Rent. (a) Tenant covenants to pay to Landlord, as rent for the Premises during the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, in advance, on the first day of each calendar month (herein called the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds to the Landlord at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent. (b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Rate.
Appears in 2 contracts
Sources: Lease Agreement (Radioshack Corp), Purchase and Sale Agreement (Radioshack Corp)
Rent. (a) Tenant covenants to pay to Landlord, as rent for the Premises during the Interim Term, Term and the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) Lease, the amounts set forth on EXHIBIT 5 attached Exhibit 5- 1 hereto, and during each Extended Term the amounts determined pursuant to Exhibit 5-2 hereto (herein called the "Basic Rent") in monthly installments, installments in advance, advance on the first day of each calendar month (herein called the "BASIC RENT PAYMENT DATESBasic Rent Payment Dates") by wire or other electronic transfer of immediately available funds or by check payable to the Landlord at the address set forth above or and/or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all or a portion of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent, and the remainder be paid as otherwise designated in writing by Landlord. Any payment made by check shall be deemed made on the date received, subject to collection. Subject to the second sentence of Subparagraph 7(a), Tenant shall pay when due all taxes payable on Basic Rent and Additional Rent, whether imposed on Landlord or Tenant, including without limitation, all gross rent taxes and sales taxes on such Basic Rent and Additional Rent, but calculated as if the Basic Rent and the Additional Rent were the sole income of Landlord.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENTAdditional Rent"). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant also covenants to pay to Landlord on demand an amount (the "Late Charge") equal to five percent (5%) of the payment amount then due on all installments of Basic Rent or Additional Rent which are more than five (5) days overdue, to cover Landlord's administrative expenses. Landlord is obligated to pay any late fees charged by Mortgagee with respect to the Mortgage if the Late Charge is paid by Tenant. The actual amount of Landlord's administrative expenses arising by reason of a late payment will be difficult to ascertain, and the parties agree that the Late Charge as calculated above is a reasonable estimate thereof. In addition, Tenant further covenants to pay to Landlord on demand interest at the per annum rate of interest equal to five percent (5%) plus the "prime rate" as reported by the Wall Street Journal, or at the maximum rate permitted by applicable law, whichever is less, on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by lawfull. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate substitute a reasonably comparable source prime rate. Notwithstanding the two prior sentences of this Subparagraph 5(b) to identify the Prime contrary, so long as any debt secured by a first Mortgage against the Premises remains outstanding (including such debt as exists on the date hereof and any such debt incurred in the future), the rate of interest that shall apply under this Lease to all overdue Basic Rent and Additional Rent shall be the lesser of (i) the maximum rate permitted by applicable law, or (ii) the interest rate applicable to late payments of interest or principal due with respect to such debt (which interest rate under such first Mortgage is referred to herein as the "Default Rate"); said lower rate described in clauses (i) or (ii) being referred to as the "Mortgage Default Rate"; provided, however, such Mortgage Default Rate shall only apply to the overdue Basic Rent while Landlord is obligated to pay interest at the Default Rate on late payments with respect to said Mortgage debt (and at all other times the rate described in the prior two sentences of this Subparagraph 5(b) shall continue to apply to overdue Basic Rent and Additional Rent). At the written request of Tenant Landlord will advise Tenant of the amount of the Mortgage Default Rate in a Landlord's certificate delivered to Tenant pursuant to Subparagraph 25(b) hereof.
Appears in 2 contracts
Sources: Lease (School Specialty Inc), Lease (School Specialty Inc)
Rent. (a) Tenant covenants to pay to Landlord, as rent for the Premises during the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term basic rent in accordance with Paragraph 4) the amounts set forth on EXHIBIT Exhibit 5 attached hereto (herein called the "“Basic Rent") in monthly installments”), in advance, advance on the first day Business Day of each calendar month (herein called during the "BASIC RENT PAYMENT DATES") Term by wire or other electronic transfer of immediately available funds to the Landlord at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)hereinafter defined) or an institutional payment agent. Basic Rent for any partial calendar month included in the Term shall be prorated. Basic Rent for any partial calendar month at the beginning of the Term shall be paid by Tenant on the Effective Date.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant T▇▇▇▇▇ assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"“Additional Rent” and, together with Basic Rent, “Rent”). In the event of any failure by Tenant to pay or discharge any Additional RentRent due Landlord, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant also covenants to pay to Landlord on demand an amount (the “Late Charge”) equal to one percent (1 %) of the payment amount then due on all installments of Basic Rent or Additional Rent due to Landlord which are more than fifteen (15) days overdue, to cover Landlord’s administrative expenses; provided that Landlord shall not impose a Late Charge for the first such late payment of Basic Rent in any calendar year if such Basic Rent payment is paid within three (3) Business Days following T▇▇▇▇▇’s receipt of written notice from Landlord of such delinquency. The actual amount of Landlord’s administrative expenses arising by reason of a late payment will be difficult to ascertain, and the parties agree that the Late Charge as calculated above is a reasonable estimate thereof. In addition, in the event any amount of Basic Rent or Additional Rent due to Landlord is not paid within fifteen (15) days of the due date thereof, Tenant further covenants to pay to Landlord on demand interest on all each such delinquent amount of Basic Rent and Additional Rent due to Landlord from the due date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE"“Default Rate”) equal to an annual rate of three percent (3%) plus the annual "“prime rate" identified in the "Money Rates" column in ” as reported by the Wall Street Journal (the "PRIME RATE") plus four percent (4%“Prime Rate”), but in no event shall the Default Rate exceed the maximum rate permitted by law; provided that Landlord shall not impose such interest for the first late payment of Rent in any calendar year if such Rent payment is paid within three (3) Business Days following Tenant’s receipt of written notice from Landlord of such delinquency. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "“prime rate," ” then Landlord shall designate a reasonably comparable source to identify prime rate as the Prime Rate. Notwithstanding anything in this Lease to the contrary, (i) Tenant’s obligation to pay Additional Rent shall be abated from the Commencement Date through and including December 31, 2019, provided, however, such abatement of Additional Rent shall not relieve Tenant of its obligation to maintain the Required Insurance as required herein during the period of such abatement, and if Tenant fails to maintain such Required Insurance and Landlord exercises its rights under Subparagraph 12(c), Tenant shall be fully liable for the costs thereof notwithstanding the abatement of Additional Rent from the Effective Date through December 31, 2019; and (ii) from the Commencement Date through and including December 31, 2019, Landlord shall, at its sole cost, manage (or cause to be managed) the Premises and maintain such service agreements as reasonably required to keep the Premises in the same condition as exists on the Commencement Date, excluding ordinary wear and tear, casualty, condemnation, and damage caused by Tenant, its Affiliates, agents, representatives, employees, or contractors. For the avoidance of doubt, commencing January 1, 2020 and continuing through the Term, (i) Tenant shall be fully responsible for all Additional Rent as set forth in this Lease, (ii) Paragraph 10 of this Lease shall govern the maintenance, repair and replacement of the Premises, and (iii) subject to Subparagraph 4(b), Tenant shall be responsible for the management of the Premises. Landlord and Tenant shall cooperate and work in good faith to ensure the orderly transition of the management of the Premises from Landlord to Tenant hereunder.
Appears in 2 contracts
Sources: Lease Agreement (Caris Life Sciences, Inc.), Lease Agreement (Caris Life Sciences, Inc.)
