Initial Term Rent. During the Initial Term, “Minimum Rent” is One Hundred Fifty-Eight Thousand One Hundred Twelve and No/100 Dollars ($158,112.00) annually, payable in advance in twelve (12) equal monthly installments. Commencing with the second (2nd) Lease Year and continuing thereafter during the Term (excluding the first Lease Year of any Renewal Term), Tenant agrees to pay “Additional Rent” to Landlord monthly in advance together with the payment of Minimum Rent. Such Additional Rent (which shall be expressed as an annual amount but shall be payable in equal monthly installments) shall be equal to the sum of (A) the Additional Rent (if any) due for the immediately preceding Lease Year and (B) the product of (i) the Minimum Rent and Additional Rent due for the immediately preceding Lease Year and (ii) the percentage increase, if any, in the CPI (as herein defined) from the first day of the immediately preceding Lease Year to the last day of the immediately preceding Lease Year. Tenant shall pay the Additional Rent to Landlord for the period of time elapsing between the anniversary date and notice of such increase upon request by Landlord. Thereafter the increase shall be payable equally with the regular Minimum Rent payments. In no event shall a decrease in the CPI result in a decrease in the Minimum Rent and Additional Rent payable under the terms of this Lease.
Initial Term Rent. (a) During the Initial Term, the annual "Minimum Rent" shall be an amount equal to the sum of (i) Landlord's Camelot Investment multiplied by eight and sixty one-hundredths percent (8.60%), (ii) Landlord's Lakeview/HillenVale Investment multiplied by eight and seventy one-hundredths percent (8.70%), and (iii) Landlord's Ridgewood Investment multiplied by eight and seventy one-hundredths percent (8.70%) (each rate, the "Lease Rate" for such Facility), payable in advance in twelve (12) equal monthly installments. Commencing with the second (2nd) Lease Year and continuing thereafter during the Term (excluding the first Lease Year of any Renewal Term), Tenant agrees to pay "Additional Rent" to Landlord monthly in advance together with the payment of Minimum Rent. Such Additional Rent (which shall be expressed as an annual amount but shall be payable in equal monthly installments) shall be equal to the sum of (i) the Additional Rent for the immediately preceding Lease Year and (ii) the product of (A) the Minimum Rent and Additional Rent due for the immediately preceding Lease Year and (B) the lesser of (x) three percent (3.0%) or (y) a percentage equal to five (5) times the percentage increase (the "CPI Increase") in the United States Department of Labor, Bureau of Labor Statistics Consumer Price Index for All Urban Wage Earners and Clerical Workers, United States Average, Subgroup "All Items" (1982 –1984 =100) (the "CPI"). In no event shall the CPI Increase be a negative number. The applicable CPI Increase shall be calculated annually for each Lease Year by comparing the CPI in effect on the first calendar day of the Lease Year for which Additional Rent is being calculated to the first calendar day of the immediately preceding Lease Year.
Initial Term Rent. During the Initial Term, "Rent" shall be as follows: Lease Year Rent Per Month Year 1 $75,000.00 Year 2 $76,000.00 Year 3 $77,000.00 Year 4 $78,000.00 Year 5 $79,000.00 HHNZW/467833_2.doc3583-1
Initial Term Rent. Tenant agrees to pay to Landlord in advance on or before the first day of each month in United States currency the following sums as “Rent” during the Initial Term of this Lease:
Initial Term Rent a. LESSEE agrees that, during years 1-5 of the Initial Term of this Agreement, it will pay an annual rent of One Thousand One Hundred Fifty-five and 00/100 Dollars ($1,155.00) calculated at the rate of Twenty-two cents ($0.22) per square foot per annum multiplied by a total square footage of Five Thousand Two Hundred and Fifty (5,250) square feet. Rent will be paid in equal monthly installments, commencing on the Effective Date, and payable thereafter on the first day of each calendar month. Failure by the LESSEE to pay its rental obligations under this Agreement within ten calendar days after such rental obligation is due, shall be considered a material breach, and subject this lease to termination by the CITY. During years 6-10 of the Initial Term of this Agreement, LESSEE will pay an annual rate of One Thousand Three Hundred Sixty-five and 00/100 Dollars ($1,365.00) calculated at the rate of Twenty-six cents ($0.26) per square foot per annum multiplied by a total square footage of Five Thousand Two Hundred and Fifty (5,250) square feet. Rent will continue to be paid in equal monthly installments payable on the first day of each calendar month during the remaining Initial Term of this Agreement.
