Overage Rent Sample Clauses

The Overage Rent clause defines the conditions under which a tenant must pay additional rent based on the performance of their business, typically when sales exceed a specified threshold. In practice, this clause is common in retail leases, where the tenant pays a base rent plus a percentage of gross sales above a certain amount. This arrangement allows landlords to share in the tenant's business success and ensures that rent payments more accurately reflect the tenant's ability to pay, aligning interests and potentially increasing revenue for the landlord.
Overage Rent. (a) With respect to any Lease that provides for (i) the payment of additional rent based upon a percentage of the tenant's business during a specified annual or other period (sometimes referred to as "percentage rent"), (ii) so-called common area maintenance or "cam" charges or (iii) so-called "escalation rent" or additional rent based upon, among other things, increases in real estate taxes or operating expenses or labor costs or cost of living or port▇▇'▇ ▇▇▇es or otherwise (such percentage rent, cam charges, escalation rent and additional rent being collectively called "OVERAGE RENT"), such Overage Rent shall be adjusted and prorated on an if, as and when collected basis. (b) As to any Overage Rent in respect of an accounting period that shall have expired prior to the Closing but which shall be paid after the Closing, Purchaser agrees that it will pay the entire amount over to Seller upon receipt thereof, less any costs of collection (including reasonable counsel fees) reasonably allocable thereto. Purchaser agrees that it shall (i) promptly render bills for any Overage Rent in respect of an accounting period that shall have expired prior to the Closing but which shall be paid after the Closing, (ii) bill ▇▇▇ants such 14 Overage Rent attributable to an accounting period that shall have expired prior to the Closing on a monthly basis for a period of six (6) consecutive months thereafter and (iii) bill ▇▇▇ants to collect Overage Rent in the same manner that Purchaser bills tenants for Fixed Rent subsequent to the Closing; provided, however, that Purchaser shall have no obligation to commence any actions or proceedings to collect any such Overage Rent. Notwithstanding the foregoing, if Purchaser shall be unable to collect such Overage Rent, Seller shall have the right, upon prior written notice to Purchaser, to pursue tenants to collect such delinquencies (including, without limitation, the prosecution of one or more lawsuits), but Seller shall not be entitled to evict (by summary proceedings or otherwise) any such tenants. Seller shall furnish to Purchaser all information relating to the period prior to the Closing that is reasonably necessary for the billing of such Overage Rent, and Purchaser will deliver to Seller, concurrently with the delivery to tenants, copies of all statements relating to Overage Rent for a period prior to the Closing. Purchaser shall bill ▇▇▇ants for Overage Rent for accounting periods prior to the Closing in accordance with and...
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Overage Rent. In addition to the Net Minimum Rental hereabove reserved, the Lessee covenants and agrees with the Lessor hat commencing on the first (1st) day of the month following the "Overage Date" (as hereinafter defined) and on the first day of each succeeding month during the balance of the first three (3) Lease Years of the Term, the Lessee will pay to the Lessor an additional rental (sometimes hereinafter called "Overage Rent') as hereinafter provided. On or before the fifteenth (15th) day after the close of each and every calendar quarter (such last day of the quarter shall herein be referred to as "Quarterly Reporting Date") during the term, the Lessee shall render a true and correct statement signed by the Chief Financial Officer of Lessee certifying the total level of "Deposits at the Premises". The last day of the first quarter in which the level of Deposits at the Premises shall equal or exceed $20 million shall be deemed to be the Overage Date. If the Overage Date is determined at a time after the first installments of Overage Rent is payable to Lessor, such installments shall be paid to Lessor with the installment of Overage Rent next due after the Overage Date is determined. Overage Rent shall thereafter be due for each month on. during the first three (3) Lease Years of the Original Term as follows: (i) For each month during the calendar quarter immediately following the Overage Date, the Lessee will pay to the Lessor an additional rental of One Thousand Two Hundred Forty-Nine and 60/100 ($1,249.60) Dollars per month; (ii) For each month during any calendar quarter following a quarter in which the level of Deposits at the Premises as of the Quarterly Reporting Date shall equal or exceed $20 million, the Lessee will pay to the Lessor an additional rental of One Thousand Two Hundred Forty-Nine and 60/100 ($1,249.60) Dollars per month; (iii) For each month during any calendar quarter following a quarter in which the level of Deposits at the Premises as of the Quarterly Reporting Date shall equal or exceed $19 million but be less than $20 million, the Lessee will pay to the Lessor an additional rental of Eight Hundred Thirty-Three and 97/100 Dollars ($833.07) per month. (iv) For each month during any calendar quarter following a quarter in which the level of Deposits at the Premises as of the Quarterly Reporting Date shall equal or exceed $18 miLlion but be less than $19 million, the Lessee will pay to the Lessor an additional rental of Four Hundred Sixteen...
