Common use of Minimum Rent Clause in Contracts

Minimum Rent. (a) Sublessee shall pay to sublessor as Minimum Rent, without deduction, setoff, notice or demand, at the address set forth herein for notices, or at such other place as Sublessor shall designate from time to time by notice to Sublessee, the sum of Sixteen Thousand and 00/100 Dollars ($16,000.00) per month, ($192,000.00 per year), which sum is subject to adjustments as provided in Section 6, of this Sublease below, in advance on the first day of each month of the Sublease Term. Sublessee shall pay to Sublessor upon execution of this Sublease the sum of Sixteen Thousand and 00/100 Dollars ($16,000.00) as rent for the first full month of the Sublease Term. If the Sublease Term begins or ends on a day other than the first or last day of a month, the Minimum Rent for the partial months shall be prorated on a per diem basis. (b) Sublessor agrees to use its best efforts to obtain an abatement of Minimum Rent from Lessor for the month of August, 1996, provided Sublessee has diligently, and in good faith, pursued completion of its contemplated renovation of the Premises, but due to delays beyond its control, is unable to complete such renovation and open for business by August 1, 1996. Should Lessor grant such abatement of Minimum Rent to Sublessor/Lessee, Sublessor shall fully ▇▇▇▇▇ the Minimum Rent due hereunder for the month of August, 1996. In the event that Lessor does not grant Sublessor/Lessee such abatement of Minimum Rent, and provided Sublessee has diligently, and in good faith, pursued completion of said renovation, but due to delays beyond its control, is unable to complete such renovation and open for business by August 1, 1996, Sublessee shall only be required to pay Minimum Rent to Sublessor, in an amount equal to that required to be paid by Sublessor/Lessee to Lessor under the Master Lease, for the month of August, 1996. In any event, payment of the full Minimum Rent set forth is Section 5.(a) above, shall commence September 1, 1996, or upon Sublessee's opening of business, whichever is the first to occur. The provisions of this Section 5. (b) shall have no effect upon the commencement or termination dates of the Sublease Term, which shall take effect as set forth in Section 4. hereunder.

Appears in 1 contract

Sources: Sublease (Pyramid Breweries Inc)

Minimum Rent. Tenant agrees to pay to Landlord, without demand, a ------------ minimum monthly rental (the "Minimum Rent") for the Premises, for each and every month, payable in advance the first day of each month, based on the following schedule: 08/1/96 - 08/31/96 $20,110.00 09/1/96 - 11/30/96 $40,220.00 12/1/96 - 07/31/98 $60,330.00 08/1/98 - 07/31/00 $63,346.50 Should for any reason as set forth herein, the commencement date for a floor not be the first day of the month, the rent for that month shall be pro-rated for the number of days in the shortened month. Notwithstanding the above, Tenant shall have a ten (10) day grace period from the 1st of the month to the 10th of the month to pay rent to Landlord three times in each twelve-month period beginning on the Tenth Floor Commencement Date. (a) Sublessee As Additional Rent, Tenant shall pay to sublessor as Minimum Rent, without deduction, setoff, notice or demand, Landlord at the address times hereinafter set forth herein forth, an amount equal to (a) Tenant's Share specified hereinbelow of any increase in "operating expenses" (defined below in this paragraph 5.2) paid or incurred by Landlord on account of the operation or maintenance of the Building above such operating expenses paid or incurred by Landlord during the Base Year specified hereinbelow, and (b) Tenant's share of any increase in "direct taxes" (defined below in this paragraph 5.2) paid or incurred by Landlord in any calendar year in excess of those paid or incurred in the Base Year specified hereinbelow. Notwithstanding the foregoing to the contrary, Tenant shall not be responsible for noticesany increase in "operating" expenses or increase in "direct taxes" attributable to any period of time commencing on the Tenth Floor Commencement Date and ending on the first anniversary of the Tenth Floor Commencement Date. If at any time during the term of the Lease, or at such other place as Sublessor shall designate from time to time by notice to Sublesseeless than ninety-five percent (95%) of the total leasable area of the Building is occupied, the sum operating expenses and direct taxes shall be adjusted by Landlord to reasonably approximate the operating expenses and direct taxes which would have been incurred if the Building had been at least ninety-five percent (95%) occupied. At or after the commencement of Sixteen Thousand any calendar year subsequent to the Base Year Landlord may, but shall not be required to, notify Tenant of Landlord's estimate of the amount of any increase in operating expenses for such calendar year over operating expenses for the Base Year, the amount of any increase in direct taxes over those paid or incurred in the Base Year and 00/100 Dollars ($16,000.00) per month, ($192,000.00 per year), which sum is subject of the amount of such estimated increases payable by Tenant. Tenant shall pay to adjustments as provided in Section 6, of this Sublease below, in advance Landlord on the first day of each calendar month during such calendar year one-twelfth (1/12) of the Sublease Term. Sublessee amount of such estimated increases in operating expenses and direct taxes payable by Tenant hereunder; provided, however, that Tenant shall pay not be responsible for any increases in operating expenses or direct taxes allocable to Sublessor upon execution the first twelve (12) months of the term of this Sublease Lease. Statements of the sum amount of Sixteen Thousand and 00/100 Dollars ($16,000.00) as rent actual operating expenses for the first full month preceding calendar year and the Base Year, of direct taxes for the appropriateyear and the Base Year and of the Sublease Termamount of such increases payable by Tenant shall be given to Tenant on such date as Landlord shall from time to time determine during each calendar year subsequent to the calendar year immediately next succeeding the Base Year. If All amounts payable by Tenant as shown on said statement, less any amounts theretofore paid by Tenant on account of Landlord' 5 estimate of increases in operating expenses and direct taxes made pursuant to this paragraph 5.2, shall be paid by Tenant upon delivery of said statement to Tenant. In the Sublease Term begins or ends on a day other than event that the first or last day of a monthTenant has paid in any given year estimated increases beyond those later determined from actual reconciliation, then such overpayment shall be applied toward the Minimum Rent for the partial months following year or, if the Lease has terminated and not been renewed as provided herein, such overpayment shall be prorated on a per diem basispromptly refunded to Tenant. (b) Sublessor agrees to use its best efforts to obtain an abatement The amount of Minimum Rent from Lessor any increase in operating expenses and direct taxes payable by Tenant for the month of August, 1996, provided Sublessee has diligently, and in good faith, pursued completion of its contemplated renovation first calendar year of the Premises, but due to delays beyond its control, is unable to complete such renovation term and open for business by August 1, 1996. Should Lessor grant such abatement the calendar year in which this Lease terminates shall be prorated on the basis in which the number of Minimum Rent to Sublessor/Lessee, Sublessor shall fully ▇▇▇▇▇ days from and including the Minimum Rent due hereunder for the month of August, 1996. In the event that Lessor does not grant Sublessor/Lessee such abatement of Minimum Rent, and provided Sublessee has diligently, and in good faith, pursued completion commencement of said renovation, but calendar year to and including the date on which this Lease terminates bears to 365 and shall be due to delays beyond its control, is unable to complete such renovation and open for business by August 1, 1996, Sublessee shall only be required to pay Minimum Rent to Sublessor, in an amount equal to that required to be paid by Sublessor/Lessee to Lessor under the Master Lease, for the month of August, 1996. In any event, payment of the full Minimum Rent set forth is Section 5.(a) above, shall commence September 1, 1996, or upon Sublessee's opening of business, whichever is the first to occur. The provisions payable when rendered notwithstanding termination of this Section 5. (b) shall have no effect upon the commencement or termination dates of the Sublease Term, which shall take effect as set forth in Section 4. hereunderLease.

