Monthly Base Rent. Notwithstanding anything in the Existing Lease to the contrary, in consideration of the Additional TI Allowance, commencing on the Amendment Effective Date: (a) the monthly Base Rent shall increase by Four Hundred Ninety-Two Thousand Six Hundred Twenty-Five Dollars ($492,625.00) (the “Additional Base Rent”), provided that the Additional Base Rent shall be phased in during the sixteen (16) month period following the Amendment Effective Date as set forth below (such sixteen month period, the “Additional Base Rent Adjustment Period”); (b) in lieu of the Base Rent adjustments set forth in Section 6.5 of the Existing Lease, the Additional Base Rent shall be subject to an annual upward adjustment of two and three-quarters percent (2.75%) of the then-current Additional Base Rent, with the first such adjustment to become effective commencing on the first anniversary of the Amendment Effective Date, and subsequent adjustments to become effective on every successive annual anniversary of the Amendment Effective Date for so long as the Lease continues in effect; and (c) the Base Rent under the Existing Lease shall be adjusted to the same rental rate as the Additional Base Rent for the last five (5) years of the Term in accordance with this Amendment, subject to the adjustments set forth in the Lease, including the Base Rent adjustments set forth in Section 6.5 of the Existing Lease on each anniversary of the Commencement Date. For illustrative purposes, the chart below sets forth the incremental increases to Base Rent to account for the Additional Base Rent, subject to adjustment pursuant to this Section 7, to be phased in during the Additional Base Rent Adjustment Period, and the rent chart attached as Exhibit F to this Amendment sets forth the monthly aggregate Base Rent and Property Management Fee for the Term of the Lease, including the adjustments to Base Rent as set forth in the Lease. Month 1 $30,789.06 Month 2 $61,578.13 Month 3 $92,367.19 Month 4 $123,156.25 Month 5 $153,945.31 Month 6 $184,734.38 Month 7 $215,523.44 Month 8 $246,312.50 Month 9 $277,101.56 Month 10 $307,890.63 Month 11 $338,679.69 Month 12 $369,468.75 Month 13 $411,264.90 Month 14 $442,900.67 Month 15 $474,536.43 Month 16 $506,172.19
Appears in 2 contracts
Sources: Lease Agreement, Purchase and Sale Agreement
Monthly Base Rent. Notwithstanding anything in the Existing Lease to the contrary, in consideration of the Additional TI Allowance, commencing on the Amendment Effective Date: (a) the monthly Base Rent shall increase by Four Hundred Ninety-Two Thousand Six Hundred Twenty-Five Dollars The annual base rent ($492,625.00) (the “Additional Annual Base Rent”), provided that the Additional and monthly base rent (“Monthly Base Rent Rent”) shall be phased in during the sixteen (16) month period following the Amendment Effective Date as set forth below (such sixteen month period, the “Additional Base Rent Adjustment Period”); (b) in lieu of the Base Rent adjustments set forth in Section 6.5 of the Existing Lease, the Additional Base Rent shall be subject to an annual upward adjustment of two and three-quarters percent (2.75%) of the then-current Additional Base Rent, with the first such adjustment to become effective commencing on the first anniversary of the Amendment Effective Date, and subsequent adjustments to become effective on every successive annual anniversary of the Amendment Effective Date for so long as the Lease continues in effect; and (c) the Base Rent under the Existing Lease shall be adjusted to the same rental rate as the Additional Base Rent for the last five (5) years of the Term in accordance with this Amendment, subject to the adjustments set forth in the Lease, including the Base Rent adjustments set forth in Section 6.5 of the Existing Lease on each anniversary of the Commencement Date. For illustrative purposes, the chart below sets forth the incremental increases to Base Rent to account for the Additional Base Rent, subject to adjustment pursuant to this Section 7, to be phased in during the Additional Base Rent Adjustment Period, and the rent chart attached as Exhibit F to this Amendment sets forth the monthly aggregate Base Rent and Property Management Fee for the Term of the Lease, including the adjustments to Base Rent as set forth in the Leasetable below. Month 1 Subtenant hereby agrees to pay Monthly Base Rent to Sublandlord in advance for each month during the Term. Subject to the abatement provisions set forth in Section 4(b), Subtenant shall pay Monthly Base Rent commencing on the Commencement Date and continuing thereafter on the first (1st) day of each and every calendar month during the Term of this Sublease. Commencement Date through October 31, 2012** $ 630,000.00 $ 52,500.00 November 1, 2012 through the Expiration Date. $ 630,000.00 $ 52,500.00 *Based on the agreed leasable square footage of the Occupied Portion of Subleased Premises (18,000 square feet) for twelve (12) full calendar months. **Subject to the terms of Section 4(b), the Annual Base Rent (of $30,789.06 Month 630,000.00) and Monthly Base Rent (of $52,500.00) are subject to abatement and application of credits described therein.
(b) Provided no Event of Default under this Sublease by Subtenant occurs, Sublandlord grants to Subtenant:
(i) An abatement of the Monthly Base Rent which otherwise would be due and payable, such abatement beginning on the Commencement Date and ending on October 31, 2012; provided, however, that in the event of any delay in the Commencement Date beyond July 9, 2012 not arising in whole or material part out of any act or omission of Subtenant, and provided that such delay does not relate in whole or in part to negotiation, execution or delivery of the Overlandlord Consent, or negotiation or approval of the terms set forth in Section 24, such October 31, 2012 date shall be extended one day for each day of delay.
(ii) An improvements allowance in the form of a credit towards the Monthly Base Rent otherwise payable hereunder (the “Sublease Improvements Allowance Credit”) in the total amount of Twenty Six Thousand Two Hundred Seventeen and No/100ths Dollars ($26,217.00), subject to and conditioned on the following. Subtenant shall be entitled to the Sublease Improvements Allowance Credit to the extent that: (i) Sublandlord receives a corresponding amount out of the remaining balance of the Tenant Improvements Allowance under item 4B of the “Summary of Basic Terms” of the ▇▇▇▇▇▇▇▇▇ (but not including any Excess Tenant Improvements Allowance thereunder) and Section 2 of the ▇▇▇▇▇▇▇▇▇ Second Amendment, and (ii) Subtenant satisfies the conditions for disbursement of such remaining balance as set forth in Section 2 of the ▇▇▇▇▇▇▇▇▇ Second Amendment, complies with Section 7.5 of the ▇▇▇▇▇▇▇▇▇ and satisfies the requirements of Section 3.1 of the ▇▇▇▇▇▇▇▇▇ for disbursement of such remaining balance of the Tenant Improvements Allowance and (iii) Subtenant submits to Sublandlord an application for payment accompanied by copies of invoices for costs, together with such certifications, lien waivers and other documents from Subtenant, its contractors, engineers, architect and materials suppliers as may reasonably be required by Sublandlord or Overlandlord, and documentation of prior payment by Subtenant of actual out of pocket costs for Sublease Improvements in the amount of the Sublease Improvements Allowance Credit. Such Sublease Improvements Allowance Credit shall be applied to the first and immediately following installments of Monthly Base Rent due and payable under this Sublease beginning on November 1, 2012 (until the entire Sublease Improvements Allowance Credit is exhausted).
(iii) A conditional credit towards the Monthly Base Rent otherwise payable hereunder (the “Steam Generator Allowance Credit”) in the maximum total amount of Sixty Thousand and No/100ths Dollars ($61,578.13 Month 3 60,000.00) to be applied to the first and immediately following installments of Monthly Base Rent due and payable under this Sublease (after application of the Sublease Improvements Allowance Credit until the “Allowable Amount” of the Steam Generator Allowance Credit is exhausted), provided that: the amount of such Steam Generator Allowance Credit shall be applied by Tenant to actual out of pocket costs and expenses with respect to the repair, replacement or removal of the steam generator and/or installation of humidification units within the vivarium facility within the Subleased Premises as described in the list of Sublease Improvements as defined in Section 8(a) hereof and attached hereto as Schedule 8(a). In no event shall Sublandlord be required to disburse or provide a Steam Generator Allowance Credit in an amount greater than Sixty Thousand and No/100ths Dollars ($92,367.19 Month 4 $123,156.25 Month 5 $153,945.31 Month 6 $184,734.38 Month 7 $215,523.44 Month 8 $246,312.50 Month 9 $277,101.56 Month 10 $307,890.63 Month 11 $338,679.69 Month 12 $369,468.75 Month 13 $411,264.90 Month 14 $442,900.67 Month 15 $474,536.43 Month 16 $506,172.1960,000.00).
(c) If the obligation of Subtenant to pay Rent (defined below) hereunder begins on a day other than on the first day of a calendar month, rent from such date until the first day of the following calendar month shall be prorated at the per diem rate of the monthly installment for each day based on the number of days of such month within the Term and shall be due and payable on the Commencement Date. The Annual Base Rent, Monthly Base Rent, Additional Rent (defined below) and any other charges herein reserved or payable by Subtenant hereunder (collectively “Rent”) shall be paid to Sublandlord at the following address: Pfizer, Inc., ▇▇▇ ▇. ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, Attention: ▇▇▇▇▇▇▇ ▇▇▇▇▇, or at such other place as Sublandlord may designate in writing, in lawful money of the United States without demand therefor and without deduction, setoff or abatement whatever, except as expressly provided in this Sublease. Rent for any partial month during the Term shall be prorated based upon the number of days in such month. Subtenant acknowledges and agrees that the obligations of Subtenant to pay Rent under this Sublease shall be separate and independent covenants and agreements.
(d) In the event that any installment of Rent is not received by Sublandlord within five (5) days following the date due, Subtenant shall pay to Sublandlord an administrative fee equal to five percent (5%) of the overdue payment. In addition, unpaid Rent shall bear interest at the Default Rate (hereinafter defined) from the date due until paid; provided that nothing contained herein shall be construed as permitting Sublandlord to charge or receive interest in excess of the maximum rate then allowed by law. The term “Default Rate” means the greater of fifteen percent (15%) per annum or the rate per annum which is five (5) whole percentage points higher than the prime rate published in the Money Rates section of the Wall Street Journal (the “Prime Rate”). Sublandlord shall have the right to apply payments, regardless of Subtenant’s designation, to satisfy any obligations of Subtenant hereunder, in such order and amount as Sublandlord may elect in its sole discretion. Any payment by Subtenant or acceptance by Sublandlord of a lesser amount than shall be due shall be treated as a payment on account. The acceptance by Sublandlord of a lesser amount with an endorsement or statement thereon, or in a letter accompanying such a check, that such lesser amount is payment in full, shall be given no effect, and Sublandlord may accept such check without prejudice to any other rights or remedies which Sublandlord may have against Subtenant.