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Overage Rent. In addition to such Fixed Rent, Subtenant shall pay to Sublandlord, during the term hereof, overage rent in the monthly amount of Two Hundred Thirty-Three Dollars ($233.00) which amount shall be payable to Sublandlord, without notice, on the first day of each month during the term.
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Overage Rent. 37 percentage rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
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Overage Rent. 15 percentage rent .......................................................... 15
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Overage Rent. (16) To be deleted if pursuant to applicable option provision of Declaration, Unit is to be delivered vacant and free and clear of tenancies at Closing.
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Overage Rent. The following proration principles shall apply to the proration of overage rents, whether finally determined before or after the expiration of the relevant fiscal years under the respective Leases. Overage rents shall be separately prorated under each Lease on the basis of the fiscal year set forth in such Lease for the payment of overage rents. All interim overage rent payments made before the Closing Date shall be retained by Seller until year-end adjustment and determination of Seller's allocable share thereof, except that interim payments received by either party for the month in which the Closing Date occurs shall be prorated between Seller and Purchaser based upon the number of days in that month occurring prior to the Closing Date, and the party receiving the interim payment shall remit to or credit, as the case may be, the other party its proportionate share for such month. At Closing Purchaser shall provide to Seller security in a form of a guaranty from the fee simple owner of each shopping center in a form reasonably acceptable to Seller ("Overage Rent Security") to ensure the payment to Seller of all overage rents to which Seller will be entitled upon final proration of overage rents ("Seller's Overage Rent"), as provided below. All amounts received by Purchaser on or after the Closing Date as interim payments of overage rents shall be retained by Purchaser until year-end adjustment and determination of Seller's allocable share thereof. Upon final determination of overage rents collected from a tenant for the fiscal year under its Lease in which the Closing Date occurs, Seller and Purchaser shall adjust between themselves amounts collected for such fiscal year on account of overage rents, and Seller's allocable share of such overage rents shall be equal to an amount determined by multiplying total overage rents collected for such fiscal year by a fraction whose numerator is the number of days in such fiscal year before the Closing Date, and whose denominator is the total number of days in such fiscal year. Purchaser shall furnish Seller with financial statements indicating the sales and percentage rent figures for each tenant for all relevant periods. Within fifteen (15) days after final determination of overage rents collected from any tenant for the fiscal year in which the Closing Date occurs, Purchaser shall remit to Seller its allocable share, less interim payments previously retained by Seller, if any. If Seller has retained amounts in ex...
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Related to Overage Rent

  • Basic Rent The periodic rent payable for the Aircraft throughout the Basic Term pursuant to Section 3.02 of the Lease, adjusted pursuant to Article 3 of the Lease. Basic Term. The period commencing at the beginning of the day on the Delivery Date and ending at the end of the day on July 15, 2023, or such earlier date on which the Lease shall be terminated as provided therein.

