Basic Rental Payments Sample Clauses
The BASIC RENTAL PAYMENTS clause defines the tenant's obligation to pay a specified amount of rent to the landlord at regular intervals, typically monthly, during the lease term. It outlines the amount due, the payment schedule, and the method or place of payment, ensuring both parties understand when and how rent must be paid. This clause serves to establish clear financial expectations and helps prevent disputes over payment timing or amounts.
Basic Rental Payments. Basic Annual Rent as described in paragraph 3.1 is hereby amended and replaced in its entirety by the following.
Basic Rental Payments. (a) Prior to the Trustee’s close of business on the Business Day prior to each Bond Payment Date the Lessee shall make rental payments (“Basic Rental Payments”) to the Trustee, for the account of the Issuer in an amount equal to the Debt Service on the Bonds due on such Bond Payment Date.
(b) The Lessee shall receive a credit against the Basic Rental Payments required by subsection (a) of this Section as follows:
(1) The amount of accrued interest received from the sale of the Bonds to the original purchaser or purchasers thereof shall be deducted from the amount of interest due on the first Interest Payment Date for purposes of calculating the required Basic Rental Payment due on such Interest Payment Date.
(2) Money received by the Trustee from a draw on the Letter of Credit with respect to Debt Service due on the related Bond Payment Date shall be credited against the Basic Rental Payment due on such Bond Payment Date.
(3) Investment income and profits remaining in the Bond Fund after reimbursement of the Bank for amounts due under the Credit Agreement shall be credited against Basic Rental Payments as directed by the Lessee.
(4) Any other money held by the Trustee and available under the terms of the Indenture and this Lease Agreement for the payment of Debt Service on the Bonds remaining after reimbursement of the Bank for amounts due under the Credit Agreement shall be credited against Basic Rental Payments as directed by the Lessee. Such directions must be consistent with any mandatory provision of the Indenture and this Lease Agreement with respect to the required use of such money.
(c) All Basic Rental Payments shall be made in funds immediately available at the Office of the Trustee on the due date of such Payments.
(d) The Lessee acknowledges that Basic Rental Payments required by this Section have been calculated to provide amounts which will be sufficient to pay Debt Service on the Bonds as the same matures and comes due. If on any Bond Payment Date the amount on deposit in the Bond Fund is not sufficient to pay Debt Service on the Bonds due and payable on such Date, the Lessee shall immediately deposit the amount of such deficiency in the Bond Fund.
(e) Money on deposit in the Bond Fund may be used to reimburse the Bank for amounts due to the Bank under the Credit Agreement, as provided in Section 8.01 of the Indenture.
Basic Rental Payments. The Company shall, throughout the Term, pay, or cause to be paid, as Basic Rental Payments, the following amounts:
(1) On or prior to any installment payment date for the Facility Loan under the Series A Note, until the principal of, and interest on the Facility Loan shall have been fully paid, a sum which will enable the Issuer to pay the amount payable on such date as principal of (whether at maturity, or upon acceleration or otherwise), and interest upon the Series A Note as provided in the Facility Loan Documents.
Basic Rental Payments. Exhibit D to the Lease, as last amended in the Fifth Amendment to Lease, is hereby deleted and of no further force or effect. For the period commencing on the date hereof and continuing through the Expiration Date, Tenant shall pay Base Rental in respect of the Existing Premises and the Expansion Premises in accordance with the schedule set forth on Exhibit D attached hereto.