Appears in 2 contracts
Sources: Sublease Agreement (Genocea Biosciences, Inc.), Sublease Agreement (Genocea Biosciences, Inc.)
Monthly Base Rent. Notwithstanding anything in the Existing Lease to the contrary, in consideration of the Additional TI Allowance, commencing on the Amendment Effective Date: (a) the monthly Base Rent shall increase by Four Hundred Ninety-Two Thousand Six Hundred Twenty-Five Dollars ($492,625.00) (the “Additional Base Rent”), provided that the Additional Base Rent shall be phased in during the sixteen (16) month period following the Amendment Effective Date as set forth below (such sixteen month period, the “Additional Base Rent Adjustment Period”); (b) in lieu of the Base Rent adjustments set forth in Section 6.5 of the Existing Lease, the Additional Base Rent shall be subject to an annual upward adjustment of two and three-quarters percent (2.75%) of the then-current Additional Base Rent, with the first such adjustment to become effective commencing on the first anniversary of the Amendment Effective Date, and subsequent adjustments to become effective on every successive annual anniversary of the Amendment Effective Date for so long as the Lease continues in effect; and (c) the Base Rent under the Existing Lease shall be adjusted to the same rental rate as the Additional Base Rent for the last five (5) years of the Term in accordance with this Amendment, subject to the adjustments set forth in the Lease, including the Base Rent adjustments set forth in Section 6.5 of the Existing Lease on each anniversary of the Commencement Date. For illustrative purposes, the chart below sets forth the incremental increases to Base Rent to account for the Additional Base Rent, subject to adjustment pursuant to this Section 7, to be phased in during the Additional Base Rent Adjustment Period, and the rent chart attached as Exhibit F to this Amendment sets forth the monthly aggregate Base Rent and Property Management Fee for the Term of the Lease, including the adjustments to Base Rent as set forth in the Lease. Additional Base Rent Adjustment Period: Amount of Additional Base Rent: Month 1 $30,789.06 Month 2 $61,578.13 Month 3 $92,367.19 Month 4 $123,156.25 Month 5 $153,945.31 Month 6 $184,734.38 Month 7 $215,523.44 Month 8 $246,312.50 Month 9 $277,101.56 Month 10 $307,890.63 Month 11 $338,679.69 Month 12 $369,468.75 Month 13 $411,264.90 Month 14 $442,900.67 Month 15 $474,536.43 Month 16 $506,172.1930,789.06 $61,578.13 $92,367.19 $123,156.25 $153,945.31 $184,734.38 $215,523.44 $246,312.50 $277,101.56 $307,890.63 $338,679.69 $369,468.75 $411,264.90 $442,900.67 $474,536.43 $506,172.
Appears in 2 contracts
Sources: Lease Agreement (Goodness Growth Holdings, Inc.), Purchase and Sale Agreement (Goodness Growth Holdings, Inc.)
Monthly Base Rent. Notwithstanding anything in the Existing Lease to the contrary, in consideration of the Additional TI Allowance, commencing on the Amendment Effective Date: (a) Lessee shall pay to lessor for each full calendar month during the monthly initial thirty (30) calendar months of the lease term, plus the partial month if any at the commencement of the lease term, Monthly Base Rent shall increase by Four Hundred Ninety-Two of Ten Thousand Six Hundred TwentyFifty-Five and Sixty Hundredths Dollars ($492,625.0010,655.60) per month. Upon the execution and delivery of this lease by Lessor and Lessee, Lessee shall pay to Lessor the sum of Ten Thousand Six Hundred Fifty-five and Sixty Hundredths Dollars ($10,655.60) representing the Monthly Base Rent for the first month of the lease term. Monthly Base Rent for any partial calendar month at the commencement of the lease term shall be payable at the rate of Three Hundred Fifty-five and Sixty Hundredths Dollars ($355.18) per day.
(b) Lessee shall pay to Lessor for each calendar month during the period beginning with the thirty-first (31st) full calendar month of the lease term and continuing through the Sixtieth (60th) full calendar month of the lease term, Monthly Base Rent of Eleven Thousand Five Hundred Thirty-three and Twelve Hundredths Dollars ($11,533.12) per month.
(c) Monthly Base Rent is determined on a full service basis and includes the Base Operating Expenses (including standard electrical service) and Base Taxes referred to in Paragraph 6(b) hereof.
(d) The Monthly Base Rent for the premises during the option extension period shall be an amount equal to the then existing fair market rent of the premises as of the commencement date of the option extension period ("The Option Monthly Base Rent"), but in no event shall the Option Monthly Base Rent be less than the Monthly Base Rent in effect for the last month of the initial lease term. The fair market rent for the premises for the option extension period shall be determined by comparison with comparables (including typical market concessions) for similar class "A" buildings in the Santa ▇▇▇▇▇ area. Said Option Monthly Base Rent for the option extension period shall be established by agreement between the Lessor and Lessee, if possible, and by the process of appraisal if the parties cannot reach agreement. At least six (6) months, but not more than twelve (12) months, prior to the expiration of the initial lease term, Lessee shall deliver notice to Lessor of Lessee's determination of the ammount of the fair market Monthly Base Rent of the premises as of the commencement of the option term, which shall in no event be less than the Monthly Base Rent in effect at the expiration of the initial term; provided that, in the event Lessee has no intention of exercising the option to extend the lease term, then Lessee shall have no obligation to deliver notice to Lessor of Lessee's determination. If Lessor disagrees with Lessee's determination of the amount of the fair market Monthly Base Rent of the premises, Lessor shall so notify Lessee within thirty (30) days after Lessor receives Lessee's notice of exercise of the option to extend the lease term. In the event that Lessee timely gives notice to Lessor of Lessee's election to exercise the option to extend the lease term and Lessor does not give Lessee notice in writing that Lessor disagrees with Lessee's determination of fair market rent within the time period referred to above, Lessor and Lessee shall execute an amendment to this Lease stating that the initial Monthly Base Rent for the premises during the option extension period shall be equal to the amount of Lessee's determination. If Lessor notifies Lessee that Lessor disagrees with Lessee's determination of the fair market rent for the premises within thirty (30) days after Lessor receives Lessee's notice of exercise of option, then the two parties shall confer for an additional period of ten (10) days to attempt in good faith to reach agreement upon the fair market rent for the premises. If after the expiration of said additional ten (10) day period the parties have not reached a written agreement as to the amount of the fair market rent for the premises, then such fair market rent shall be determined by appraisal as provided in subparagraph (e) below, subject to the condition that the Monthly Base Rent for the option extension period shall not be less than the Monthly Base Rent in effect at the expiration of the initial term.
(e) If it becomes necessary to determine by appraisal the fair market Monthly Base Rent for the premises as of the commencement of the option term, real estate appraiser(s), each of whom shall be members of the American Institute of Real Estate Appraisers (AIREA), with at least five (5) years' full- time commercial real estate appraisal experience in the San Jose, California Area, shall be appointed and shall act in accordance with the procedures set forth below. Either party may demand an appraisal by giving written notice to the other party, which demand to be effective must state the name, address, and qualifications of an appraiser selected by the party demanding an appraisal (the “Additional Base Rent”"Notifying Party"), provided that the Additional Base Rent shall be phased in during the sixteen . Within ten (1610) month period days following the Amendment Effective Date as set forth below Notifying Party's appraisal demand, the other party (such sixteen month the "Non-Notifying Party") shall either approve the appraiser selected by the notifying party or select a second properly qualified appraiser by giving written notice of the name, address, and qualification of said appraiser to the Notifying Party. If the Non-Notifying Party fails to select an appraiser within the ten (10) day period, the “Additional appraiser selected by the Notifying Party shall be deemed selected by both parties and no other appraiser shall be selected. If two appraisers are selected, they shall select a third appropriately qualified appraiser within five (5) days of being selected. If the two appraisers fail to select a third qualified appraiser within such five (5) day period, then the third appraiser shall be appointed by the then Presiding Judge of the Superior Court of Santa ▇▇▇▇▇ County. If only one appraiser is selected, that appraiser shall notify the parties in simple letter form of its determination of the fair market Monthly Base Rent Adjustment Period”); for the premises within fifteen (b15) in lieu days following his selection, which appraisal shall be conclusively determinative and binding on the parties as the appraised current fair market rental for the premises. If multiple appraisers are selected, each appraiser shall within ten (10) days of being selected make his determination of the current fair market Monthly Base Rent adjustments set forth for the premises in Section 6.5 simple letter form. If two (2) or more of the Existing Leaseappraisers agree on the rent for the premises, such agreement shall be determinative and binding upon the parties. If multiple appraisers are selected and two (2) appraisers are unable to agree on the rent, the Additional parties shall then determine the fair market Monthly Base Rent shall be subject to an annual upward adjustment for the premises by taking the mean average of two and three-quarters the appraisals; provided, that any high or low appraisal, differing from the middle appraisal by more than ten percent (2.7510%) of the then-middle appraisal, shall be disregarded in calculating the average. The appraisers' determination of the current Additional fair market Monthly Base Rent, with Rent of the first such adjustment to become effective commencing premises shall be based on the first anniversary criteria refeffed to in Paragraph 5(d)(1) above. If only one appraiser is selected, then each party shall pay one- half of the Amendment Effective Datefees and expenses of that appraiser. If three appraisers are selected, each party shall bear the fees and subsequent adjustments to become effective on every successive annual anniversary expenses of the Amendment Effective Date for so long as appraiser it selects and one-half of the fees and expenses of the third appraiser. Thereafter, in the event that Lessee timely gives notice to Lessor to extend the term of this Lease continues in effect; to include the option extension period, Lessor and (c) Lessee shall execute an amendment to this Lease stating that the Base Rent under the Existing Lease shall be adjusted to the same rental rate as the Additional Monthly Base Rent for the last five (5) years of premises during the Term in accordance with this Amendment, subject option extension period shall be equal to the adjustments set forth in greater of (1) the Lease, including the Base Rent adjustments set forth in Section 6.5 of the Existing Lease on each anniversary of the Commencement Date. For illustrative purposes, the chart below sets forth the incremental increases to Base Rent to account for the Additional Base Rent, subject to adjustment pursuant to this Section 7, to be phased in during the Additional Base Rent Adjustment Period, and the rent chart attached as Exhibit F to this Amendment sets forth the monthly aggregate Base Rent and Property Management Fee for the Term of the Lease, including the adjustments to Monthly Base Rent as set forth determined by appraisal; or (2) the Monthly Base Rent in effect at the Lease. Month 1 $30,789.06 Month 2 $61,578.13 Month 3 $92,367.19 Month 4 $123,156.25 Month 5 $153,945.31 Month 6 $184,734.38 Month 7 $215,523.44 Month 8 $246,312.50 Month 9 $277,101.56 Month 10 $307,890.63 Month 11 $338,679.69 Month 12 $369,468.75 Month 13 $411,264.90 Month 14 $442,900.67 Month 15 $474,536.43 Month 16 $506,172.19expiration of the initial term.
