Period, and shall fail to cure such Default within the notice and cure period, if any, permitted for cure pursuant to the Lease, as amended, and Landlord elects to terminate the Lease because of such Default, then Landlord may at its option, by notice to Tenant, elect, in addition to any other remedies Landlord may have under the Lease, as amended, to require that Tenant shall immediately become obligated to pay to Landlord all Rent abated hereunder during the AP Rent Abatement Period with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectivelyAP Rent Abatement, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. Only Base Rent shall be abated pursuant to this Section, with interest 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 Lease, as amended hereby, shall remain as due and payable provided pursuant to the provisions of Lease from the Lease, as amended herebydate such Rent would have otherwise been due but for the abatement provided herein.
Appears in 1 contract
Base Rent. In addition to Tenant’s obligation to pay (a) The annual Base Rent for the Original Premises, during the Temporary Space TermLease Term of this Lease shall as set forth in the Lease Agreement Summary, and during any Renewal Lease Term shall be as calculated pursuant to Paragraph 35 below, and shall be payable by Tenant shall pay Landlord the sum of $11,603.00 per month as Base Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment payable in equal monthly installments on or before the first day of each month during month, in advance. Tenant shall pay the period beginning first monthly installment, or portion thereof for an occupancy of less than one month, on the Temporary Space Effective Date and ending Commencement Date. Proration of Base Rent for an occupancy of less than one month shall be on the Temporary Space Termination Datebasis of a month of thirty days.
(b) All Base rent due herein, prorated for and all Additional Rent (as defined below), shall be paid in U.S. funds by check drawn on a U.S. bank at the office of Landlord or at such other place designated by Landlord from time to time, without any partial month within prior demand and without any deduction or set-off whatsoever promptly on the Temporary Space Termdates due. If any check(s) drawn by Tenant are not honored when presented on more than two (2) occasions in any period of twelve (12) consecutive months, Landlord may, by written notice to Tenant and in addition to any other remedy available to Landlord as provided herein or at law, require that all future payments of Base Rent and Additional Rent be paid by electronic funds transfer or by bank or certified check.
(c) All such other sums payable by Tenant to Landlord under this lease, including, but not limited to Operating Expenses (as defined below), repairs, maintenance, real estate taxes, insurance, roof maintenance and management fees (if any), shall be treated as additional rent (“Additional Rent” and together with Base Rent, plus applicable state sales “Rent”) and use taxes, Landlord shall be payable by Tenant in accordance with have the terms of the Lease. Notwithstanding anything to the contrary in this Section 2, Tenant shall be entitled to an abatement same remedies for non-payment as for non-payment of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended hereby.
Appears in 1 contract
Sources: Lease Agreement (PharMEDium Healthcare Holdings, Inc.)
Base Rent. In addition to Tenant’s obligation to (a) Tenant shall pay Base Rent for in the Original Premisesamounts set forth on the first page of this Lease. The Prepaid Rent (as set forth in the Basic Lease Provisions above) shall be due and payable on the date hereof (and shall be applied against Base Rent, during the Temporary Space TermOperating Expenses and rental tax first due under this Lease), and Tenant shall promises to pay to Landlord the sum in advance, without demand, deduction or set-off, except as otherwise expressly provided herein, monthly installments of $11,603.00 per month as Base Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment payable on or before the first day of each calendar month during succeeding the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Commencement Date, prorated . Payments of Base Rent for any partial fractional calendar month within the Temporary Space Termshall 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 and shall constitute rent. Tenant shall have no right at any time to ▇▇▇▇▇, reduce, or set-off any rent due hereunder except where expressly provided in this Lease. Tenant acknowledges that late payment by Tenant to Landlord of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, plus applicable state sales estimated Operating Expenses or other sums due and use taxespayable hereunder for more than five (5) days after Tenant's receipt of written notice thereof from Landlord, Tenant shall pay to Landlord on demand a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of such late payment by Tenant. The late charge shall be payable by Tenant deemed to be rent, and the right to require it shall be in accordance with addition to all of Landlord's other rights and remedies for a payment failure of Tenant, including the right to charge interest on the past due amount.
(b) Subject to the terms and conditions of this Paragraph 4(b), provided that Tenant is not then in default under this Lease after its receipt of notice and the expiration of the applicable cure period set forth herein, 680272v7 and has not been in default under this Lease. Notwithstanding anything to the contrary in this Section 2, Tenant shall be entitled to an abatement credited with the payment of monthly Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space first (1st) through seventh (7th) full calendar months of the initial Lease Term only (collectively, the “Abated "Base Rent”Rent Credit"), in all cases as and when the same becomes due and payable. No such Base Rent Credit shall reduce or limit any other amounts which are otherwise payable by Tenant under this Lease (including, without limitation, Operating Expenses). However, if Landlord desires to lease Tenant understands and agrees that the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated foregoing Base Rent Credit is conditioned upon Tenant's not being in default under this Lease beyond any applicable notice and cure period set forth herein. Accordingly, upon the occurrence of any default under this Lease which continues beyond the applicable notice and cure period set forth herein, any Base Rent Credit remaining to be credited shall immediately become due null and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended herebyvoid.
Appears in 1 contract
Base Rent. In addition to Tenant’s obligation Tenant agrees to pay Base Rent for the Original Premises, during the Temporary Space Term, Tenant shall pay Landlord the sum of $11,603.00 per month monthly as Base Rent during the Term of this Lease the sum set forth in Section 1.5 of this Lease, which amount shall be payable to Landlord at the address shown above. The first monthly installment of Base Rent shall be due and payable to Landlord on the Commencement Date for the Temporary Space, plus applicable state sales first month’s rent and use taxes, with each such monthly installment of rent shall be due and payable on or before the first day of each calendar month succeeding the Commencement Date during the Term of this Lease, provided, if the Commencement Date should be a date other than the first day of a calendar month, the monthly rental set forth above shall be prorated to the end of that calendar month during the period beginning on term of this Lease. Tenant shall pay, as additional rent, all other sums due under this Lease. Tenant shall pay the Temporary Space Effective Date and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, shall be payable by Tenant in accordance with the terms first Delivery Fee payment to Landlord immediately upon Landlord’s delivery of the LeasePremises to Tenant. Notwithstanding anything to the contrary in this Section 2, Tenant shall be entitled to an abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above Lease to the contrary, if Landlord cannot deliver possession of the Temporary Space Termination Premises to the Tenant on the Delivery Date due to a holding over by a prior tenant, Tenant’s default, or casualty affecting the Premises, this Lease shall not be September 30void or voidable, 2012. If nor shall Landlord elects not be liable to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basisfor any loss or damage resulting therefrom, but shall no longer be entitled to the Abated Base Rent, Delivery Fee and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. Only Base Rent all rents and other amounts due hereunder shall be abated pursuant to this Section, as more particularly described herein, until Landlord delivers possession and Tenant’s Share of Expenses and Taxes and all other rent and other costs and charges specified in the Lease, as amended hereby, shall remain as due and payable pursuant to the provisions expiration date of the LeaseLease shall be extended by the corresponding number of days that the Commencement Date is postponed. Provided, as amended herebyhowever, if Landlord does not deliver possession of the Premises to Tenant within thirty (30) days after the Delivery Date, then Tenant may terminate the Lease upon giving Landlord written notice.
Appears in 1 contract
Base Rent. In addition to Tenant’s obligation to
(a) Tenant shall pay Base Rent for in the Original Premises, during amounts set forth in the Temporary Space Term, Tenant Basic Lease Provisions. The Prepaid Rent (as set forth in the Basic Lease Provisions above) shall pay Landlord be due and payable on the sum of $11,603.00 per month as date this Lease is executed and shall be applied against Base Rent for the Temporary Spaceand Operating Expenses first due under this Lease, plus applicable state sales and use taxesTenant promises to pay to Landlord in advance, with each such installment payable without demand, deduction or set-off, monthly installments of Base Rent on or before the first day of each calendar month during succeeding the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Commencement Date, prorated . Payments of Base Rent for any partial fractional calendar month within the Temporary Space Termshall 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 at least thirty days’ prior 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 and shall constitute rent. Tenant shall have no right at any time to ▇▇▇▇▇, reduce, or set-off any rent due hereunder except where expressly provided in this Lease. Tenant acknowledges that late payment by Tenant to Landlord of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, plus applicable state sales estimated Operating Expenses or other sums due and use taxespayable hereunder for more than ten (10) days, Tenant shall pay to Landlord on demand a late charge equal to five percent (5%) of such delinquent sum; provided that such late charge shall not be assessed by Landlord for the first delinquent payment of Base Rent so long as Tenant pays such amount within ten (10) days of receipt of notice of non-payment. The parties agree that such late charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of such late payment by Tenant. The late charge shall be deemed to be rent, and the right to require it shall be in addition to all of Landlord’s other rights and remedies for a payment failure of Tenant, including the right to charge interest on the past due amount, and shall not be construed as a penalty. Additionally, Tenant shall pay to Landlord all sales, use, transaction privilege, or other excise tax that may at any time be levied or imposed upon, or measured by, any amount payable by Tenant in accordance with under this Lease.
(b) Subject to the terms and conditions of this Paragraph 4(b), provided that no Event of Default exists under this Lease, and no Event of monetary Default has occurred under this Lease during the term of the Lease. Notwithstanding anything to the contrary in this Section 2, Tenant shall be entitled to an abatement credited with the payment of monthly Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space first (1st) through sixth (6th) months of the initial Lease Term only (collectively, the “Abated Base RentRent Credit”) (for a total Base Rent Credit equal to $878,525.76 in the aggregate, subject to the terms hereof). HoweverNo such Base Rent Credit shall reduce or limit any other amounts which are otherwise payable by Tenant under this Lease (including, if Landlord desires to lease without limitation, Operating Expenses and utilities). Tenant understands and agrees that the Expansion Space foregoing Base Rent Credit is conditioned upon no Event of Default occurring under this Lease. Accordingly, upon the occurrence of any Event of Default under this Lease, the foregoing Base Rent Credit shall immediately become null and void, and any Base Rent previously credited to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay receive any credit on account of such Base Rent for Credit. ▇▇▇▇▇▇ agrees and acknowledges that notwithstanding the Temporary Space, effective immediately upon Landlord’s notice fact that Landlord may elect not to Tenant. Only cause the Base Rent Credit to become null and void on account of any particular default by Tenant, Landlord shall be abated pursuant at all times retain the right to this Section, as more particularly described herein, cause the Base Rent Credit to become null and Tenant’s Share of Expenses and Taxes and all other rent and other costs and charges specified void in the Lease, as amended hereby, shall remain as due and payable pursuant to the provisions event of the Lease, as amended herebyany Event of Default.