Rent. (a) Tenant covenants ▇▇▇▇▇▇ agrees to pay to LandlordLandlord Greater Of Rent, as rent for the Parking Improvement Rent, Premises during the Interim TermSurface Parking Rent, the Primary Term Surface Parking Improvements Rent, and each Extended Term of this Lease Additional Rent (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the collectively "Basic Rent") in monthly installmentsaccordance with this Article 5 and Exhibit “R”, Exhibit “R-3”, or Exhibit “R-4”, as applicable. All payments of Rent and other sums due to Landlord hereunder shall be paid in advancelegal tender of the United States, without notice, invoice, setoff, deduction or demand, except as otherwise expressly provided herein. No payment by Tenant or receipt or acceptance by Landlord of a lesser amount than the Rent shall be deemed to be a waiver of any current or preceding breach by Tenant of any provision hereof. No endorsement or statement on any check or any letter accompanying any check or payment as Rent shall be deemed an accord and satisfaction, and Landlord has the first day right to accept such check or payment without prejudice to Landlord's right to recover the balance of each calendar month such Rent or pursue any other remedy in accordance with this Lease, at law or in equity. Tenant waives all rights that it may have under present or future law to designate the items of Rent to which any payments made by Tenant are to be credited. ▇▇▇▇▇▇ agrees that Landlord may apply any payments made by Tenant to such items of Rent as Landlord designates, irrespective of any designation or request by ▇▇▇▇▇▇ as to the items of Rent to which such payments should be credited. All payments of Rent shall be delivered to and statements required under Section 5.4.3 below and Exhibit “R”, Exhibit “R-3”, or Exhibit “R-4”, as applicable, shall be filed with Landlord's Treasurer. Payments of Rent shall be made by check, electronic wire transfer or automated clearing house (herein called the "BASIC RENT PAYMENT DATESACH") by wire or other electronic transfer of immediately available funds transfer. Checks shall be made payable to the Landlord at San Diego Unified Port District and mailed to the address set forth above San Diego Unified Port District, Finance Department, Post Office Box 120488, San Diego, California 92112-0488, or delivered to such other person the San Diego Unified Port District, Finance Department, ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇. All payments of Rent by electronic wire transfer or ACH transfer shall be directed to (or such other place or account location as Landlord may instruct by notice from time to time): Beneficiary Bank: ▇▇▇▇▇ Fargo Bank, N.A. Bank Location: 420 Montgomery, MAC: A0112-102 San Francisco, CA 94104 ACH/Wire Routing Number: ▇▇▇▇▇▇▇▇▇ Beneficiary: San Diego Unified Port District Beneficiary Account Number: 4944-983881 Type of Account: Deposit Reference Description of payment Required: Customer number and/or invoice(s) numbers Landlord has the right to change the designated place of payment or filing at any time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Rate.upon ten
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Rent. The Lessee shall pay Base Rent in the amounts and at the times set forth in Exhibit B attached hereto. The Lessee agrees and acknowledges that Exhibit B attached hereto may be amended at any time: (ai) Tenant covenants to reamortize the Principal Component if moneys are transferred from the Acquisition Fund upon completion of the Project and applied to the prepayment of lease Principal; or (ii) upon any other partial prepayment of the Purchase Price. If the Lessor determines that an amendment to Exhibit B attached hereto is appropriate, CoLT will mail to the Lessee a revised Exhibit B (identified by date or other means), by first class mail, postage prepaid. The amendment will become effective and will for all purposes become a part of this Lease and will reflect Base Rent to be paid by the Lessee for subsequent periods (unless Exhibit B is further amended as provided in this Section) upon the earlier of the acknowledgment thereof by the Lessee or automatically on the next payment date set forth in the revised Exhibit B. The Lessee will pay Additional Rent within fifteen days after a written request therefor is mailed to Landlord, as rent the Lessee by or on behalf of the Lessor. Any Lease Payment that is not paid when due shall bear interest thereon at the Late Payment Rate. To the extent the Lessor advances any funds for the Premises payment of any amounts due hereunder or to cure any Event of Default hereunder, the Lessee shall immediately reimburse the Lessor therefore with interest accrued on such amount at the Late Payment Rate. Amounts due under this paragraph will be deemed to be Additional Rent due and payable when incurred and without further written demand therefor. Each Lease Payment will be applied to amounts then due and payable: (i) first to the Interest Component of Base Rent, (ii) second to the Principal Component of Base Rent, (iii) third to Additional Rent, and (iv) fourth to the components of Base Rent that are not Interest Component or Principal Component. This Lease will be deemed and construed to be a “net lease,” and the Lessee will pay absolutely net during the Interim Lease Term, the Primary Term Lease Payments and each Extended Term all other payments required hereunder, free of any deductions, and without abatement, deduction, or set-off (other than credits against Lease Payments expressly provided for in this Lease). Notwithstanding any dispute between the Lessee and the Lessor or a dispute between the Lessee and any Project related vendors, the Lessee shall make all Lease (if Tenant extends Payments when due and shall not withhold any Lease Payments pending final resolution of such dispute nor shall the Term in accordance with Paragraph 4) Lessee assert any right of set-off or counterclaim against its obligations to make such payments required under this Lease. Lease Payments shall be payable to the amounts Disbursing Agent at the place set forth on EXHIBIT 5 in Exhibit B attached hereto (herein called the "Basic Rent") in monthly installments, in advance, on the first day of each calendar month (herein called the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds to the Landlord at the address set forth above or to such other person or such other place or account as Landlord the Disbursing Agent may from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Rate.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Rent. (a) Tenant covenants to pay to Landlord, as A. Total rent for the Premises during aforesaid premises is $ . LESSEES agree to pay $ as their share of the Interim Termtotal rent in payments of $ _ due monthly beginning _ / /20 and ending / /20 , or as otherwise set forth herein in the Primary Term “Special Provisions,” which is attached herewith and each Extended Term included by reference. A late charge of 10% of the total outstanding balance due + $2 per day shall be added to the payments due and not received in the office of LESSOR by the end of the 5th day of the month; unpaid late fees, damages, and utility bills shall be considered additional rent due. Any withholding of rent by LESSEE when due, unless authorized by Statute, shall be deemed to be a breach of this Lease (if Tenant extends Lease. Upon breach of any term of this lease, all future lease payments are accelerated and become immediately due and owing. LESSEE understands that all rent due by original move-in date must be paid before early move-in. Return check fee is 10% of check amount or $35, whichever is greater. Payment for damages and utility bills shall become due and payable 15 days after notice is sent by LESSOR. Any rental payments made by the Term in accordance with Paragraph 4LESSEE(s) or on behalf of the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent"LESSEE(s) in monthly installments, in advance, on the first day of each calendar month (herein called the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds pursuant to the Landlord at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but Lease shall not less than all be refundable regardless of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agentcircumstances.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge B. All payments due pursuant to this Lease together lease SHALL be made online via the tenant portal with every fine, penalty, interest and cost which may be added for nonpayment either a recurrent payment setup option or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law monthly as specified in the case lease instrument.
▇. ▇▇▇▇▇▇ is not affiliated with Illinois State University, Illinois Wesleyan, or Heartland Community College and the suspension of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord classes, withdrawal, or dismissal from the date due until such amount is paid in full at University shall not terminate the per annum rate obligation of interest (LESSEE hereunder and LESSEE shall be liable for the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Rateaforesaid rents.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Rent. (a) 7.1 Tenant covenants to shall pay to Landlord, Landlord as rent Base Rent for the Premises during Premises, commencing on the Interim TermTerm Commencement Date, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts sums set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in Section 2.3. Base Rent shall be paid in equal monthly installmentsinstallments as set forth in Section 2.3, each in advance, advance on the first day of each and every calendar month during the Lease Term.
7.2 In addition to Base Rent, commencing on the Term Commencement Date, Tenant shall pay to Landlord as additional rent (herein called the "BASIC RENT PAYMENT DATESAdditional Rent") by wire at times hereinafter specified in this Lease (a) Tenant's Share (as defined below) of Operating Expenses (as defined below), (b) the Property Management Fee (as defined below) and (c) any other amounts that Tenant expressly assumes or agrees to pay under the provisions of this Lease that are owed to Landlord. Without limitation on other electronic transfer obligations of immediately available funds Tenant which survive the expiration of the Lease Term, the obligations of Tenant to pay Additional Rent shall survive the expiration of the Lease Term.
7.3 Landlord and Tenant hereby agree that it is their intent that all Base Rent, Additional Rent and other rent and charges payable to the Landlord under this Lease (hereinafter individually and collectively referred to as "Rent") shall qualify as "rents from real property" within the meaning of Section 856(d) of the Internal Revenue Code of 1986, as amended, (the "Code") and the Department of the U.S. Treasury Regulations promulgated thereunder (the "Regulations"). Should the Code or the Regulations, or interpretations thereof by the Internal Revenue Service contained in revenue rulings or other similar public pronouncements, be changed so that any Rent no longer so qualifies as "rent from real property" for purposes of Section 856(d) of the Code and the Regulations promulgated thereunder, such Rent shall be adjusted in such manner as the Landlord may require so that it will so qualify; provided, however, that any adjustments required pursuant to this Section 7.3 shall be made so as to produce the equivalent (in economic terms) Rent as payable prior to such adjustment. Rent shall be paid to Landlord, without abatement, deduction or offset, in lawful money of the United States of America at the address office of Landlord as set forth above in Section 2.8 or to such other person or at such other place or account as Landlord may from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event the Lease Term commences or ends on a day other than the first day of any failure by Tenant to pay or discharge any Additional Renta calendar month, Landlord then the Rent for such fraction of a month shall have all rights, powers be prorated for such period on the basis of a thirty (30) day month and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is shall be paid in full at the per annum then-current rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Ratefor such fractional month.
Appears in 2 contracts
Sources: Lease (Mabvax Therapeutics Holdings, Inc.), Lease (Mabvax Therapeutics Holdings, Inc.)
Rent. (a) The Tenant covenants to shall pay to the Landlord as Base Rent, in legal tender, at the Landlord’s office as set forth in Exhibit “B”, or as rent for the Premises during the Interim Termdirected from time to time by Landlord’s notice, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts annual amount set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in Exhibit “B” payable in equal monthly installments, payments as set forth in advance, Exhibit “B” promptly on the first day of each every calendar month (of the term, except for the first month’s rent which is due and payable on execution of this Lease, and pro rata, in advance for any partial month, without demand, the same being hereby waived and without any set-off or deduction whatsoever. For any rent payment not made when due, Tenant shall pay — except as otherwise provided for herein called the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds — a late charge equal to the greater of: i) $100.00 or ii) ten percent (10%) of the overdue amount. The parties agree that such late charge represents a fair and reasonable estimate of the costs Landlord at the address will incur by reason of such late payment. The covenants herein to pay a late charge shall be independent of any other covenant set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent this Lease and shall be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) without deduction or an institutional payment agentset-off.
(b) It is understood that the Base Rent specified in Paragraph (a) was negotiated in anticipation that the amount of Operating Expenses on the Property would not exceed $271,970.00 during any calendar year of the term hereof. Therefore, in order that the rental payable throughout the term of the Lease shall reflect any increase in such costs, the parties agree as hereinafter in this Section set forth. The annual Base Rent payable pursuant to Paragraph (a) as increased pursuant to Paragraph (b) of this Section is hereinafter called the “Rent”. Certain terms are defined as follows: Tenant’s Share: The amount of Tenant’s pro rata share of the increase in Taxes and Operating Expenses over $271,970.00 during each calendar year. Tenant’s pro rata share of such increase is agreed to be 10%.
