Rent During Extended Terms Sample Clauses

Rent During Extended Terms. If Lessee exercises its option to any Extended Term, the Rent shall be adjusted to fair market rent effective on the first day of each applicable Extended Term. As used in this Lease, “fair market rent” shall mean the rent per square foot that a willing Lessee would pay in an arms-length transaction for comparable space in the Building and in comparable buildings in comparable locations, for a similar term and on similar conditions. Within thirty (30) days of receiving notice of Lessee’s exercise of any option to extend the Term, the City shall provide Lessee notice of the fair market rent for the Premises. The City’s statement of fair market rent shall specify whether the rent includes utilities and the amount of any rent escalation during the applicable Extended Term. If Lessee fails to object in writing within ten (10) business days, the Rent shall be adjusted to the City’s fair market rent beginning on the first day of the applicable Extended Term. If Lessee objects to the City’s statement of fair market rent, Lessee shall also include its proposed fair market rent with the objection and the parties may negotiate regarding the fair market rent until thirty days prior to the first day of the Extended Term. At that time, if the parties have not agreed upon fair market rent, the matter shall be submitted to arbitration according to the following procedure. Each party will select an arbitrator who is a real estate broker, licensed in the State of Washington, who has been regularly engaged in the business of commercial leasing in the Puget Sound region for at least 10 years immediately preceding the appointment under this Lease. If either party fails to select an arbitrator, the fair market rate will be determined by the arbitrator selected by the other party. Each arbitrator will independently make her or his determination of the fair market rate within 20 days after appointment. If the two arbitrators' determinations are not the same, but the higher of the two values is not more than one hundred five percent (105%) of the lower, then the fair market rent will be deemed to be the average of the two values. If the higher of the two values is more than one hundred five percent (105%) of the lower, then the two arbitrators will jointly appoint a third arbitrator within 10 days after the second of the two determinations described above has been rendered. The third arbitrator will independently make her or his determination of the fair market rent within 20 day...
AutoNDA by SimpleDocs
Rent During Extended Terms. For each of the Lease Years of any Extended Term, Lessee agrees to pay in advance to Lessor, as and for rent for the Facility, an amount equal to the sum of: (i) Three Hundred Thousand and No/100 Dollars ($300,000.00) per Lease Year (the "Extended Term Base Rent"); plus (ii) fifty percent (50%) of any increase over and above the Medicaid Capital Cost Property Component in existence at the beginning of the first Lease Year of the first Extended Term to which Lessee or the Facility is entitled to receive ("Additional Rent"). Notwithstanding anything to the contrary stated herein, the aggregate Additional Rent in any Lease Year shall not exceed the total sum of Five Thousand Six Hundred and No/100 Dollars ($5,600.00). The Additional Rent shall be cumulative from year to year so long as the additional Medicaid reimbursement received by Lessee and which serves as the basis for the Additional Rent also continues from year to year. The rent during any Extended Term shall be paid in advance in equal monthly installments and shall be based on the Extended Term Base Rent. The Additional Rent shall be effective during the month when any such increased Medicaid Capital Cost Property Component becomes effective, and Lessor's portion shall be paid with the next monthly installment of the Extended Term Base Rent after Lessee shall have received the above-described amount. Notwithstanding the above provision for Additional Rent, no Additional Rent shall be payable in respect of any Medicaid Capital Cost Component paid to Lessee resulting from Lessee's renovations, remodeling, or improvements to the Facility which are paid for by Lessee. Additional Rent shall not be due and payable unless Lessee exercises its option(s) to renew the Lease pursuant to Section 2 hereof. Lessee shall provide Lessor access at all reasonable times to Lessee's books and records to verify Lessee's calculations of Additional Rent.
Rent During Extended Terms. In the event Bank should elect to exercise its option to extend this Sublease, as provided by Section 2.03, Bank shall pay rent to Buehler during the Firsx Xxxxxded Term as follows: (i) in an annual amount during the first two 10 (2) years of Nine Thousand Three Hundred Dollars ($9,300.00) per year payable in advance in equal monthly installments of Seven Hundred Seventy-Five Dollars ($775.00) per month, on the first day of each month, and (ii) in an annual amount during the remainder of the First Extended Term of Ten Thousand Eight Hundred Dollars ($10,800.00) per year, payable in advance in equal monthly installments of Nine Hundred Dollars ($900.00) per month, on the first day of each month. In the event the Bank should elect to exercise its option to extend this Sublease for the Second Extended Term, as provided by Section 2.03, Bank shall pay rent to Buehler during the Secoxx Xxxxnded Term in an annual amount of Fourteen Thousand Four Hundred Dollars ($14,400.00), which sum shall be payable in advance in equal monthly installments of One Thousand Two Hundred Dollars ($1,200.00) per month in the same manner provided in Section 3.01 hereof. In the event the Bank should elect to exercise its option to extend this Sublease for the Third Extended Term, as provided by Section 2.03, Bank shall pay rent to Buehler during the Thirx Xxxxxded Term in an annual amount of Eighteen Thousand Dollars ($18,000.00), which sum shall be payable in advance in equal monthly installments of One Thousand Five Hundred Dollars ($1,500.00) per month in the same manner provided in Section 3.01 hereof.
Rent During Extended Terms. In the event that the term of this Lease is timely extended pursuant to Paragraph 1.2, the Rent payable by the Tenant during the extended terms(s) shall be increased annually at a rate of 2.25% of the anniversary date of the Commencement Date.
Rent During Extended Terms. The Base Rent payable during each of the -------------------------- Extended Terms shall be calculated at ninety five percent (95%) of the then current "Market Rate" (as that term is defined on Exhibit "E" attached hereto ----------- and by reference made a part hereof); provided, however, that in no event shall the annual Base Rent payable during the First Extended Term or the Second Extended Term, respectively, be less than the annual Base Rent (without reduction on account of any provision of this Lease, including but not limited to reductions on account of damage or casualty) for the twelve month period immediately preceding the first day of the First Extended Term or the Second Extended Term, respectively, unless otherwise agreed to in writing by the parties.
Rent During Extended Terms. During any extended term of this Lease, following the expiration of the initial Term, the Lessee shall pay rent to the Lessor calculated at the rate of $4.50 per rentable square foot per year. Rent shall be payable in equal monthly installments of Twelve Thousand Three Hundred Seventy Five Dollars ($12,375.00) in advance on the first day of each month without deduction, set off or counter claim for each month of any renewal term.