Appears in 1 contract

Sources: Lease (Genesys Telecommunications Laboratories Inc)

Minimum Rent. (a) Sublessee shall Tenant agrees to pay to sublessor as Minimum RentLandlord, without deductiondiminution, setoff, deduction or set-off whatsoever and without prior notice or demand, at and as fixed annual minimum rent ("Fixed Annual Minimum Rent"), the address sums set forth herein for noticesin Section 3.01(a) (i), or at such other place as Sublessor and (ii) below payable in equal consecutive monthly installments ("Fixed Monthly Minimum Rent") each in advance upon the first day of each calendar month during the term hereof. (i) From the Term Commencement Date through the end of the sixtieth (60th) full month of the Lease term, Fixed Annual Minimum Rent shall designate from time to time by notice to Sublessee, the sum of Sixteen be One Hundred Nineteen Thousand Eight Hundred Eighty Nine and 00/100 Dollars ($16,000.00) per month119,889.00), payable in equal monthly installments of Nine Thousand Nine Hundred Ninety and 75/100 Dollars ($192,000.00 per year), which sum is subject to adjustments as provided in Section 6, of this Sublease below, in advance on 9,990.75) each; and (ii) From the first day of each month of the Sublease Term. Sublessee shall pay to Sublessor upon execution of this Sublease the sum of Sixteen Thousand and 00/100 Dollars sixty-first ($16,000.0061st) as rent for the first full month of the Sublease Term. Lease term through the end of the Lease term, Fixed Annual Minimum Rent shall be One Hundred Thirty One Thousand Eight Hundred Seventy Seven and 90/100 Dollars ($131,877.90), payable in equal monthly installments of Ten Thousand Nine Hundred Eighty Nine and 83/100 Dollars ($10,989.83) each. (b) If the Sublease Term begins or ends on term shall commence upon a day other than the first day of a calendar month or if the term shall expire upon a day other than the last day of a calendar month, then Tenant shall pay, upon the Term Commencement Date, and on the first day of the last calendar month, a pro rata portion of the Fixed Monthly Minimum Rent for the partial first and last fractional calendar months shall be prorated on a per diem basisof the term. (bc) Sublessor agrees Intentionally Deleted (d) Provided that no event of default exists and Tenant has commenced operating its business in the Premises on or before the date set forth in Section 2.01 for the Term Commencement Date (or in the event Tenant is unable to use its open by such date, despite Tenant's best efforts to obtain do so, Tenant has commenced operating its business in the Premises on or before the date which is thirty (30) days following the Term Commencement Date) pursuant to the requirements of this Lease, then commencing on the Term Commencement Date, Tenant shall be entitled to an abatement of Minimum Rent from Lessor for the month of August, 1996, provided Sublessee has diligently, and in good faith, pursued completion of its contemplated renovation of the Premises, but due to delays beyond its control, is unable to complete such renovation and open for business by August 1, 1996. Should Lessor grant such abatement of Minimum Rent to Sublessor/Lessee, Sublessor shall fully ▇▇▇▇▇ the Minimum Rent due hereunder for the month of August, 1996. In the event that Lessor does not grant Sublessor/Lessee such abatement of Fixed Annual Minimum Rent, Common Area Costs and Real Property Taxes in the amount of Two Hundred Two Thousand Two Hundred Eighty Five and 00/100 Dollars ($202,285.00) ("Tenant's Rent Abatement"). Tenant shall apply Tenant's Rent Abatement against the first installments of Fixed Monthly Minimum Rent, Percentage Rent (if any), Common Area Costs and Real Property Taxes (as set forth in section 3.01(a) above) coming due pursuant to this Lease until Tenant has recouped the entire amount of Tenant's Rent Abatement; provided Sublessee has diligentlyhowever that Tenant shall have no right to such abatement at any time Tenant is in default under this Lease and at any such time Tenant shall be obligated to make all payments of Fixed Monthly Minimum Rent, Percentage Rent (if any), Common Area Costs and Real Property Taxes under this Lease without regard for the terms of this Section 3.01(d). The amount of Tenant's Rent Abatement shall be deemed earned over the entire term of this Lease on a straight line basis regardless of the manner or timing by which such Tenant's Rent Abatement was taken by Tenant as set forth above. If this Lease is terminated prior to the expiration date of the term provided for in good faithArticle 2 of this Lease for any reason other than pursuant to Section 2.01(c), pursued completion of said renovationTenant shall pay to Landlord, but due to delays beyond its controlas Additional Rent, is unable to complete such renovation and open for business by August 1, 1996, Sublessee shall only be required to pay Minimum Rent to Sublessor, in an amount equal to the unearned portion of Tenant's Rent Abatement, which shall be determined by dividing Tenant's Rent Abatement by the number of months in the term and multiplying the result by the number of months that required to would have remained in the term of the Lease had the Lease not been so terminated. Such amount shall be paid by Sublessor/Lessee to Lessor under due as of the Master date this Lease is terminated and shall be payable within five (5) days following such date. (e) Provided that (i) Tenant is, and throughout the term of this Lease has been, open and operating in the entire Premises in accordance with the terms of this Lease, (ii) Tenant is not in default of any of its obligations under this Lease, (iii) Tenant remains open and operating in the entire Premises in accordance with the terms of this Lease throughout the Test Period (as hereinafter defined), and (iv) no condition exists which with the giving of notice or passage of time would constitute a default by Tenant under this Lease; and if (1) Landlord enters into a lease ("Competing Lease") for a space in the Shopping Center between Landlord and any Competing Tenant (as hereinafter defined), which lease expressly permits as the primary use the operation of a live comedy club featuring professional comedians ("Competing Use") during the term of this Lease, and such Competing Tenant opens for business as a comedy club within the Shopping Center (the "Competing Lease Opening Date") , and (2) Tenant's Gross Receipts from the Premises for the month one (1) year period (the "Test Period") that commences on the Competing Lease Opening Date, are more than twenty five percent (25%) less than the Gross Receipts from the Premises for the one (1) year period immediately preceding the Competing Lease Opening Date, and are less than the Annual Minimum Gross Receipts for such one (1) year period (as provided in Section 3.02 hereof); then for the period of August, 1996. In any event, payment time (the "Alternate Fixed Annual Minimum Rent Period") that commences on the first day after the last day of the full Test Period and ends on the Competing Lease Cessation Date (as hereinafter defined), Tenant shall pay Landlord Alternate Fixed Annual Minimum Rent set forth is (as hereinafter defined), in lieu of the Fixed Annual Minimum Rent provided for in Section 5.(a3.01(a) above, of this Lease. Tenant's right to pay Alternate Fixed Annual Minimum Rent in lieu of Fixed Annual Minimum Rent as provided for herein shall commence September 1, 1996be Tenant's sole and exclusive remedy with respect to any Competing Lease and with respect to the operation of the Competing Use or any other competing use in the Shopping Center. From and after the earlier of (a) the first date on which any one or more of the conditions to Tenant's right to pay Alternate Fixed Annual Minimum Rent shall not apply, or upon Sublessee's opening (b) the Competing Lease Cessation Date, Tenant shall pay Landlord the Fixed Annual Minimum Rent otherwise provided for under Section 3.01(a) of businessthis Lease, whichever is without regard for the first to occur. The provisions terms of this Section 5. (b) shall have no effect upon the commencement or termination dates of the Sublease Term, which shall take effect as set forth in Section 4. hereunder3.01(e).