Appears in 1 contract
Monthly Base Rent. Notwithstanding anything in the Existing Lease to the contrary, in consideration of the Additional TI Allowance, commencing on the Amendment Effective Date: (a) Commencing on the Commencement Date and continuing on the first day of each calendar month thereafter until the end of the Term, Lessee shall pay to Lessor in monthly installments in advance the Monthly Base Rent for the Premises in lawful money of the United States as follows: * Lessee’s Monthly Base Rent shall increase by Four be abated for the first six (6) months of the Lease Term following the Commencement Date (the “Abatement Period”), if and for so long as Lessee is not in material monetary default under this Lease. If Lessee cures such material monetary default under this Lease during the Abatement Period, then following such cure Lessee’s Monthly Base Rent shall continue to be abated as of the date of such cure; provided, however, that Lessee shall not be entitled to extend the Abatement Period for the period of time that Lessee was in material monetary default of the Lease and shall not be entitled to recoup any portion of Monthly Base Rent attributable to the period of time that Lessee was in material monetary default of the Lease. In the event a dispute regarding whether a material monetary default has occurred for purposes of determining if Lessee is entitled to Abated Base Rent in accordance with the terms of this Paragraph results in litigation or other proceeding and Lessee prevails in such litigation or other proceeding, then Lessee shall be entitled to a▇▇▇▇ the Monthly Base Rent attributable to the period of time that Lessee was improperly determined to be in material monetary default of the Lease. The total eligible abatement of Monthly Base Rent pursuant to the foregoing based on the assumption that Lessee is not in material monetary default during the Abatement Period shall be Three Million, Two Hundred Ninety-Two Forty Thousand Six Hundred Twenty-Five and no/100s Dollars ($492,625.003,240,000.00). The foregoing abatement of Monthly Base Rent payable by Lessee shall not be construed as an abatement of any other rent, Additional Rent, or charges payable under this Lease. If Lessee defaults under the terms of this Lease, and such default results in the termination of this Lease in accordance with the provisions of Paragraph 23 (Remedies) of this Lease, then the unamortized amount of the abatement of Monthly Base Rent through the date of such termination (the “Additional Abated Base Rent”), provided that amortized on a straight-line basis over the initial Term, shall immediately become due and payable as part of Additional Rent under this Lease as of the day prior to such termination. In such event, as a part of the recovery set forth in Paragraph 23, Lessor shall be entitled to recover, in addition to any other amounts due from Lessee, the amount of the Abated Base Rent due under this Paragraph 5(a) as Additional Rent.
(b) Subject to Section 14 of the Work Letter, (i) upon the execution and delivery of this Lease by Lessee, Lessee shall pay to Lessor the sum of Five Hundred Forty Thousand and no/100s Dollars ($540,000.00) which shall be applied to the installment of Monthly Base Rent due for the first month in which Monthly Base Rent is due following the Commencement Date and (ii) upon thirty (30) days after the City’s issuance of the Use CUPs and the lapse of the fifteen (15) day appeal period without appeal (or, if appealed, the City has confirmed the Use CUPs in all material respects), Lessee shall pay to Lessor the sum of One Million Six Hundred Twenty Thousand and no/100s Dollars ($1,620,000.00) which shall be applied to the installments of Monthly Base Rent due for the second, third and fourth months in which Monthly Base Rent is due following the Commencement Date. Thereafter, Monthly Base Rent shall be phased paid monthly in during the sixteen (16) month period following the Amendment Effective Date as set forth below (such sixteen month period, the “Additional Base Rent Adjustment Period”); (b) in lieu of the Base Rent adjustments set forth in Section 6.5 of the Existing Lease, the Additional Base Rent shall be subject to an annual upward adjustment of two and three-quarters percent (2.75%) of the then-current Additional Base Rent, with the first such adjustment to become effective commencing advance on the first anniversary day of each calendar month. Lessee shall also pay to Lessor no later than March 15, 2016, the Amendment Effective Dateamount of One Hundred Eighty Thousand and no/100s Dollars ($180,000.00) or Lessor’s then current estimate of Additional Rent (as hereinafter defined), and subsequent adjustments to become effective on every successive annual anniversary of the Amendment Effective Date for so long as the Lease continues in effect; and (c) the Base Rent under the Existing Lease which amount shall be adjusted applied to the same rental rate as the Additional Base Rent for the last five (5) years first calendar month of the Term Term. Upon thirty (30) days after the City’s issuance of the Use CUPs and the lapse of the fifteen (15) day appeal period without appeal (or, if appealed, the City has confirmed the Use CUPs in accordance with this Amendmentall material respects), and subject to the adjustments set forth in the Lease, including the Base Rent adjustments set forth in Section 6.5 14 of the Existing Lease on each anniversary of Work Letter, Lessee shall deliver to Lessor the Commencement Date. For illustrative purposes, the chart below sets forth the incremental increases to Base Rent to account for the Additional Base Rent, subject to adjustment pursuant to this Section 7, to be phased Security Deposit (as defined in during the Additional Base Rent Adjustment Period, and the rent chart attached as Exhibit F to this Amendment sets forth the monthly aggregate Base Rent and Property Management Fee for the Term of the Lease, including the adjustments to Base Rent as set forth in the Lease. Month 1 $30,789.06 Month 2 $61,578.13 Month 3 $92,367.19 Month 4 $123,156.25 Month 5 $153,945.31 Month 6 $184,734.38 Month 7 $215,523.44 Month Paragraph 8 $246,312.50 Month 9 $277,101.56 Month 10 $307,890.63 Month 11 $338,679.69 Month 12 $369,468.75 Month 13 $411,264.90 Month 14 $442,900.67 Month 15 $474,536.43 Month 16 $506,172.19below).
Appears in 1 contract
Monthly Base Rent. (a) You agree to pay to Landlord monthly base rent for the Premises, in advance, without demand, deduction or set off, for the entire primary term hereof beginning on the Rent Commencement Date, at the initial rate of $32,896.00 a month, provided, however, that if the Rent Commencement Date is a day other than the first day of a calendar month, then for the initial partial month, you agree to pay a per diem base rental of $1,096.52 a day for each day of the partial month beginning on the Rent Commencement Date and ending on the last day of the partial month in which the Rent Commencement Date falls. The monthly base rent amount payable by you during the primary term will increase on each Adjustment Date beginning with the Adjustment Date corresponding to the first day of the second Lease Year, the annual increase to be computed in the manner prescribed in Section 3.03.
(b) The monthly base rent amount payable by you during the First Extended Term shall initially be 103% of the monthly base rent amount in effect during the tenth Lease Year. The monthly base rent amount payable by you during the First Extended Term will thereafter increase on each Adjustment Date beginning with the Adjustment Date corresponding to the first day of the second Lease Year of the First Extended Term, the annual increase to be computed in the manner prescribed in Section 3.03.
(c) The monthly base rent amount payable by you during the Second Extended Term shall initially be 110% of the monthly base rent amount in effect during the fifth Lease Year of the First Extended Term. The monthly base rent amount payable by you during the Second Extended Term will thereafter increase on each Adjustment Date beginning with the Adjustment Date corresponding to the first day of the second Lease Year of the Second Extended Term, the annual increase to be computed in the manner prescribed in Section 3.03.
(d) The monthly base rent amount payable by you during the Third Extended Term shall initially be 110% of the monthly base rent amount in effect during the fifth Lease Year of the Second Extended Term. The monthly base rent amount payable by you during the Third Extended Term will thereafter increase on each Adjustment Date beginning with the Adjustment Date corresponding to the first day of the second Lease Year of the Third Extended Term, the annual increase to be computed in the manner prescribed in Section 3.03.
(e) The monthly base rent payable by you during the Holdover Extended Term shall be 110% of the monthly base rent amount in effect during the Lease Year that ended immediately prior to the beginning of the Holdover Extended Term. Landlord: Tenant: RDM ----------- -------------
(f) Notwithstanding anything in the Existing Lease Section 3.01(a) to the contrary, in consideration to the extent the Landlord's Contribution is less than $1,088,960, you shall be entitled to receive a credit for the difference between $1,088,960 and the actual amount of the Additional TI AllowanceLandlord's Contribution. The credit will be in one of the following two forms, commencing on all at Landlord's sole option and discretion:
(i) a credit against Rent to be credited against Rent first becoming due and payable until such time as the Amendment Effective Date: entire credit is exhausted; or (aii) the monthly reduced Base Rent shall increase by Four Hundred Ninety-Two Thousand Six Hundred Twenty-Five Dollars ($492,625.00) (with the “Additional Base Rent”), provided that reduction amortized equally over the Additional Base Rent shall be phased in during the sixteen (16) month period following the Amendment Effective Date as set forth below (such sixteen month period, the “Additional Base Rent Adjustment Period”); (b) in lieu primary term of the Base Rent adjustments set forth in Section 6.5 Lease with an interest factor of the Existing Lease, the Additional Base Rent shall be subject to an annual upward adjustment of two and three-quarters percent (2.7510%) of the then-current Additional Base Rent, with the first such adjustment to become effective commencing on the first anniversary of the Amendment Effective Date, and subsequent adjustments to become effective on every successive annual anniversary of the Amendment Effective Date for so long as the Lease continues in effect; and (c) the Base Rent under the Existing Lease shall be adjusted to the same rental rate as the Additional Base Rent for the last five (5) years of the Term in accordance with this Amendment, subject to the adjustments set forth in the Lease, including the Base Rent adjustments set forth in Section 6.5 of the Existing Lease on each anniversary of the Commencement Date. For illustrative purposes, the chart below sets forth the incremental increases to Base Rent to account for the Additional Base Rent, subject to adjustment pursuant to this Section 7, to be phased in during the Additional Base Rent Adjustment Period, and the rent chart attached as Exhibit F to this Amendment sets forth the monthly aggregate Base Rent and Property Management Fee for the Term of the Lease, including the adjustments to Base Rent as set forth in the Lease. Month 1 $30,789.06 Month 2 $61,578.13 Month 3 $92,367.19 Month 4 $123,156.25 Month 5 $153,945.31 Month 6 $184,734.38 Month 7 $215,523.44 Month 8 $246,312.50 Month 9 $277,101.56 Month 10 $307,890.63 Month 11 $338,679.69 Month 12 $369,468.75 Month 13 $411,264.90 Month 14 $442,900.67 Month 15 $474,536.43 Month 16 $506,172.19.
