Rent During Renewal Terms. The rental payments for any Renewal Term shall be in the monetary sum mutually agreed to by the parties prior to the commencement of the Renewal Term.
Rent During Renewal Terms. (a) The Minimum Annual Rent (as defined in Section 4.1 of this Lease) which shall be due and payable during the first Renewal Term, if exercised by Tenant, shall be determined prior to the commencement of each applicable Renewal Term and shall be equal to three percent (3.0%) of the average of annual Gross Sales at the Premises for the two (2) Lease Years preceding the commencement of the applicable Renewal Term. Percentage Rent for the first Renewal Term shall be calculated in accordance with the terms of Section 4.2 of this Lease.
Rent During Renewal Terms. (a) Basic Rent for each Basic Rent Payment Date during a Fixed Rate Renewal Term shall be payable semi-annually in arrears in the amount of the Fixed Renewal Rent as specified on Schedule VI.
Rent During Renewal Terms. (a) (a) Basic Rent for each ------------------------- Rent Payment Date during the first two (2) Fixed Rate Renewal Terms shall be payable monthly in advance and in the amounts and on the day of each month that Basic Rent was due during the last year of the Basic Term. Basic Rent for each Rent Payment Date during each Fixed Rate Renewal Term after the first two (2) Fixed Rate Renewal Terms shall be payable monthly in advance on the day of each month that Basic Rent was due during the last year of the Basic Term and in the amount of 105% of Basic Rent that was due during the last year of the immediately preceding Fixed Rate Renewal Term.
Rent During Renewal Terms. Basic Rent for each ------------------------- Renewal Term shall be the Fair Market Rental Value of the Property as of the date of commencement of such Renewal Term, determined in accordance with the Appraisal Procedure not more than two hundred seventy (270) days prior to the commencement of such Renewal Term payable monthly in advance on the day of each month that Basic Rent was due during the last year of the Basic Term or of the preceding Renewal Term, as the case may be.
Rent During Renewal Terms. In the event the Tenant shall exercise the option(s) to renew this Lease for any of the renewal periods provided for in Section 2.02, the annual Basic Rent during each renewal period shall be adjusted for the applicable term thereof by multiplying $370,309.14 by the “Index Change” hereinafter defined, provided, however, that the Basic Rent during the renewal period(s) shall not be less than the Basic Rent paid upon expiration of the immediately preceding period.
Rent During Renewal Terms. Base Rent for each Renewal Term, if any, shall be $50,000 per annum. Notwithstanding the foregoing, if the Loan Term has expired, in the event that, at the time Tenant exercises the relevant Renewal Option, the Project is not primarily used for the Project Purposes, the annual Base Rent for the applicable Renewal Term shall be equal to the annual fair market rent for the Premises for each year during such Renewal Term, as determined by an appraiser mutually agreed upon by Landlord and Tenant prior to the commencement of the applicable Renewal Term, each acting reasonably. In the event that Landlord and Tenant are unable to agree upon an appraiser, then Landlord and Tenant shall each choose one appraiser and the two appraisers so chosen shall attempt to agree on such fair market rent within 60 days after receiving the request to make such determination. If the two appraisers so chosen cannot agree on such fair market rent within such period, and the lower fair market rent so determined is equal to not less than 90% of the higher fair market rent, then the determination of fair market rent shall be the numerical average of the two fair market rents. If the lower fair market rent is less than 90% of the higher fair market rent, the two appraisers shall choose one additional appraiser. If the two appraisers cannot agree on the choice of such third appraiser within 15 days following the determination of such two fair market rents, such third appraiser shall be selected by the administrative judge of the Court of Common Pleas of Clinton County. The third appraiser shall make an independent determination of fair market rent, which shall be submitted to Landlord and Tenant within 60 days after the third appraiser has been selected. The determination of fair market rent shall be conclusively deemed to be the numerical average of (i) the numerical average of the higher two of the three determinations of fair market rent, and (ii) the numerical average of the lower two of the three determinations of fair market rent; provided, however, that solely for purposes of such averaging, if the lowest determination of fair market rent is less than 75% of the amount of the middle determination of fair market rent, then the lowest determination of fair market rent shall be deemed to be 75% of the amount of the middle determination of fair market rent, and if the highest determination of fair market rent is more than 125% of the middle determination of fair market rent, then the...
Rent During Renewal Terms. (a) The annual Base Net Rent payable during the First Renewal Term shall be as set forth in Schedule 5.3-A, provided that if Lessee shall have exercised its option to renew this Lease for the First Renewal Term prior to the tenth (10th) anniversary of the Effective Date, then the annual Base Net Rent payable during the First Renewal Term shall instead be reduced to the amounts set forth in Schedule 5.3-B.
Rent During Renewal Terms. The Annual Rent for the renewal terms shall be as follows: For the Original Remaining Premises: Rent Per Rentable Square Foot Annual Rent Monthly Rent First Renewal Term $ 23.00 $ 1,905,918.00 $ 158,826.50 Second Renewal Term $ 26.45 $ 2,191,805.70 $ 182,650.47 For the Additional Retail Premises: Rent Per Rentable Square Foot Annual Rent Monthly Rent First Renewal Term $ 22.50 $ 569,700.00 $ 47,475.00 Second Renewal Term $ 25.31 $ 640,849.20 $ 53,404.10
Rent During Renewal Terms. In the event the Tenant shall exercise the options to renew this Lease for any of the renewal periods provided for in Section 2.02, the annual Basic Rent during each renewal period shall be as follows: First Renewal Period 7/1/2004 - 6/30/2005 $ 388,776.99/yr payable $ 32,398.00/mo 7/1/2005 - 6/30/2006 $ 398,495.40/yr payable $ 33,207.95/mo 7/1/2006 - 6/30/2007 $ 408,214.80/yr payable $ 34,017.90/mo 7/1/2007 - 6/30/2008 $ 417,934.20/yr payable $ 34,827.85/mo 7/1/2008 - 6/30/2009 $ 427,653.60/yr payable $ 35,637.80/mo” Second Renewal Period In the event the Tenant shall exercise the second option to renew this Lease provided for in Section 2.02, the annual Basic Rent during the second renewal period shall be determined by multiplying $370,309.14 by the “Index Change” hereinafter defined, provided, however, that the Basic Rent during the second renewal period shall not be less than the Basic Rent paid upon the expiration of the immediately preceding period.”
