Common use of Contingency Procedure Clause in Contracts

Contingency Procedure. If, for any reason, the Base Monthly Rent to be paid during the Extended Term is not determined prior to the first day of the Extended Term, this Lease shall nevertheless remain in effect, and during the interim period until such rental rate is finally determined, Tenant shall pay Base Monthly Rent in an amount equal to the amount which was scheduled to be paid for the final full month of the initial term. Any accrued payment shortage or overage, together with interest at the prime rate of interest on unpaid amounts from the applicable dates, shall be paid within ten days of the determination of the new rental rate.

Appears in 3 contracts

Sources: Lease, Business Park Lease (Nlight, Inc.), Lease (Nlight, Inc.)