Appears in 1 contract
Monthly Base Rent. Notwithstanding anything in During the Existing Lease to Term, the contrary, in consideration of annual base rent for the Additional TI Allowance, commencing on the Amendment Effective Date: (a) the monthly Base Rent shall increase by Four Hundred Ninety-Two Thousand Six Hundred Twenty-Five Dollars ($492,625.00) Leased Premises (the “Additional Base Leased Premises Rent”) shall be $38,763,891.38; provided, however, that during the Term, Lessee may seek to have certain portions of Shreveport Premises or the Monroe Premises removed from Exhibits A-1 and A-2 and to have the annualized Lease thereof as provided in this Article II) equitably adjusted to account for any such change(s) in the Leased Premises. Lessor and Lessee shall negotiate in good faith as to whether the requested portion of the Shreveport Premises or the Monroe Premises should be removed from this Lease. The Leased Premises Rent shall be payable by Lessee to LSU in twelve (12) equal monthly installments (the “Leased Premises Monthly Rent”), provided that with the Additional Base Rent shall be phased in during rent for the sixteen (16) month period following the Amendment Effective Date as set forth below (such sixteen month period, the “Additional Base Rent Adjustment Period”); (b) in lieu first two months of the Base Rent adjustments set forth in Section 6.5 of Initial Term being due and payable on November 1, 2013, and the Existing Leaseremaining installments being due and payable, the Additional Base Rent shall be subject to an annual upward adjustment of two and three-quarters percent (2.75%) of the then-current Additional Base Rent, with the first such adjustment to become effective commencing respectively on the first anniversary (1st) day of each calendar month thereafter during the Amendment Effective DateTerm. Notwithstanding the foregoing, and subsequent adjustments to become effective on every successive annual anniversary of the Amendment Effective Date for so long as the Lease continues in effect; and (c) the Base Rent under the Existing Lease shall be adjusted to the same rental rate as the Additional Base Leased Premises Monthly Rent for the months of July, August and September, 2014 shall be paid by Lessee to Lessor on or before June 30, 2014 and no Leased Premises Monthly Rent payments shall be due during those months. The payment of the Leased Premises Monthly Rent shall resume on October 1, 2014 and shall continue on the first (1st) day of each calendar month thereafter during the Term. Notwithstanding the foregoing, Lessor, Lessee and the State may mutually agree in writing to the pre-payment of all or part of the Leased Premises Monthly Rent at any time in the future on such terms and conditions as are acceptable to them. In the event the Commencement Date should fall on a date other than the first day of a calendar month, the first Leased Premises Monthly Rent payment shall be prorated based on the actual number of days in such calendar month from and including the Commencement Date to and including the last five (5) years day of such calendar month. In the event that the last day of the Term is a day other than the last day of a calendar month, the last Leased Premises Monthly Rent payment shall be prorated based on the actual number of days in accordance with this Amendment, subject to the adjustments set forth in the Lease, such calendar month from and including the Base Rent adjustments set forth in Section 6.5 first day of such calendar month to and including the last day of the Existing Lease on each anniversary of the Commencement Date. For illustrative purposes, the chart below sets forth the incremental increases to Base Rent to account for the Additional Base Rent, subject to adjustment pursuant to this Section 7, to be phased in during the Additional Base Rent Adjustment Period, and the rent chart attached as Exhibit F to this Amendment sets forth the monthly aggregate Base Rent and Property Management Fee for the Term of the Lease, including the adjustments to Base Rent as set forth in the Lease. Month 1 $30,789.06 Month 2 $61,578.13 Month 3 $92,367.19 Month 4 $123,156.25 Month 5 $153,945.31 Month 6 $184,734.38 Month 7 $215,523.44 Month 8 $246,312.50 Month 9 $277,101.56 Month 10 $307,890.63 Month 11 $338,679.69 Month 12 $369,468.75 Month 13 $411,264.90 Month 14 $442,900.67 Month 15 $474,536.43 Month 16 $506,172.19Term.
Appears in 1 contract
Sources: Cooperative Endeavor Agreement
Monthly Base Rent. Notwithstanding anything 4.1 Monthly Base Rent. Tenant shall pay “Monthly Base Rent” in the Existing Lease an amount equal to the contrary, in consideration of Purchase Price multiplied by the Additional TI Allowance, commencing on the Amendment Effective Date: (a) the monthly Base Rent shall increase by Four Hundred Ninety-Two Thousand Six Hundred Twenty-Five Dollars ($492,625.00) then effective capitalization rate (the “Additional Base RentCap Rate”), provided the product of which is divided by twelve (12). Except as otherwise established in this Article IV, the Cap Rate shall mean the then effective LIBOR Rate plus Six Hundred (600) basis points, but in no event less than 9.25%. The term “LIBOR Rate” shall mean the British Banker’s Association (“BBA”) interest settlement rate based on an average of rates quoted by the BBA designated banks as being, in BBA’s view of the offered rate at which deposits in U.S. Dollars are being quoted to prime banks in London interbank market at 11:00 a.m. (London time) on the Determination Date for one month deposits, as reported by “The Bloomberg Financial Markets, Commodities and News” financial reporting service. The “Determination Date” shall be the last Wednesday that is a Business Day (as defined in Section 23.21) of the second previous month, unless said date is the last day of such month, in which case the Determination Date shall be the second to last Wednesday that is a business day of such month (e.g., the Determination Date for the installment of Monthly Base Rent that is due on February 1, 2004 shall be December 24, 2003 and the Determination Date for the installment of Monthly Base Rent that is due March 1, 2004 shall be January 28, 2004). The LIBOR Rate shall be rounded to four (4) decimal places. In the event that the Additional LIBOR Rate is discontinued or cannot be ascertained, the Landlord will substitute a reasonably comparable rate and will notify Tenant in writing of such substitution. The Monthly Base Rent shall be phased in adjusted each month during the sixteen (16) month period following the Amendment Effective Date as set forth below (such sixteen month period, the “Additional Base Rent Adjustment Period”); (b) in lieu of the Base Rent adjustments set forth in Section 6.5 of the Existing Lease, the Additional Base Rent shall be subject to an annual upward adjustment of two and three-quarters percent (2.75%) of the then-current Additional Base Rent, with the first such adjustment to become effective commencing on the first anniversary of the Amendment Effective Date, and subsequent adjustments to become effective on every successive annual anniversary of the Amendment Effective Date for so long as the Lease continues in effect; and (c) the Base Rent under the Existing Lease shall be adjusted to the same rental rate as the Additional Base Rent for the last five (5) years of the Term in accordance with this Amendment, subject paragraph. Landlord shall notify Tenant of the Monthly Base Rent installment amount not later than the fifteenth (15th) calendar day of the month prior to the adjustments set forth in date that the Leaseinstallment is due (the “Notification Date”), including but Landlord’s failure to do so will not be deemed a waiver of Tenant’s obligation to pay such installment. In the event Tenant has not received such notification on or before the Notification Date, Tenant shall request the Monthly Base Rent adjustments set forth installment amount from Landlord in Section 6.5 writing on or before the fifth (5th) calendar day following the Notification Date. From and after the Lease Commencement Date, Tenant shall pay the Monthly Base Rent in advance on the first calendar day of each month during each Lease Year. If the Lease Commencement Date is not the first day of a month, then the Monthly Base Rent from the Lease Commencement Date until the first day of the Existing Lease following month shall be prorated on each anniversary a per diem basis at the rate of one-thirtieth (1/30th) of the Commencement Date. For illustrative purposes, the chart below sets forth the incremental increases to Base Rent to account for the Additional applicable Monthly Base Rent, subject to adjustment pursuant to this Section 7, to be phased in during and Tenant shall pay such prorated installment of the Additional Monthly Base Rent Adjustment Period, and on the rent chart attached as Exhibit F to this Amendment sets forth the monthly aggregate Base Rent and Property Management Fee for the Term of the Lease, including the adjustments to Base Rent as set forth in the Lease. Month 1 $30,789.06 Month 2 $61,578.13 Month 3 $92,367.19 Month 4 $123,156.25 Month 5 $153,945.31 Month 6 $184,734.38 Month 7 $215,523.44 Month 8 $246,312.50 Month 9 $277,101.56 Month 10 $307,890.63 Month 11 $338,679.69 Month 12 $369,468.75 Month 13 $411,264.90 Month 14 $442,900.67 Month 15 $474,536.43 Month 16 $506,172.19Lease Commencement Date.
Appears in 1 contract
Monthly Base Rent. Notwithstanding anything in Lessee shall pay to Lessor Monthly Base Rent during the Existing Lease to the contraryExtension Term, in consideration monthly installments in advance on a triple net basis in lawful money of the Additional TI AllowanceUnited States, commencing on the Amendment Effective Date: as follows:
(a) Under the monthly terms of the First Lease Extension Agreement, the next Rental Adjustment Date is scheduled to occur on May 1, 2008, resulting in a new Monthly Base Rent shall increase by Four of Fifty Thousand Seven Hundred NinetyThirty-Two Thousand Six Hundred Twenty-Five Dollars ($492,625.0050,732.00) per month ($2.00/square foot/NNN).