  • Fixed Rent (a) Commencing as of the Rent Commencement Date, Tenant shall pay Fixed Rent to Landlord, or Landlord’s designee as designated in a written notice to Tenant at such address as Landlord shall from time to time designate by written notice to Tenant. Except as hereinafter provided, the Fixed Rent shall be due and payable in the amounts set forth on Schedule 2 hereto for the respective periods shown on such Schedule 2. Fixed Rent shall be due and payable in advance on the first day of each month (or if such first day is not a business day, the first business day of each month), commencing on the Date of Rent Commencement, during the Term (each such date being referred to herein as a “Due Date”). Notwithstanding the foregoing, from the Date of Rent Commencement until Tenant is notified otherwise by Landlord and Lender, Fixed Rent shall be paid by wire transfer to the account specified in the rent direction letter from Landlord to Tenant delivered concurrently with the execution and delivery of this Lease. (b) If the Lease Commencement Date or Rent Commencement Date shall be on any day other than the first day of a calendar month, then all amounts to be paid on such dates shall be prorated on a per diem basis. (c) If any installment of Fixed Rent is not paid on the respective Due Date, Tenant shall pay Landlord interest on such overdue payment at the Lease Default Rate, accruing from the Due Date of such payment until the same is paid; provided, however, the foregoing obligation to pay the Default Rate shall not be required for the first late payment of Fixed Rent in any calendar year so long as such delay in payment does not continue for longer than a period of ten (10) days. All Fixed Rent and Additional Rent shall be payable in U.S. Dollars. (d) Commencing as of the Lease Commencement Date, all taxes, costs, expenses, and other amounts which Tenant is required to pay pursuant to this Lease (other than Fixed Rent), together with every fine, penalty, interest and cost which may be added in accordance herewith for non-payment or late payment thereof shall constitute additional rent (“Additional Rent”). All Additional Rent due to Landlord (or its designee) shall be paid directly by Tenant within thirty (30) days after Landlord gives written notice that payment is due, unless otherwise provided in this Lease, in which case, the Additional Rent shall be paid as otherwise so provided. Unless otherwise provided herein, Additional Rent payable by Tenant to a third (3rd) party (i.e., utility charges, maintenance contracts, supply contracts, vendor contracts, etc.) shall be paid as and when the same shall be due and payable pursuant to Tenant’s agreement or other arrangement with the applicable third (3rd) party. If Tenant shall fail to pay any such Additional Rent or any other sum due hereunder when the same shall become due (after the expiration of the applicable cure periods therefor), Landlord shall have all rights, powers and remedies with respect thereto as are provided herein or by Law in the case of non-payment of any Fixed Rent and shall, except as expressly provided herein, have the right (after the expiration of the applicable cure periods thereof), not sooner than ten (10) days after notice to Tenant (except in the event of an emergency, as reasonably determined by Landlord, in which case prior notice shall not be necessary) of its intent to do so, to pay the same on behalf of Tenant, and Tenant shall repay such amounts to Landlord on demand. Tenant shall pay to Landlord interest at the Lease Default Rate on all overdue Additional Rent and other sums due hereunder, in each case paid by Landlord or Lender on behalf of Tenant, from the date of payment by Landlord or Lender until repaid by Tenant.