Appears in 1 contract

Sources: Shopping Center Lease (Headliners Entertainment Group, Inc.)

Minimum Rent. (a) Sublessee Commencing on the RCD, Tenant shall pay to sublessor as Minimum RentLandlord, without deduction, setoff, notice or demand, at the address set forth herein for notices, or ------------ at such other place or places as Sublessor Landlord shall designate from time to time by notice to Sublesseein writing, the sum of Sixteen Thousand and 00/100 Dollars a fixed minimum monthly rent ($16,000.00) per month, ($192,000.00 per year"Minimum Rent"), which sum is subject to adjustments as provided in Section 6, of this Sublease below, ------------ payable in advance on the first day of each and every calendar month during the Lease Term, without prior notice, demand or right of setoff (except as expressly permitted hereunder), as follows: (a) for each month commencing on the RCD and continuing through the end of the Primary Term, the sum of Seventeen Thousand Six Hundred Twenty-Nine Dollars ($17,629); (b) for each month of the Sublease first five-year option period immediately following the expiration of the Primary Term, the sum of Nineteen Thousand Three Hundred Ninety-Two Dollars ($19,392) (c) for each month of the second five-year option period immediately following the expiration of the Primary Term, the sum of Twenty-One Thousand Three Hundred Thirty-One Dollars ($21,331); and (d) for each month of the third five-year option period immediately following the expiration of the Primary Term, the sum of Thirty-Three Thousand Four Hundred Sixty-Four Dollars ($23,464). Sublessee shall pay to Sublessor Notwithstanding the foregoing, upon execution of this Sublease Lease, Tenant shall pay in advance to Landlord the sum of Sixteen Fifty-Two Thousand and 00/100 Eight Hundred Eighty-Seven Dollars ($16,000.0052,887) as rent equal to Minimum Rent due for the first full month of three (3) months after the Sublease TermRent Commencement Date. If the Sublease Term begins or ends RCD occurs on a day other than the first or last day of a calendar month, the then. Minimum Rent for the partial months and all other monetary obligations of Tenant under this Lease shall be prorated on a per diem basis. (b) Sublessor agrees basis for the partial month extending from the RCD to use its best efforts to obtain an abatement the beginning of the next full calendar month and shall be payable on the first day of such next calendar month or when otherwise due and payable in accordance with the terms hereof. If Minimum Rent or any other sum payable by Tenant hereunder is not received within five (5) days after Tenant's receipt of a notice from Lessor for the month of August, 1996, provided Sublessee has diligentlyLandlord stating that said sum is delinquent, and Landlord has properly sent a similar delinquent notice at least two (2) other times in good faithany Lease Year, pursued completion of its contemplated renovation then commencing with the third such delinquent notice and continuing until the end of the PremisesLease Year in question, but due Landlord shall be entitled to delays beyond its control, is unable to complete such renovation and open for business by August 1, 1996. Should Lessor grant such abatement a late charge of Minimum Rent to Sublessor/Lessee, Sublessor shall fully ▇▇▇▇▇ the Minimum Rent due hereunder for the month of August, 1996. In the event that Lessor does not grant Sublessor/Lessee such abatement of Minimum Rent, and provided Sublessee has diligently, and in good faith, pursued completion of said renovation, but due to delays beyond its control, is unable to complete such renovation and open for business by August 1, 1996, Sublessee shall only be required to pay Minimum Rent to Sublessor, in an amount equal to that required to be paid by Sublessor/Lessee to Lessor under the Master Lease, for the month of August, 1996. In any event, payment three percent (3%) of the full Minimum Rent set forth delinquent amount for each such delinquent payment in question (where a delinquent, notice is Section 5.(a) above, shall commence September 1, 1996, or upon Sublessee's opening of business, whichever is the first to occur. The provisions of this Section 5. (b) shall have no effect upon the commencement or termination dates of the Sublease Term, which shall take effect as set forth in Section 4. hereunderreceived by Tenant).