Appears in 1 contract
Sources: Lease Agreement (AeroVironment Inc)
Base Rent. In addition to Tenant’s obligation to pay Base Rent for the Original Premises, during the Temporary Space Term, Tenant shall pay Landlord the sum of $11,603.00 per month as Base Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment payable on or before On the first day of each calendar month during the period beginning on Lease Term, Tenant will pay to Landlord the Temporary Space Effective Date and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Term. All such Base Rent, plus applicable state sales or use tax thereon, in equal monthly installments, in lawful money of the United States, in advance and use taxeswithout offset, shall deduction prior notice or demand. The Base Rent is payable at Landlord's Rent Payment Address of , or at such other place or to such other person as Landlord may designate in writing from time to time. Payments of Base Rent for any partial calendar month will be prorated. SECTION 2: ADDITIONAL RENT. All sums payable by Tenant under this Lease other than Base Rent are "Additional Rent"; the term "Rent" includes both Base Rent and Additional Rent. Landlord will estimate in accordance advance and charge to Tenant the following costs ("Total Operating Costs"), which Tenant will pay with the terms Base Rent on a monthly basis throughout the Occupancy Period: (a) all Real Property Taxes for which Tenant is liable hereunder; (b) all utility costs (to the extent utilities are not separately metered) for which Tenant is liable hereunder; (c) all insurance premiums for which Tenant is liable hereunder; and (d) all Operating Expenses for which Tenant is liable hereunder, if any. Landlord may adjust its estimates of Total Operating Costs at any time based upon Landlord's experience and reasonable anticipation of costs. Such adjustments will be effective as of the Lease. Notwithstanding anything to the contrary in this Section 2, Tenant shall be entitled to an abatement of Base next Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s payment date after notice to Tenant. Only Base Rent shall "Occupancy Period" means the period from the time Tenant first enters the Premises, throughout the Lease Term and thereafter as long as Tenant remains in the Premises. After the end of each fiscal year during the Term, Landlord will deliver to Tenant a statement setting forth, in reasonable detail, the Total Operating Costs paid or incurred by Landlord during the preceding fiscal year. Within thirty (30) days after Tenant's receipt of such statement, there will be abated pursuant to this Section, as more particularly described herein, an adjustment between Landlord and Tenant’s Share of Expenses and Taxes and all other rent and other costs and charges specified in , with payment to or credit given by Landlord (as the Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended herebycase may be).
Appears in 1 contract
Sources: Triple Net Lease Agreement
Base Rent. In addition to Tenant’s obligation to pay Base Rent for Beginning on the Original Premises, during the Temporary Space TermTerm Commencement Date, Tenant shall pay Landlord monthly base rent in the sum initial amount in the Basic Lease Terms which shall be payable monthly in arrears on or before the last day of $11,603.00 per each and every calendar month (“Base Monthly Rent”) provided, however, (i) any prepaid Rent is due and payable upon execution of this Lease as and to the extent set forth in Section 4 below and (ii) if the last day of the Term does not occur on the last day of a calendar month (due to either expiration or earlier termination of this Lease), Base Monthly Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment final month of the Term shall be payable on or before the first last day of each month during the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Term. All such Base If this Lease provides for postponement or suspension of monthly rental payments or for one or more periods of “free” rent or other rent concessions (collectively, “Abated Rent, plus applicable state sales and use taxes, shall be payable by Tenant in accordance with the terms of the Lease. Notwithstanding anything to the contrary in this Section 2”), Tenant shall be entitled to an abatement credited with having paid all of Base the Abated Rent with respect to on the expiration of the Term only if Tenant has (i)occupied all or substantially all of the Premises for the entire Term, and (ii) fully, faithfully and punctually performed all of Tenant’s obligations, including, without limitation, the payment of all Rent (other than the Abated Rent) and all other monetary obligations, and has surrendered the Premises in the monthly amount condition required by this Lease. Upon the occurrence of $11,603.00 per month for a Tenant Default (as defined in Section 18, below) that results in the Temporary Space Term (collectivelytermination of this Lease, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payablepayable in full, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date Lease shall be September 30enforced as if there were no Abated Rent or other Rent concession. In such case, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. Only Base Rent shall be abated pursuant calculated based on the full initial Rent that would have otherwise been payable in the absence of such Abated Rent. For purposes of Section 467 of the Internal Revenue Code, the parties to this SectionLease hereby agree to allocate the stated rents, as more particularly described provided herein, and Tenant’s Share of Expenses and Taxes and all other rent and other costs and charges specified in the Lease, as amended hereby, shall remain as due and payable pursuant to the provisions periods which correspond to the actual Rent payments as provided under the terms and conditions of the this Lease, as amended hereby.
Appears in 1 contract
Sources: Industrial Lease
Base Rent. In addition to Tenant’s obligation to pay Base Rent for the Original Premises, during the Temporary Space Term, Tenant shall pay Landlord rent (herein called "Base Rent") in arrears, in currency that at the sum time of $11,603.00 per payment is legal tender for public and private debts in the United States of America, in installments on each Base Rent Date through the end of the Term. Each payment of Base Rent must be received by Landlord no later than 12:00 noon (San Francisco time) on the date it becomes due; if received after 12:00 noon it will be considered for purposes of this Lease as received on the next following Business Day. Each installment of Base Rent shall represent rent allocable to the Base Rent Period (or portion thereof) ending on the date on which the installment is due. Landlord shall notify Tenant in writing of the Base Rent due for each Base Rent Period at least fifteen (15) days prior to the Base Rent Date on which such period ends. Any failure by Landlord to so notify Tenant shall not constitute a waiver of Landlord's right to payment, but absent such notice Tenant shall not be in default for any underpayment resulting therefrom if Tenant, in good faith, reasonably estimates the payment required, makes a timely payment of the amount so estimated and corrects any underpayment within three (3) Business Days after being notified by Landlord of the underpayment. For all Base Rent Periods subject to a LIBOR Period Election of one month, two months or three months, Base Rent shall be due in one installment on the Base Rent Date upon which the Base Rent Period ends. For Base Rent Periods subject to a LIBOR Period Election of six months, Base Rent shall be payable in two installments, with the first installment becoming due on the Base Rent Date that occurs on the first Business Day of the third calendar month as following the commencement of such Base Rent Period, and with the second installment becoming due on the Base Rent Date upon which the Base Rent Period ends. Notwithstanding the foregoing, if Tenant or any Applicable Purchaser purchases Landlord's interest in the Property pursuant to the Purchase Agreement, any accrued unpaid Base Rent and all outstanding Additional Rent shall be due on the date of purchase in addition to the purchase price and other sums due Landlord under the Purchase Agreement. The Base Rent for each Base Rent Period shall equal the Temporary Space, plus applicable state sales and use taxes, with each such installment payable sum of:
(1) (A) Stipulated Loss Value on or before the first day of each month during such Base Rent Period, times (B) one minus the period beginning sum of the Certificate of Deposit Collateral Percentage for such Base Rent Period and the Securities Collateral Percentage for such Base Rent Period, times (C) the sum of (i) the Effective Rate for such Base Rent Period and (ii) the Spread calculated on the Temporary Space Effective Date and ending tenth (10th) Business Day prior to the day upon which such Base Rent Period commences, times (D) the number of days in such Base Rent Period, divided by (E) three hundred sixty (360); PLUS
(A) Stipulated Loss Value on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Term. All first day of such Base RentRent Period, plus applicable state sales times (B) the Certificate of Deposit Collateral Percentage for such Base Rent Period, times (C) twenty-two and use taxesone-half basis points (22.5/100 of 1%), shall be payable times (D) the number of days in such Base Rent Period, divided by (E) three hundred sixty (360); PLUS
(3) (A) Stipulated Loss Value on the first day of such Base Rent Period, times (B) the Securities Collateral Percentage for such Base Rent Period, times (C) the sum of (i) the Effective Rate for such Base Rent Period and (ii) twenty-two and one-half basis points (22.5/100 of 1%), times (D) the number of days in such Base Rent Period, divided by (E) three hundred sixty (360). To ease the administrative burden of this Lease and the Pledge Agreement, clause (2) in the formula above for calculating Base Rent reflects a reduction in the Base Rent equal to the interest that would accrue on any Cash Collateral required by the Pledge Agreement from time to time if the Accounts (as defined in the Pledge Agreement) bore interest at the Effective Rate. Landlord has agreed to such reduction in the Base Rent to provide Tenant in accordance with the terms economic equivalent of the Lease. Notwithstanding anything to the contrary in this Section 2, Tenant shall be entitled to an abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space interest on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payablesuch Cash Collateral, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, return Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. 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 Lease, as amended hereby, shall remain as due and payable pursuant has agreed to the provisions of the LeasePledge Agreement that excuse the actual payment of interest on the Accounts. By incorporating such reduction of Base Rent into the formula above, and by providing for noninterest bearing Accounts in the Pledge Agreement, the parties will avoid an unnecessary and cumbersome periodic exchange of equal payments. It is not, however, the intent of Landlord or Tenant to understate Base Rent or interest for financial reporting purposes. Accordingly, for purposes of determining Tenant's compliance with the affirmative financial covenants set forth in subparagraph 9.(ac), and for purposes of any financial reports that this Lease requires of Tenant from time to time, Tenant may report Base Rent as amended hereby.if there had been no such reduction and as if the Cash Collateral from time to time required by the Pledge Agreement had been maintained in Accounts bearing interest at the Effective Rate. Assume, only for the purpose of illustration of the calculation of Base Rent: that after the Carrying Costs Accrual Termination Date, a hypothetical Base Rent Period contains exactly ninety (90) days; that, after taking into account all Qualified Payments, the Stipulated Loss Value on the first day of such Base Rent Period is $50,000,000; that the Certificate of Deposit Collateral Percentage for such Base Rent Period is twenty percent (20%); that the Securities Collateral Percentage for such Base Rent Period is thirty percent (30%); that the Effective Rate for the applicable Base Rent Period is 5.5%; and that the Spread for the applicable Base Rent Period is 0.5%. Under such assumptions, the Base Rent for the hypothetical Base Rent Period will equal: $50,000,000 x 50% x (5.5% + 0.5%) x 90/360, or $375,000, PLUS $50,000,000 x 20% x .225% x 90/360, or $5,625, PLUS $50,000,000 x 30% x (5.5% + .225%) x 90/360, or $214,687.5, = $595,312.5
Appears in 1 contract
Sources: Lease Agreement (3com Corp)
Base Rent. In addition to Tenant’s obligation to pay Tenant shall continue paying Base Rent for with respect to the Original Premises, during Expansion Premises and Second Expansion Premises as set forth in Exhibit A to the Temporary Space TermFifth Amendment through December 31, Tenant shall pay Landlord the sum of $11,603.00 per month as Base Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment payable on or before the first day of each month during the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, shall be payable by Tenant in accordance with the terms of the Lease2025. Notwithstanding anything to the contrary contained in this Section 2the Lease, on the Sixth Amendment Adjustment Date, Tenant shall be entitled to an abatement of commence paying Base Rent with respect to the entire Premises in the monthly amount of $11,603.00 39.00 per month for rentable square foot of the Temporary Space Term Premises per year. Base Rent with respect to the entire Premises shall thereafter be increased on each annual anniversary of the Sixth Amendment Adjustment Date (collectivelyeach, a “Sixth Amendment Rent Adjustment Date”) by multiplying the Base Rent payable immediately before such Sixth Amendment Rent Adjustment Date by 3% (the “Abated Base RentSixth Amendment Rent Adjustment Percentage”). However, if Landlord desires ) and adding the resulting amount to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall payable immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012before such Sixth Amendment Rent Adjustment Date. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and as so adjusted, shall thereafter be due as provided herein. Notwithstanding anything to the contrary contained herein, so long as Tenant shall pay Base Rent for is not in Default under the Temporary SpaceLease, effective immediately upon Landlord’s notice to Tenant. Only Base Rent shall be abated pursuant to this Sectionduring (i) the period commencing on January 1, 2026, through March 31, 2026 (the “Initial Base Rent Abatement Period”), and (ii) the period commencing on January 1, 2027, through March 31, 2027 (the “Subsequent Base Rent Abatement Period”; with the Initial Base Rent Abatement Period, collectively, the “Base Rent Abatement Periods”). Tenant shall commence paying full Base Rent on the day immediately following the expiration of the Initial Base Rent Abatement Period and the Subsequent Base Rent Abatement Period, as more particularly described hereinapplicable. For the avoidance of doubt, and Tenant’s Share during the Base Rent Abatement Periods, Tenant shall be required to pay administration rent each month equal to the amount of Expenses and Taxes and all other the administration rent and other costs and charges specified that Tenant would have been required to pay in the Lease, as amended hereby, shall remain as due and payable pursuant to the provisions absence of the Lease, as amended herebythere being Base Rent Abatement Periods.