Related to Rent During Extended Terms

  • Extended Terms The Term of this Agreement may be extended by the Manager if the Resident applies in writing for an “Extension” in accordance with the Managers published policies about Term Extensions. Extensions are subject to availability. Priority will be given to Residents travelling from great distances, who demonstrate a special need, or who are enrolled in orientation or academic programs that begin early or continue beyond the Residence Term. Extensions may also be granted for any ‘Early Move-In’, ‘Late Move-Out’ or ‘Summer Residence’ programs offered by the Manager. Residents granted Extensions are subject to the fees detailed in Table 3. Any Resident found occupying a Room outside of the Term without approval from the Manager are subject to additional fees over and above those detailed in Table 3. TABLE 3: Extended Terms Start (“Move-In Day”) End (“Move-Out Day”) Fees Summer Term 2020 N/A N/A N/A Academic Year 2020-2021 August 30, 31, September 1, 2, 3, 4, 2020 N/A $35.00/day Winter Term 2021 N/A N/A N/A * Customized By Manager

  • Extended Term Tenant shall have the option to extend the Term for two (2) consecutive five (5) year periods (the "FIRST EXTENDED TERM" and "SECOND EXTENDED TERM", respectively) on all the terms and conditions contained in this Lease including, without limitation, continuation of the adjustment of the Base Rent on an annual basis as provided in Section 3.3 below (provided only that upon commencement of the First Extended Term the only remaining option to extend the Term shall be the Second Extended Term and upon exercise of the option with respect to the Second Extended Term, no further right to extend the Term shall exist). Tenant shall deliver, if at all, written notice of its exercise of the option ("OPTION NOTICE") to Landlord at least six (6) months but not more than one (1) year before the expiration of the Term or First Extended Term, as the case may be. In the event Tenant fails to deliver the applicable Option Notice within the time allowed, Landlord shall deliver written notice to Tenant of Tenant's failure to deliver the Option Notice, and Tenant shall then have thirty (30) days from receipt of such notice within which to deliver the Option Notice, if at all, to Landlord. In the event (and only in the event) that, Tenant fails to deliver an Option Notice to Landlord within such thirty (30) days, Tenant shall be considered to have elected not to extend the Term of this Lease and thereafter, Tenant shall have no further right to extend the Term of this Lease. References in this Lease to the "Term" shall include the initial Term of fifteen (15) years and shall, in addition, include the First Extended Term and the Second Extended Term, if applicable.