Appears in 1 contract

Sources: Lease (99 Cents Only Stores)

Minimum Rent. (a) Sublessee shall Tenant agrees to pay to sublessor Landlord, as Minimum Rentminimum rent for the demised premises, without deduction, setoff, notice or demand, at the address set forth herein for notices, or at such other place as Sublessor shall designate from time to time by notice to Sublessee, the sum equal consecutive monthly installments of Sixteen Forty-three Thousand Four Hundred Eighteen and 00/100 72/100 Dollars ($16,000.00) per month, ($192,000.00 per year43,418.72), which sum is subject to adjustments as provided in Section 6commencing on the commencement date, of this Sublease below, in advance and continuing on the first day of each calendar month during years one (1) through five (5) of the Sublease Term. Sublessee shall pay to Sublessor upon execution initial term of this Sublease the sum Lease, monthly installments of Sixteen Forty-seven Thousand Seven Hundred Fifty-one and 00/100 75/100 Dollars ($16,000.0047,751.75) each calendar month during years six (6) through ten (10), and monthly installments of Fifty-two Thousand Five Hundred Twenty-six and 93/100 Dollars ($52,526.93) each calendar month during years eleven (11) through fifteen (15) of the initial term of this Lease. All such rental shall be payable to Landlord in advance, without prior written notice or demand and without any right of deduction, abatement, counterclaim or offset whatsoever (unless specifically permitted in this Lease). In no event shall Tenant have the right to offset more than twenty-five percent (25%) of minimum rent in any calendar month, and Tenant shall have no right to offset against any additional rent other than any percentage rent payable hereunder. As used in this Lease, the terms "minimum rent" and "minimum rental" mean the minimum rental set forth in this Section 5(a) as adjusted pursuant to Section 4 hereof. As used in this Lease, the terms "rent for the first full month of the Sublease Term. and "rental" mean minimum rental, percentage rental, additional rental and all other sums due and owing from Tenant to Landlord under this Lease. (b) If the Sublease Term begins or ends Lease term shall commence on a day other than the first day of a calendar month or shall end on a day other than the last day of a calendar month, the Minimum Rent minimum rental for the partial months such first or last fractional month shall be prorated on a per diem basissuch proportion of the monthly minimum rental as the number of days in such fractional month bears to the total number of days in such calendar month. (bc) Sublessor agrees Until further notice to use its best efforts Tenant, all rental payable under this Lease shall be payable to obtain an abatement of Minimum Rent from Lessor for the month of AugustLandlord and mailed to Landlord at c/o Kimco Realty Corporation, 19963333 New Hyde ▇▇▇▇ ▇▇▇▇, provided Sublessee has diligently, and in good faith, pursued completion of its contemplated renovation of the Premises, but due to delays beyond its control, is unable to complete such renovation and open for business by August 1, 1996. Should Lessor grant such abatement of Minimum Rent to Sublessor/Lessee, Sublessor shall fully ▇▇▇▇▇ the Minimum Rent due hereunder for the month of August▇▇▇, 1996. ▇▇▇ ▇▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇. (d) In the event that Lessor does not grant Sublessor/Lessee such abatement of Minimum Rent, and provided Sublessee has diligently, and in good faith, pursued completion of said renovation, but due to delays beyond its control, is unable to complete such renovation and open for business by August 1, 1996, Sublessee shall only be any sums required to pay Minimum Rent to Sublessor, in an amount equal to that required under this Lease to be paid are not received when due, then all such amounts shall bear interest from the due date thereof until the date paid at the rate of interest equal to two percent (2%) over the prime rate in effect from time to time as established by Sublessor/Lessee National City Bank, Columbus, Ohio (the "Interest Rate"), and shall be due and payable by Tenant without notice or demand, Tenant shall pay the foregoing interest thereon in addition to Lessor under all default remedies of Landlord pursuant to Section 34 below. (e) Notwithstanding anything herein contained to the Master Leasecontrary, for Tenant shall initially pay to Landlord as additional rental, simultaneously with the month of August, 1996. In any event, payment of the full Minimum Rent set forth is minimum rental called for under Section 5.(a5(a) above, Five Dollars and 03/100 ($5.03) per square foot, payable in equal monthly installments of Eight Thousand Eight Hundred Ninety-five and 97/100 Dollars ($8,895.97), as the estimated monthly amount of Tenant's Proportionate Share of Maintenance Costs (provided for in Section 16 hereof), real estate taxes (provided for in Section 28 hereof) and insurance (provided for in Section 29 hereof). Tenant's Proportionate Share of Maintenance Costs shall commence September 1, 1996, or upon Sublessee's opening of business, whichever is not exceed Two Dollars and 25/100 cents ($2.25) per square foot in the first to occur. The provisions of this Section 5. (b) shall have no effect upon the commencement or termination dates of the Sublease Term, which shall take effect as set forth in Section 4. hereunderlease year.

Appears in 1 contract

Sources: Lease (DSW Inc.)