(A) Operating Expenses shall consist of all expenses, costs and disbursements (but not specific costs billed to specific tenants of the Property) of every kind and nature, computed on the accrual basis, relating to or incurred or paid in connection with the ownership and operation of the Property, including but not limited to, the following:
(i) wages and salaries of all on and off-site employees engaged in the operation, maintenance or access control of the Property, including taxes, insurance and benefits relating to such employees, allocated based upon the time such employees are engaged directly in providing such services;
(ii) all supplies, tools, equipment and materials used in the operation and maintenance of the Property;
(iii) cost of all utilities for the Property including but not limited to the cost of water and power for heating, lighting, air conditioning and ventilating in the common areas;
(iv) cost of all maintenance and service agreements for the Property and the equipment therein, including but not limited to security service, garage operators, window cleaning, elevator maintenance, janitorial service and landscaping maintenance;
(v) cost of management, not to exceed five per cent (5%), of actual base rent received;
(vi) cost of repairs and general maintenance of the Property (excluding repairs, alterations and general maintenance paid by proceeds of insurance or attributable solely to tenants of the Property other than Tenant);
(vii) amortization (together with reasonable financing charges) of the cost of installation of capital investment items which are installed for the purpose of reducing operating expenses, promoting safety, complying with governmental requirements or maintaining the first class nature of the Property, other than capital items installed in connection with Lessor’s initial construction of the Property;
(viii) the cost of all insurance on the Property, including, but not limited to, the cost of casualty, rental abatement and liability insurance applicable to the Property and Lessor’s personal property used in connection therewith; and
(ix) all taxes, assessments and governmental charges, whether or not directly paid by Lessor, whether federal, state, county or municipal and whether they be by taxing districts or authorities presently taxing the Property or by other subsequently created or otherwise, and any other taxes and assessments attributable to the Property or its operation, excluding, however, federal and state taxes on income, death taxes, franchise taxes, and any taxes imposed or measured on or by the income of Lessor from the operation of the Property or imposed in connection with any change of ownership of the Property; provided, however, that if at any time during the term of this Lease, the present method of taxation or assessment shall be so changed that the whole or any part of the taxes, assessments, levies, impositions or charges now levied, assessed or imposed on real estate and the improvements thereof shall be discontinued and as a substitute therefor, or in lieu of an addition thereto, taxes, assessments, levies, impositions or charges shall be levied, assessed and/or imposed wholly or partially as a capital levy or otherwise on the rents received from the Property or the rents reserved herein or any part thereof, then such substitute or additional taxes, assessments, levies, impositions or charges, to the extent so levied, assessed or imposed, shall be deemed to be included within the operating expenses to the extent that such substitute or additional tax would be payable if the Property were the only property of the Lessor subject to such tax.
(B) In order to provide for current payments on account of an increase in the annual Operating Expenses in excess of $271,970.00, the Tenant covenants agrees, at Landlord’s request, to pay, as additional rent, Tenant’s Share due for the ensuing twelve (12) months, as estimated by Landlord from time to time, in twelve (12) monthly installments, each in an amount equal to 1/12th of Tenant’s Share so estimated by Landlord commencing on the first day of the month following the month, in which Landlord notifies Tenant of the amount of such estimated Tenant’s Share. If, as finally determined, Tenant’s Share shall be greater than or be less than the aggregate of all installments so paid on account to the Landlord for such twelve (12) month period, then Tenant shall pay to Landlord the amount of such underpayment, or the Landlord shall credit Tenant for the amount of such overpayment, as the case may be. It is the intention hereunder to estimate the amount of Operating Expenses for each year and then to adjust such estimate in the following year based on actual Operating Expenses incurred and/or paid by Landlord. The obligation of the Tenant with respect to the payment of Rent shall survive the termination of this Lease. Any payment, refund, or credit made pursuant to this Paragraph (b) shall be made without prejudice to any right of the Tenant to dispute the statement under Paragraph (d) of this Section, or of the Landlord to correct, any item(s) as billed pursuant to the provisions hereof. If the term remaining is less than a full calendar year, then Tenant shall only owe the increase in the Operating Expenses for the full year appropriately adjusted for the period remaining in the Tenant’s Term.
(C) Upon receipt of the Landlord’s statement, Tenant does hereby covenant and agree promptly to pay the increases in Rent pursuant to Paragraph (b) of this Section as and when the same shall become due and payable, without further demand therefore, and without any set-off or deduction whatsoever. Failure to give such statement shall not constitute a waiver by Landlord of its right to require an increase in Rent pursuant to the provisions hereof.
(D) Within thirty (30) days after receipt of such statement, Tenant or its authorized employee shall have the right to inspect the books of Landlord at reasonable times during the business hours of Landlord at Landlord’s office in the Building or, at Landlord’s option, at such other location that all other amountsLandlord may specify, liabilities for the purpose of verifying information in such statement. Unless Tenant asserts specific errors within thirty (30) days after delivery of such statement, the statement shall be deemed to be correct. Such inspection or audit shall be conducted by Tenant or tenant’s employee or Tenant’s auditor; but in no event shall the audit be conducted by a third party whose compensation is contingent upon the results of such audit or the amount of any refund received by Tenant. Tenant hereby agrees to keep the results of any such audit confidential and obligations to require Tenant’s auditor and its employees and each of their respective attorneys and advisors to likewise keep the results of such audit in strictest confidence. In particular, but without limitation, Tenant agrees that: (i) Tenant shall not disclose the results of any such audit to any past, current, or prospective tenant of the Property, and (ii) Tenant shall require, that its auditors, attorneys and anyone associated with such parties shall not disclose the results of such audit to any past, current or prospective tenant in the Property; provided, however, that Landlord hereby agrees that nothing in items (i) or (ii) above shall preclude Tenant from disclosing the results of such audit in any judicial proceeding, or pursuant to any court order or discovery request, or to any agent, representative, or employee or Landlord who or which request the same.
(E) No decrease in Operating Expenses shall reduce Tenant’s Rent below the annual Base Rent set forth in Paragraph (a) of this Section.
(F) All costs and expenses which Tenant assumes or agrees to pay or discharge to Landlord pursuant to this Lease together with every fine, penalty, interest and cost which may shall be added for nonpayment or late payment thereof, shall constitute deemed additional rent hereunder (herein called "ADDITIONAL RENT"). In and, in the event of any failure by Tenant to pay or discharge any Additional Rentnon-payment thereof, Landlord shall have all rights, powers the rights and remedies herein provided herein or by law for in the case of nonpayment non-payment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Rate.
Appears in 2 contracts
Sources: Office Lease (Alimera Sciences Inc), Office Lease (Alimera Sciences Inc)
Rent. (a) The Rent (hereinafter defined) payable by Tenant covenants pursuant to pay this Lease is intended to be absolutely and completely net to Landlord, as rent and all charges and expenses imposed upon the Premises incurred in connection with its ownership, use, occupancy, care, maintenance, operation and control, whether foreseen or unforeseen, regardless of the nature of such expenses or the remaining period of the Term, shall be paid by Tenant, except that Landlord shall pay its own income taxes, if any, on the Fixed Rent and Additional Rent (hereinafter defined) payable hereunder.
(b) The Rent reserved under this Lease for the Premises during the Interim Term, the Primary Term hereof shall be and each Extended Term consist of this Lease (if Tenant extends the Term in accordance with Paragraph 4a) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") Fixed Rent payable in equal monthly installments, installments in advance, on the first day of each and every calendar month during the Term (herein called except that Tenant shall pay the "BASIC RENT PAYMENT DATES"first monthly installment upon signing this Lease); plus (b) by wire or such additional rent and other electronic transfer of immediately available funds charges (“Additional Rent”) as are due and payable pursuant to the Landlord at the address set forth above or to such other person or such other place or account this Lease, which Additional Rent shall be payable as Landlord from time to time may designate to Tenant in writing; hereinafter provided, Landlord may designate all to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee the applicable party, in lawful money of the United States of America (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic hereinafter Fixed Rent and Additional Rent are sometimes collectively referred to as “Rent.”).
(c) Tenant does hereby covenant and agree promptly to pay the Fixed Rent and Additional Rent herein reserved as and when the same shall become due and payable, without demand therefor, and without any set-off or deduction whatsoever. All Additional Rent which is not due and payable on a monthly basis during the Term, unless otherwise specified herein, shall be due and payable, (i) if payable to a third party, within the time permitted for payment without interest, penalty or default, (ii) if payable to Landlord from without specific payment terms set forth herein, within thirty (30) days of delivery by Landlord to Tenant of notice to pay the date due until such amount is paid same, and (iii) if payable to Landlord in full at a specific time or manner set forth herein, in accordance therewith.
(d) In the per annum rate event that any payment of interest (the "DEFAULT RATE") equal Fixed Rent or Additional Rent payable to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate be paid after the due date for same provided herein, Tenant shall pay, together with such payment, the Late Charge and a reasonably comparable source like additional Late Charge for each thirty (30) days or portion thereof that such payment shall remain unpaid. Notwithstanding the foregoing, Tenant shall not be required to identify pay a late charge on the Prime Ratefirst or second late payment in any period of twelve (12) consecutive months, unless such payments remain unpaid for ten (10) days after written notice to Tenant.
Appears in 2 contracts
Rent. (a) 3.1 Tenant covenants to shall pay to Landlord, Landlord as rent (the “Rent”) for the Premises during Term the Interim Term, the Primary Term and each Extended Term Rent identified on Exhibit L.
3.2 The Rent shall be payable in equal monthly installments within five (5) days of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, in advance, on the first day of each and every month during the Term, without previous demand therefor and without offset or deduction of any kind whatsoever, except as herein specifically set forth. Notwithstanding the foregoing, Tenant shall pay the first month’s installment of Rent within five (5) days of the execution of this Lease and, if the Commencement Date occurs on other than the first day of a calendar month (herein called the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer month, Tenant shall pay its pro rata share of immediately available funds Rent for such calendar month.
3.3 All Rent payable hereunder shall be made payable to the Landlord at the and sent to Landlord’s address set forth above on the corresponding Exhibit L, or to such other person or persons or at such other place as may be designated by written notice from Landlord to Tenant, from time to time, and shall be made in local currency in which the Premises is located (or as otherwise agreed to by Landlord and Tenant in writing) which shall be legal tender for all debts, public and private. At Tenant’s option, Rent may be payable when due by wire transfer or other payment of immediately available funds to an account as Landlord designated from time to time may designate by Landlord. Landlord shall be deemed to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all receive such payments when Landlord’s bank actually receives the wire transfer from Tenant’s bank for the account of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agentLandlord.
(b) 3.4 Tenant covenants that all shall remain obligated under this Lease in accordance with its terms and shall not take any action to terminate, rescind or avoid this Lease except as expressly permitted in this Lease, notwithstanding any action for bankruptcy, insolvency, reorganization, liquidation, dissolution or other amounts, liabilities and obligations which Tenant assumes proceeding affecting Landlord or agrees to pay any assignee of Landlord or discharge pursuant any action with respect to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment taken by any trustee, receiver or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein liquidator or by law any court. Except as expressly set forth herein, Tenant hereby waives all right (i) to terminate this Lease, or (ii) to surrender this Lease, or (iii) to any abatement, deferment, reduction, set-off, counterclaim or defense with respect to any Rent payable hereunder. Except as expressly set forth herein, Tenant shall remain obligated under this Lease in accordance with its terms and Tenant hereby waives any and all rights now or hereafter conferred by statute or otherwise to modify or to avoid strict compliance with its obligations under this Lease. Notwithstanding any such statute or otherwise, Tenant shall be bound by all the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent terms and Additional Rent due to Landlord from the date due until such amount is paid provisions contained in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Ratethis Lease.
