Rent and Rent Commencement Date. (a) In consideration of the use of the Premises, Tenant covenants and agrees to pay to Landlord, without set off or deduction except as permitted herein, annual rent (“Rent”) as provided in Exhibit “C”. At the beginning of each fiscal year, the Board of Selectmen may in its discretion notify the Pier Corporation of a rent reduction for the purpose of subsidizing the fees charged in respect of Provincetown-based commercial fishing vessels. The Corporation shall use the rent returned to reduce the fees paid by those Provincetown-based vessels. The Rent for the first five (5) years of the Term is shown in the Rent Determination schedule which is a part of Exhibit “C”. The Rent shall be payable once a year on or before June 30th of each year during the Term. Prior to the end of the following periods: (i) the end of the fifth (5th) year of the Term, (ii) the end of the tenth (10th) year of the Term, and (iii) the end of the fifteenth (15th) year of the Term, Tenant shall submit to Landlord its calculations of projected cash flow from the Premises for the next five year period which shall need to have Rent fixed by the parties, which period shall be the period commencing on the beginning of the sixth (6th) year of the Term, the eleventh (11th) year of the Term, or the sixteenth (16th) year of the Term, as the case may be; and at the same time that Tenant so submits such projected cash flow, Tenant shall also at that time propose to Landlord the amount of Annual Rent for such five (5) year period (based upon the outcome of such projections), provided that in no event shall such proposed Rent for such five (5) year period be lower that the Annual Rent for the initial five (5) years of the Term. Landlord shall have thirty (30) days to approve or disapprove such proposal by Xxxxxx and if Landlord shall fail to approve such proposal for Annual Rent for such five (5) year period in writing within such thirty (30) day period, then Landlord and Tenant shall have an additional thirty (30) days to reach mutual agreement about the amount of such Rent during such five (5) year period. If (i) Landlord and Tenant fail to reach agreement about such Rent during such additional thirty (30) day period, and so long as (ii) Tenant’s proposed Rent for such five (5) year period is at least equal to the Annual Rent required to be paid during the initial five years of the Term, then such matter may be submitted by either party to arbitration pursuant to the procedure set forth in Exhib...
Rent and Rent Commencement Date