Minimum Rent. (a) Sublessee shall Tenant agrees to pay to sublessor Landlord, as Minimum Rentminimum rent for the demised premises, without deduction, setoff, notice or demand, at the address set forth herein for notices, or at such other place as Sublessor shall designate from time to time by notice to Sublessee, the sum equal consecutive monthly installments of Sixteen Twenty-Nine Thousand Four Hundred Eighty-two and 00/100 29/100th Dollars ($16,000.00) per month, ($192,000.00 per year29,482.29), which sum is subject to adjustments as provided in Section 6commencing on the commencement date, of this Sublease below, in advance and continuing on the first day of each calendar month during years one (1) through five (5) of the Sublease Term. Sublessee shall pay to Sublessor upon execution initial term of this Sublease the sum Lease, monthly installments of Sixteen Thirty-four Thousand Four Hundred Fifty-five and 00/100 21/100th Dollars ($16,000.0034,455.21) as rent for the first full each calendar month during years six (6) through ten (10), and monthly installments of Thirty-Nine Thousand Four Hundred Twenty-eight and 13/100th Dollars ($39,428.13) each calendar month during years eleven (11) through fifteen (15) of the Sublease Terminitial term of this Lease. All such rental shall be payable to Landlord in advance, without prior written notice or demand and without any right of deduction, abatement, counterclaim or offset whatsoever (unless specifically permitted in this Lease). Except as expressly set forth herein to the contrary, in no event shall Tenant have the right to offset more than twenty-five percent (25%) of minimum rent in any calendar month, and Tenant shall have no right to offset against any additional rent other than any percentage rent payable hereunder. As used in this Lease, the terms “minimum rent” and “minimum rental” mean the minimum rental set forth in this Section 5(a). As used in this Lease, the terms “rent and “rental” mean minimum rental, percentage rental, additional rental and all other sums due and owing from Tenant to Landlord under this Lease. (b) If the Sublease Term begins or ends Lease term shall commence on a day other than the first day of a calendar month or shall end on a day other than the last day of a calendar month, the Minimum Rent minimum rental for the partial months such first or last fractional month shall be prorated on a per diem basissuch proportion of the monthly minimum rental as the number of days in such fractional month bears to the total number of days in such calendar month. (bc) Sublessor agrees In addition to use its best efforts minimum rent as set forth in this Section 5, Tenant shall initially pay to obtain an abatement Landlord, as additional rental, simultaneously with the payment of Minimum Rent from Lessor minimum rental called for under Section 5(a) above, (i) the month estimated monthly amount of AugustTenant’s Proportionate Share of Maintenance Costs (provided for in Section 16 hereof), 1996as reasonably estimated by Landlord, (ii) Nine and 35/100 Dollars ($9.35) per square foot, payable in equal monthly installments of Thirteen Thousand Two Hundred Eighty-Four and 79/100 Dollars ($13,284.79) as the estimated monthly amount of Tenant’s Proportionate Tax Share (provided Sublessee has diligentlyfor in Section 28 hereof) and (iii) Fifteen Cents ($0.15) per square foot, payable in equal monthly installments of Two Hundred Thirteen and 13/100 Dollars ($213.13), as the estimated monthly amount of Tenant’s Proportionate Insurance Share (provided for in good faithSection 29 hereof). (d) Until further notice to Tenant, pursued completion of its contemplated renovation of the Premisesall rental payable under this Lease shall be payable to Landlord and mailed to Landlord at c/o Schottenstein Management Company, but due to delays beyond its control, is unable to complete such renovation and open for business by August 1, 1996. Should Lessor grant such abatement of Minimum Rent to Sublessor/Lessee, Sublessor shall fully ▇▇▇ ▇▇▇▇▇ the Minimum Rent due hereunder for the month of August▇▇▇▇, 1996. Columbus, Ohio 43207. (e) In the event that Lessor does not grant Sublessor/Lessee such abatement of Minimum Rent, and provided Sublessee has diligently, and in good faith, pursued completion of said renovation, but due to delays beyond its control, is unable to complete such renovation and open for business by August 1, 1996, Sublessee shall only be any sums required to pay Minimum Rent to Sublessor, in an amount equal to that required under this Lease to be paid are not received when due, then all such amounts shall bear interest from the due date thereof until the date paid at the rate of interest equal to two percent (2%) over the prime rate in effect from time to time as established by Sublessor/Lessee National City Bank, Columbus, Ohio (the “Interest Rate”), and shall be due and payable by Tenant without notice or demand, Tenant shall pay the foregoing interest thereon in addition to Lessor under the Master Lease, for the month all default remedies of August, 1996. In any event, payment of the full Minimum Rent set forth is Landlord pursuant to Section 5.(a) above, shall commence September 1, 1996, or upon Sublessee's opening of business, whichever is the first to occur. The provisions of this Section 5. (b) shall have no effect upon the commencement or termination dates of the Sublease Term, which shall take effect as set forth in Section 4. hereunder34 below.

Appears in 1 contract

Sources: Lease (DSW Inc.)

Minimum Rent. Tenant agrees to pay during the term hereof a minimum annual rent of Seventy Nine Thousand Six Hundred Fifteen Dollars and Twenty Cents (a) Sublessee shall pay to sublessor as Minimum Rent$ 79,6l5.20), payable without diminution, counterclaim, deduction, setoffset-off, notice or demand, at the address set forth herein for notices, or at such other place as Sublessor shall designate from time to time by notice to Sublesseein equal monthly installments of Six Thousand Six Hundred Thirty Four Dollars and Sixty Cents ($ 6,634.60), the sum of Sixteen Thousand and 00/100 Dollars ($16,000.00) per month, ($192,000.00 per year), which sum is subject to adjustments as provided in Section 6, first installment payable on the execution of this Sublease below, Lease and the remaining installments payable in advance on the first day of each calendar month of during the Sublease Term. Sublessee shall pay to Sublessor upon execution term of this Sublease Lease. Notwithstanding the sum of Sixteen Thousand and 00/100 Dollars ($16,000.00) as rent for foregoing, if the first full month of the Sublease Term. If the Sublease Term begins or ends term shall commence on a day other than the first or last day of a the calendar month, the Minimum Rent for the partial months first installment of rent shall be prorated on a per diem basis. (b) Sublessor agrees to use its best efforts take into account the number of days from the term commencement date to obtain an abatement the end of Minimum Rent such calendar month, and the final installment of rent shall be prorated to take into account the number of days from Lessor for the first day of the last calendar month of August, 1996, provided Sublessee has diligentlythe term to the termination date. All rent and other payments due hereunder from Tenant to Landlord shall be made payable to CONFEDERATION LIFE INSURANCE COMPANY (U.S.) IN REHABILITATION, and in good faith, pursued completion of its contemplated renovation of the Premises, but due mailed to delays beyond its control, is unable to complete such renovation and open for business by August 1, 1996. Should Lessor grant such abatement of Minimum Rent to Sublessor/Lessee, Sublessor shall fully Zuck▇▇▇▇▇ ▇▇▇nstadt, Inc., 7316 ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇ to such other person and place as Landlord may hereafter designate in writing. If any installment of rent accruing hereunder or any other sums payable hereunder shall not be paid within five (5) days after the Minimum Rent due hereunder for date, the rental and such other sums due shall, without affecting any of Landlord's other rights under this Lease, be increased by a late rental charge of 5%, or $75.00 whichever is greater, per month until paid, time being of Augustthe essence of this Lease. No payment by Tenant or receipt by Landlord of a lesser amount than the monthly installment of rent herein stipulated shall be deemed to be other than on account of the earlier stipulated rent, 1996. In the event that Lessor does not grant Sublessor/Lessee such abatement of Minimum Rentnor shall any endorsement or statement on any check or any letter accompanying any check or payment as rent be deemed an accord and satisfaction, and Landlord may accept such check for payment without prejudice to Landlord's right to recover the balance of such rent or pursue any other remedy provided Sublessee has diligently, and in good faith, pursued completion of said renovation, but due to delays beyond its control, is unable to complete such renovation and open for business by August 1, 1996, Sublessee shall only be required to pay Minimum Rent to Sublessor, in an amount equal to that required to be paid by Sublessor/Lessee to Lessor under the Master this Lease, for the month of August, 1996. In any event, payment of the full Minimum Rent set forth is Section 5.(a) above, shall commence September 1, 1996, or upon Sublessee's opening of business, whichever is the first to occur. The provisions of this Section 5. (b) shall have no effect upon the commencement or termination dates of the Sublease Term, which shall take effect as set forth in Section 4. hereunder.