Appears in 2 contracts
Sources: Master Lease Agreement (Xylem Inc.), Master Lease Agreement (Xylem Inc.)
Rent. (a) A. Tenant covenants to pay to LandlordLandlord during the Lease Term, without any setoff or deduction except as otherwise expressly provided herein, the full amount of all Base Rent and Additional Rent due hereunder and the full amount of all such other sums of money as shall become due under this Lease, all of which hereinafter may be collectively called “Rent.” In addition, Tenant shall pay, as rent Additional Rent, all rent, sales and use taxes or other similar taxes, if any, levied or imposed by any city, state, county or other governmental body having authority, such payments to be in addition to all other payments required to be paid to Landlord by Tenant under this Lease. Such payments shall be paid concurrently with the payments of the Rent on which the tax is based. Base Rent and Additional Rent for the Premises each calendar year or portion thereof during the Interim Lease Term, the Primary Term shall be due and each Extended Term of this Lease (if Tenant extends the Term payable in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") advance in monthly installments, in advance, installments on the first day of each calendar month during the Lease Term, without demand. If the Lease Term commences on a day other than the first day of a month or terminates on a day other than the last day of a month, then the installments of Base Rent (herein called if any) and Additional Rent (if any) for such month or months shall be prorated, based on the "BASIC RENT PAYMENT DATES") number of days in such month. All amounts received by wire or other electronic transfer of immediately available funds Landlord from Tenant hereunder shall be applied first to the Landlord at the address earliest accrued and unpaid Rent then outstanding. Tenant’s covenant to pay Rent shall be independent of every other covenant set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agentthis Lease.
(b) B. If Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees fails to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event any installment of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Base Rent and Additional Rent or any other item of Rent within ten (10) days after the same becomes due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") and payable hereunder, a “Late Charge” equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four five percent (45%), but in no event shall ) of such unpaid amount will be due and payable with the Default Rate exceed the maximum rate permitted next installment of Base Rent by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source Tenant to identify the Prime RateLandlord.
Appears in 2 contracts
Sources: Office Lease (Proquest Co), Sublease Agreement (Voyager Learning CO)
Rent. (a) Tenant covenants to Sublessee shall pay to LandlordSublessor as the minimum monthly rental hereunder the sum of $8,666.67 per month commencing on July 1, as rent for the Premises during the Interim Term, the Primary Term 2000 and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, in advance, continuing on the first day of each calendar succeeding month thereafter during the term of this Sublease (herein called the "BASIC RENT PAYMENT DATESBasic Monthly Rent") by wire or other electronic transfer of immediately available funds to the Landlord at the address set forth above or to such other person or such other place or account as Landlord ). Basic Monthly Rent shall be adjusted from time to time may designate in accordance with the provisions in the ▇▇▇▇▇▇▇▇▇ in respect of adjustments to Tenant "fixed rent" (as that term is defined in writing; providedthe ▇▇▇▇▇▇▇▇▇) as provided in Article 1 thereof, Landlord may designate to Tenant in writing such that Basic Monthly Rent shall at all but not less than all times during the term of the Sublease equal the monthly installments of fixed rent due from time to time under the ▇▇▇▇▇▇▇▇▇. Basic Monthly Rent for any partial month shall be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agentprorated at the rate of 1/30th of the Basic Monthly Rent counting the actual number of days elapsed.
(b) Tenant covenants that all other amountsSublessee shall pay during the term of this Sublease, liabilities and obligations which Tenant assumes or agrees as additional rental hereunder (hereinafter referred to pay or discharge pursuant to this Lease together with every as "Additional Rent"), before any fine, penalty, interest and or cost which may be added thereto for the nonpayment or late payment thereof, shall constitute additional rent hereunder (i) all real estate taxes, special assessments, water rates and charges, sewer rates and charges (including any sum or sums payable for present or future sewer or water capacity), charges for public utilities, street lighting, excise levies, licenses, permits, inspection fees, other governmental charges, and all other charges or burden of whatsoever kind and nature (including costs, fees, and expenses of complying with any restrictive covenants or similar agreements to which the Premises and/or the real property on which the Premises are located are subject) incurred in the use, occupancy, ownership, operation, leasing or possession of the Premises and/or arising under or related to this Sublease, whether any of the foregoing be general or special, ordinary or extraordinary, foreseen or unforseen (all of which are collectively referred to herein called as "ADDITIONAL RENTImpositions"), which at any time during the term hereof may have been or may be assessed, levied, confirmed, imposed upon, or become a lien on the Premises, or any portion thereof, or any appurtenance thereto, or this Sublease or the rents or income therefrom and (ii) any other amounts due Landlord under the terms of the ▇▇▇▇▇▇▇▇▇ (other than minimum rent), including common area maintenance costs, promotional charges, marketing charges and all other taxes, assessments, levies and charges of any nature whatsoever required to be paid by Sublessor under the ▇▇▇▇▇▇▇▇▇ (collectively, the "▇▇▇▇▇▇▇▇▇ Charges"). In Sublessee shall pay to Sublessor any taxes or increases in taxes which result from any improvements to the event Premises which Sublessee makes at any time during the term hereof. Sublessee shall pay to Sublessor (a) all Impositions, whether heretofore or hereafter levied for assessed upon the Premises, or any portion thereof, and/or this Sublease which are due and payable during the term of this Sublease to Sublessor within five days of receipt of a statement specifying such amount from Sublessor and (b) all ▇▇▇▇▇▇▇▇▇ Charges at the times and in the manner specified therefor in the ▇▇▇▇▇▇▇▇▇. Anything herein to the contrary notwithstanding, Sublessor shall pay its prorata portion of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers Impositions and/or ▇▇▇▇▇▇▇▇▇ Charges due and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal payable with respect to the annual "prime rate" identified Premises, or any portion thereof, and/or this Sublease during the years in which the "Money Rates" column term hereof both commences and ends based on the number of days in each said year within the Wall Street Journal (term of this Sublease, and Sublessor shall pay the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication balance of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Rateany such Impositions during said years.
Appears in 2 contracts
Sources: Sublease (Harvey Electronics Inc), Sublease (Harvey Electronics Inc)
Rent. (a) Tenant covenants to shall pay to Landlord, as annual rent for the Premises during the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term amounts determined in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached Exhibit “D” hereto (herein called the "“Basic Rent") in monthly installments”), commencing on the date hereof for the initial month and thereafter, in advanceadvance on the date hereof, and continuing on the first day of each calendar month during the Term (herein called each such day being a “Basic Rent Payment Date”). Each such rental payment shall be made, at Landlord’s sole discretion, (i) by a check actually received by Landlord before the "BASIC RENT PAYMENT DATES"applicable Basic Rent Payment Date, or (ii) by wire or other electronic transfer of immediately available funds to in Federal Funds on the Landlord at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly applicable Basic Rent Payment Date. Pro rata Basic Rent for the initial month shall be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.on the date hereof
(b) Tenant covenants that shall pay and discharge, as additional rent (collectively, “Additional Rent”):
(i) except as otherwise specifically provided herein, all costs and expenses of Tenant, Landlord and any other amountsPersons specifically referenced herein which are incurred in connection or associated with (A) the ownership, liabilities use, non-use, occupancy, monitoring, possession, operation, condition, design, construction, maintenance, alteration, repair or restoration of the Premises, (B) the performance of any of Tenant’s obligations under this Lease, (C) any sale or other transfer of the Premises to Tenant under this Lease, including costs and obligations which Tenant assumes expenses incurred in connection with the payment of a Prepayment Premium, (D) any Condemnation proceedings, (E) the adjustment, settlement or agrees compromise of any insurance claims involving or arising from any of the Premises, (F) the prosecution, defense or settlement of any litigation involving or arising from any of the Premises, this Lease, or, in accordance with the Agreement of Purchase and Sale between the parties, the sale of the Premises to pay Landlord, (G) the exercise or discharge pursuant enforcement by Landlord, its successors and assigns, of any of its rights under this Lease, (H) any amendment to or modification or termination of this Lease together made at the request of Tenant, (I) subject to, and included within the limitation set forth in Paragraph 25(a) the Costs of Landlord’s counsel incurred in connection with every finethe preparation, penaltynegotiation and execution of this Lease, and the Costs incurred in connection with any act undertaken by Landlord (or its counsel) at the request of Tenant, or incurred in connection with any act of Landlord performed on behalf of Tenant, and (J) any other items specifically required to be paid by Tenant under this Lease;
(ii) after the date all or any portion of any installment of Rent is due and not paid by the applicable Basic Rent Payment Date, or date the same is due, an amount (the “Late Charge”) equal to five percent (5%) of the amount of such unpaid installment; except that the first Late Charge in any twelve (12) month period shall not be due and payable unless the amount due has not been received, in immediately available U.S. funds, within five (5) days following the Base Rent Payment Date;
(iii) a sum equal to any additional sums (including any late charge, default penalties, interest and cost fees of Lender’s counsel) which may are payable by Landlord to any Lender under any Note by reason of Tenant’s late payment or non-payment of Basic Rent or by reason of an Event of Default; and
(iv) interest at the rate (the “Default Rate”) of five percent (5%) over the Prime Rate per annum on the following sums until paid in full: (A) all overdue installments of Basic Rent from the respective due dates thereof, (B) all overdue amounts of Additional Rent relating to obligations which Landlord shall have paid on behalf of Tenant, from the date of payment thereof by Landlord, and (C) all other overdue amounts of Additional Rent, from the date when any such amount becomes overdue, except that the first interest charge in any twelve (12) month period shall not be added due and payable unless the amount due hasn’t been paid within five (5) days after the date due.