Appears in 1 contract
Sources: Lease Agreement (Humacyte, Inc.)
Base Rent. In addition to Tenant’s obligation to Tenant shall pay Base Rent for in the Original Premisesamounts set forth in the Basic Lease Provisions above. The Base Rent, during Operating Expenses (hereinafter defined) and any other amounts required to be paid by Tenant to Landlord under this Lease are collectively referred to as “Rent”. The Prepaid Rent (as set forth in the Temporary Space Term, Tenant Basic Lease Provisions above) shall pay Landlord be due and payable on the sum of $11,603.00 per month as date hereof (and shall be applied against Base Rent for the Temporary Spaceand Operating Expenses first coming due under this Lease), plus applicable state sales and use taxesTenant promises to pay to Landlord in advance, with each such installment payable without demand, deduction or set-off, except where expressly provided in this Lease, monthly installments of Base Rent on or before the first day of each calendar month during succeeding the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Commencement Date, prorated . Payments of Base Rent for any partial fractional calendar month within the Temporary Space Termshall 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 and shall constitute rent. Tenant shall have no right at any time to ▇▇▇▇▇, reduce, or set-off any rent due hereunder except where expressly provided in this Lease. Tenant acknowledges that late payment by Tenant to Landlord of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, plus applicable state sales estimated Operating Expenses or other sums due and use taxes, shall be payable by Tenant in accordance with the terms of the Lease. Notwithstanding anything to the contrary in this Section 2hereunder for more than five (5) days after notice from Landlord, Tenant shall pay to Landlord on demand a late charge equal to five percent (5%) of such delinquent sum; provided, however, that the first of such late payment in a 12 month period shall be entitled subject to an abatement of Base Rent with respect a five (5) day written notice and opportunity to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space cure prior to Tenant incurring the foregoing late charge. The parties agree that such late charge represents a fair and reasonable estimate of the costs that Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent will incur by reason of such late payment by Tenant. The late charge shall immediately become due and payablebe deemed to be rent, and notwithstanding anything in Section 1 above the right to the contrary, the Temporary Space Termination Date require it shall be September 30, 2012. If Landlord elects not in addition to lease the Expansion Space to all of Landlord’s other rights and remedies for a payment failure of Tenant, Tenant may continue including the right to lease charge interest on the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. 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 Lease, as amended hereby, shall remain as past due and payable pursuant to the provisions of the Lease, as amended herebyamount.
Appears in 1 contract
Base Rent. In addition to Tenant’s obligation Tenant agrees to pay monthly as Base Rent for the Original Premises, during the Temporary Space Term, Tenant shall pay Landlord term of this Lease the sum of $11,603.00 per month as money set forth in Section 1.5 of this Lease, which amount will be payable to Landlord at the address shown above. Monthly installments of Base Rent for the Temporary Spaceshall be due and payable, plus applicable state sales and use taxesin advance, with each such installment payable on or before the first day of each calendar month during the period beginning term of this Lease- provided that if the Commencement-Date should be a date other than the first day of a calendar month, the monthly Base Rent shall be prorated on a daily basis to the Temporary Space Effective Date end of that calendar month, and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, shall be payable on or before the Commencement Date of this Lease. Tenant shall pay, as additional rent, all other sums due under this Lease. Based on Tenant's approval of the floor plan as depicted in EXHIBIT C by Tenant March 17, 1997, the Landlord agrees that upon Landlord's receipt of a building permit allowing it to construct the Building, Landlord will promptly commence construction of the Building and Premises and shall diligently pursue construction thereof in order to have the Building and the Premises substantially complete on the Commencement Date. For the purposes of this provision, substantially complete shall mean that the Building and Premises are substantially completed in accordance with the terms approved construction documents and the requirements of the LeaseCity of Arden Hills, subject only to punchlist and minor completion items that will not prevent Tenant from occupying and commencing operations within the Premises, which punchlist and minor completion items Landlord agrees to promptly complete. Notwithstanding anything If, prior to June 15, 1997, Landlord determines that it will not be able to deliver the Building and Premises to Tenant in the condition required by the Commencement Date, Landlord shall notify Tenant, in writing, on or before June 15, 1997, and the Commencement Date shall be extended to the contrary in this Section 2actual substantial completion date. In such event, Landlord shall provide Tenant with not less than forty-five (45) days prior written notice of the anticipated substantial completion date. If, subject to force majeure or Tenant caused delays (including Tenant's failure to approve the floor plan by March 17, 1997), the Building and Premises are not substantially complete and ready for Tenant's occupancy by September 1, 1997, Landlord shall pay to Tenant, as a credit against the first installment of Base Rent and additional rent payable hereunder, an amount equal to $500.00 for each day thereafter until the Building and the Premises are substantially complete and ready for Tenant's occupancy. If, subject to force majeure or Tenant caused delays (including Tenant's failure to approve the floor plan by March 1, 1997), the Building and Premises are not substantially complete and ready for Tenant's occupancy by November 1, 1997, Tenant shall be entitled have the option to an abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s terminate this Lease by written notice to Tenant. Only Base Rent shall be abated pursuant Landlord after November 1, 1997 and prior 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions substantial completion of the Lease, as amended herebyBuilding and Premises.
Appears in 1 contract
Sources: Lease (Fair Isaac & Company Inc)
Base Rent. In addition to Tenant’s obligation to pay Base Rent Purchaser will receive a credit at Closing for the Original Premisesprorated amount of all base or fixed rent payable pursuant to the Leases and all Additional Rents (collectively, during “Rent”) previously paid to, or collected by, Seller and attributable to any period from and after the Temporary Space TermClosing Date. Rents are “Delinquent” when they were due prior to the Closing Date, Tenant shall pay Landlord the sum of $11,603.00 per month as Base Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment payable payment thereof has not been made on or before the first day of Closing Date. Delinquent Rent shall not be prorated at Closing. All Rent collected by Purchaser or Seller from each tenant from and after Closing will be applied as follows: (i) first, to Delinquent Rent owed for the month during in which the Closing Date occurs (the “Closing Month”), (ii) second, to any accrued Rents owing to Purchaser, and (iii) third, to Delinquent Rents owing to Seller for the period beginning prior to Closing. Any Rent collected by Purchaser and due Seller will be promptly remitted to Seller. Any Rent collected by Seller and due Purchaser shall be promptly remitted to Purchaser. Purchaser shall use reasonable efforts to collect Delinquent Rents owed to Seller in the ordinary course of its business; by billing the tenants provided, however, that Seller hereby retains the right to pursue any tenant under the Leases for any Rent and other sums due Seller for period attributable to Seller’s ownership of the Property following the expiration of the six (6) month period immediately following the Closing; and provided further, however, Seller (i) shall be required to notify Purchaser in writing of Seller’s intention to commence or pursue any legal proceedings; and (ii) shall not be permitted to commence or pursue any legal proceedings against any tenant seeking eviction of such tenant or the termination of the underlying Lease. “Additional Rents” shall mean any and all amounts due from tenants for operating expenses, common area maintenance charges, taxes, shared utility charges, management fees, insurance costs, other comparable expenses and pass-through charges and any other tenant charges. Purchaser and Seller acknowledge and agree that no reconciliation of tenant tax or expense reimbursements will be performed at the Closing; however, such a reconciliation will be completed prior to April 30, 2008 and Seller agrees to cooperate with Purchaser in connection with such post-Closing reconciliation. If such reconciliation reveals that Seller has received Additional Rents in excess of the amount that tenants were required to pay, based on the Temporary Space Effective Date and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, shall be payable by Tenant in accordance with the terms actual expenses as of the Lease. Notwithstanding anything Closing, then within thirty (30) days after the reconciliation is completed, Seller shall remit such excess amount(s) (the “Excess Amount”) to Purchaser and Purchaser shall promptly remit the applicable portion of such Excess Amount to the contrary in this Section 2applicable tenant. In such event, Tenant Purchaser shall be entitled indemnify, protect and defend Seller and the Seller Indemnified Parties harmless from and against any Losses that Seller or any Seller Indemnified Party suffers or incurs as result of the failure of Purchaser to an abatement of Base Rent deliver the Excess Amount, received by Purchaser from Seller, to the applicable tenant(s); provided, however, that Purchaser’s liability with respect to this indemnity shall be capped at the Premises sum of (1) amount of the Excess Amount received by Purchaser from Seller and not remitted to the applicable tenant(s) plus (2) reasonable attorneys’ fees. If, however, the reconciliation reveals that Seller has received Additional Rents that are less than the amount that tenants were required to pay based on the actual expenses as of the Closing (a “Tenant Deficiency”), then Purchaser shall deliver to Seller the amount of such deficiency within thirty (30) days of the reconciliation pursuant to which the tenants’ payments of such deficient amounts are received by Purchaser. Without limitation of the foregoing, in the monthly amount event there are any Tenant Deficiencies, Purchaser covenants, for a period not to exceed sixty (60) days after such Tenant Deficiency is realized, to ▇▇▇▇ the applicable tenant(s) for such deficient amounts. If, at the end of $11,603.00 per month for the Temporary Space Term applicable sixty (collectively60) day period, such deficiency has not been paid by the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012tenant, then all Abated Base Rent Seller shall immediately become due have the right to commence or pursue legal proceedings against the applicable tenant provided that (y) Seller shall commence such action within ninety (90) days after the expiration of the applicable sixty (60) day period and payable, and notwithstanding anything (z) in Section 1 above to no event shall Seller seek an eviction of such tenant or the contrary, termination of the Temporary Space Termination Date shall be September 30, 2012underlying lease. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. 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 Lease, as amended hereby, shall remain as due and payable pursuant to the The provisions of this Section 14.5 shall survive the Lease, as amended herebyClosing and the delivery of any conveyance documentation.