  • Rent Except for delinquent rent, all rent under the Company's Leases and other income attributable to the Property shall be apportioned on a per diem basis as of midnight on the date immediately preceding the Closing. All such rent and other income, including commissions earned, for the period preceding the Closing shall be deemed to be property of the applicable Contributors, and all rent and other income for any period commencing as of the Closing and thereafter shall be the property of BNP for the purpose of making the adjustments set forth herein. Amounts owed under this paragraph shall be paid to the party to whom they are owed in cash at the Closing or during the Post-Closing Adjustment Period. Delinquent rent shall not be prorated, but shall be deemed the property of the Contributors. Payments received by BNP from tenants of the Property from and after the Closing with respect to the Property shall be applied first to rents and other amounts then due BNP from such tenant and then to such tenant's delinquent rent as of the time of apportionment. BNP shall use reasonable efforts to collect delinquent rents for the benefit of the Contributors but in no event shall be obligated to evict or ▇▇▇ any tenants in order to collect such rents and shall cooperate with the Contributors in the collection of any delinquent amounts; provided, however, that the Contributors shall not have any rights to evict such tenants for such delinquent amounts. Any amounts received by Contributors on account of rent or other income for the period after the Closing with respect to the Property and the related personal property shall be turned over to BNP for application in accordance with the terms of this paragraph. All accounts receivable, notes, cash and bank accounts of the Company existing as of the Closing Date shall be transferred at Closing to the appropriate Contributors, other than the remaining balance of any escrow accounts for tenant improvements and lease commissions held by the Company, the amount necessary to pay prorations of taxes, security deposits and amounts which belong to BNP after making the closing adjustments for rent and operating expenses.

  • Base Rent Lessee shall pay Base Rent and other rent or charges, as the same may be adjusted from time to time, to Lessor in lawful money of the United States, without offset or deduction, on or before the day on which it is due under the terms of this Lease. Base Rent and all other rent and charges for any period during the term hereof which is for less than one full month shall be prorated based upon the actual number of days of the month involved. Payment of Base Rent and other charges shall be made to Lessor at its address stated herein or to such other persons or at such other addresses as Lessor may from time to time designate in writing to Lessee.

  • Additional Rent Beginning with the commencement date of the term of this Lease, Tenant shall pay to Landlord in addition to the Basic Rent and as Additional Rent the following: (a) Tenant's proportionate share of all Taxes relating to the Complex as set forth in Paragraph 12, and (b) Tenant's proportionate share of all insurance premiums relating to the Complex, as set forth in Paragraph 15, and (c) Tenant's proportionate share of expenses for the operation, management, maintenance and repair of the Building (including common areas of the Building) and Common Areas of the Complex in which the Premises are located as set forth in Paragraph 7, and (d) All charges, costs and expenses, which Tenant is required to pay hereunder, together with all interest and penalties, costs and expenses including attorneys' fees and legal expenses, that may accrue thereto in the event of Tenant's failure to pay such amounts, and all damages, reasonable costs and expenses which Landlord may incur by reason of default of Tenant or failure on Tenant's part to comply with the terms of this Lease. In the event of nonpayment by Tenant of Additional Rent Landlord shall have all the rights and remedies with respect thereto as Landlord has for nonpayment of rent. The Additional Rent due hereunder shall be paid to Landlord or Landlord's agent (i) within five days for taxes and insurance and within thirty days for all other Additional Rent items after presentation of invoice from Landlord or Landlord's agent setting forth such Additional Rent and/or (ii) at the option of Landlord, Tenant shall pay to Landlord monthly, in advance, Tenant's prorata share of an amount estimated by Landlord to be Landlord's approximate average monthly expenditure for such Additional Rent items, which estimated amount shall be reconciled within 120 days of the end of each calendar year or more frequently if Landlord so elects to do so at Landlord's sole and absolute discretion, as compared to Landlord's actual expenditure for said Additional Rent items, with Tenant paying to Landlord, upon demand, any amount of actual expenses expended by Landlord in excess of said estimated amount, or Landlord crediting to Tenant (providing Tenant is not in default in the performance of any of the terms, covenants and conditions of this Lease) any amount of estimated payments made by Tenant in excess of Landlord's actual expenditures for said Additional Rent items. The respective obligations of Landlord and Tenant under this paragraph shall survive the expiration or other termination of the term of this Lease, and if the term hereof shall expire or shall otherwise terminate on a day other than the last day of a calendar year, the actual Additional Rent incurred for the calendar year in which the term hereof expires or otherwise terminates shall be determined and settled on the basis of the statement of actual Additional Rent for such calendar year and shall be prorated in the proportion which the number of days in such calendar year preceding such expiration or termination bears to 365. See Paragraph 54