(b) Commencing on May 1, 2009 (the “Additional Base RentRental Adjustment Date”), provided that on each anniversary date of the Additional commencement the Monthly Base Rent shall be phased adjusted to reflect any increases in during the sixteen cost of living. The adjustment shall be calculated upon the basis of the United States Department of Labor, Bureau of Labor Statistics Consumer Price Index, all items, for all Urban Consumers - San Francisco-Oakland-San ▇▇▇▇ (16) month period following the Amendment Effective Date 1982-84=100), hereafter referred to as set forth below (such sixteen month period, the “Additional Base Rent Adjustment Period”); (b) in lieu Index.” The Index for said subgroup published most recently as of the Base Rent adjustments set forth in Section 6.5 end of the Existing Lease, calendar month immediately preceding the Additional month in which the commencement date of the Extension Term occurs shall be considered the “Base Index.”
(c) The Monthly Base Rent shall be subject adjusted as of the Rental Adjustment Date to an annual upward adjustment of two and three-quarters percent (2.75%) of the then-current Additional Base Rent, with the first such adjustment to become effective commencing on the first anniversary of the Amendment Effective Date, and subsequent adjustments to become effective on every successive annual anniversary of the Amendment Effective Date for so long as the Lease continues in effect; and (c) the Base Rent under the Existing Lease shall be adjusted amount equal to the same rental rate as product obtained by multiplying the Additional Monthly Base Rent for the last five (5Premises commencing on May 1, 2009 referred to in Paragraph 3(a) years above), by a fraction, the numerator of which is the Index most recently published as of the Term end of the calendar month immediately preceding the Rental Adjustment Date and the denominator of which is the base Index; provided that in no event shall the Monthly Base Rent be increased on the Rental Adjustment Date to an amount less than three percent (3%) per annum or more than six percent (6%) per annum of the Monthly Base Rent immediately payable before the Rental Adjustment Date. The Monthly Base Rent as so adjusted shall continue through January 31, 2012, the expiration date of the Extension Term.
(d) When the new Monthly Base Rent is determined for the Rental Adjustment Date, Lessor shall give Lessee written notice of the amount of the new Monthly Base Rent and how the new Monthly Base Rent figure was computed in accordance with this Amendmentsubparagraphs 3(b) and 3(c) above. Lessee shall pay to Lessor retroactively any unpaid increase in Monthly Base Rent due from and after the Rental Adjustment Date. If the Index does not exist on the Rental Adjustment Date in the same format as referred to in subparagraph 3(b) above, subject Lessor shall substitute in lieu thereof an index reasonably comparable to the adjustments set forth in Index referred to above which is acceptable to Lessee and which is then published by the LeaseBureau of Labor Statistics, including the or successor or similar governmental agency, or if no governmental agency then publishes an index, Lessor shall substitute therefor any index commonly accepted which is published by a reputable private organization.
(e) Monthly Base Rent adjustments set forth in Section 6.5 for any partial month shall be prorated on the basis of the Existing Lease on each anniversary number of the Commencement Date. For illustrative purposes, the chart below sets forth the incremental increases to Base Rent to account for the Additional Base Rent, subject to adjustment pursuant to this Section 7, to be phased calendar days in during the Additional Base Rent Adjustment Period, and the rent chart attached as Exhibit F to this Amendment sets forth the monthly aggregate Base Rent and Property Management Fee for the Term of the Lease, including the adjustments to Base Rent as set forth in the Lease. Month 1 $30,789.06 Month 2 $61,578.13 Month 3 $92,367.19 Month 4 $123,156.25 Month 5 $153,945.31 Month 6 $184,734.38 Month 7 $215,523.44 Month 8 $246,312.50 Month 9 $277,101.56 Month 10 $307,890.63 Month 11 $338,679.69 Month 12 $369,468.75 Month 13 $411,264.90 Month 14 $442,900.67 Month 15 $474,536.43 Month 16 $506,172.19such month.
Appears in 1 contract
Monthly Base Rent. Notwithstanding anything in During the Existing Lease to Second Extended Term, the contrary, in consideration schedule of the Additional TI Allowance, commencing on the Amendment Effective Date: (a) the monthly Base Rent shall increase by Four Hundred Ninety-Two Thousand Six Hundred Twenty-Five Dollars ($492,625.00) (the “Additional Base Rent”), provided that the Additional Monthly Base Rent shall be phased in during the sixteen (16) month period following the Amendment Effective Date as set forth below (follows: All such sixteen month period, the “Additional Base Rent Adjustment Period”); (b) in lieu of the Base Rent adjustments set forth in Section 6.5 of the Existing Lease, the Additional Monthly Base Rent shall be subject to an annual upward adjustment of two and three-quarters percent (2.75%) payable by Tenant in accordance with the terms of the then-current Additional Base RentLease. Provided that Tenant is not in default under the Lease, with as amended hereby, beyond any applicable notice and cure period, then during the first such adjustment to become effective commencing on the first anniversary (1st) four (4) months of the Amendment Effective DateSecond Extended Term [2108-00326/4934-2566-6130.6] 1 (the “Abatement Period”), Tenant shall not be obligated to pay any Monthly Base Rent otherwise attributable to the Premises only during such Abatement Period (the “Monthly Base Rent Abatement”). Landlord and subsequent adjustments to become effective on every successive annual anniversary Tenant acknowledge that the aggregate amount of the Amendment Effective Date for so long as the Lease continues in effect; and (c) the Monthly Base Rent under the Existing Lease Abatement shall be adjusted to the same rental rate as the Additional not exceed $364,198.56. Tenant acknowledges and agrees that during such Abatement Period, such abatement of Monthly Base Rent for the last five (5) years Premises shall have no effect on the calculation of the Term any future increases in accordance with this Amendment, subject Monthly Base Rent or Operating Expenses payable by Tenant pursuant to the adjustments set forth in the Lease, including the Base Rent adjustments set forth in Section 6.5 of the Existing Lease on each anniversary of the Commencement Date. For illustrative purposes, the chart below sets forth the incremental increases to Base Rent to account for the Additional Base Rent, subject to adjustment pursuant to this Section 7, to be phased in during the Additional Base Rent Adjustment Period, and the rent chart attached as Exhibit F to this Amendment sets forth the monthly aggregate Base Rent and Property Management Fee for the Term terms of the Lease, including the adjustments as amended hereby, which increases shall be calculated without regard to such Monthly Base Rent Abatement. Additionally, Tenant shall be obligated to pay all additional Rent, including, without limitation, Operating Expenses during the Abatement Period. Tenant acknowledges and agrees that the foregoing Monthly Base Rent Abatement has been granted to Tenant as additional consideration for entering into this Amendment, and for agreeing to pay the Monthly Base Rent and perform the terms and conditions otherwise required under the Lease, as amended hereby. If Tenant shall be in default under the Lease, as amended hereby, and shall fail to cure such default within the notice and cure period, if any, permitted for cure pursuant to the Lease, or if the Lease is terminated for any reason prior to the Second Extended Expiration Date, then the dollar amount of the unapplied portion of the Monthly Base Rent Abatement as of the date of such default or termination, as the case may be, shall be converted to a credit to be applied to the Monthly Base Rent applicable at the end of the Second Extended Term and Tenant shall immediately be obligated to begin paying Monthly Base Rent for the Premises in full. The foregoing Monthly Base Rent Abatement right set forth in this Section 2 shall be personal to the original Tenant named hereunder and shall only apply to the extent that the original Tenant (and not any assignee, or any sublessee or other transferee of the original Tenant's interest in the Lease. Month 1 $30,789.06 Month 2 $61,578.13 Month 3 $92,367.19 Month 4 $123,156.25 Month 5 $153,945.31 Month 6 $184,734.38 Month 7 $215,523.44 Month 8 $246,312.50 Month 9 $277,101.56 Month 10 $307,890.63 Month 11 $338,679.69 Month 12 $369,468.75 Month 13 $411,264.90 Month 14 $442,900.67 Month 15 $474,536.43 Month 16 $506,172.19) is the Tenant under the Lease during such Abatement Period.
Appears in 1 contract
Sources: Lease (JFrog LTD)
Monthly Base Rent. Notwithstanding anything in the Existing Lease to the contrary, in consideration of the Additional TI Allowance, commencing on the Amendment Effective Date: (a) Commencing on the Commencement Date and continuing on the first day of each calendar month thereafter until the end of the Term, Lessee shall pay to Lessor in monthly installments in advance the Monthly Base Rent for the Premises in lawful money of the United States as follows: * ▇▇▇▇▇▇’s Monthly Base Rent shall increase by Four be abated for the first six (6) months of the Lease Term following the Commencement Date (the “Abatement Period”), if and for so long as Lessee is not in material monetary default under this Lease. If Lessee cures such material monetary default under this Lease during the Abatement Period, then following such cure Lessee’s Monthly Base Rent shall continue to be abated as of the date of such cure; provided, however, that Lessee shall not be entitled to extend the Abatement Period for the period of time that Lessee was in material monetary default of the Lease and shall not be entitled to recoup any portion of Monthly Base Rent attributable to the period of time that Lessee was in material monetary default of the Lease. In the event a dispute regarding whether a material monetary default has occurred for purposes of determining if Lessee is entitled to Abated Base Rent in accordance with the terms of this Paragraph results in litigation or other proceeding and Lessee prevails in such litigation or other proceeding, then ▇▇▇▇▇▇ shall be entitled to ▇▇▇▇▇ the Monthly Base Rent attributable to the period of time that ▇▇▇▇▇▇ was improperly determined to be in material monetary default of the Lease. The total eligible abatement of Monthly Base Rent pursuant to the foregoing based on the assumption that Lessee is not in material monetary default during the Abatement Period shall be Three Million, Two Hundred Ninety-Two Forty Thousand Six Hundred Twenty-Five and no/100s Dollars ($492,625.003,240,000.00). The foregoing abatement of Monthly Base Rent payable by Lessee shall not be construed as an abatement of any other rent, Additional Rent, or charges payable under this Lease. If Lessee defaults under the terms of this Lease, and such default results in the termination of this Lease in accordance with the provisions of Paragraph 23 (Remedies) of this Lease, then the unamortized amount of the abatement of Monthly Base Rent through the date of such termination (the “Additional Abated Base Rent”), provided that amortized on a straight-line basis over the initial Term, shall immediately become due and payable as part of Additional Rent under this Lease as of the day prior to such termination. In such event, as a part of the recovery set forth in Paragraph 23, Lessor shall be entitled to recover, in addition to any other amounts due from Lessee, the amount of the Abated Base Rent due under this Paragraph 5(a) as Additional Rent.