Appears in 1 contract

Sources: Lease Agreement (Strayer Education Inc)

Minimum Rent. (a) Sublessee shall Tenant agrees to pay to sublessor Landlord, as Minimum Rentminimum rent for the demised premises, without deduction, setoff, notice or demand, at the address set forth herein for notices, or at such other place as Sublessor shall designate from time to time by notice to Sublessee, the sum equal consecutive monthly installments of Sixteen Forty-three Thousand Four Hundred Eighteen and 00/100 72/100 Dollars ($16,000.00) per month, ($192,000.00 per year43,418.72), which sum is subject to adjustments as provided in Section 6commencing on the commencement date, of this Sublease below, in advance and continuing on the first day of each calendar month during years one (1) through five (5) of the Sublease Term. Sublessee shall pay to Sublessor upon execution initial term of this Sublease the sum Lease, monthly installments of Sixteen Forty-seven Thousand Seven Hundred Fifty-one and 00/100 75/100 Dollars ($16,000.0047,751.75) each calendar month during years six (6) through ten (10), and monthly installments of Fifty-two Thousand Five Hundred Twenty-six and 93/100 Dollars ($52,526.93) each calendar month during years eleven (11) through fifteen (15) of the initial term of this Lease. All such rental shall be payable to Landlord in advance, without prior written notice or demand and without any right of deduction, abatement, counterclaim or offset whatsoever (unless specifically permitted in this Lease). In no event shall Tenant have the right to offset more than twenty-five percent (25%) of minimum rent in any calendar month, and Tenant shall have no right to offset against any additional rent other than any percentage rent payable hereunder. As used in this Lease, the terms “minimum rent” and “minimum rental” mean the minimum rental set forth in this Section 5(a) as adjusted pursuant to Section 4 hereof. As used in this Lease, the terms “rent for the first full month of the Sublease Term. and “rental” mean minimum rental, percentage rental, additional rental and all other sums due and owing from Tenant to Landlord under this Lease. (b) If the Sublease Term begins or ends Lease term shall commence on a day other than the first day of a calendar month or shall end on a day other than the last day of a calendar month, the Minimum Rent minimum rental for the partial months such first or last fractional month shall be prorated on a per diem basissuch proportion of the monthly minimum rental as the number of days in such fractional month bears to the total number of days in such calendar month. (bc) Sublessor agrees Until further notice to use its best efforts Tenant, all rental payable under this Lease shall be payable to obtain an abatement of Minimum Rent from Lessor for the month of AugustLandlord and mailed to Landlord at c/o Kimco Realty Corporation, 19963333 New Hyde ▇▇▇▇ ▇▇▇▇, provided Sublessee has diligently, and in good faith, pursued completion of its contemplated renovation of the Premises, but due to delays beyond its control, is unable to complete such renovation and open for business by August 1, 1996. Should Lessor grant such abatement of Minimum Rent to Sublessor/Lessee, Sublessor shall fully ▇▇▇▇▇ the Minimum Rent due hereunder for the month of August▇▇▇, 1996. ▇▇▇ ▇▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇. (d) In the event that Lessor does not grant Sublessor/Lessee such abatement of Minimum Rent, and provided Sublessee has diligently, and in good faith, pursued completion of said renovation, but due to delays beyond its control, is unable to complete such renovation and open for business by August 1, 1996, Sublessee shall only be any sums required to pay Minimum Rent to Sublessor, in an amount equal to that required under this Lease to be paid are not received when due, then all such amounts shall bear interest from the due date thereof until the date paid at the rate of interest equal to two percent (2%) over the prime rate in effect from time to time as established by Sublessor/Lessee National City Bank, Columbus, Ohio (the “Interest Rate”), and shall be due and payable by Tenant without notice or demand, Tenant shall pay the foregoing interest thereon in addition to Lessor under all default remedies of Landlord pursuant to Section 34 below. (e) Notwithstanding anything herein contained to the Master Leasecontrary, for Tenant shall initially pay to Landlord as additional rental, simultaneously with the month of August, 1996. In any event, payment of the full Minimum Rent set forth is minimum rental called for under Section 5.(a5(a) above, Five Dollars and 03/100 ($5.03) per square foot, payable in equal monthly installments of Eight Thousand Eight Hundred Ninety-five and 97/100 Dollars ($8,895.97), as the estimated monthly amount of Tenant’s Proportionate Share of Maintenance Costs (provided for in Section 16 hereof), real estate taxes (provided for in Section 28 hereof) and insurance (provided for in Section 29 hereof). Tenant’s Proportionate Share of Maintenance Costs shall commence September 1, 1996, or upon Sublessee's opening of business, whichever is not exceed Two Dollars and 25/100 cents ($2.25) per square foot in the first to occur. The provisions of this Section 5. (b) shall have no effect upon the commencement or termination dates of the Sublease Term, which shall take effect as set forth in Section 4. hereunderlease year.