(c) Tenant shall pay and discharge (i) any Additional Rent referred to in Paragraph 6(b) when the same shall become due, provided that amounts which are billed to Landlord or any third party, but not to Tenant, shall be paid within ten (10) days after Landlord’s demand for nonpayment or late payment thereof, shall constitute additional rent hereunder and (herein called "ADDITIONAL RENT"). In the event of ii) any failure by Tenant to pay or discharge any other Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on within ten (10) days after Landlord’s demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest for payment thereof.
(the "DEFAULT RATE"d) equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in In no event shall the Default Rate amounts payable under this Lease exceed the maximum rate amount permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Rateapplicable Law.
Appears in 2 contracts
Sources: Lease Agreement (Pw Eagle Inc), Lease Agreement (Pw Eagle Inc)
Rent. (a) Tenant covenants and agrees to pay to Landlord, as rent rental for the Premises during Premises, Annual Basic Rental in the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts sum set forth on EXHIBIT 5 attached hereto (herein called in the "Basic Rent") Fundamental Lease Provisions, payable in advance in equal monthly installments, in advance, installments on the first day of each full calendar month during the term, the first such payment to include rent, prorated on a daily basis, for the period (herein called if any) from the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer date of immediately available funds commencement of the term to the Landlord at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all first day of the monthly Basic Rent be paid directly to a Mortgagee (as defined first full calendar month in Subparagraph 23(a)) or an institutional payment agentthe term.
(b) Any sum, amount, item or charge payable by Tenant covenants that all other amountshereunder shall be deemed additional rent, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereofexcept as otherwise specifically provided herein, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure be paid by Tenant to Landlord on the first day of the month following the date on which Landlord notifies Tenant of the amount payable or on the tenth day after the giving of such notice, whichever shall be later. Any such notice shall specify in reasonable detail the basis of such additional rent.
(c) All rentals payable by Tenant to Landlord under this Lease shall be paid to Landlord at the office of Landlord herein designated or to such other address and/or person or company as Landlord may designate from time to time by notice to Tenant. Tenant will promptly pay or discharge any Additional Rent, all rentals herein prescribed when and as the same shall become due and payable. If Landlord shall have all rightspay any monies or incur any expenses in correction of violations of covenants herein set forth, powers the amount so paid or incurred shall, at Landlord's option, and remedies provided herein on notice to Tenant, be considered additional rentals, payable by Tenant with the first installment of rent thereafter becoming due and payable, and may be collected or enforced as by law provided in the case respect of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Raterentals.
Appears in 2 contracts
Sources: Lease Agreement (United Bancshares Inc /Pa), Lease Agreement (United Bancshares Inc /Pa)
Rent. (a) Tenant covenants Subject to subsection (c) below, commencing on and after the Commencement Date, Lessee shall pay Lessor all monetary obligations of Lessor under each Prime Lease for its respective Property applicable to Landlordthe Term (including, as rent for the Premises during the Interim Termwithout limitation, base, fixed or minimum rent, percentage rent, additional rent, common area maintenance charges, real estate taxes and assessments, insurance charges, waste removal charges, merchants association dues, marketing, advertising and other promotional fund contributions, utility charges, HVAC and chilled water charges) (collectively, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic “Property Rent") in monthly installments, in advance, on the first day of each calendar month (herein called the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds to the Landlord at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a”)) or an institutional payment agent.
(b) Tenant covenants that Commencing on and after the Commencement Date, Lessee shall pay directly to Lessor, at Lessor’s office at the address designated for notices to Lessor in Section 11(a) hereof, all other amountsamounts payable by Lessee that arise as an independent obligation under this Sublease (the “Additional Rent”, liabilities together with the Property Rent, the “Rent”).
(c) Lessor and Lessee agree to cooperate, and to take all reasonably necessary or desirable actions possible, to arrange for all payments by Lessee of the Property Rent with respect to each Property directly to Prime Landlord with respect to such Property, and, with respect to each Property, to otherwise establish a direct relationship between Prime Landlord and Lessee with respect to all matters arising under the Prime Lease with respect to such Property and this Sublease with respect to such Property. All Property Rent with respect to any Property shall be paid in lawful money of the United States to Prime Landlord with respect to such Property (or, if such Prime Landlord will not agree to such arrangement, then to Lessor at Lessor’s office at the address designated for notices to Lessor in Section 11(a) hereof in immediately available funds at least two (2) Business Days prior to the date when such Property Rent is due and payable under such Prime Lease), or at such other place as either Prime Landlord or Lessor may designate, as the case may be, by notice to Lessee. Lessor and Lessee agree that it is the intention of Lessor and Lessee to pass all of Lessor’s obligations which Tenant assumes (without premium or ▇▇▇▇-up) for Property Rent incurred under the Prime Lease during the Term with respect to each Property to Lessee, and Lessee agrees to pay or discharge pursuant otherwise reimburse Lessor for all of Lessor’s obligations for Property Rent incurred with respect to this Lease together with every fineeach Prime Leases and each Property. If a Prime Landlord will not accept a direct payment from Lessee of Property Rent under the respective Prime Lease, penaltythen, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord provided Lessee shall have all rights, powers delivered such Property Rent payment to Lessor within the time and remedies provided herein or by law in the case manner specified in this subsection (c), Lessor shall deliver such payment of nonpayment of Basic Rent. Tenant further covenants Property Rent to pay to such Prime Landlord on demand interest on all Basic Rent and Additional Rent due or prior to Landlord from the date when such Property Rent is due until and payable under such amount is paid Prime Lease and in full at such manner as provided under the per annum rate respective Prime Lease.
(d) All obligations of interest (Lessee and Lessor under this Section 4 shall survive the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication termination of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime RateLeases or this Sublease.
Appears in 2 contracts
Sources: Sublease (Express Parent LLC), Sublease (Express Parent LLC)
Rent. Tenant shall pay Rent to Landlord (aor to such Person as Landlord may direct (in writing)) Tenant covenants to pay to Landlordduring the Term, as rent in lawful money of the United States of America which shall be legal tender for the Premises during the Interim Termpayment of public and private debts, the Primary Term and each Extended Term without offset, abatement, demand or deduction, except as hereinafter expressly provided. All payments of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, in advance, on the first day of each calendar month (herein called the "BASIC RENT PAYMENT DATES") Rent to Landlord shall be made by wire or other electronic transfer of immediately available federal funds or by other means acceptable to the Landlord at the address set forth above or in its sole discretion. Base Rent and Additional Debt Service Costs for any partial month shall be prorated on a per diem basis based on a 360 day year and twelve (12) thirty (30) day months. In addition, if directed to such other person or such other place or account as do so by Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all shall pay a portion of the monthly Basic Base Rent be paid directly to any Facility Mortgagee in an amount specified in such Notice to Tenant. Notwithstanding the foregoing, if in connection with any Facility Mortgage Landlord is unable to obtain from the Facility Mortgagee a Mortgagee (as defined Subordination Agreement not to disturb Tenant's right to possession in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of a foreclosure of such Facility Mortgage, then Tenant shall have the right, at Tenant's sole election, to pay directly to the Facility Mortgagee all monthly payments due and payable or otherwise required thereunder. If Tenant elects to make such payments directly to the Facility Mortgagee, then (i) upon each monthly payment Tenant shall simultaneously therewith deliver to Landlord evidence reasonably acceptable to Landlord that such payment was made, and (ii) Tenant hereby agrees to indemnify, defend and hold harmless Landlord from any failure claims, losses or damages that Landlord suffers as a result of any failure, default or defect in Tenant's making such payment on Landlord's behalf. Any payments made directly by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or under this Paragraph may be off-set against Base Rent payable by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until during such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Ratecalendar month.
Appears in 2 contracts
Sources: Property Lease Agreement (Provident Senior Living Trust), Property Lease Agreement (Brookdale Senior Living Inc.)
Rent. Tenant shall pay rent consisting of (ai) Base Rent, and (ii) all other sums that become payable by Tenant covenants under this Lease, whether to pay Landlord directly, or to Landlord, as rent a third party for the benefit of Landlord and the Premises during the Interim Term, the Primary Term (“Additional Rent”). Base Rent and each Extended Term of this Lease (if Tenant extends the Term Additional Rent are referred to herein as “Rent.” All Rent shall be paid in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, in advance, advance on the first day of each calendar month (herein called unless otherwise provided herein. Tenant shall pay to Landlord, with all Rent, the "BASIC RENT PAYMENT DATES") by wire portion of any rent, transaction, privilege, business activity, or other electronic transfer of immediately available funds to the tax now or hereafter imposed on any Rent that will be paid by Landlord at the address set forth above or attributable to such other person Rent. If any such tax is payable only above a certain level of total Project rents, then the amount payable by Tenant will be estimated by Landlord based on the ratio of Rents paid by Tenant divided by total anticipated rental from the Project for that year; Landlord shall reconcile the estimated payments with the actual amount of total rental from the Project and the total of such tax paid by Landlord, and any adjustment payment or credit will be made, on the same basis as applies to Operating Expense reconciliations pursuant to Section 4 below. All Rent shall be paid in lawful money of the United States to Landlord, at such other place or account as Landlord shall designate by written notice to Tenant from time to time time. Tenant shall pay all Rent promptly when due without notice or demand therefor and without any abatement, deduction or off set, for any reason whatsoever, except as may designate be expressly provided in this Lease. If the Tenant’s obligation to Tenant in writing; providedpay Base Rent does not commence on the first day of a calendar month, Landlord may designate to Tenant in writing that all but or does not less than all expire on the last day of the monthly Basic calendar month, the Base Rent payable by Tenant on the first fractional month, or the last fractional month, as the case may be, shall be prorated for said month. Base Rent for the first full calendar month of the Term for which Base Rent is payable shall be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) upon execution of this Lease, and Base Rent for any partial month at the beginning of the Term shall be due on the Commencement Date. Tenant covenants acknowledges that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or Tenant’s late payment thereofof Rent due Landlord will cause Landlord to incur costs not contemplated by this Lease, the exact amount of such cost being extremely difficult and impractical to ascertain. Therefore, if Landlord does not receive any Rent due from Tenant within five (5) days of when due more than once in any twelve (12) month period of the Term of this Lease, Tenant shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord an additional sum equal to five percent (5%) of the overdue amount, which late charge shall be due and payable on demand demand. The payment of late charges and the payment of interest on are distinct and separate from one another in that the payment of interest is to compensate Landlord for the use of Landlord’s money by Tenant, while the payment of late charges is to compensate Landlord for the additional administrative expenses incurred by Landlord in handling and processing delinquent payments. By their execution of this Lease, Landlord and Tenant confirm that such late charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of any such late payment, that the late charge is in addition to any and all Basic Rent and Additional Rent due remedies available to Landlord and that the assessment and/or collection of the late charge shall not be deemed a waiver by Landlord of such failure or of any other default under this Lease. Additionally, all such delinquent Rent, shall bear interest at the rate of five percent (5%) plus the Prime Rate (as hereinafter defined) per annum from the date due until paid; provided however, that the foregoing interest shall not apply to the first such amount is paid late payment in full at any twelve (12) month period of the Term of this Lease until following written notice to Tenant and the expiration of five (5) days thereafter without cure, or, if lower, the maximum interest rate permitted by law (as applicable, the “Default Rate”), from the date due until paid. For purposes hereof, the “Prime Rate” shall be the per annum interest rate publicly announced by Bank of America as its prime or base rate (or, if Bank of America ceases to exist or to announce a prime or base rate, the prime or base rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%another national banking association), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal any payment of Rent is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then returned for insufficient funds, Landlord shall designate a reasonably comparable source may require Tenant to identify the Prime Ratepay all future payments by cashier’s check.