(b) Subject to Section 14 of the Work Letter, (i) upon the execution and delivery of this Lease by ▇▇▇▇▇▇, Lessee shall pay to Lessor the sum of Five Hundred Forty Thousand and no/100s Dollars ($540,000.00) which shall be applied to the installment of Monthly Base Rent due for the first month in which Monthly Base Rent is due following the Commencement Date and (ii) upon thirty (30) days after the City’s issuance of the Use CUPs and the lapse of the fifteen (15) day appeal period without appeal (or, if appealed, the City has confirmed the Use CUPs in all material respects), Lessee shall pay to Lessor the sum of One Million Six Hundred Twenty Thousand and no/100s Dollars ($1,620,000.00) which shall be applied to the installments of Monthly Base Rent due for the second, third and fourth months in which Monthly Base Rent is due following the Commencement Date. Thereafter, Monthly Base Rent shall be phased paid monthly in during the sixteen (16) month period following the Amendment Effective Date as set forth below (such sixteen month period, the “Additional Base Rent Adjustment Period”); (b) in lieu of the Base Rent adjustments set forth in Section 6.5 of the Existing Lease, the Additional Base Rent shall be subject to an annual upward adjustment of two and three-quarters percent (2.75%) of the then-current Additional Base Rent, with the first such adjustment to become effective commencing advance on the first anniversary day of each calendar month. Lessee shall also pay to Lessor no later than March 15, 2016, the Amendment Effective Dateamount of One Hundred Eighty Thousand and no/100s Dollars ($180,000.00) or Lessor’s then current estimate of Additional Rent (as hereinafter defined), and subsequent adjustments to become effective on every successive annual anniversary of the Amendment Effective Date for so long as the Lease continues in effect; and (c) the Base Rent under the Existing Lease which amount shall be adjusted applied to the same rental rate as the Additional Base Rent for the last five (5) years first calendar month of the Term Term. Upon thirty (30) days after the City’s issuance of the Use CUPs and the lapse of the fifteen (15) day appeal period without appeal (or, if appealed, the City has confirmed the Use CUPs in accordance with this Amendmentall material respects), and subject to the adjustments set forth in the Lease, including the Base Rent adjustments set forth in Section 6.5 14 of the Existing Lease on each anniversary of Work Letter, ▇▇▇▇▇▇ shall deliver to Lessor the Commencement Date. For illustrative purposes, the chart below sets forth the incremental increases to Base Rent to account for the Additional Base Rent, subject to adjustment pursuant to this Section 7, to be phased Security Deposit (as defined in during the Additional Base Rent Adjustment Period, and the rent chart attached as Exhibit F to this Amendment sets forth the monthly aggregate Base Rent and Property Management Fee for the Term of the Lease, including the adjustments to Base Rent as set forth in the Lease. Month 1 $30,789.06 Month 2 $61,578.13 Month 3 $92,367.19 Month 4 $123,156.25 Month 5 $153,945.31 Month 6 $184,734.38 Month 7 $215,523.44 Month Paragraph 8 $246,312.50 Month 9 $277,101.56 Month 10 $307,890.63 Month 11 $338,679.69 Month 12 $369,468.75 Month 13 $411,264.90 Month 14 $442,900.67 Month 15 $474,536.43 Month 16 $506,172.19below).
Appears in 1 contract
Sources: Lease Agreement (Pacific Biosciences of California, Inc.)
Monthly Base Rent. Notwithstanding anything a. The Monthly Base Rent with respect to the Original Premises shall be amended, retroactively, for the period commencing on January 1, 2011 and ending on August 31, 2011, to the rate of $1.35 per square foot of rentable area per month (i.e. $22,974.30 per month, based upon the Original Premises containing 17,018 square feet of rentable area). Tenant shall receive a credit against Monthly Base Rent effective as of October 1, 2011 in the Existing Lease amount of $44,823.00 to be applied towards Monthly Base Rent accruing from and after the first full month following the first month of Abated Rent under this Amendment.
b. The schedule of Monthly Base Rent payable with respect to the contrary, in consideration of Premises during the Additional TI Allowance, commencing on the Amendment Effective DateExtended Term shall be as follows: (a) the monthly Months/Period Monthly Base Rent shall increase by Four Hundred Ninety-Two Thousand Six Hundred Twenty-Five Dollars ($492,625.00) (the “Additional per Square Foot of Rentable Area *Monthly Base Rent”), provided that the Additional Rent for Original Premises *Monthly Base Rent for Expansion Space Monthly Base Rent for Original Premises and Expansion Space All such Monthly Base Rent shall be phased in during the sixteen (16) month period following the Amendment Effective Date as set forth below (such sixteen month periodnet of Operating Expenses, the “Additional Base Rent Adjustment Period”); (b) in lieu of the Base Rent adjustments set forth in Section 6.5 of the Existing LeaseReal Property Taxes, the Additional Base Rent utilities and janitorial services, and shall be subject to an annual upward adjustment of two and three-quarters percent (2.75%) of the then-current Additional Base Rent, with the first such adjustment to become effective commencing on the first anniversary of the Amendment Effective Date, and subsequent adjustments to become effective on every successive annual anniversary of the Amendment Effective Date for so long as the Lease continues in effect; and (c) the Base Rent under the Existing Lease shall be adjusted to the same rental rate as the Additional Base Rent for the last five (5) years of the Term payable by Tenant in accordance with this Amendment, subject the terms of the Amended Lease. Tenant shall continue to be responsible for all utilities and janitorial services with respect to the adjustments set forth Premises. * Provided Tenant is not in material default under the Amended Lease, including beyond applicable cure periods, Landlord further agrees to ▇▇▇▇▇ Tenant’s obligation to pay the Monthly Base Rent adjustments set forth in Section 6.5 due for the Original Premises during the months of November 2011, September 2012, September 2013, September 2014 and September 2015 (the Existing Lease on each anniversary “Abatement Months”) (such amount of the Commencement Date. For illustrative purposes, the chart below sets forth the incremental increases to abated Monthly Base Rent and the Savings being hereinafter collectively referred to account as the “Abated Amount”). During such Abatement Months, Tenant will still be responsible for the Additional Base Rentpayment of all other monetary obligations due under the Amended Lease during such Abatement Months including, subject to adjustment pursuant to this Section 7without limitation, to be phased in during the Additional Base Rent Adjustment Periodas applicable, Tenant’s Percentage Share of Operating Expenses and Real Property Taxes, and the rent chart attached as Exhibit F to this Amendment sets forth the monthly aggregate Monthly Base Rent and Property Management Fee due for the Expansion Space, if any. Tenant acknowledges that any material default, beyond applicable cure periods, by Tenant under the Amended Lease will cause Landlord to incur costs not contemplated hereunder, the exact amount of such costs being extremely difficult and impracticable to ascertain. Therefore, should Landlord at any time during the Extended Term terminate the Amended Lease as a result of a material default beyond applicable cure periods, after having been given notice and opportunity to cure, then, in addition to all of Landlord’s other rights and remedies, the Leasetotal unamortized sum of such Abated Amount (amortized on a straight line basis over the Extended Term) so conditionally excused shall become immediately due and payable by Tenant to Landlord; provided, including however, Tenant acknowledges and agrees that nothing in this subsection is intended to limit any other remedies available to Landlord at law or in equity under applicable law (including, without limitation, the adjustments to Base Rent as set forth remedies under Civil Code Section 1951.2 and/or 1951.4 and any successor statutes or similar laws), in the event Tenant defaults under the Amended Lease beyond any applicable notice and cure period and Landlord terminates the Amended Lease. Month 1 $30,789.06 Month 2 $61,578.13 Month 3 $92,367.19 Month 4 $123,156.25 Month 5 $153,945.31 Month 6 $184,734.38 Month 7 $215,523.44 Month 8 $246,312.50 Month 9 $277,101.56 Month 10 $307,890.63 Month 11 $338,679.69 Month 12 $369,468.75 Month 13 $411,264.90 Month 14 $442,900.67 Month 15 $474,536.43 Month 16 $506,172.19** Calculated based upon 10,226 square feet of rentable area
Appears in 1 contract
Sources: Telecom Business Center NNN Lease (REVA Medical, Inc.)
Monthly Base Rent. Notwithstanding anything in the Existing Lease to the contrary, in consideration of the Additional TI Allowance, commencing on the Amendment Effective Date: (a) the monthly Base Rent shall increase by Four Hundred Ninety-Two Thousand Six Hundred Twenty-Five Dollars ($492,625.00) (the “Additional Base Rent”), provided that the Additional Base Rent shall be phased in during the sixteen (16) month period following the Amendment Effective Date Commencing as set forth below (such sixteen month period, the “Additional Base Rent Adjustment Period”); (b) in lieu of the Base Rent adjustments set forth in Section 6.5 of the Existing Lease, the Additional Base Rent shall be subject to an annual upward adjustment of two and three-quarters percent (2.75%) of the then-current Additional Base Rent, with the first such adjustment to become effective commencing on the first anniversary of the Amendment Effective Date, and subsequent adjustments to become effective on every successive annual anniversary of the Amendment Effective Date for so long as the Lease continues in effect; and (c) the Base Rent under the Existing Lease shall be adjusted to the same rental rate as the Additional Base Rent for the last five (5) years of the Term in accordance with this Amendment, subject to the adjustments set forth in the Lease, including the Base Rent adjustments set forth in Section 6.5 of the Existing Lease on each anniversary of the Commencement Date. For illustrative purposes, the chart below sets forth the incremental increases to Base Rent to account for the Additional Base Rent, subject to adjustment pursuant to this Section 7, to be phased in during the Additional Base Rent Adjustment Period, Date and the rent chart attached as Exhibit F to this Amendment sets forth the monthly aggregate Base Rent and Property Management Fee for continuing throughout the Term of the Lease, including Tenant shall pay to Landlord the adjustments to Monthly Base Rent as set forth in the Basic Lease Information, without prior notice or demand, on the first day of each and every calendar month occurring during the Term. Notwithstanding the foregoing, in no event shall Tenant have an obligation to pay Monthly Base Rent or Additional Rent prior to the first day of the tenth (10th) month following the Lease Date. Tenant shall pay Monthly Base Rent and Landlord's estimate of Additional Rent for one (1) month upon execution of this Lease, with such amounts to be credited to the first full calendar month of the Term following the Commencement Date. Month 1 $30,789.06 Month 2 $61,578.13 Month If the Commencement Date occurs on any day other than the first of the calendar month, Monthly Base Rent and Additional Rent for such partial month shall be prorated based on the actual number of days in such month and shall be paid on the Commencement Date, and the advance rental paid at execution shall be credited to following calendar month. Concurrently with the Premises Delivery Date defined below. Landlord shall provide Tenant with the final square footage of the Premises, as certified by Landlord's architect. The Base Rent and all other sums under this Lease which are calculated by the square footage of the Premises shall be adjusted accordingly. Such square footage of the Premises shall be as determined in accordance with BOMA 2010 Standards (Office Buildings; Standard Materials and Measurements (ANSI/BOMA 265.1-2010)) approved by American National Standards Institute, Inc. ("BOMA Standards") and in accordance with the definition of "Rentable Area" contained in said standards. The square footage of the Premises shall be determined by Landlord's architect upon substantial completion of the Landlord's Work and Landlord shall provide Tenant with the architect's determination. Tenant shall notify Landlord if it agrees or disagrees with the determination of the square footage so provided by Landlord within fifteen (15) days after 3 $92,367.19 Month 4 $123,156.25 Month 5 $153,945.31 Month 6 $184,734.38 Month 7 $215,523.44 Month 8 $246,312.50 Month 9 $277,101.56 Month 10 $307,890.63 Month 11 $338,679.69 Month 12 $369,468.75 Month 13 $411,264.90 Month 14 $442,900.67 Month 15 $474,536.43 Month 16 $506,172.19▇▇▇,n225501828.8
Appears in 1 contract
Sources: Sublease (eHealth, Inc.)