Basic Rental Payments. 3.1 Basic Annual Rent Tenant agrees to pay to Landlord the amounts specified below as basic annual rent (the "Basic Annual Rent") at such place as Landlord may designate, without prior demand therefore and without any deduction or set off whatsoever. Year Rentable Square Feet Rate per RSF Monthly Basic Annual Rent Basic Annual Rent 2010 3,000 $11.00 $2,750.00 $33,000.00 201l 3,000 $11.50 $2,875.00 $34,500.00 2012 3,000 $12.00 $3,000.00 $36,000.00 2013 3,000 $13.00 $3,250.00 $39,000.00 2014 3,000 $13.50 $3,375.00 $40,500.00 Said Basic Annual Rent shall be due and payable intwelve (12) equal monthly installments to be paid in advance on or before the first day of each calendar month during the term of the Lease. Simultaneously with the execution hereof, Tenant has paid to Landlord the first month's rent, receipt whereof is hereby acknowledged, subject to collection, however, if made by check.
Basic Rental Payments. The Lease Agreement requires the Lessee to make payments at times and in amounts sufficient to pay debt service on the Bonds when due. The Lease Agreement provides in effect that payments by the Lessee that would otherwise be available for payment of debt service on Bonds may be used to reimburse the Bank for the amount of draws made under the Letter of Credit for such purposes.
Basic Rental Payments. The Company shall, throughout the Term, pay, or cause to be paid, as Basic Rental Payments, the following amounts:
(1) On or prior to any installment payment date for the Bank Loan under the Bank Note, until the principal of, and interest on the Bank Loan shall have been fully paid, a sum which will enable the Issuer to pay the amount payable on such date as principal of (where at maturity, or upon acceleration or otherwise), and interest upon the Bank Note as provided in the Bank Loan Documents.
(2) On or prior to any installment payment date for the Facility Loan under the Series A Note, until the principal of, and interest on the Facility Loan shall have been fully paid, a sum which will enable the Issuer to pay the amount payable on such date as principal of (whether at maturity, or upon acceleration or otherwise), and interest upon the Series A Note as provided in the Facility Loan Documents.
Basic Rental Payments. 3.1 Basic Monthly Rent. Tenant agrees to pay to Landlord as Basic Monthly Rent (the “Basic Monthly Rent”), and all other amounts due to Landlord, as specified by this Lease, shall be paid via bank wire or ACH bank transfer from Tenant to Landlord, without prior demand therefore and without any deduction or set off whatsoever, the sum of $31,666.67 per month for months two through twelve, inclusive, of the Term. Rent for any partial month shall be prorated based on a 30-day month. Each payment of Basic Monthly Rent shall be paid in advance on or before the first day of each calendar month during the term of the Lease, provided that if the Commencement Date is other than the first day of the month, Tenant shall pay to Landlord, upon the execution of this Lease (and in addition to all other amounts payable upon such execution to Landlord hereunder), Basic Monthly Rent for the remainder of the month in which the Commencement Date occurs and Basic Monthly Rent for the first full month of the Term. Commencing on the second anniversary of the Commencement Date and on each anniversary of the Commencement Date thereafter, Basic Monthly Rent shall escalate using a 3% annually compounded rate, subject to the rent adjustment, if any, upon the commencement of the Renewal Term (if Tenant exercises the Renewal Term option). Simultaneous with the execution of this Lease, Tenant shall pay to Landlord the first month’s rent in the amount of $17,365.59, in addition to the security deposit. In the event that the Renewal Term is exercised by Tenant, Tenant shall pay to Landlord, not later than one month prior to the expiration of the Initial Term, an amount equal to the Basic Monthly Rent due for the last month of the Renewal Term, as such amount is determined after the rent adjustment, if any, effective upon the commencement of the Renewal Term pursuant to Section 3.2. The rent schedule is shown on the attached Exhibit B.
3.2 Basic Monthly Rent Adjustment upon Commencement of Renewal Term. In the event that Tenant exercises the Renewal Term, Basic Monthly Rent for the first year of the Renewal Term shall be increased to the fair market rental value of the Leased Premises as of the date that is six (6) months prior to the commencement of the Renewal Term, as such fair market rental value is determined by Landlord in good faith. If market conditions at the time of such determination indicate that the fair market rental value of the Leased Premises does not exceed the Basic Mont...
Basic Rental Payments