Appears in 1 contract
Sources: Purchase and Sale Agreement (KBS Real Estate Investment Trust, Inc.)
Base Rent. In addition to Tenant’s obligation A. Beginning on the Commencement Date, and for the remainder of the first Lease Year, the Tenant agrees to pay to the Landlord, without previous demand therefore, and without setoff or deduction whatsoever, the following net monthly rent (“Base Rent”):
(i) Beginning on the Commencement Date through May 30, 2007 - no Base Rent for shall be due; and
(ii) From June 1, 2007 through the Original Premisesremainder of the first Lease Year, during the Temporary Space Term, Tenant shall pay Landlord the sum of $11,603.00 per month as monthly Base Rent for shall be $7,500.00 per month.
B. Commencing with the Temporary Spacefirst day of the second Lease Year, plus applicable state sales to-wit: February 1, 2008 (“First Adjustment Date”) and use taxes, with each such installment payable on or before the first day of each month Lease Year thereafter (“Subsequent Adjustment Date”) during the period beginning on Initial Term and any Option Period, the Temporary Space Effective amount of the monthly Base Rent due under this Lease shall be adjusted to an amount equal to the product of the then-current monthly Base Rent multiplied by a fraction having as its numerator the Consumer Price Index (hereinafter defined) published most recently prior to applicable Adjustment Date and ending on as its denominator the Temporary Space Termination Consumer Price Index published most recently prior to Commencement Date. In the event the new Base Rate cannot be determined as of the Adjustment Date, prorated for any partial month within Tenant shall continue to pay the Temporary Space Term. All such Base Rent due during the prior Lease Year until Landlord notifies Tenant of the Base Rent, plus applicable state sales and use taxesand, shall be payable by Tenant in accordance with the terms within ten (10) days after deliver of the Lease. Notwithstanding anything to the contrary in this Section 2such notice, Tenant shall reimburse Landlord for any accrued but unpaid increase. In no event shall the monthly Base Rent, as adjusted on any Adjustment Date, be entitled to an abatement of less than three percent (3%) over the Base Rent with respect to payable during the Premises in prior Lease year, nor increase by more than seven percent (7%) over the monthly amount Base Rent payable during the prior Lease Year.
C. As used herein, the term “Consumer Price Index” shall mean the bi-monthly Consumer Price Index published by the Bureau of $11,603.00 per month Labor Statistics of the U.S. Department of Labor, using the index titled “Consumer Price Index - - All Items - - All Urban Consumer (CPI-U) (1982-84=100)” for the Temporary Space Term (collectivelyAtlanta, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012Georgia Standard Metropolitan Statistical Area. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but Consumer Price Index shall no longer be entitled to the Abated Base Rentpublished or cannot be adjusted, then another index generally recognized as authoritative shall be substituted therefore by Landlord, and Tenant the term “Consumer Price Index” shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice refer to Tenant. 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended herebysuch substituted index.
Appears in 1 contract
Sources: Ground Lease (Force Protection Inc)
Base Rent. In addition to Tenant’s obligation to pay Base Rent for the Original Premises, during the Temporary Space Term, (a) Tenant shall pay Landlord the sum of $11,603.00 per month as monthly Base Rent for in the Temporary Spaceamounts set forth on the first page of this Lease. The Prepaid Rent (as set forth in the Basic Lease Provisions above) shall be due and payable upon Tenant's execution and delivery of this Lease (and shall be applied against Base Rent and Operating Expenses first coming due under this Lease). Tenant promises to pay to Landlord in advance, plus applicable state sales and use taxeswithout demand, with each such installment payable deduction or set-off, monthly installments of Base Rent on or before the first day of each calendar month during succeeding the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Commencement Date, prorated . Payments of Base Rent for any partial fractional calendar month within the Temporary Space Termshall be prorated. All such Base Rent, plus applicable state sales and use taxes, 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 Tenant written notice delivered in accordance with herewith; provided, however, Tenant shall have the terms right to pay rent electronically pursuant to Landlord’s ACH procedures. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations and shall constitute rent. Tenant shall have no right at any time to ▇▇▇▇▇, reduce, or set-off any rent due hereunder except where expressly provided in this Lease. Notwithstanding anything , and shall not be excused from paying any rent due hereunder for any reason whatsoever, except as expressly set forth to the contrary in this Section 2Lease. Tenant acknowledges that late payment by Tenant to Landlord of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, estimated Operating Expenses or other sums due and payable hereunder for more than [***] ([***]) days, Tenant shall pay to Landlord on demand a late charge equal to [***] percent ([***]%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of such late payment by Tenant. The late charge shall be deemed to be rent, and the right to require it shall be in addition to all of Landlord's other rights and remedies for a payment failure of Tenant, including the right to charge interest on the past due amount.
(b) Subject to the terms and conditions of this Paragraph 4(b), provided that Tenant is not then in default under this Lease, Tenant shall be entitled to an abatement credited with the payment of monthly Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space first [***] ([***]) full calendar months of the initial Lease Term only (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated "Base Rent shall immediately become Credit"), in each case as and when the same becomes due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on for a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay total Base Rent for Credit equal to Eight Hundred Fifteen Thousand Nine Hundred Sixty-Five and No/100 Dollars ($815,965.00) in the Temporary Space, effective immediately upon Landlord’s notice to Tenantaggregate. Only Such Base Rent Credit shall be abated pursuant to not reduce or limit any other amounts which are otherwise payable by Tenant under this SectionLease (including, as more particularly described hereinwithout limitation, and Tenant’s Share of Expenses and Taxes and all other rent and other costs and charges specified in the Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended herebyOperating Expenses).
Appears in 1 contract
Base Rent. In addition Tenant shall pay to Landlord, as rent for the Premises, in advance, on the first day of each calendar month, commencing on the Commencement Date (but subject to the conditional Base Rent abatement referred to in Paragraph 1.10 above) and continuing throughout the Lease Term, the Base Rent set forth in Paragraph 1.10 above (and Paragraph 3.4 above, if applicable). Base Rent shall be prorated, based on thirty (30) days per month, for any partial month during the Lease Term. Base Rent shall be payable, except as otherwise expressly set forth in this Lease, without deduction, offset, prior notice or demand in lawful money of the United States to Landlord at the address herein specified for purposes of notice or to such other persons or such other places as Landlord may designate in writing. Notwithstanding the foregoing, at Tenant’s request Landlord shall provide Landlord’s banking information (“Landlord’s ACH Account Information”) so that Tenant can pay Base Rent and Additional Rent (as defined below) by Electronic Funds Transfer (EFT) as an Automated Clearing House (“ACH”) transaction. Any such ACH transfers shall be paid by Tenant, from Tenant’s account in a bank or financial institution designated by Tenant and credited to Landlord’s bank account as Landlord shall have designated in Landlord’s ACH Account Information. Tenant shall not be in default of Tenant’s obligation to pay Base Rent and/or Additional Rent if and for the Original Premises, during the Temporary Space Term, so long as Tenant shall pay Landlord the sum of $11,603.00 per month as Base Rent for the Temporary Space, plus applicable timely comply with ACH transfer requirements and accurately state sales and use taxes, with each such installment payable on or before the first day of each month during the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, shall be payable by Tenant in accordance with the terms of the Lease. Notwithstanding anything to the contrary in this Section 2, Tenant shall be entitled to an abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”)Landlord’s ACH Account Information. However, if Landlord desires to lease Tenant shall have timely complied with ACH transfer requirements, but the Expansion Space to Tenant and Landlord and Tenant applicable funds shall thereafter have been misdirected or not entered into a lease amendment accounted for properly by the Expansion Space on or before August 31, 2012recipient bank designated by Landlord, then all Abated Base Rent Tenant shall immediately become reasonably cooperate with Landlord in an effort to recover the misdirected funds and the same shall not relieve Tenant’s obligation to make the payment so transferred (but Tenant shall not be required to be out-of-pocket the applicable payment amount in a duplicate amount due and payable, and notwithstanding anything in Section 1 above to such misdirected payment or payment not accounted for properly by the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basisrecipient bank), but shall toll the due date for such payment until the applicable funds shall have been located and deposited in Landlord’s bank account. In the event that Landlord elects to designate a different bank or financial institution into which any ACH transfer is to be deposited, notification of such change and the required documents, instruments, authorizations, and any modified Landlord’s ACH Account Information, must be delivered to Tenant no longer be entitled later than 30 days prior to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice date such change is to Tenant. 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended herebybecome effective.