Appears in 1 contract

Sources: Lease Agreement (Retail Ventures Inc)

Minimum Rent. (a) Sublessee shall Tenant agrees to pay to sublessor Landlord, as Minimum Rentminimum rent for the demised premises, without deduction, setoff, notice or demand, at the address set forth herein for notices, or at such other place as Sublessor shall designate from time to time by notice to Sublessee, the sum equal consecutive monthly installments of Sixteen Twenty-six Thousand and 00/100 Eighty-three Dollars ($16,000.00) per month, ($192,000.00 per year26,083.00), which sum is subject to adjustments as provided in Section 6commencing on the commencement date, of this Sublease below, in advance and continuing on the first day of each calendar month during years one (1) through five (5) of the Sublease Term. Sublessee shall pay to Sublessor upon execution initial term of this Sublease the sum Lease, monthly installments of Sixteen Twenty-eight Thousand Four Hundred Seventy-three and 00/100 94/100 Dollars ($16,000.0028,473.94) as rent for the first full each calendar month during years six (6) through ten (10), and monthly installments of Thirty-one Thousand Three Hundred Twenty-one and 34/100 Dollars ($31,321.34) each calendar month during years eleven (11) through fifteen (15) of the Sublease Terminitial term of this Lease. If All such rental shall be payable to Landlord in advance, without prior written notice or demand and without any right of deduction, abatement, counterclaim or offset whatsoever (unless specifically permitted in this Lease). In no event shall Tenant have the Sublease Term begins or ends on a day other right to offset more than the first or last day twenty-five percent (25%) of a minimum rent in any calendar month, the Minimum Rent for the partial months shall be prorated on a per diem basis. (b) Sublessor agrees to use its best efforts to obtain an abatement of Minimum Rent from Lessor for the month of August, 1996, provided Sublessee has diligently, and in good faith, pursued completion of its contemplated renovation of the Premises, but due to delays beyond its control, is unable to complete such renovation and open for business by August 1, 1996. Should Lessor grant such abatement of Minimum Rent to Sublessor/Lessee, Sublessor shall fully ▇▇▇▇▇ the Minimum Rent due hereunder for the month of August, 1996. In the event that Lessor does not grant Sublessor/Lessee such abatement of Minimum Rent, and provided Sublessee has diligently, and in good faith, pursued completion of said renovation, but due to delays beyond its control, is unable to complete such renovation and open for business by August 1, 1996, Sublessee shall only be required to pay Minimum Rent to Sublessor, in an amount equal to that required to be paid by Sublessor/Lessee to Lessor under the Master Lease, for the month of August, 1996. In any event, payment of the full Minimum Rent set forth is Section 5.(a) above, shall commence September 1, 1996, or upon Sublessee's opening of business, whichever is the first to occur. The provisions of this Section 5. (b) Tenant shall have no effect upon right to offset against any additional rent other than any percentage rent payable hereunder. As used in this Lease, the commencement or termination dates of terms "minimum rent" and "minimum rental" mean the Sublease Term, which shall take effect as minimum rental set forth in this Section 45(a) as adjusted pursuant to Section 4 hereof. hereunderAs used in this Lease, the terms "rent and "rental" mean minimum rental, percentage rental, additional rental and all other sums due and owing from Tenant to Landlord under this Lease.

Appears in 1 contract

Sources: Lease (Retail Ventures Inc)

Minimum Rent. (a) Sublessee shall Tenant agrees to pay to sublessor Landlord, as Minimum Rentminimum rent for the demised premises, without deduction, setoff, notice or demand, at the address set forth herein for notices, or at such other place as Sublessor shall designate from time to time by notice to Sublessee, the sum equal consecutive monthly installments of Sixteen Twenty One Thousand Eighty Two and 00/100 67/100 Dollars ($16,000.00) per month, ($192,000.00 per year21,082.67), which sum is subject to adjustments as provided in Section 6commencing on the commencement date, of this Sublease below, in advance and continuing on the first day of each calendar month during years one (1) through five (5) of the Sublease Term. Sublessee shall pay to Sublessor upon execution initial term of this Sublease the sum Lease, monthly installments of Sixteen Twenty Three Thousand Six Hundred Twelve and 00/100 59/100 Dollars ($16,000.0023,612.59) as rent for the first full each calendar month during years six (6) through ten (10), and monthly installments of Twenty Six Thousand Four Hundred Fifty Eight and 75/100 Dollars ($26,458.75) each calendar month during years eleven (11) through fifteen (15) of the Sublease Terminitial term of this Lease. If All such rental shall be payable to Landlord in advance, without prior written notice or demand and without any right of deduction, abatement, counterclaim or offset whatsoever (unless specifically permitted in this Lease). In no event shall Tenant have the Sublease Term begins or ends on a day other right to offset more than the first or last day twenty-five percent (25%) of a minimum rent in any calendar month, the Minimum Rent for the partial months shall be prorated on a per diem basis. (b) Sublessor agrees to use its best efforts to obtain an abatement of Minimum Rent from Lessor for the month of August, 1996, provided Sublessee has diligently, and in good faith, pursued completion of its contemplated renovation of the Premises, but due to delays beyond its control, is unable to complete such renovation and open for business by August 1, 1996. Should Lessor grant such abatement of Minimum Rent to Sublessor/Lessee, Sublessor shall fully ▇▇▇▇▇ the Minimum Rent due hereunder for the month of August, 1996. In the event that Lessor does not grant Sublessor/Lessee such abatement of Minimum Rent, and provided Sublessee has diligently, and in good faith, pursued completion of said renovation, but due to delays beyond its control, is unable to complete such renovation and open for business by August 1, 1996, Sublessee shall only be required to pay Minimum Rent to Sublessor, in an amount equal to that required to be paid by Sublessor/Lessee to Lessor under the Master Lease, for the month of August, 1996. In any event, payment of the full Minimum Rent set forth is Section 5.(a) above, shall commence September 1, 1996, or upon Sublessee's opening of business, whichever is the first to occur. The provisions of this Section 5. (b) Tenant shall have no effect upon right to offset against any additional rent other than any percentage rent payable hereunder. As used in this Lease, the commencement or termination dates of terms "minimum rent" and "minimum rental" mean the Sublease Term, which shall take effect as minimum rental set forth in this Section 45(a) as adjusted pursuant to Section 4 hereof. hereunderAs used in this Lease, the terms "rent and "rental" mean minimum rental, percentage rental, additional rental and all other sums due and owing from Tenant to Landlord under this Lease.