Appears in 1 contract
Rent. (a) Tenant covenants to shall pay to Landlord, as rent for Landlord throughout the Premises during the Interim Term, the Primary Term and each Extended Term term of this Lease (if Tenant extends Rent as specified in the Term Basic Lease Information, payable monthly in accordance with Paragraph 4) the amounts set forth advance on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, in advance, on or before the first day of each calendar month (herein called during the "BASIC RENT PAYMENT DATES") by wire term hereby demised in lawful money of the United States, without demand, deduction or other electronic transfer of immediately available funds offset whatsoever, to the Landlord at the address set forth above specified in the Basic Lease Information or to such other person firm or to such other place or account as Landlord may from time to time may designate to Tenant in writing; provided. Net Rent is subject to adjustment as provided in the Basic Lease Information hereof, Landlord may designate and Expense Stop Rent is subject to Tenant adjustment as provided in writing that all but not less Paragraph 27 hereof. If this Lease commences on a day other than all the first day of a calendar month or ends on a day other than the last day of a calendar month, the monthly Basic Rent for the fractional month shall be paid directly appropriately prorated. The term “Rent”, as used herein, means all Net Rent, Expense Stop Rent, Additional Rent and all other amounts payable hereunder from Tenant to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agentLandlord.
(b) Tenant covenants agrees that all if Rent or any other amountspayment due hereunder from Tenant to Landlord remains unpaid ten (10) days after said amount is due, liabilities and obligations which Tenant assumes the amount of such unpaid Rent or agrees other payment shall be increased by a late charge to pay or discharge pursuant be paid to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure Landlord by Tenant in an amount equal to pay five percent (5%) of the amount of the delinquent Rent or discharge other payment. The amount of the late charge to be paid to Landlord by Tenant for any Additional Rentmonth shall be computed on the aggregate amount of delinquent Rents and other payments, Landlord shall have including all rightsaccrued late charges, powers and remedies provided herein or by law in the case of nonpayment of Basic Rentthen outstanding. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until agrees that such amount is paid a reasonable estimate of the loss and expense to be suffered by Landlord as a result of such late payment by Tenant and may be charged by Landlord to defray such loss and expense. The provisions of this paragraph in full at no way relieve Tenant of the per annum rate obligation to pay Rent or other payments on or before the date on which they are due, nor do the terms of interest (this paragraph in any way affect Landlord’s remedies pursuant to Paragraph 19 of this Lease in the "DEFAULT RATE") equal event said Rent or other payment is unpaid after the date due. Notwithstanding the foregoing to the annual "prime rate" identified contrary, Tenant shall not be subject to late charges and interest set forth in this Section 4(b) for the "Money Rates" column first two (2) times in the Wall Street Journal each twelve month period for which Tenant fails to pay Rent within ten (the "PRIME RATE"10) plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Ratedays after its due date.
Appears in 1 contract
Rent. The Sublessee covenants and agrees to pay to the Sublessor, or as the Sublessor may in writing direct, in lawful money of Canada, without any claim, set-off, compensation or deduction whatsoever, the aggregate of the following sums:
(a) Tenant covenants to pay to Landlord, dollars ($) being rent in respect of each year or part of a year of the Term as rent for set out in Schedule C and payable in advance on the Premises during the Interim Term, the Primary Term and each Extended Term date of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, in advance, on the first day of each calendar month (herein called the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds to the Landlord at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writingSublease; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.and
(b) Tenant covenants Additional Rent, which shall be payable as and when required pursuant to the terms and conditions of this Sublease. The Sublessor has been advised by its legal counsel that the sublease of the Leased Premises is not subject to Goods and Services Tax (“GST”). If it is determined that the disposition by the Sublessor to the Sublessee of the sublease interest in the Leased Premises is subject to GST, the Lessor will pay the GST provided that the Sublessee promptly executes and returns, at no cost to the Sublessor, any and all other documents required by the Sublessor, to assign and transfer to the Sublessor any New Housing Rebate that might apply in respect of the sublease of the Leased Premises. The Sublessee hereby irrevocably assigns and transfers to the Sublessor any New Housing Rebate, or refund, or reduction of GST to which Sublessee may be entitled, and authorizes the Sublessor and its agents to apply for and collect any such rebate, refund or reduction. The Sublessor irrevocably appoints the Sublessee and the Sublessee’s authorized signatories as attorney of the Sublessee to execute, on behalf of the Sublessee, all such documents. If it is determined that the Sublessee’s use of the Leased Premises results in Rent being subject to GST, the Sublessee will pay to the Sublessor such GST amounts, liabilities when due, as Additional Rent. Any purported set-off, withholding or deduction of Rent by the Sublessee shall be deemed to be a breach of this Sublease, and obligations which Tenant assumes entitle the Sublessor, at its option, to exercise any right or agrees remedy available to pay or discharge it pursuant to this Lease together with every fineSublease or at law. The Sublessee will have no right to a refund of, penaltyand the Sublessor will not be liable to the Sublessee for refunding, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In any Rent in the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case termination of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Ratethis Sublease.
Appears in 1 contract
Sources: Sublease Agreement
Rent. (a) Tenant covenants to shall pay to Landlord, as Landlord minimum rent (the "Base Rent") for the Leased Premises during the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 terms and conditions of Exhibit B, attached hereto (herein called the "Basic RentRent Schedule") ). Base Rent shall be payable in monthly installments, in advance, advance on or before the first day of each full and partial calendar month during the Lease Term; provided that: (herein called a) if the "BASIC RENT PAYMENT DATES"Lease Term commences or expires on a date other than on the first day or last day of a calendar month, respectively, then the Base Rent payable for each such partial calendar month shall be an amount equal to: (i) the Base Rent otherwise then in effect; divided by wire (ii) the number of days in the full calendar month during which the Lease Term commences or other electronic transfer expires, respectively; and multiplied by (iii) the number of immediately available funds to days in the Landlord at partial calendar month after and including the address set forth above Commencement Date or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writingbefore and including the Expiration Date, respectively; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
and (b) the Base Rent for any partial calendar month at the commencement of the Lease Term shall be payable on or before the first day of the first full calendar month during the Lease Term. In addition to the payment of Base Rent, Tenant covenants that shall pay to Landlord as additional rent (the "Additional Rent") all other amounts, liabilities sums of money and obligations which Tenant assumes or agrees charges required to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure paid by Tenant to pay or discharge any Landlord under this Lease, regardless of whether the same are designated as Additional Rent. Base Rent and Additional Rent, collectively, are "Rent". All Rent shall be paid without relief from valuation and appraisement laws, and shall be payable without offset for any amount due or claimed to be due from Landlord shall have all rightsto Tenant, powers and remedies except as expressly provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Ratethis Lease.
Appears in 1 contract
Sources: Lease (Brightpoint Inc)
Rent. (a) Tenant covenants to will pay to Landlordthe base rent as shown in Exhibit "D" in equal monthly installments in advance beginning on the Commencement Date, as rent for the Premises during the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, in advance, thereafter on the first day of each calendar month during the term (herein called the except as otherwise shown in Exhibit "BASIC RENT PAYMENT DATESD"), prorated for any portion of a month. The term "rent" includes base rent, additional rent and all other amounts to be paid by Tenant under this Lease, whether or not specifically described as rent. All rent will be paid without demand, deduction, counterclaim or offset of any type (except as may be specifically provided otherwise elsewhere in this Lease) by wire or other electronic transfer of immediately available funds to the Landlord in lawful U.S. legal tender at the address set forth above or The Plaza at Continental Park, Suite 5252, 2101 ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇ ▇▇ to such other person or such other place or account as Landlord may from time to time may designate designate. Notwithstanding the foregoing, if and for so long as there is a mortgage loan encumbering the Premises or a loan that is secured by the Letter of Credit, at the written request of Landlord or Tenant, Landlord and Tenant will establish a collection account for the receipt and disbursement of base rent. In such event, Tenant, will pay the base rent as and when required each month into this collection account, and the collection agent promptly will disburse from such amount an amount sufficient to pay debt service and any other amounts owed to the mortgage lender and the lender of the loan secured by the Letter of Credit, with the balance being disbursed first to Tenant in writing; provided, Landlord may designate (but only if and to the extent necessary to pay current debt service to Tenant in writing that all but under the LC Note per Section 24.17(f) if any amounts are then owed under the LC Note) and then to Landlord. The collection agent and the terms of this collection account will be subject to the mutual written approval of Landlord and Tenant, which approval will be based on customary terms for such agreements and will not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) unreasonably withheld or an institutional payment agentdelayed.