Appears in 1 contract
Base Rent. In addition Tenant shall pay Landlord rent (herein called "BASE RENT") in arrears, in currency that at the time of payment is legal tender for public and private debts in the United States of America, in monthly installments on each Base Rental Date through the end of the Term. Each payment of Base Rent must be received by Landlord no later than 10:00 A.M. (San Francisco time) on the date it becomes due; if received after 10:00 A.M. it will be considered for purposes of this Lease as received on the next following Business Day. Each installment of Base Rent shall represent rent allocable to Tenant’s obligation the Construction Period or Base Rental Period ending on the date on which the installment is due. Landlord shall notify Tenant in writing of the Base Rent due for the Construction Period ending on the Base Rental Commencement Date (if any) and for each Base Rental Period at least three (3) days prior to pay the Base Rent Commencement Date or Base Rental Date on which such period ends, but any failure by Landlord to so notify Tenant shall not constitute a waiver of Landlord's right to payment. If Tenant or any other Applicable Purchaser purchases Landlord's interest in the Leased Property pursuant to the Purchase Agreement, any Base Rent for the Original Premisesmonth (or shorter period) ending on the date of purchase and all outstanding Additional Rent shall be due on the Designated Payment Date in addition to the purchase price and other sums due Landlord under the Purchase Agreement. The Base Rent payable on the Base Rental Commencement Date shall equal the difference (if any) between (a) total Carrying Costs that would have been added to the Outstanding Construction Allowance on such date if the Construction Allowance available hereunder were not limited to the Maximum Construction Allowance, during and (b) the Temporary Space TermCarrying Costs actually added on such date to the Outstanding Construction Allowance. The Base Rent for each Base Rental Period shall equal (A) Stipulated Loss Value on the first day of such Base Rental Period, Tenant shall pay Landlord times (B) the sum Effective Rate with respect to such Base Rental Period, times (C) the number of days in such Base Rental Period, divided by (D) three hundred sixty (360). Assume, only for the purpose of illustration: that a hypothetical Base Rental Period contains exactly thirty (30) days; that on the first day of such Base Rental Period, after the entire Construction Allowance had been funded, and after deducting a total of $11,603.00 per month as 13,200,000 of Qualified Payments received by Landlord, the resulting Stipulated Loss Value is $5,000,000; and that the Effective Rate computed with respect to the applicable Base Rental Period is 6%. Under such assumptions, the Base Rent for the Temporary Spacehypothetical Base Rental Period will equal: $5,000,000 x 6% x 30/360, plus applicable state sales and use taxes, with each such installment payable on or before the first day of each month during the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, shall be payable by Tenant in accordance with the terms of the Lease. Notwithstanding anything to the contrary in this Section 2, Tenant shall be entitled to an abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended hereby25,000.
Appears in 1 contract
Base Rent. In addition to Tenant’s obligation to Tenant shall pay Base Rent in the amounts in the table of Base Rent set forth on the first page of this Lease. The Base Rent payable for the Original Premisessixth (6th) Lease Month, during the Temporary Space TermSecurity Deposit, and the first monthly installment of estimated Operating Expenses (as hereafter defined) shall be due and payable on the date hereof, and Tenant shall promises to pay to Landlord the sum in advance, without demand, deduction or set-off, monthly installments of $11,603.00 per month as Base Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment payable on or before the first day of each calendar month during succeeding the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, shall be payable by Tenant sixth (6th) Lease Month in accordance with the terms table of Base Rent set forth on the first page of this Lease. Notwithstanding anything Payments of Base Rent 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 contrary obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to ▇▇▇▇▇, reduce, or set-off any rent due hereunder except where expressly provided in this Section 2Lease. Tenant acknowledges that late payment by Tenant to Landlord of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, estimated Operating Expenses or other sums due and payable hereunder for more than seven (7) days, Tenant shall be entitled pay to an abatement Landlord on demand a late charge equal to five percent (5%) of Base Rent such delinquent sum; provided, however, Tenant shall not incur such late charge with respect to the Premises in first late payment during any calendar year so long as Tenant pays the monthly amount due within ten (10) days after receipt of $11,603.00 per month written notice that such payment was not made when due. In addition, all payments required of Tenant hereunder which are more than 30 days past due shall bear interest from the date due until paid at the lesser of fifteen percent or the maximum lawful rate of interest. The parties agree that such late charge and interest represent a fair and reasonable estimate of the costs that Landlord will incur by reason of such late payment by Tenant. The provision for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date such late charge shall be September 30in addition to all of Landlord’s other rights and remedies hereunder or at law and shall not be construed as a penalty. Additionally, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Spaceto Landlord all sales, effective immediately upon Landlord’s notice to Tenant. Only Base Rent shall use, transaction privilege, or other excise tax that may at any time be abated pursuant to levied or imposed upon, or measured by, any amount payable by Tenant under 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended hereby.
Appears in 1 contract
Sources: Lease Agreement (Systemax Inc)
Base Rent. In addition to Tenant’s obligation (a) Tenant agrees to pay Base Rent for during each month of the Original Premises, during the Temporary Space Term, Tenant shall pay Landlord the sum of $11,603.00 per month Lease Term as Base Rent (“Base Rent”) for the Temporary SpacePremises the sums shown for such periods in Item 5 of the Basic Lease Provisions.
(b) Except as expressly provided to the contrary herein, plus applicable state sales Base Rent shall be payable in consecutive monthly installments, in advance, without demand, deduction or offset, commencing on the Commencement Date and use taxes, with each such installment payable continuing on or before the first day of each calendar month thereafter until the expiration of the Lease Term. The first full monthly installment of Base Rent and of Tenant’s Proportionate Share Office (as defined below) and Tenant’s Proportionate Share Building (as defined below) of applicable estimated Operating Expenses due pursuant to Paragraph 3(e) shall be payable upon the Commencement Date of this Lease. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. If the commencement date for any Expansion Space (as defined in Paragraph 21(a) hereof) is a day other than the first day of a calendar month, or the Lease Term expires on a day other than the last day of a calendar month, then the Rent for such partial month shall be calculated on a per diem basis. In the event Landlord delivers to Tenant and Tenant accepts possession of any Expansion Space pursuant to Paragraph 21, prior to the commencement date therefor, Tenant agrees it shall be bound by and subject to all terms, covenants, conditions and obligations of this Lease during the period beginning on between the Temporary Space Effective Date date possession is accepted by Tenant and ending on the Temporary Space Termination Datecommencement date, prorated for any partial month within other than the Temporary Space Term. All such payment of Base Rent, plus applicable state sales and use taxes, in the same manner as if delivery had occurred on the commencement date.
(c) The parties agree that for all purposes hereunder the Premises shall be payable by Tenant stipulated to contain the number of square feet of Rentable Area described in Item 3 of the Basic Lease Provisions. As used herein, “Rentable Area” shall mean the rentable area of space in the Building calculated generally in accordance with the terms of the Lease. Notwithstanding anything to the contrary in this Section 2, Tenant shall be entitled to an abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended herebyWDCAR methodology.
Appears in 1 contract
Sources: Office Lease (Carlyle Group L.P.)
Base Rent. In addition The “Commencement Date” shall mean the date on which the Substantial Completion Date (as defined in Exhibit B) occurs. Lessor and Lessee will confirm in writing the Commencement Date. Subject to Tenant’s obligation to pay Base any Project Delays (as defined in Exhibit B), commencing on the later of the Commencement Date or April 1, 2023 (the “Rent for the Original PremisesCommencement Date”), during the Temporary Space Term, Tenant Lessee shall pay Landlord to Lessor as base annual rent an amount equal to the sum of $11,603.00 per month as Final Cost multiplied by NINE AND TWENTY-FIVE HUNDREDTHS PERCENT (9.25%) (“Base Rent for the Temporary SpaceRent”), plus applicable state sales and use taxes, with each such installment payable to Lessor in twelve equal monthly installments in advance on or before the first day of each calendar month during the period beginning on Term at such place as Lessor shall designate from time to time in writing, without offset, deduction or demand. By way of example, in the Temporary Space Effective Date and ending on event the Temporary Space Termination DateFinal Cost is $10,000,000, prorated the annual Base Rent shall be $925,000, payable in monthly installments of $77,083.33. Base Rent for any partial period during the Term which is less than one (1) month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, shall be payable by Tenant paid in accordance with the terms a pro rata portion of the Leasemonthly rental installment amount. Notwithstanding anything Lessor shall deliver notice to Lessee of Lessor’s calculation of the contrary Base Rent at the same time Lessor delivers notice to Lessee that Lessor’s Work is substantially complete (the “Base Rent Notice”). In addition, Lessee acknowledges that all costs and expenses comprising the Final Cost which are used in this Section 2, Tenant shall be entitled to an abatement the calculation of Base Rent with respect may not be available at the time Lessor delivers notice that Lessor’s Work is complete, therefore, Lessor shall have the right, for a period of six (6) months after Lessor delivers the Base Rent Notice, to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term deliver written notice to Lessee (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Adjusted Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above Notice”) adjusting Base Rent to reflect the contrary, the Temporary Space Termination Date shall be September 30, 2012actual Final Cost. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant Lessee shall pay Base Rent for as set forth in the Temporary Space, effective Adjusted Monthly Rent Notice on the first day of the month immediately upon Landlordfollowing Lessee’s notice to Tenant. Only receipt of the Adjusted Base Rent Notice and, in addition, Lessee shall be abated pursuant pay 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 Lessor the incremental difference in Base Rent for any prior months in the Leaseevent Base Rent as set forth in the Adjusted Base Rent Notice is greater than the Base Rent set forth in the Base Rent Notice. In the event such incremental difference in Base Rent is greater than $20,000, as amended hereby, shall remain as due and payable pursuant to it may be paid in six equal installments over the provisions of six months following the Lease, as amended herebyAdjusted Monthly Base Rent Notice.