Appears in 1 contract

Sources: Lease (Retail Ventures Inc)

Minimum Rent. (a) Sublessee shall Tenant agrees to pay to sublessor Landlord, as Minimum Rentminimum rent for the demised premises, without deduction, setoff, notice or demand, at the address set forth herein for notices, or at such other place as Sublessor shall designate from time to time by notice to Sublessee, the sum equal consecutive monthly installments of Sixteen Twenty-six Thousand Six Hundred Forty-nine and 00/100 17/100 Dollars ($16,000.00) per month, ($192,000.00 per year26,649.17), which sum is subject to adjustments as provided in Section 6commencing on the commencement date, of this Sublease below, in advance and continuing on the first day of each calendar month during years one (1) through five (5) of the Sublease Term. Sublessee shall pay to Sublessor upon execution initial term of this Sublease the sum Lease, monthly installments of Sixteen Twenty-seven Thousand One Hundred Fourteen and 00/100 08/100 Dollars ($16,000.0027,114.08) as rent for the first full each calendar month during years six (6) through ten (10), and monthly installments of Twenty-nine Thousand Eight Hundred Twenty-five and 49/100 Dollars ($29,825.49) each calendar month during years eleven (11) through fifteen (15) of the Sublease Terminitial term of this Lease. If All such rental shall be payable to Landlord in advance, without prior written notice or demand and without any right of deduction, abatement, counterclaim or offset whatsoever (unless specifically permitted in this Lease). In no event shall Tenant have the Sublease Term begins or ends on a day other right to offset more than the first or last day twenty-five percent (25%) of a minimum rent in any calendar month, the Minimum Rent for the partial months shall be prorated on a per diem basis. (b) Sublessor agrees to use its best efforts to obtain an abatement of Minimum Rent from Lessor for the month of August, 1996, provided Sublessee has diligently, and in good faith, pursued completion of its contemplated renovation of the Premises, but due to delays beyond its control, is unable to complete such renovation and open for business by August 1, 1996. Should Lessor grant such abatement of Minimum Rent to Sublessor/Lessee, Sublessor shall fully ▇▇▇▇▇ the Minimum Rent due hereunder for the month of August, 1996. In the event that Lessor does not grant Sublessor/Lessee such abatement of Minimum Rent, and provided Sublessee has diligently, and in good faith, pursued completion of said renovation, but due to delays beyond its control, is unable to complete such renovation and open for business by August 1, 1996, Sublessee shall only be required to pay Minimum Rent to Sublessor, in an amount equal to that required to be paid by Sublessor/Lessee to Lessor under the Master Lease, for the month of August, 1996. In any event, payment of the full Minimum Rent set forth is Section 5.(a) above, shall commence September 1, 1996, or upon Sublessee's opening of business, whichever is the first to occur. The provisions of this Section 5. (b) Tenant shall have no effect upon right to offset against any additional rent other than any percentage rent payable hereunder. As used in this Lease, the commencement or termination dates of terms "minimum rent" and "minimum rental" mean the Sublease Term, which shall take effect as minimum rental set forth in this Section 45(a) as adjusted pursuant to Section 4 hereof. hereunderAs used in this Lease, the terms "rent and "rental" mean minimum rental, percentage rental, additional rental and all other sums due and owing from Tenant to Landlord under this Lease.

Appears in 1 contract

Sources: Lease (Retail Ventures Inc)

Minimum Rent. (a) Sublessee shall Tenant agrees to pay to sublessor Landlord, as Minimum Rentminimum rent for the demised premises, without deduction, setoff, notice or demand, at the address set forth herein for notices, or at such other place as Sublessor shall designate from time to time by notice to Sublessee, the sum equal consecutive monthly installments of Sixteen Thirty Five Thousand and 00/100 Dollars ($16,000.00) per month, ($192,000.00 per year35,000.00), which sum is subject to adjustments as provided in Section 6commencing on the commencement date, of this Sublease below, in advance and continuing on the first day of each calendar month during years one (1) through three (3) of the Sublease Term. Sublessee shall pay to Sublessor upon execution initial term of this Sublease the sum Lease, monthly installments of Sixteen Thirty-seven Thousand and 00/100 Five Hundred Dollars ($16,000.0037,500.00) as rent for the first full each calendar month during years four (4) through seven (7), monthly installments of Forty Thousand Dollars ($40,000.00) each calendar month during years eight (8) through ten (10), and monthly installments of Forty-two Thousand Five Hundred Dollars ($42,500.00) each calendar month during years eleven (11) through fifteen (15) of the Sublease Terminitial term of this Lease. If All such rental shall be payable to Landlord in advance, without prior written notice or demand and without any right of deduction, abatement, counterclaim or offset whatsoever (unless specifically permitted in this Lease). In no event shall Tenant have the Sublease Term begins or ends on a day other right to offset more than the first or last day twenty-five percent (25%) of a minimum rent in any calendar month, the Minimum Rent for the partial months shall be prorated on a per diem basis. (b) Sublessor agrees to use its best efforts to obtain an abatement of Minimum Rent from Lessor for the month of August, 1996, provided Sublessee has diligently, and in good faith, pursued completion of its contemplated renovation of the Premises, but due to delays beyond its control, is unable to complete such renovation and open for business by August 1, 1996. Should Lessor grant such abatement of Minimum Rent to Sublessor/Lessee, Sublessor shall fully ▇▇▇▇▇ the Minimum Rent due hereunder for the month of August, 1996. In the event that Lessor does not grant Sublessor/Lessee such abatement of Minimum Rent, and provided Sublessee has diligently, and in good faith, pursued completion of said renovation, but due to delays beyond its control, is unable to complete such renovation and open for business by August 1, 1996, Sublessee shall only be required to pay Minimum Rent to Sublessor, in an amount equal to that required to be paid by Sublessor/Lessee to Lessor under the Master Lease, for the month of August, 1996. In any event, payment of the full Minimum Rent set forth is Section 5.(a) above, shall commence September 1, 1996, or upon Sublessee's opening of business, whichever is the first to occur. The provisions of this Section 5. (b) Tenant shall have no effect upon right to offset against any additional rent other than any percentage rent payable hereunder. As used in this Lease, the commencement or termination dates of terms "minimum rent" and "minimum rental" mean the Sublease Term, which shall take effect as minimum rental set forth in this Section 45(a) as adjusted pursuant to Section 4 hereof. hereunderAs used in this Lease, the terms "rent and "rental" mean minimum rental, percentage rental, additional rental and all other sums due and owing from Tenant to Landlord under this Lease.

Appears in 1 contract

Sources: Lease (Retail Ventures Inc)