Monthly Base Rent. Notwithstanding anything in the Existing Lease to the contrary, in consideration of the Additional TI Allowance, commencing on the Amendment Effective Date: (a) the monthly Base Rent Tenant shall increase by Four Hundred Ninety-Two Thousand Six Hundred Twenty-Five Dollars ($492,625.00) (the “Additional Base Rent”), provided that the Additional Base Rent shall be phased in during the sixteen (16) month period following the Amendment Effective Date as set forth below (such sixteen month period, the “Additional Base Rent Adjustment Period”); (b) in lieu of the Base Rent adjustments set forth in Section 6.5 of the Existing Lease, the Additional Base Rent shall be subject to an annual upward adjustment of two and three-quarters percent (2.75%) of the then-current Additional Base Rent, with the first such adjustment to become effective commencing on the first anniversary of the Amendment Effective Date, and subsequent adjustments to become effective on every successive annual anniversary of the Amendment Effective Date for so long as the Lease continues in effect; and (c) the Base Rent under the Existing Lease shall be adjusted to the same rental rate as the Additional pay Monthly Base Rent for the last five (5) years Premises for each month of the Extended Term as follows: The Amended Lease is a triple net lease, and Tenant is obligated to pay Monthly Base Rent in full, as and when due pursuant to the Amended Lease, in addition to, and not in lieu of, Tenant’s obligations under the Amended Lease to pay Operating Expenses, Real Property Taxes, utilities, janitorial services, additional rents, costs and other amounts pursuant to the Amended Lease, all in accordance with this Amendmentthe terms of the Amended Lease. Without limiting the foregoing, subject Tenant shall continue to be responsible for all utilities and janitorial services with respect to the adjustments set forth Premises. Provided the Amended Lease is not terminated due to Tenant being in material default under the Amended Lease beyond applicable cure periods, Landlord agrees to ▇▇▇▇▇ Tenant’s obligation to pay the Monthly Base Rent due for the months of March 2018, February 2019, February 2020, and February 2021 (the “Abatement Month(s)”) (the total amount of abated Monthly Base Rent being hereinafter collectively referred to as the “Abated Amount”). Tenant will still be responsible for the payment of all other monetary obligations due under the Amended Lease during such Abatement Months including, without limitation, Tenant’s Percentage Share of Operating Expenses and Real Property Taxes. Tenant acknowledges that any material default by Tenant under the Amended Lease will cause Landlord to incur costs not contemplated hereunder, the exact amount of such costs being extremely difficult and impracticable to ascertain. Therefore, should Landlord at any time during the Extended Term terminate the Amended Lease as a result of a material default by Tenant, then, in addition to all of Landlord’s other rights and remedies (including, without limitation, the right to recover damages), to the extent permissible under applicable law the total unamortized sum of such Abated Amount (amortized on a straight line basis over the Extended Term) so conditionally excused shall become immediately due and payable by Tenant to Landlord. Nothing herein is intended to limit any other rights or remedies available to Landlord under the Amended Lease or at law or in equity (including, without limitation, the remedies under California Civil Code Section 1951.2 and/or 1951.4 and any successor statutes or similar laws) in the event Tenant materially defaults under the Amended Lease, including the Base Rent adjustments set forth in Section 6.5 of the Existing Lease on each anniversary of the Commencement Date. For illustrative purposes, the chart below sets forth the incremental increases to Base Rent to account for the Additional Base Rent, subject to adjustment pursuant to this Section 7, to be phased in during the Additional Base Rent Adjustment Period, and the rent chart attached as Exhibit F to this Amendment sets forth the monthly aggregate Base Rent and Property Management Fee for the Term of the Lease, including the adjustments to Base Rent as set forth in the Lease. Month 1 $30,789.06 Month 2 $61,578.13 Month 3 $92,367.19 Month 4 $123,156.25 Month 5 $153,945.31 Month 6 $184,734.38 Month 7 $215,523.44 Month 8 $246,312.50 Month 9 $277,101.56 Month 10 $307,890.63 Month 11 $338,679.69 Month 12 $369,468.75 Month 13 $411,264.90 Month 14 $442,900.67 Month 15 $474,536.43 Month 16 $506,172.19.
Appears in 1 contract
Sources: Telecom Business Center NNN Lease (REVA Medical, Inc.)
Monthly Base Rent. Notwithstanding anything in During the Existing Lease to Term, the contrary, in consideration of annual base rent for the Additional TI Allowance, commencing on the Amendment Effective Date: (a) the monthly Base Rent shall increase by Four Hundred Ninety-Two Thousand Six Hundred Twenty-Five Dollars ($492,625.00) Leased Premises (the “Additional Base Leased Premises Rent”) shall be $38,763,891.38; provided, however, that during the Term, Lessee may seek to have certain portions of Shreveport Premises or the Monroe Premises removed from Exhibits A-1 and A-2 and to have the annualized Lease Premises Rent due and payable for the remainder of the Term (together with all installments thereof as provided in this Article II) equitably adjusted to account for any such change(s) in the Leased Premises. ▇▇▇▇▇▇ and ▇▇▇▇▇▇ shall negotiate in good faith as to whether the requested portion of the Shreveport Premises or the Monroe Premises should be removed from this Lease. The Leased Premises Rent shall be payable by Lessee to LSU in twelve (12) equal monthly installments (the “Leased Premises Monthly Rent”), provided that with the Additional Base Rent shall be phased in during rent for the sixteen (16) month period following the Amendment Effective Date as set forth below (such sixteen month period, the “Additional Base Rent Adjustment Period”); (b) in lieu first two months of the Base Rent adjustments set forth in Section 6.5 of Initial Term being due and payable on November 1, 2013, and the Existing Leaseremaining installments being due and payable, the Additional Base Rent shall be subject to an annual upward adjustment of two and three-quarters percent (2.75%) of the then-current Additional Base Rent, with the first such adjustment to become effective commencing respectively on the first anniversary (1st) day of each calendar month thereafter during the Amendment Effective DateTerm. Notwithstanding the foregoing, and subsequent adjustments to become effective on every successive annual anniversary of the Amendment Effective Date for so long as the Lease continues in effect; and (c) the Base Rent under the Existing Lease shall be adjusted to the same rental rate as the Additional Base Leased Premises Monthly Rent for the months of July, August and September, 2014 shall be paid by Lessee to Lessor on or before June 30, 2014 and no Leased Premises Monthly Rent payments shall be due during those months. The payment of the Leased Premises Monthly Rent shall resume on October 1, 2014 and shall continue on the first (1st) day of each calendar month thereafter during the Term. Notwithstanding the foregoing, Lessor, ▇▇▇▇▇▇ and the State may mutually agree in writing to the pre-payment of all or part of the Leased Premises Monthly Rent at any time in the future on such terms and conditions as are acceptable to them. In the event the Commencement Date should fall on a date other than the first day of a calendar month, the first Leased Premises Monthly Rent payment shall be prorated based on the actual number of days in such calendar month from and including the Commencement Date to and including the last five (5) years day of such calendar month. In the event that the last day of the Term is a day other than the last day of a calendar month, the last Leased Premises Monthly Rent payment shall be prorated based on the actual number of days in accordance with this Amendment, subject to the adjustments set forth in the Lease, such calendar month from and including the Base Rent adjustments set forth in Section 6.5 first day of such calendar month to and including the last day of the Existing Lease on each anniversary of the Commencement Date. For illustrative purposes, the chart below sets forth the incremental increases to Base Rent to account for the Additional Base Rent, subject to adjustment pursuant to this Section 7, to be phased in during the Additional Base Rent Adjustment Period, and the rent chart attached as Exhibit F to this Amendment sets forth the monthly aggregate Base Rent and Property Management Fee for the Term of the Lease, including the adjustments to Base Rent as set forth in the Lease. Month 1 $30,789.06 Month 2 $61,578.13 Month 3 $92,367.19 Month 4 $123,156.25 Month 5 $153,945.31 Month 6 $184,734.38 Month 7 $215,523.44 Month 8 $246,312.50 Month 9 $277,101.56 Month 10 $307,890.63 Month 11 $338,679.69 Month 12 $369,468.75 Month 13 $411,264.90 Month 14 $442,900.67 Month 15 $474,536.43 Month 16 $506,172.19Term.
Appears in 1 contract
Sources: Master Hospital Lease Agreement
Monthly Base Rent. Notwithstanding anything in Lessee shall pay to Lessor Monthly Base Rent during the Existing Lease to the contraryFirst Extension Term, in consideration monthly installments in advance on a triple net basis in lawful money of the Additional TI AllowanceUnited States, commencing on the Amendment Effective Date: as follows:
(a) Commencing on July 1, 2009, and continuing through June 30, 2010, the monthly Base Rent shall increase by Four Hundred Ninety-Two sum of Twenty Thousand Six Eight Hundred Twenty-Three and Seventy-Five Hundredths Dollars ($492,625.0020,823.75) per month ($2.25/square foot/NNN).
