Initial Term Base Rent Clause Samples

Initial Term Base Rent. (a) Base Rent payable during the Initial Term shall be the sum of the Phase Base Rent and the Remaining Premises Base Rent payable pursuant to the provisions of Sections 7.2(d) and 7.2(b) respectively. (b) During the Initial Term, Base Rent shall be payable with respect to each Undelivered Phase (the “Remaining Premises Base Rent”) on a quarterly basis, in advance on the first day of the Initial Term (to be prorated on a daily basis if not on the first day of a calendar quarter) and thereafter on the first day of each calendar quarter during the Term and, subject to the credits described in Sections 7.3(b), 7.3(f), 7.13 and 9.1(c), without abatement, offset, deduction, or prior notice, in the per annum amount of two percent (2%) of the appraised Fair Market Value allocated to each Undelivered Phase by the Qualified Appraisers pursuant to the Remaining Premises Appraisal. Effective as of the Phase Commencement Date for each Delivered Phase, the Remaining Premises Base Rent shall be reduced to the per annum amount of two percent (2%) of the appraised Fair Market Value allocated to the remaining Undelivered Phases on a per-unit of Entitled Use basis by the Qualified Appraisers pursuant to the Remaining Premises Appraisal. (c) If the Phase Commencement Date with respect to a particular Phase has not occurred by the last date specified in the Development Milestones for such Phase Commencement Date to occur, then Landlord’s sole remedy for such delay shall be to require that Base Rent with respect to such Phase increase, as of such last date specified in the Development Milestones for such Phase Commencement Date to occur, to the per annum amount of three and one-half percent (3.5%) of the appraised Fair Market Value allocated to that Undelivered Phase by the Qualified Appraisers pursuant to the Remaining Premises Appraisal. The foregoing notwithstanding, for purposes of this Section 7.2(c), the last date specified in the Development Milestones for such Phase Commencement Date to occur shall be postponed one (1) day for each day during the Initial Term containing an event or condition constituting a Delay. (d) During the Initial Term, Base Rent shall be payable with respect to each Delivered Phase (the “Phase Base Rent”) on a quarterly basis, in advance, commencing as of the Phase Commencement Date for that Delivered Phase and thereafter on the first day of each calendar quarter during the Term, and, subject to the credits described in Sections 7.3(d), 7.3(f),

Initial Term Base Rent. Tenant shall pay Base Rent to Landlord during the Initial Term beginning on the Commencement Date and on the first business day of each successive calendar month, in advance and without demand. The Base Rent for the Initial Term (“Initial Term Base Rent”) shall be Four Hundred Eighteen Thousand Five Hundred Dollars and No Cents ($418,500.00) per year, payable in equal monthly installments of Thirty-Four Thousand Eight Hundred Seventy-Five Dollars and No Cents ($34,875.00). Landlord acknowledges that for the period January 1, 2005 to September 30, 2005 (the “Stub Period”), it has received Base Rent payments from Tenant in an amount equal to Four Hundred Ninety Seven Thousand One Hundred Seventy-Eight Dollars and No Cents ($497,178.00) which represents an overpayment of Base Rent of One Hundred Eighty-Three Thousand Three Hundred Three Dollars and No Cents ($183,303.00) during the Stub Period. Tenant shall be credited such amount less the amount of Prepaid Taxes (as defined in Section 6.1.3), Insurance Costs (as defined in Section 10.1.1.2) and Operation and Maintenance Costs (as defined in Section 6.3) incurred by Landlord as set forth herein. Such credit amounts to Seventy-Nine Thousand Eighty-Four Dollars and Ninety-Eight Cents ($79,084.98) which will be applied to the Base Rent for the months of October, November and December of 2005. Accordingly, the next Base Rent payment due to Landlord shall be Twenty-Five Thousand Five Hundred Forty Dollars and Two Cents ($25,540.02) which shall be due and payable on December 1, 2005.

Initial Term Base Rent. Subject to adjustment as hereinafter provided, Tenant shall pay Landlord as base rent (“Base Rent”) the sum of One Hundred Fifteen Thousand Dollars ($115,000) per month in advance on the first day of each month during the Term beginning on the Closing Effective Time. If the Closing Effective Time is not on the first day of a calendar month then (i) Base Rent for the fractional month that includes the Closing Effective Time shall be due on the Closing Effective Time, and (ii) the Base Rent due for such fractional month shall be prorated based upon the actual number of days in such fractional month, On June 1, 2015, and on June 1, 2020, the Base Rent shall be increased by a percentage equal to the lesser of (i) the percentage increase in the CPI-U during the preceding five (5) year period (based upon the CPI-U for the months of May, 2010 and May, 2015 for the June 1, 2015 adjustment date and May, 2015 and May, 2020 for the June 1, 2020 adjustment date), or (ii) fifteen percent (15%); provided, however, that in no event shall the Base Rent be decreased. As used herein, “CPI-U” means the U.S. Department of Labor, Bureau of Labor Statistics, Consumers Price Index for all Urban Consumers, All Cities Average, Subgroup “all items” (base reference period 1982-84=100). If during the Term the U.S. Department of Labor, Bureau of Labor Statistics, ceases to publish the CPI-U, such other index or standard as will most nearly accomplish the aim and purpose of the CPI-U and the use thereof herein shall be selected by Landlord and Tenant.

Initial Term Base Rent. During the first Lease Year (which extends through the twelfth (12th) month after the Effective Date) and each subsequent Lease Year during the Initial Term, Lessee shall pay to Lessor annualized base rent in the amount of $480,000 (“Base Rent”). Such Base Rent shall be paid in advance by wire transfer only, in equal monthly installments of $40,000.00 on the first day of each calendar month.

Initial Term Base Rent. The monthly base rent during the Initial Term shall be as follows: Months 1 through 2: $.00 Months 3 through 36: $41,136 per month Months 37 through 60: $42,951 per month Months 61 through 96: $45,562 per month Months 97 through 122: $50,984 per month