Appears in 1 contract
Sources: Charter School Lease
Base Rent. In addition Lessee shall pay to Tenant’s Lessor Base Rent on each Rent Payment Date during the Base Term in the amount set forth in the "Base Rent" column on Schedule 3.1 attached hereto and incorporated herein, and shall pay to Lessor Base Rent on each Rent Payment Date during any Renewal Term as prescribed by Article 5. Notwithstanding the payment schedule for Base Rent for the Base Term as set forth on Schedule 3.1, the amounts of rent (other than Supplemental Rent) on account of the use of the Property which are allocated to each semi-annual period ending on August 14 or February 14 (for purposes of this Section 3.1 and Section 3.6, a "semi annual period") during the Base Term shall equal the amounts set forth in the column of Schedule 3.1 titled "Allocated Rent" for such period. To the extent the Base Rent payable in any semi-annual period exceeds the Allocated Rent for such period, the amount of such excess shall be treated as a reduction in the cumulative Deferred Rent ( as defined below) for all prior semi-annual periods, and to the extent such excess exceeds the cumulative Deferred Rent for all prior semi-annual periods (the "Prepaid Rent"), the amount of such Prepaid Rent shall thereafter be treated as a reduction in the amount by which the Allocated Rent for future semi-annual periods exceeds the Base Rent payable in such semi-annual periods. To the extent that the Allocated Rent for any semi-annual period exceeds the Base Rent payable in such semi-annual period, the amount of such excess shall be treated as a reduction in cumulative Prepaid Rent (as defined above) for all prior semi-annual periods, and to the extent such excess exceeds the cumulative Prepaid Rent for all prior semi-annual periods (the "Deferred Rent"), the amount of such Deferred Rent shall thereafter be treated as a reduction in the amount by which the Base Rent payable in future semi-annual periods exceeds the Allocated Rent for such semi-annul periods. Neither the Prepaid Rent nor the Deferred Rent will bear interest. Lessor shall have no obligation to apply the Prepaid Rent to offset any obligation of Lessee other than Lessee's liability for Allocated Rent. Lessee shall have no obligation to make any payment to Lessor on account of Allocated Rent other than the scheduled payments of Base Rent. The allocation of Allocated Rent is intended to constitute a specific allocation of rent under Treasury Regulation Section 1.467-1(c)(2)(ii)(A), and the existence, timing, and amount of, and any adjustments to, Allocated Rent, Prepaid Rent and Deferred Rent are intended to be utilized solely for such purpose. Notwithstanding anything herein to the contrary, neither the existence or amount of, or timing of adjustments to, Allocated Rent, Prepaid Rent or Deferred Rent shall in any way affect the timing, amount or unconditional nature of Lessee's obligations to pay Base Rent for or any other amounts payable under this Lease Agreement. In the Original Premises, during event of any other termination of the Temporary Space Lease prior to the scheduled expiration of the Base Term, Tenant shall pay Landlord regardless of whether caused by the sum acts or omissions of $11,603.00 per month as Base Rent for the Temporary SpaceLessee or otherwise, plus applicable state sales then in addition to (and use taxesnot in substitution for) any other rights and remedies to which Lessor may be entitled under this Agreement or otherwise, with each such installment payable on or before the first day of each month during the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, shall be payable by Tenant in accordance with the terms of the Lease. Notwithstanding anything to the contrary in this Section 2, Tenant Lessor shall be entitled to an abatement retain the then unapplied portion of Base the Prepaid Rent with respect to the Premises in the monthly amount of $11,603.00 per month consideration for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into loss incurred by Lessor as a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. Only Base Rent shall be abated pursuant to this Section, as more particularly described herein, and Tenant’s Share result of Expenses and Taxes and all other rent and other costs and charges specified in the Lease, as amended hereby, shall remain as due and payable pursuant to the provisions such early termination of the Lease, it being agreed by the parties hereto that such portion of the Prepaid Rent and such other rights and remedies to which Lessor is then entitled reflect the loss incurred by Lessor as amended herebya result of such early termination.
Appears in 1 contract
Sources: Lease Agreement (Txu Corp /Tx/)
Base Rent. In addition to Tenant’s obligation to pay The Base Rent for effective as of the Original Premises, Relocation Date shall be: *Provided that Tenant is not in default of the Lease beyond any applicable grace period at any time during the Temporary Space Termabatement period, Tenant shall pay Landlord have a Rent credit in the sum amount of $11,603.00 per month as the Base Rent owed for the Temporary Spacefirst three full calendar months following the Relocation Date, plus applicable state sales and use taxeswhich credit shall be applied to the installments of Base Rent due for those months. Accordingly, with each such installment payable if the Relocation Date occurs on or before a day other than the first day of each the month, the prorated Rent for the first partial month of the Lease Term shall be due on the Relocation Date and the rent abatement period shall commence on the first day of the first full calendar month of the Lease Term following the Relocation Date and shall expire on the last day of the third full calendar month of the Lease Term following the Relocation Date. Tenant shall remain liable for all additional rent owed under the Lease during the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Daterent abatement period, prorated for any partial month within the Temporary Space Termsuch as, but not limited to, Tenant’s Allocated Share of Operating Costs. All such Base Rent, plus applicable state sales and use taxes, shall be payable by Tenant in accordance with the terms of the Lease. Notwithstanding anything to the contrary in this Section 2, Tenant shall be entitled to an The abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month provided for the Temporary Space Term herein (collectively, the “Abated Base Free Rent”)) is conditioned upon Tenant’s full and timely performance of all of its obligations under the Lease. HoweverAt any time during the Lease Term, if Landlord desires to lease Tenant is in default under the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012Lease beyond any applicable grace period provided therefor, then all Abated the abatement of Base Rent provided for herein shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rentvoid, and Tenant shall promptly pay Base Rent for the Temporary Spaceto Landlord, effective immediately upon Landlord’s notice in addition to Tenant. 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 amounts due to Landlord under the Lease, as amended hereby, shall remain as due and payable pursuant to the provisions full amount of the Lease, as amended herebyall Base Rent herein abated. Base Rent amounts do not include applicable sales tax.
Appears in 1 contract
Sources: Lease Agreement (FlexShopper, Inc.)
Base Rent. In addition to Tenant’s obligation to pay Base Rent for the Original Premises, during the Temporary Space Term, Tenant shall pay Landlord the sum of $11,603.00 per month as Annual Base Rent during the Term (the minimum rent due and payable under this Lease) without prior demand, offset or deduction at the rates set forth in the Lease Declarations (dates inclusive). Additionally, provided Tenant is not then in default of its obligations under this Lease, Tenant shall be entitled to the Rent Credit, as prescribed in the foregoing Lease Declarations. Notwithstanding the foregoing, if, prior to the four (4) year anniversary of the Commencement Date, this Lease is terminated by Landlord due to Tenant’s default(s) beyond any applicable notice and cure period prior to the Expiration Date (or upon the occurrence of any bankruptcy events as forth in Article 27 of this Lease) then, Tenant shall owe Landlord, as additional rent, the then unamortized value (amortized on a straight-line monthly basis from the Rent Commencement Date through the natural Expiration Date) of the cost of Landlord’s Work, the monetary value of the free rent between the Commencement Date and Rent Commencement Date, Rent Credit applied to Tenant’s account, and commissions paid for ▇▇▇▇▇▇’s Broker, and such payment obligation shall expressly survive the Temporary Space, plus applicable state sales and use taxes, with each such installment payable expiration or termination of this Lease. Annual Base Rent shall be paid in monthly installments in advance on or before the first day of each month during the period beginning Term hereof, except that Tenant shall pay the first monthly installment thereof in advance on the Temporary Space Effective Date execution hereof. Unless and ending on until otherwise designated by Landlord in writing, all Annual Base Rent and additional rent payable under this Lease shall be paid to Landlord’s legal name as prescribed in the Temporary Space Termination DateLease Declarations, prorated c/o Two Trees Management, ▇▇ ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇. Monthly installments of Annual Base Rent payable for any a partial month within shall be prorated on a per diem basis based upon the Temporary Space Termnumber of days in the relevant month. All such Base Rent, plus applicable state sales and use taxes, shall be charges, costs, expenses and sums payable by Tenant hereunder are deemed additional rent (whether or not expressly designated as such). Tenant shall pay Annual Base Rent and additional rent as provided in accordance with the terms this Lease in lawful money of the Lease. Notwithstanding anything to the contrary in this Section 2United States, Tenant which shall be entitled legal tender in payment of all debts and dues, public and private at the time of payment, at the office of Landlord or such other place as Landlord may designate, without any set-off or deduction whatsoever. Any delay or failure of Landlord or its agent to an abatement prepare and deliver any bill, statement or invoice shall not constitute a waiver of Base Rent the right to collect any payment that may have become due under this Lease, including, without limitation, retroactive payments for any and all amounts unbilled. If no date shall be set forth herein for the payment of additional rent and same are not recurring monthly charges, then such sum shall be due and payable within thirty (30) days after the date upon which Landlord demands such payment. If any additional rent is not paid when due, Landlord shall have all the rights and remedies with respect to the Premises collection of the same and the enforcement of the Tenant’s obligation to pay the same as in this Lease provided, and such rights and remedies as are available at law, equity or otherwise, in the monthly amount case of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated non-payment of Annual Base Rent”. Although this Article is intended to facilitate the collection rights and remedies of Landlord under this Lease, it is not intended to alter the principal of reimbursable items payable by Tenant to Landlord, which reimbursable items shall in no event be deemed “income” to Landlord under any provisions of relevant tax law, or otherwise. If any check of Tenant is dishonored, all subsequent checks shall be either certified checks or a check drawn upon a New York City Bank that is a member of The Clearing House Payments Company L.L.C. (or its successor). HoweverFor the purposes of this Lease, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31“additional rent” shall mean all sums of money, 2012, then all Abated other than Annual Base Rent as shall immediately become due and payable, and notwithstanding anything in Section 1 above payable from Tenant to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. Only Base Rent shall be abated under or 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended hereby.
Appears in 1 contract
Sources: Lease Agreement (BuzzFeed, Inc.)
Base Rent. In addition to Tenant’s obligation to pay Base Rent for the Original Premises, during the Temporary Space Term, Tenant shall pay Landlord the sum of $11,603.00 per month as Base Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment payable on or before the first day of each month during the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, shall be payable by Tenant in accordance with the terms of the Lease. Notwithstanding anything to the contrary in this Section 2, Tenant shall be entitled to an abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and a) Tenant shall pay Base Rent for in the Temporary Space, effective immediately upon Landlordamount set forth above. The first month’s notice to Tenant. Only Base Rent and the first monthly installment of estimated Operating Expenses (as hereafter defined) 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 Lease, as amended hereby, shall remain as due and payable pursuant to on the provisions six (6) month anniversary of the Commencement Date and Tenant promises to pay to Landlord in advance, without demand, deduction or set-off, all monthly installments of Base Rent on or before the fifth (5th) day of each calendar month succeeding the first payment of the Base Rent. Payments of Base Rent 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 have no right at any time to a▇▇▇▇, reduce, or set-off any rent due hereunder except where expressly provided in this Lease. Tenant acknowledges that late payment by Tenant to Landlord of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, estimated Operating Expenses or other sums due and payable hereunder (collectively, “Rent”) for more than ten (10) days, Tenant shall pay to Landlord on demand a late charge equal to five percent (5%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of such late payment by Tenant. 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 amended herebya penalty.
Appears in 1 contract
Sources: Commercial Lease Agreement (Grown Rogue International Inc.)
Base Rent. In addition to Tenant’s obligation to pay Base Rent for the Original Premises, during the Temporary Space Term, Tenant shall pay Landlord the sum of $11,603.00 per month as Base Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment payable on or before the first day of each month during the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Termin an amount equal to $7,240.75 per month. All such Base Rent, plus applicable state sales and use taxes, Rent shall be payable by Tenant in accordance with the terms of the Lease. Notwithstanding anything the foregoing to the contrary in this Section 2contrary, Tenant shall be entitled Landlord hereby agrees to an abatement of waive Tenant’s obligation to pay Base Rent with respect to for the Premises in the monthly amount of $11,603.00 per month Temporary Space for the Temporary Space Term (collectively, the “Abated Base Rent”). However; provided, however, if Landlord desires to lease for any reason the Expansion Space to Tenant 10th Floor Amendment is not fully executed and delivered by Landlord and Tenant have not entered into a lease amendment for prior to the Expansion Temporary Space on or before August 31, 2012Termination Date, then all Abated Base Rent Tenant shall immediately become due and payable, and notwithstanding anything in Section 1 above pay to the contrary, Landlord on the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled an amount equal to the Abated Base Rent. Such amount shall be deemed additional Rent under the Lease. Notwithstanding the foregoing, if (i) the 10th Floor Amendment is not executed and delivered by Landlord prior to the Temporary Space Termination Date, for any reason other than delays by Tenant, or Tenant’s bad faith in negotiating the 10th Floor Amendment, and/or (ii) there are delays in delivering the Substitution Space to Tenant by the Temporary Space Termination Date which are not caused by Tenant Delay (collectively, “Excused Delay”), the Temporary Space Term will be deemed extended for the period of such Excused Delay, and Tenant shall not be required to pay Base the Abated Rent for the Temporary Space, effective immediately upon Landlord’s notice solely due to Tenant. 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended herebysuch Excused Delay.