(b) Commencing on July 1, 2010 (the “Additional Base RentRental Adjustment Date”), provided that on each anniversary date of the Additional commencement the Monthly Base Rent shall be phased adjusted to reflect any increases in during the sixteen cost of living. The adjustment shall be calculated upon the basis of the United States Department of Labor, Bureau of Labor Statistics Consumer Price Index, all items, for all Urban Consumers - San Francisco-Oakland-San ▇▇▇▇ (16) month period following the Amendment Effective Date 1982-84=100), hereafter referred to as set forth below (such sixteen month period, the “Additional Base Rent Adjustment Period”); (b) in lieu Index.” The Index for said subgroup published most recently as of the Base Rent adjustments set forth in Section 6.5 end of the Existing Lease, calendar month immediately preceding the Additional month in which the commencement date of the Extension Term occurs shall be considered the “Base Index.”
(c) The Monthly Base Rent shall be subject adjusted as of the Rental Adjustment Date to an annual upward adjustment of two and three-quarters percent (2.75%) of the then-current Additional Base Rent, with the first such adjustment to become effective commencing on the first anniversary of the Amendment Effective Date, and subsequent adjustments to become effective on every successive annual anniversary of the Amendment Effective Date for so long as the Lease continues in effect; and (c) the Base Rent under the Existing Lease shall be adjusted amount equal to the same rental rate as product obtained by multiplying the Additional Monthly Base Rent for the last five (5Premises commencing on July 1, 2010 referred to in Paragraph 3(a) years above), by a fraction, the numerator of which is the Index most recently published as of the Term end of the calendar month immediately preceding the Rental Adjustment Date and the denominator of which is the base Index; provided that in accordance with this Amendment, subject to no event shall the adjustments set forth in the Lease, including the Monthly Base Rent adjustments set forth in Section 6.5 be increased on the Rental Adjustment Date to an amount less than three percent (3%) per annum or more than six percent (6%) per annum of the Existing Lease on each anniversary Monthly Base Rent immediately payable before the Rental Adjustment Date. The Monthly Base Rent as so adjusted shall continue through January 31, 2012, the expiration date of the Commencement Date. For illustrative purposes, the chart below sets forth the incremental increases to Base Rent to account for the Additional Base Rent, subject to adjustment pursuant to this Section 7, to be phased in during the Additional Base Rent Adjustment Period, and the rent chart attached as Exhibit F to this Amendment sets forth the monthly aggregate Base Rent and Property Management Fee for the initial Term of the Lease, including .
(d) When the adjustments to new Monthly Base Rent as set forth is determined for the Rental Adjustment Date, Lessor shall give Lessee written notice of the amount of the new Monthly Base Rent and how the new Monthly Base Rent figure was computed in accordance with subparagraphs 3(b) and 3(c) above. Lessee shall pay to Lessor retroactively any unpaid increase in Monthly Base Rent due from and after the Rental Adjustment Date. If the Index does not exist on the Rental Adjustment Date in the Lease. Month 1 $30,789.06 Month 2 $61,578.13 Month 3 $92,367.19 Month 4 $123,156.25 Month 5 $153,945.31 Month 6 $184,734.38 Month 7 $215,523.44 Month 8 $246,312.50 Month 9 $277,101.56 Month 10 $307,890.63 Month 11 $338,679.69 Month 12 $369,468.75 Month 13 $411,264.90 Month 14 $442,900.67 Month 15 $474,536.43 Month 16 $506,172.19same format as referred to in subparagraph 3(b) above, Lessor shall substitute in lieu thereof an index reasonably comparable to the Index referred to above which is acceptable to Lessee and which is then published by the Bureau of Labor Statistics, or successor or similar governmental agency, or if no governmental agency then publishes an index, Lessor shall substitute therefor any index commonly accepted which is published by a reputable private organization.
(e) Monthly Base Rent for any partial month shall be prorated on the basis of the number of calendar days in such month.
Appears in 1 contract
Monthly Base Rent. Notwithstanding anything in the Existing Lease to the contrary, in consideration of the Additional TI Allowance, commencing on the Amendment Effective Date: (a) the monthly Base Rent shall increase by Four Hundred Ninety-Two Thousand Six Hundred Twenty-Five Dollars ($492,625.00) (the “Additional Base Rent”), provided that the Additional Base Rent shall be phased in during the sixteen (16) month period following the Amendment Effective Date as set forth below (such sixteen month period, the “Additional Base Rent Adjustment Period”); (b) in lieu of the Base Rent adjustments set forth in Section 6.5 of the Existing Lease, the Additional Base Rent shall be subject to an annual upward adjustment of two and three-quarters percent (2.75%) of the then-current Additional Base Rent, with the first such adjustment to become effective commencing on the first anniversary of the Amendment Effective Date, and subsequent adjustments to become effective on every successive annual anniversary of the Amendment Effective Date for so long as the Lease continues in effect; and (c) the Base Rent under the Existing Lease shall be adjusted to the same rental rate as the Additional Base Rent for the last five (5) years of the Term in accordance with this Amendment, subject to the adjustments set forth in the Lease, including the Base Rent adjustments set forth in Section 6.5 of the Existing Lease on each anniversary of the Commencement Date. For illustrative purposes, the chart below sets forth the incremental increases to Base Rent to account for the Additional Base Rent, subject to adjustment pursuant to this Section 7, to be phased in during the Additional Base Rent Adjustment Period, and the rent chart attached as Exhibit F to this Amendment sets forth the monthly aggregate Base Rent and Property Management Fee for the Term of the Lease, including the adjustments to Base Rent as set forth in the Lease. Month 1 $30,789.06 Month 2 $61,578.13 Month 3 $92,367.19 Month 4 $123,156.25 Month 5 $153,945.31 Month 6 $184,734.38 Month 7 $215,523.44 Month 8 $246,312.50 Month 9 $277,101.56 Month 10 $307,890.63 Month 11 $338,679.69 Month 12 $369,468.75 Month 13 $411,264.90 Month 14 $442,900.67 Month 15 $474,536.43 Month 16 $506,172.19.
Appears in 1 contract
Sources: Purchase and Sale Agreement
Monthly Base Rent. Notwithstanding anything in the Existing Lease to the contrary, in consideration of the Additional TI Allowance, commencing on the Amendment Effective Date: (a) the monthly Base Rent shall increase by Four Hundred Ninety-Two Thousand Six Hundred Twenty-Five Dollars ($492,625.00) (the “Additional Base Rent”), provided that the Additional Base Rent shall be phased in during the sixteen (16) month period following the Amendment Effective Date Commencing as set forth below (such sixteen month period, the “Additional Base Rent Adjustment Period”); (b) in lieu of the Base Rent adjustments set forth in Section 6.5 of the Existing Lease, the Additional Base Rent shall be subject to an annual upward adjustment of two and three-quarters percent (2.75%) of the then-current Additional Base Rent, with the first such adjustment to become effective commencing on the first anniversary of the Amendment Effective Date, and subsequent adjustments to become effective on every successive annual anniversary of the Amendment Effective Date for so long as the Lease continues in effect; and (c) the Base Rent under the Existing Lease shall be adjusted to the same rental rate as the Additional Base Rent for the last five (5) years of the Term in accordance with this Amendment, subject to the adjustments set forth in the Lease, including the Base Rent adjustments set forth in Section 6.5 of the Existing Lease on each anniversary of the Commencement Date. For illustrative purposes, the chart below sets forth the incremental increases to Base Rent to account for the Additional Base Rent, subject to adjustment pursuant to this Section 7, to be phased in during the Additional Base Rent Adjustment Period, Date and the rent chart attached as Exhibit F to this Amendment sets forth the monthly aggregate Base Rent and Property Management Fee for continuing throughout the Term of the Lease, including Tenant shall pay to Landlord the adjustments to Monthly Base Rent as set forth in the Basic Lease Information, without prior notice or demand, on the first day of each and every calendar month occurring during the Term. Notwithstanding the foregoing, in no event shall Tenant have an obligation to pay Monthly Base Rent or Additional Rent prior to the first day of the tenth (10th) month following the Lease Date. Tenant shall pay Monthly Base Rent and Landlord’s estimate of Additional Rent for one (1) month upon execution of this Lease, with such amounts to be credited to the first full calendar month of the Term following the Commencement Date. Month 1 $30,789.06 Month 2 $61,578.13 Month 3 $92,367.19 Month 4 $123,156.25 Month 5 $153,945.31 Month 6 $184,734.38 Month 7 $215,523.44 Month 8 $246,312.50 Month 9 $277,101.56 Month 10 $307,890.63 Month 11 $338,679.69 Month 12 $369,468.75 Month 13 $411,264.90 Month 14 $442,900.67 Month 15 $474,536.43 Month 16 $506,172.19If the Commencement Date occurs on any day other than the first of the calendar month, Monthly Base Rent and Additional Rent for such partial month shall be prorated based on the actual number of days in such month and shall be paid on the Commencement Date, and the advance rental paid at execution shall be credited to following calendar month. Concurrently with the Premises Delivery Date defined below, Landlord shall provide Tenant with the final square footage of the Premises, as certified by Landlord’s architect. The Base Rent and all other sums under this Lease which are calculated by the square footage of the Premises shall be adjusted accordingly. Such square footage of the Premises shall be as determined in accordance with BOMA 2010 Standards (Office Buildings: Standard Materials and Measurements (ANSI/BOMA 265.1-2010)) approved by American National Standards Institute, Inc. (“BOMA Standards”) and in accordance with the definition of “Rentable Area” contained in said standards. The square footage of the Premises shall be determined by Landlord’s architect upon substantial completion of the Landlord’s Work and Landlord shall provide Tenant with the architect’s determination. Tenant shall notify Landlord if it agrees or disagrees with the determination of the square footage so provided by Landlord within fifteen (15) days after receipt of such information. If Tenant notifies Landlord of its disagreement within said fifteen (15) day period, the parties shall, within ten (10) days thereafter, select a certified architect that has not performed services for Landlord or Tenant within the past two (2) years who shall conclusively determine the square footage of the Premises.
Appears in 1 contract
Sources: Lease Agreement (eHealth, Inc.)