(b) If Tenant covenants provides and continues to provide the Letter of Credit in accordance with Section 24.17 and otherwise does not default under this Lease, within thirty (30) days after payment by Tenant and delivery to Landlord of an invoice therefor and reasonable evidence of Tenant's payment (but not earlier than the date that all other amountsTenant pays its first full month of base rent under this Lease), liabilities and obligations which Tenant assumes Landlord either will reimburse to Tenant, or agrees to pay or discharge pursuant to this Lease together with every finecredit against rent owed by Tenant, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure actual amounts paid by Tenant to pay or discharge any Additional Rentthe issuer of the Letter of Credit for such issuance, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants up to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such an annual amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four one percent (41%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication ) of the "prime rate," then Landlord shall designate a reasonably comparable source face amount of the Letter of Credit from time to identify the Prime Ratetime.
Appears in 1 contract
Sources: Lease (Picturetel Corp)
Rent. (a) 3.1 Tenant covenants agrees to pay to Landlord, as rent for Landlord the Premises during the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term Monthly Base Rent then in accordance with Paragraph 4) the amounts set forth effect on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, in advance, on or before the first day of each full calendar month (herein called during the "BASIC RENT PAYMENT DATES") by wire Term, commencing upon the expiration of the Rent Abatement. Rent for any period during the Term which is less than a full month shall be a prorated portion of the Monthly Base Rent based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or other electronic transfer of immediately available funds to the Landlord offset except as expressly permitted under this Lease, and without notice or demand, at the address Rent Payment Address set forth above on the Summary, or to such other person or at such other place or account as Landlord may from time to time may designate to Tenant in writing; provided. If an Event of Default occurs, Landlord may designate require by notice to Tenant in writing that all but not less than subsequent rent payments be made by an automatic payment from Tenant’s bank account to Landlord’s account, without cost to Landlord. Tenant must implement such automatic payment system prior to the next scheduled rent payment or within ten (10) business days after Landlord’s notice, whichever is later. Unless specified in this Lease to the contrary, all of the monthly Basic Rent be paid directly amounts and sums payable by Tenant to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge Landlord pursuant to this Lease together with every fineLease, penalty, interest and cost which may be added for nonpayment or late payment thereofother than Base Rent, shall constitute be additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rentrent. Tenant further covenants to shall pay to Landlord on demand interest on Landlord, in addition to, and simultaneously with, all Basic Rent payments of rent and Additional Rent due any other amounts payable to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") under this Lease, a sum equal to the annual "prime rate" identified aggregate of any municipal, county, state or federal excise, sales, use, rental or transaction privilege taxes now or hereafter levied or imposed against, or on account of, any or all consideration from and amounts payable under this Lease by Tenant, or the receipt thereof by Landlord.
3.2 Tenant recognizes that late payment of any rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid when due and payable pursuant to this Lease, a late charge shall be imposed in an amount equal to five percent (5%) of the unpaid rent or other payment. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments on or before the date on which they are due, nor do the terms of this Section 3.2 in any way affect Landlord’s remedies pursuant to Article 19 of this Lease in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal said rent or other payment is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Rateunpaid after date due.
Appears in 1 contract
Sources: Industrial Net Lease (Dexcom Inc)
Rent. (a) Tenant covenants to pay to Landlord, as The rent reserved under this Lease for the Premises during the Interim Term, the Primary Term and each Extended Term of this Lease hereof (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") shall be and consist of: (i) the Base Rent payable in equal monthly installments, installments in advance, on the first day of each and every calendar month during the Term; plus (herein called the ii) such additional rent ("BASIC RENT PAYMENT DATESAdditional Rent") in an amount equal to (x) Tenant's Proportionate Share of Expenses (as such terms are defined in Paragraph 3 of this Lease) and all charges for services and utilities pursuant to Paragraph 14 hereof, and (y) any other charges as shall become due and payable hereunder, including, without limitation, the reasonable expenses incurred by wire Landlord in the enforcement of any of the agreements, covenants and obligations under this Lease, and including reasonable legal fees that may accrue in the event suit for rent or other electronic transfer dispossess proceedings are necessary to obtain the possession of immediately available funds the Demised Premises or to collect the Rent; which Additional Rent shall be payable as hereinafter provided. All Rent shall be paid to Landlord at the address set forth above or to such other person its office stated above, or such other place or account as Landlord from time to time may designate to Tenant by notice given in writingaccordance with Paragraph 17 hereof, in lawful money of the United States of America; provided, Landlord may designate to Tenant in writing however, that all but not less if the Commencement Date shall occur on a date other than all the first calendar day of a month, the Rent for the partial month commencing on the Commencement Date shall be appropriately pro-rated on the basis of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agentpayable during the first year of the Term.
(b) Tenant covenants that all other amounts, liabilities does hereby covenant and obligations which Tenant assumes or agrees agree promptly to pay the Base Rent, Additional Rent and any other charges herein reserved as and when the same shall become due and payable, without demand therefor and, except as otherwise expressly provided herein, without any set-off, recoupment or discharge pursuant to this Lease together with every finededuction whatsoever. All Additional Rent and other charges payable hereunder, penaltywhich are not due and payable on a monthly basis during the Term, interest and cost which may be added for nonpayment or late payment thereofunless otherwise specified herein, shall constitute additional rent hereunder be due and payable within twenty (herein called "ADDITIONAL RENT"). 20) days of delivery by Landlord to Tenant of notice to pay the same.
(c) In the event that any payment of any failure by Tenant to pay or discharge any Additional Base Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent or any other charges shall be paid after the due to Landlord from date for same provided herein, Tenant shall pay, together with payment, the date due until Late Charge and a like additional Late Charge for every thirty (30) days or portion thereof that such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event payment shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Rateremain unpaid.
Appears in 1 contract
Rent. (a) Tenant covenants to As annual fixed rental for the Premises, Lessee shall pay to LandlordLessor at its office in the City of Duquesne at ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇, as rent for ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, a sum equal to the monthly mortgage debt service related to the Premises during multiplied by 1.1 (the Interim Term, excess of said sum over the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein monthly mortgage debt service is hereinafter called the "Basic Debt Service Coverage") plus the sum of $7,559 (the "Parking Rent") payable in monthly installments, in advance, advance on the first business day of each calendar month beginning on the 1st day of the fifth full month following the Commencement Date (herein called the "BASIC RENT PAYMENT DATESFixed Rent") by wire or other electronic transfer of immediately available funds to the Landlord at the address set forth above or to such other person or such other place or account . The Debt Service Coverage shall be fixed as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Commencement Date and remain the same throughout the Term or any renewal Term. Notwithstanding the foregoing, the Parking Rent will not be paid directly to payable unless and until a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant certificate of occupancy has been issued for the Parking Facilities. Lessee hereby covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay the Fixed Rent hereby reserved as and when due. Lessee further covenants and agrees to pay all sums of money, charges or discharge other amounts required to be paid by the Lessee to the Lessor or to another person under this Lease (the "Additional Rent") in addition to the Fixed Rent provided for herein. Additional Rent shall also include the assumption by Lessee of all obligations including the maintenance obligations imposed on the lessee by URA pursuant to this the Parking Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT")all costs of operating the parking facilities. In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic The Fixed Rent and Additional Rent due are sometimes hereinafter collectively referred to Landlord from the date due until such amount is paid in full at the per annum rate of interest (as the "DEFAULT RATE") equal Rent." Lessee shall be in compliance with this Lease if, being directed in writing to do so, it pays the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%)Rent, but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication exclusive of the "prime rate," then Landlord Parking Rent, directly to Dollar Bank, the holder of the first mortgage on the Premises, as and when due. Further, Lessee shall designate a reasonably comparable source be in compliance with this Lease if it pays the Parking Rent to identify the Prime RateURA or its designee as may be directed in writing by URA.
Appears in 1 contract
Sources: Lease (Ansaldo Signal Nv)
Rent. (a) Tenant covenants Subject to pay to Landlordthe provisions below, as rent for commencing on the Premises during the Interim Term, the Primary Term Commencement Date and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, in advance, on the first day of each calendar month thereafter, Tenant shall pay Minimum Rent in the amount stated in Section 1.4, in advance without notice (herein called all amounts, including Minimum Rent, to be paid by Tenant pursuant to this Lease as the context requires are sometimes referred to collectively as "BASIC RENT PAYMENT DATESRent(s)") by wire ). Rents shall be paid without set off, abatement, or other electronic transfer of immediately available funds to the Landlord diminution, at the address set forth above management office in the Building, or to such other person or at such other place or account as Landlord from time to time may designate to Tenant designates in writing; provided. Notwithstanding the foregoing, Tenant shall have the right to occupy the Premises without payment of Minimum Rent for the first month following the Commencement Date (the "Deferred Rent Period"). It is agreed that the Rent payable under this Lease is allocable to, and shall be accrued by the parties during, their fiscal periods in which the same is actually paid. Landlord may designate to and Tenant in writing agree that all but not less than all no portion of the monthly Basic Minimum Rent paid by Tenant during the Initial Term occurring after the expiration of the Deferred Rent Period will be paid directly allocated by Landlord or Tenant to a Mortgagee (as defined such Deferred Rent Period, nor is such Rent intended by the parties to be allocable to the Deferred Rent Period. If for any reason at any time during the Term Tenant is in Subparagraph 23(a)) or an institutional payment agent.
(b) default hereunder, which default is not cured within any applicable cure periods, Tenant covenants that shall owe to Landlord, in addition to all other amountsamounts otherwise set forth herein, liabilities and obligations which Tenant assumes or agrees to pay or discharge all amounts of Minimum Rent deferred pursuant to this Lease together with every fine, penalty, interest Section. Such amounts shall be immediately due and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In payable upon the event occurrence of any failure by such default. Tenant shall have no obligation to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case such amounts if no Event of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal Default has occurred prior to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication expiration of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime RateTerm.