Appears in 1 contract
Sources: Office Lease Agreement (Velti PLC)
Base Rent. Sublessee shall pay to Sublessor the following amounts annually as base rent (the "Base Rent"): ---------------------------------------------------------- --------------------------- Dates Base Rent ---------------------------------------------------------- --------------------------- Commencement Date until September 8, 2006 (the end of $ 483,500.16 per year the 8th lease year under the Prime Lease) ---------------------------------------------------------- --------------------------- From September 9, 2006 (the beginning of the 9th lease $ 515,198.16 per year year) until Expiration Date ---------------------------------------------------------- --------------------------- In addition addition, Sublessee shall pay as additional rent hereunder ("Additional Rent") Sublessee's Share (as hereinafter defined) of amounts from time to time payable by Sublessor as "Tenant’s obligation " as Additional Rent under the Prime Lease, including without limitation amounts for Real Estate Tax Escalation, Operating Cost Escalation and Park Common Expenses, in each case as defined in the Prime Lease. "Sublessee's Share" is 51.52% of what Sublessor is obligated to pay for such costs. Because Sublessor pays 35.22% of such costs ("Tenant's Proportionate Share" in the Prime Lease), Sublessee is required to pay 18.15% of the total of such costs under the Prime Lease. In addition, either (a) Sublessee shall pay as Additional Rent an allocation of amounts due for payment for electricity, water, gas, HVAC and other utility charges with respect to the Subleased Premises as equitably determined by Sublessor and Sublessee or (b) at Sublessor's election, the Subleased Premises shall be separately metered at Sublessor's sole cost and expense and Sublessee shall pay all utility charges directly to the utility providers. Base Rent for shall be due and payable in equal monthly installments in advance on the Original Premises, during the Temporary Space Term, Tenant shall pay Landlord the sum of $11,603.00 per month as Base Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment payable on or date that is five (5) days before the first day of each calendar month during without demand, deduction, offset or abatement, at the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Dateaddress of Sublessor, prorated for any partial month within the Temporary Space Termor at such other place as Sublessor may designate. All such Base Rent, plus applicable state sales and use taxes, shall be payable by Tenant in accordance with the terms of the Lease. Notwithstanding anything to the contrary in this Section 2, Tenant shall be entitled to an abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. Only Base Rent shall be abated pursuant to this Sectionpro rated for any partial month. Sublessee shall pay monthly estimates of Operating Cost Escalation. Real Estate Tax Escalation and Park Common Expenses, as more particularly described hereinapplicable from time to time, and Tenant’s Share on the date that is five days prior to the first day of Expenses and Taxes and each calendar month. Sublessee shall pay all other rent and other costs and charges specified in the Lease, as amended hereby, shall remain as due and payable pursuant Additional Rent to the provisions of the Lease, as amended herebySublessor not less than five (5) business days after demand from Sublessor.
Appears in 1 contract
Sources: Sublease (Antigenics Inc /De/)
Base Rent. In addition to Tenant’s obligation to pay Base Rent for the Original Premises, during the Temporary Space Term, Tenant shall pay to Landlord the sum of $11,603.00 per month as Base Rent for the Temporary SpacePremises the amounts specified in Paragraph 1.01D for each of the Office Premises and the Storage and Data Premises, plus applicable state sales and use taxespayable in equal consecutive monthly installments as specified in said Paragraph 1.01.D, with each such installment payable in advance, on or before the first day of each and every calendar month during the period beginning on Term without demand, notice or offset provided, however, that if the Temporary Space Effective Commencement Date and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, shall be payable by Tenant in accordance with a day other than the terms first day of a calendar month, then the Lease. Notwithstanding anything to the contrary in this Section 2, Tenant shall be entitled to an abatement schedule of Base Rent with respect to set forth in Paragraph 1.01.D will be measured from the Premises in first (1st) calendar month of the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Spacefractional month in which the Commencement Date occurred at the rate otherwise due for the first (1st) complete calendar month but prorated on the basis of the number of days during the month this Lease was in effect in relation to the total number of days in such month. Notwithstanding the forgoing, effective all Base Rent (but no other Rent) shall be conditionally abated in its entirety for months one (1) through seven (7) of the Term (the “Abatement Period”). To illustrate, if the Commencement Date is July 10, 2010, then the Abatement Period would commence on the Commencement Date and end on February 9, 2011. However, If a default by Tenant under the Lease occurs, then (i) if the Abatement Period has not expired or terminated, the Abatement Period shall immediately terminate and Tenant shall immediately commence payment of full Base Rent, and (ii) if Landlord terminates the Lease or Tenant’s possession of the Premises due to such default Tenant shall pay to Landlord upon demand, for loss of the bargain and not as a penalty, all previously abated Base Rent and Additional Rent Termination of the Abatement Period and the obligation to repay abated Base Rent will be without limitation of Landlord’s notice to other remedies for a default by Tenant. 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended hereby.
Appears in 1 contract
Base Rent. In addition A. Tenant covenants and agrees to Tenant’s obligation pay to Landlord for the Leased Premises base rent ("Base Rent") at the rate of thirty-four cents (34 cents) per square foot per month (the "Base Rent Rate"), in advance, in equal monthly installments of $114,147.86 per month ($1,369,744.32 per year). Landlord and Tenant acknowledge that the foregoing monthly and annual amounts are based on the assumption that the Labeltech Space constitutes 2,279 square feet. At the time Landlord and Tenant determine the actual square footage of the Labeltech Space as provided in Paragraph 1(B) above, the monthly and annual Base Rent amounts will be adjusted accordingly. Further, at such time as the Labeltech Space is added to the Leased Premises in accordance with the provisions of Paragraph 1(B), Tenant will pay Base Rent for with respect thereto at the Original Premises, during the Temporary Space Term, Tenant shall pay Landlord the sum of $11,603.00 per month as Base Rent for Rate. Base Rent shall be payable, in lawful money of the Temporary SpaceUnited States, plus applicable state sales and use taxes, with each such installment payable on or before the first day of each calendar month during the period beginning on Lease Term, except that the Temporary Space Effective Date and ending on the Temporary Space Termination Date, prorated rental payment for any partial fractional calendar month within at the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, commencement or end of the Lease Term shall be payable prorated.
B. All sums, charges and other payments to be made by Tenant in accordance with the terms under any of the Lease. Notwithstanding anything to the contrary in provisions of this Section 2, Tenant shall be entitled to an abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. Only Lease other than Base Rent shall be abated pursuant deemed to this Section, be supplemental rent ("Supplemental Rent"). Base Rent and Supplemental Rent shall be collectively referred to herein as more particularly described "Rent".
C. All Rent payable to Landlord shall be paid by Tenant to Landlord at Landlord's address specified herein, or to such other person and/or at such other address as Landlord may direct by notice to Tenant.
D. It is the purpose and Tenant’s Share intent of Expenses Landlord and Taxes Tenant that the Rent payable hereunder shall be absolutely net to Landlord and that Tenant shall pay, without notice or demand (except as otherwise provided herein) and without abatement or set-off, all other rent and other costs and charges specified in the Leasecosts, as amended hereby, shall remain as due and payable pursuant Impositions (subject to the provisions of Paragraph 5 hereof), insurance premiums, water, gas and electric light and power bills, and other utilities, taxed, levied or charged against the LeaseLeased Premises for and during the Lease Term and any extensions thereof, as amended herebyand all other expenses and obligations of any kind and nature relating to the Leased Premises, except to the extent expressly provided herein.
Appears in 1 contract
Sources: Lease Agreement (Modus Media International Holdings Inc)
Base Rent. In addition to Tenant’s obligation to Tenant shall pay Base Rent for in the Original Premises, during amounts set forth in the Temporary Space Term, Tenant Basic Lease Provisions above. The Prepaid Rent (as set forth in the Basic Lease Provisions above) shall pay Landlord be due and payable on the sum of $11,603.00 per month as date hereof (and shall be applied against Base Rent for the Temporary Spaceand Operating Expenses first due under this Lease), plus applicable state sales and use taxesTenant promises to pay to Landlord in advance, with each such installment payable without demand, deduction or set-off, monthly installments of Base Rent on or before the first day of each calendar month during succeeding the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Commencement Date, prorated . Payments of Base Rent for any partial fractional calendar month within the Temporary Space Termshall 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 and shall constitute rent. Tenant shall have no right at any time to ▇▇▇▇▇, reduce, or setoff any rent due hereunder except where expressly provided in this Lease. Tenant acknowledges that late payment by Tenant to Landlord of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, plus applicable state sales estimated Operating Expenses or other sums due and use taxes, shall be payable by Tenant in accordance with the terms of the Lease. Notwithstanding anything to the contrary in this Section 2hereunder for more than five (5) days, Tenant shall pay to Landlord on demand a late charge equal to three percent (3%) of such delinquent sum. The parties agree that such late charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of such late payment by Tenant. The late charge shall be entitled deemed to an abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payablebe rent, and notwithstanding anything in Section 1 above the right to the contrary, the Temporary Space Termination Date require it shall be September 30, 2012. If Landlord elects not in addition to lease the Expansion Space to all of Landlord’s other rights and remedies for a payment failure of Tenant, Tenant may continue including the right to lease charge interest on the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. 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 Lease, as amended hereby, shall remain as past due and payable pursuant to the provisions of the Lease, as amended herebyamount.