  • Extension Terms County may, at its sole option, extend the term of this Agreement beyond the Initial Term for up to ___ additional one-year terms at the same rates and under the same terms provided for herein (each such period being an “Extension Term”). County shall notify Contractor of its election for an Extension Term(s) as provided for in §6.

  • Extension Term (a) Tenant shall have the right to extend the Term for all of the Premises for one extension term of 5 years (the "Extension Term") which shall commence on the day following the expiration of the initial Term and end on the fifth anniversary of the Expiration Date, unless the Extension Term shall sooner terminate pursuant to any of the terms of this Lease or otherwise. The Extension Term shall commence only if (i) Tenant shall have notified Landlord in writing of Tenant's exercise of such extension right not later than nine (9) months prior to the Expiration Date, (ii) at the time of the exercise of such right and immediately prior to the Expiration Date, no event of Default shall have occurred and be continuing hereunder, and (iii) Tenant and/or Related Entities shall be in occupancy of at least 80 percent of the Premises at the time such notice is given. Time is of the essence with respect to the giving of the notice of Tenant's exercise of the extension option. The Extension Term shall be upon all of the agreements, terms, covenants and conditions hereof binding upon Tenant, except that (x) the Fixed Rent (as defined in Article 1) shall be determined as provided in Section 2.2(b), (y) Tenant shall have no further right to renew the Term and (z) Landlord shall have no obligation to provide any work or contribution to improve the Premises for Tenant's use. Upon the commencement of the Extension Term, (A) the Extension Term shall be added to and become part of the Term (but shall not be

  • Rental Rates Schedules for (i) proposed rental rates on heavy construction equipment, and (ii) proposed wage rates of operating engineers. The Design-Builder firm shall certify that the proposal for rental rates and proposal for wage rates comply with the Contract Documents.

  • Option to Extend Lease Term Landlord hereby grants to Tenant one option to extend the Lease Term of the 000 Xxxx Xxxxx Lease for a five (5) year term commencing when the prior term expires, under the following terms and conditions:

  • Base Term Commencing on the Expansion Premises Commencement Date, the defined term “Base Term” on page 1 of the Lease is deleted in its entirety and replaced with the following:

  • Lease Extension Lessee may request Lessor to extend the original Scheduled Expiration Date of each Lease Agreement for an additional period of three (3) years by appropriately completing, executing and delivering to Agent a written request in the form of Exhibit G(2), together with an attachment thereto setting forth the terms upon which Lessee would propose for the requested extension (a "Lease Extension Request"). Lessee shall deliver each Lease Extension Request to Agent not more than twelve (12) months and not less than nine (9) months before the original Scheduled Expiration Date. Agent shall promptly deliver to Lessor and each Participant three (3) copies of each Lease Extension Request received by Agent. If Lessor or a Participant, in its sole and absolute discretion, consents to a Lease Extension Request, such Person shall evidence such consent by executing and returning two (2) copies of such Lease Extension Request to Agent not later than the last Business Day which is not less than seven (7) months prior to the original Scheduled Expiration Date for the applicable Lease Agreement. Any failure by Lessor or any Participant so to execute and return a Lease Extension Request shall be deemed a denial thereof. If Lessee shall deliver a Lease Extension Request to Lessor pursuant to the first sentence of this Subparagraph 2.09(b), then not later than the last Business Day which is not less than six (6) months prior to the original Scheduled Expiration Date for the applicable Lease Agreement, Agent shall notify Lessee, Lessor and the Participants in writing whether (i) Agent has received a copy of the Lease Extension Request executed by Lessor and each Participant, in which case the definition of "Scheduled Expiration Date" set forth in Subparagraph 2.02(a) of the applicable Lease Agreement shall be deemed extended to the date which is three (3) years after the original Scheduled Expiration Date (subject to the receipt by Agent of any amounts payable by Lessee in connection with such extension), or (ii) Agent has not received a copy of the Lease Extension Request executed by Lessor and each Participant, in which case such Lease Extension Request shall be deemed denied. Lessee acknowledges that neither Lessor nor any Participant has promised (either expressly or implicitly), or has any obligation or commitment, to extend or consent to the extension of the Scheduled Expiration Date for either Lease Agreement at any time.

  • Rental Rate 4. The Lessee shall pay rent to the Lessor for the premises at the following rate: $ per month Payment shall be made at the end of each month upon submission of properly executed vouchers.

  • Term of the Lease The lease begins at p.m. on (the “Check-in Date”) and ends at a.m. on (the “Checkout Date”).

Time is Money Join Law Insider Premium to draft better contracts faster.