Initial Term Rent. During the Initial Term, “Minimum Rent” is $3,318,476.49 annually, payable in advance in twelve (12) equal monthly installments. Commencing with the second (2nd) Lease Year and continuing thereafter during the Term (excluding the first Lease Year of any Renewal Term), Tenant agrees to pay “Additional Rent” to Landlord monthly in advance together with the payment of Minimum Rent. Such Additional Rent (which shall be expressed as an annual amount but shall be payable in equal monthly installments) shall be equal to the sum of (a) the Additional Rent for the immediately preceding Lease Year, and (b) the product of (i) the Minimum Rent and Additional Rent (if any) due for the immediately preceding Lease Year and (ii) three percent (3.0%).
Initial Term Rent. During the Initial Term, “Rent” shall be as follows: Time Period Rent Per Month 10/01/2015 through 03/31/2016 $55,000.00 04/01/2016 through 12/31/2016 $58,000.00 01/01/2017 through 12/31/2017 $61,000.00 01/01/2018 through 12/31/2018 $64,000.00 Commencing on January 1, 2019 and continuing on January 1 of each subsequent calendar year during the Initial Term, Rent shall increase by two percent (2%) over the Rent paid during the preceding calendar year.
Initial Term Rent. During the Initial Term, “Minimum Rent” per Lease Year is equal to the Landlord’s Investment (as defined below) multiplied by nine percent (9.0%). Commencing with the second (2nd) Lease Year and continuing thereafter during the Term (excluding the first Lease Year of any Renewal Term), Tenant agrees to pay “Additional Rent” to Landlord monthly in advance together with the payment of Minimum Rent. Such Additional Rent (which shall be expressed as an annual amount but shall be payable in equal monthly installments) shall be equal to the sum of (i) the Additional Rent for the immediately preceding Lease Year and (ii) the product of the Minimum Rent and Additional Rent due for the immediately preceding Lease Year and the lesser of (A) three percent (3.0%), or (B) a percentage equal to four (4) times the percentage increase (the "CPI Increase") in the United States Department of Labor, Bureau of Labor Statistics Consumer Price Index for All Urban Wage Earners and Clerical Workers, United States Average, Subgroup "All Items" (1982 - 1984 = 100) (the "CPI"). In no event shall the CPI Increase be a negative number. The applicable CPI Increase shall be calculated annually for each Lease Year by comparing the CPI in effect on the first calendar day of the Lease Year for which Additional Rent is being calculated to the first calendar day of the immediately preceding Lease Year. Notwithstanding the foregoing, at all times during which any amounts remain outstanding under the terms of the Xxxxx Fargo Loan Documents (as hereinafter defined) the annual Minimum Rent payable from Tenant to Landlord hereunder shall be increased by Ninety-Five Thousand Dollars ($95,000) and shall be paid in advance by Tenant in equal monthly installments as provided in Section 2.5 below.
Initial Term Rent. During the first two years of this Lease, Tenant shall pay the Landlord a fixed annual rent of $14.50 per square foot of Leased Premises (“Rent”). The Rent shall be adjusted every two years following the January 1, 2012, Commencement Date, by a percentage amount equal to the percentage increase in the Consumer Price Index for Urban Consumers (“CPI-U”) for the preceding two year period. Tenant and Landlord agree that the Leased Premises at the inception of this Lease on January 1, 2012, include 363,485 square feet, and that the total amount of space subject to this Lease may vary from time to time depending upon the operational needs of both Landlord and Tenant. Rent based on the initial square footage shall be payable in equal monthly installments in advance on the first day of each month during this Lease term, at Landlord's office or any other place designated by it. To the extent the parties agree from time to time to vary the amount of total square footage subject to this Lease, appropriate adjustments in the monthly installments shall be made.
Initial Term Rent. In consideration of the public benefit derived from LESSEE’S operations under this Lease, the Rent for Term, including any Option Periods, shall be as defined above, on an annual basis. LESSEE shall pay Rent, if any is due and not deferred as provided below, by March 30 after the calendar year in which it is earned. LESSEE will keep records pertaining to all Operating Revenue collected and Operating Expenses from LESSEE’S operations on the Premises. Payment of Rent is deferred to the extent LESSEE spends such Rent on Tenant Improvements to the Premises in accordance with Section 7 of this Lease, or LESSEE creates a reserve account for planned improvements or operations of the Premises. All interest accruing on the funds in the reserve account are also Rent. LESSEE shall provide to COUNTY the annual report described in section 12(b). In the event this Lease terminates for any reason while there are funds in the reserve account, then such funds shall be used first to pay Operating Expenses of LESSEE incurred prior to the effective date of the termination, second to pay costs of Tenant Improvements approved and incurred (and which could not be reasonably avoided) prior to the effective date of Termination, and third paid to County as Rent.