Appears in 1 contract
Base Rent. In addition to Tenantconsideration of leasing the Premises and construction of the Lessor’s obligation Improvements, Lessee covenants to pay as and for base rent (the “Base Rent”), subject to adjustment as set forth below, an amount per annum equal to the product obtained by multiplying the applicable Rental Rate by the Rentable Square Feet (as defined herein) of Lessor’s Improvements (as defined herein below). The applicable Rental Rate shall be as follows:
(i) For the period prior to the Commencement Date as set forth on Exhibit A-2;
(ii) For the first year of the Initial Term, beginning with the Commencement Date, the applicable Rental Rate shall be $2.25;
(iii) For the second year of the Initial Term, the applicable Rental Rate shall be $2.50;
(iv) For each subsequent year of the Initial Term, subject to the adjustments set forth below the applicable Rental Rate shall be $3.00. All Base Rent for the Original Premises, during the Temporary Space Term, Tenant shall pay Landlord the sum of $11,603.00 per month as Base Rent for the Temporary Space, plus applicable state sales and use taxes, with each such installment be payable in equal monthly installments in advance on or before the first day of each calendar month during the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination DateTerm hereof, prorated except that Base Rent for any partial calendar month within the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxes, shall be payable by Tenant prorated based on the number of days in accordance with the terms of the Lease. Notwithstanding anything to the contrary in this Section 2, Tenant shall be entitled to an abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payablesuch month, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlordfirst month of the Term shall be paid on the Commencement Date. The Rentable Square Feet of the Lessor’s notice Improvements is approximate and is subject to Tenant. Only measurement promptly following the Commencement Date at which time Base Rent and other charges shall be abated pursuant adjusted to reflect such measurement (it being understood that the Base Rent set forth in this Section, Paragraph 5 is based on dollars per square foot). In the event of a dispute as more particularly described herein, to the rentable square feet of the Lessor’s Improvements and Tenant’s Share the amount of Expenses and Taxes and all other rent and other costs and charges specified in the Lease, as amended hereby, shall remain as Base Rent due and payable pursuant to from Lessee under the provisions of the this Lease, the number of rentable square feet (“Rentable Square Feet”) shall be determined by a qualified engineering firm or architect mutually acceptable to Lessor and Lessee applying the Building Owners and Managers Association (“BOMA”) standards for similar properties (or if a BOMA standard is not available, another nationally recognized standard selected by Lessee). The cost of such determination shall be borne equally by the parties; provided, however, in no event shall the Rentable Square Feet exceed that which Lessee approved on the Final Plans and Specifications together with any Change Orders (as amended herebysuch terms are herein defined) for Lessor’s Improvements. Pending resolution of such dispute, all monies billed by Lessor to Lessee shall be paid based upon the Rentable Square Feet contemplated by such Final Plans and Specifications subject to reimbursement or credit after such final determination has been made.
Appears in 1 contract
Sources: Build to Suit Industrial Lease Agreement (Accuride Corp)
Base Rent. In addition Commencing on the Rent Commencement Date, it being understood and agreed that Tenant shall have and enjoy the Premises from the Lease Commencement Date until the Rent Commencement Date (the "Free Rent Period"} without the obligation to Tenant’s pay Base Rent, Tenant shall pay Base Rent in the amount set forth above. Although Tenant has been given the Premises free of the obligation to pay Base Rent for the Original Premises, during the Temporary Space TermFree Rent Period, Tenant shall pay Landlord the sum of $11,603.00 per month as otherwise observe, perform and obey all other obligations on its part to observe, perform and obey during such Free Rent Period. The first month's Base Rent for and the Temporary Spacefirst monthly installment of estimated Operating Expenses (as hereinafter defined} shall be due and payable on the date hereof, plus applicable state sales and use taxesTenant promises to pay to Landlord in advance, with each such installment payable without demand, deduction or set-off, monthly installments of Base Rent on or before the first day of each and every calendar month during for which payment is due succeeding the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Rent Commencement Date, prorated . Payments of Base Rent for any partial fractional calendar month, including the month within in which the Temporary Space Term. All such Base Rent, plus applicable state sales and use taxesRent Commencement Date shall occur, shall be payable prorated based upon the number of days in each such partial month. 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 with herewith. The obligation of Tenant to pay Base Rent and other sums to Landlord and the terms obligations of the Landlord under this Lease are independent obligations. Tenant shall have no right at any time to ▇▇▇▇▇, reduce, or set-off any rent due hereunder except as may be expressly provided in this Lease. Notwithstanding anything If Tenant is delinquent in any monthly installment of Base Rent or of estimated Operating Expenses for more than 5 days after written notice to the contrary in this Section 2Tenant that such amount is due, Tenant shall pay to Landlord on demand a late charge equal to two and one-half percent (2.5%) of such delinquent sum; provided, however, that no notice shall be entitled required to an abatement of Base Rent with respect be given to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectivelyTenant, the “Abated Base Rent”). Howeverand such late charge shall be automatically due, if Landlord desires to lease the Expansion Space has given such notice to Tenant and Landlord and Tenant have not entered into a lease amendment once in the preceding twelve months. The provision for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date such late charge shall be September 30, 2012. If Landlord elects in addition to all of Landlord's other rights and remedies hereunder or at law and shall not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on be construed as a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. 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 Lease, as amended hereby, shall remain as due and payable pursuant to the provisions of the Lease, as amended herebypenalty.
Appears in 1 contract
Base Rent. In addition to Tenant’s obligation to pay Base Rent for the Original Premises, during the Temporary Space Term, Tenant shall pay Landlord the sum of $11,603.00 per month as monthly Base Rent for in the Temporary Spaceamounts set forth on the first page of this Lease. The Prepaid Rent (as set forth in the Basic Lease Provisions above) shall be due and payable upon Tenant's execution and delivery of this Lease (and shall be applied against Base Rent and Operating Expenses first coming due under this Lease). Tenant promises to pay to Landlord in advance, plus applicable state sales and use taxeswithout demand, with each such installment payable deduction or set-off (except as otherwise expressly set forth in this Lease), monthly installments of Base Rent on or before the first day of each calendar month during succeeding the period beginning on the Temporary Space Effective Date and ending on the Temporary Space Termination Commencement Date, prorated . Payments of Base Rent for any partial fractional calendar month within the Temporary Space Termshall be prorated. All such Base Rent, plus applicable state sales and use taxes, 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 Tenant written notice delivered in accordance with herewith. The obligation of Tenant to pay Base Rent and other sums to Landlord and the terms obligations of the LeaseLandlord under this Lease are independent obligations and shall constitute rent. Notwithstanding anything Tenant shall have no right at any time to ▇▇▇▇▇, reduce, or set- off any rent due hereunder except where expressly provided in this Lease and shall not be excused from paying any rent due hereunder for any reason whatsoever, except as expressly set forth to the contrary in this Section 2Lease. Tenant acknowledges that late payment by Tenant to Landlord of any rent due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such costs being extremely difficult and impractical to determine. Therefore, if Tenant is delinquent in any monthly installment of Base Rent, estimated Operating Expenses or other sums due and payable hereunder for more than five (5) days, Tenant shall pay to Landlord within thirty (30) days after receipt of written demand a late charge equal to five percent (5%) of such delinquent sum; provided, however, that no late charge shall be entitled to an abatement of Base Rent imposed with respect to the Premises first (1st) late payment of rent in any twelve (12)- month period unless such failure shall continue for more than five (5) business days after notice from Landlord. The parties agree that such late charge represents a fair and reasonable estimate of the monthly amount costs that Landlord will incur by reason of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”)such late payment by Tenant. However, if Landlord desires The late charge shall be deemed to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payablebe rent, and notwithstanding anything in Section 1 above the right to the contrary, the Temporary Space Termination Date require it shall be September 30, 2012. If Landlord elects not in addition to lease the Expansion Space to all of Landlord's other rights and remedies for a payment failure of Tenant, Tenant may continue including the right to lease charge interest on the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. 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 Lease, as amended hereby, shall remain as past due and payable pursuant to the provisions of the Lease, as amended herebyamount.
Appears in 1 contract
Sources: Lease Agreement (Bloom Energy Corp)
Base Rent. In addition to Tenant’s obligation to pay Base Rent for During the Original Premises, during the Temporary Space Lease Term, Tenant shall will pay to Landlord in lawful United States Currency as the sum of $11,603.00 per month as Base Rent base rent for the Temporary SpacePremises ("Base Rent") the amounts set forth in the BLI Rider, plus applicable state sales and use taxesbeginning on the Rent Commencement Date with same being payable without demand, with each such installment payable setoff or deduction, in advance, on or before the first day of each month during month, in equal monthly installments of the period beginning on amounts set forth in the Temporary Space Effective Date BLI Rider plus applicable sales and ending on the Temporary Space Termination Date, prorated for any partial month within the Temporary Space Termother such taxes as are now or later enacted. All such payments of Base Rent, plus Overhead Rent, (and Security Deposits if subsequently applicable state sales during the Lease Term), and use taxes, any other sums due from Tenant under this Lease shall be payable made by automated clearing house transfer to such account as may be designated (or re-designated from time to time) by Landlord's written notice. Tenant shall deliver to Landlord any documents, instrument, authorizations or certificates required by Landlord to give effect to an automated debiting system whereby any and all payments by Tenant in accordance with the terms of the Lease. Notwithstanding anything to the contrary in this Section 2, Tenant shall be entitled to an abatement of Base Rent with respect to the Premises in the monthly amount of $11,603.00 per month for the Temporary Space Term (collectively, the “Abated Base Rent”). However, if Landlord desires to lease the Expansion Space to Tenant and Landlord and Tenant have not entered into a lease amendment for the Expansion Space on or before August 31, 2012, then all Abated Base Rent shall immediately become due and payable, and notwithstanding anything in Section 1 above to the contrary, the Temporary Space Termination Date shall be September 30, 2012. If Landlord elects not to lease the Expansion Space to Tenant, Tenant may continue to lease the Temporary Space on a month to month basis, but shall no longer be entitled to the Abated Base Rent, and Tenant shall pay Base Rent for the Temporary Space, effective immediately upon Landlord’s notice to Tenant. Only Base Rent shall be abated debited monthly from Tenant's account in a bank or financial institution designated by Tenant and credited to Landlord's bank account as Landlord shall designate from time to time by written notice. Tenant shall promptly pay all service fees and other charges connected therewith, including, without limitation, any charges resulting from insufficient funds in Tenant's bank account or any charges imposed upon Landlord. In the event that Tenant elects to designate a different bank or financial institution from which any Rent under the Lease is automatically debited, notification of such change and required documents, instruments, authorizations and certificates must be received by Landlord not later than thirty (30) days prior to the date such change is to become effective. Tenant agrees that it shall remain responsible to Landlord for all payments of Rent and any other charges 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 Lease, as amended hereby, even if Tenant's bank account is incorrectly debited in any given month. Such Rent shall remain as due be immediately payable to Landlord upon written demand and payable pursuant any failure to so pay subject to the grace provisions set forth in Section 3 shall constitute an Event of the Lease, as amended herebyDefault.
Appears in 1 contract
Sources: Lease (DBT Online Inc)