Appears in 1 contract
Rent. (a) 4.1 The Tenant covenants to shall pay to Landlordthe Landlord at die address set forth in Paragraph 50.1, as rent for the Premises during the Interim Termin lawful money of Canada and without any deduction, the Primary Term and each Extended Term of this Lease (if Tenant extends set off or abatement, throughout the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto an annual minimum rent (herein called the "Basic RentRENT") in monthly installments), in advance, on the first day of each calendar month (herein called throughout the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer Term as follows: $103,575.00 per annum, payable in equal consecutive monthly instalments of immediately available funds to $8,631.25 in advance, on the Landlord at first day of each month during each year of the address set forth above or to such other person or such other place or account as Landlord 5 years of the Term. The aforesaid Rent is calculated on the basis of a net rent of: $12.50 per square fool of Gross Leasable Area of the Leased Premises per annum for each of the 5 years of the Term. Rent and Additional Rent may be adjusted from time to time by the Landlord, if necessary, to conform with changes in the Gross Leasable Area of the Leased Premises. Subject to Section 2.2, a certificate of the Landlord's Architect to that effect shall be conclusive, SAVE FOR MANIFEST ERROR, SHALL BE ADDRESSED TO BOTH LANDLORD AND TENANT.
4.2 The Tenant covenants with the Landlord to pay Rent and Additional Rent and such oilier amounts for which the Landlord may designate be entitled to demand payment from the Tenant pursuant to the provisions of this Lease without any deduction, setoff or abatement. Rent and Additional Rent arc reserved by the Landlord and payable by the Tenant in writing; providedconsideration for the demise and lease of the Leased Premises hereunder. The Landlord shall, Landlord may designate in addition to any other right or remedy available to the Landlord, have the same rights and remedies in the event of default by the Tenant in writing that all but not less than all the payment of Additional Rent as the monthly Basic Landlord would have in the event of default by the Tenant in the payment of Rent. All Additional Rent be paid directly payable by the Tenant to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge the Landlord pursuant to this Lease together shall, unless otherwise provided herein, become due and payable with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT")the next monthly instalment of Rent. In Where the event calculation of any failure by Additional Rent is not made until after the expiration or earlier termination of this Lease, the obligation of the Tenant to pay such Additional Rent shall survive such expiration or discharge any Additional Rentearlier termination and such amount shall be payable by the Tenant after final determination and upon demand by the Landlord.
4.3 Landlord acknowledges that the TENANT has provided to Royal LePage Commercial Inc. (the "LEASING AGENT"), in trust for the Landlord shall have all rights, powers a deposit equal to the sum of thirty-eight thousand two hundred and remedies provided herein or by law in seventy one dollars and sixty-five cents ($38,271.65) (the case of nonpayment of Basic Rent. Tenant further covenants "DEPOSIT") to pay be applied to Landlord on demand interest on all Basic the first and last months' Rent and Additional Rent due payable by the Tenant hereunder. Provided that if, at any time during the term, Rent is overdue and unpaid, or if the Tenant fails to Landlord from keep or perform any of the date due until such amount is paid terms, covenants and conditions of this Lease to be kept, observed and performed by the Tenant, then, the Landlord, at its option, may, in full at addition to any and all other rights and remedies provided for in this Lease or by law, appropriate and apply the per annum rate balance of interest the Deposit (the "DEFAULT RATEBALANCE") equal or so much thereof as if necessary to compensate the annual "prime rate" identified in Landlord for loss or damage sustained or suffered by the "Money Rates" column in Landlord due to such breach on the Wall Street Journal (part of the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by lawTenant. If the Wall Street Journal Balance or any portion thereof is no longer published appropriated and applied by the Landlord for the payment of overdue Rent or Additional Rent, then the Wall Street Journal discontinues publication Tenant shall, forthwith after demand by the Landlord, remit to the Landlord a sufficient amount in cash to restore the Balance to the original sum deposited and the Tenant's failure to do so forthwith after receipt of such demand constitutes a breach of this Lease.
4.4 The Landlord shall deliver the Balance to any purchaser of the "prime rate," then Landlord's interest in the Leased Premises and the Development if such interest is sold and thereafter the Landlord shall designate a reasonably comparable source be discharged from any further liability with respect to identify the Prime RateDeposit so long as the purchaser has assumed the Landlord's obligations hereunder.
Appears in 1 contract
Rent. (a) 7.1 Tenant covenants to shall pay to Landlord, Landlord as rent Base Rent for the Premises during Premises, commencing on the Interim TermTerm Commencement Date, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts sums set forth on EXHIBIT 5 attached hereto (herein called in Section 2.3, subject to the "Basic Rent") rental adjustments provided in Article 8 hereof. Base Rent shall be paid in equal monthly installmentsinstallments as set forth in Section 2.3, subject to the rental adjustments provided in advanceArticle 8 hereof, each in advance on the first day of each and every calendar month during the Term; provided that Base Rent for the Premises shall be abated during the first three (herein called 3) months of the "BASIC RENT PAYMENT DATES") by wire Term (the “Base Rent Abatement Period”). In the event that the Term Commencement Date occurs on a day other than the first day of a calendar month, then monthly Base Rent payable on or before the first day of the last month of the Base Rent Abatement Period shall be a prorated amount based on the actual number of days in such calendar month following the expiration of the Base Rent Abatement Period. For purposes of clarity, Tenant shall be responsible for all other electronic transfer of immediately available funds Rent due pursuant to the terms of this Lease during the Base Rent Abatement Period.
7.2 In addition to Base Rent, Tenant shall pay to Landlord as additional rent (“Additional Rent”) at times hereinafter specified in this Lease (a) Tenant’s Adjusted Share (as defined below) of Operating Expenses (as defined below), (b) the Property Management Fee (as defined below) and (c) any other amounts that Tenant assumes or agrees to pay under the provisions of this Lease that are owed to Landlord, including any and all other sums that may become due by reason of any default of Tenant or failure on Tenant’s part to comply with the agreements, terms, covenants and conditions of this Lease to be performed by Tenant, after notice and the lapse of any applicable cure periods.
7.3 Base Rent and Additional Rent shall together be denominated “Rent.” Except as otherwise expressly set forth in this Lease, Rent shall be paid to Landlord, without abatement, deduction or offset, in lawful money of the United States of America at the address office of Landlord as set forth above in Section 2.8 or to such other person or at such other place or account as Landlord may from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event the Term commences on a day other than the first day of any failure by Tenant a calendar month or the Term ends on a day other than the last day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of the number of days in the month and shall be paid at the then-current rate for such fractional month.
7.4 Tenant’s obligation to pay Rent shall not be discharged or discharge otherwise affected by any Additional RentApplicable Laws now or hereafter applicable to the Premises, Landlord shall have all rights(b) any other restriction on Tenant’s use, powers and remedies (c) except as expressly provided herein herein, any casualty or by law in the case of nonpayment of Basic Renttaking or (d) any other occurrence. Tenant further covenants Tenant’s obligation to pay Rent with respect to Landlord on demand interest on all Basic Rent and Additional Rent due any period or obligations arising, existing or pertaining to Landlord from the period prior to the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord expiration or earlier termination of the Term or this Lease shall designate a reasonably comparable source survive any such expiration or earlier termination; provided, however, that nothing in this sentence shall in any way affect Tenant’s obligations with respect to identify the Prime Rateany other period.
Appears in 1 contract
Sources: Lease (NanoString Technologies Inc)
Rent. Annual rent shall be as follows:
(ai) Tenant Lease Year 1: $528,679.50 per year ($23.50 per rentable square foot), payable in monthly installments of $44,056.63.
(ii) Lease Year 2: $539,928.00 per year ($24.00 per rentable square foot), payable in monthly installments of $44,994.00. Subtenant covenants and agrees to pay to LandlordSublandlord the rent at YSM Facilities, Yale University, P.▇. ▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇, or at such other place as rent for the Premises during the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term Sublandlord may designate in accordance with Paragraph 4) the amounts writing. Except as otherwise set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") herein, rent shall be payable without notice or demand, without abatement, deduction or setoff. Rent for any portion of a month shall be pro-rated. Annual rent shall be payable in monthly installments, in advance, installments on the first day of each calendar month in advance. All amounts (herein called other than annual rent) payable to Sublandlord by Subtenant under this Sublease shall be deemed additional rent and Sublandlord shall have the "BASIC RENT PAYMENT DATES") same rights and remedies by wire or other electronic transfer reason of immediately available funds non-payment of such additional rent as if Subtenant had failed to pay an installment of annual rent. Sublandlord shall be and shall remain responsible under the Landlord at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee Prime Lease (as defined below) for any and all payments owed to Landlord (as defined below), and Subtenant shall have no responsibility whatsoever for making any payment directly to Landlord under the Prime Lease or otherwise related to Subtenant’s sublease of the Premises, Subtenant’s sole and exclusive financial responsibility related to Subtenant’s sublease of the Premises being to Sublandlord as expressly set forth in Subparagraph 23(a)this Sublease. In addition to the annual rental payable under this Sublease as set forth above, Subtenant shall pay to Sublandlord, the following:
(a) or an institutional payment agentA pro rata percentage of all Operating Expenses (as hereinafter defined) during the term of this Sublease. The pro rata percentage applicable to this Sublease is four and thirty-four one hundredths percent (4.34%) of the Building.
(b) Tenant covenants that A pro rata percentage of all other amountsReal Estate Taxes levied upon the Building, liabilities applicable to and obligations which Tenant assumes or agrees to pay or discharge pursuant due and payable during the term of this Sublease. The pro rata percentage applicable to this Lease together with every fine, penalty, interest Sublease is four and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus thirty-four one hundredths percent (44.34%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication ) of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime RateBuilding.
Appears in 1 contract
Rent. (a) 1.01. Tenant covenants to shall pay to Landlord, as basic annual rent for the Premises during the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term demised premises in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 and pursuant to Schedule I, attached hereto and made a part hereof from and after the Possession Date (herein called as hereinafter defined) with respect to each Portion of the "Basic Rent") demised premises further provided that Tenant agrees to pay said basic annual rent in monthly installmentslawful money of the United States, in advance, equal monthly installments in advance on the first day of each calendar month (herein called the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds to the Landlord during said term, at the address set forth above or to such other person office of Landlord or such other place or account in the United States of America as Landlord may designate, without any setoff or deduction whatsoever, except as otherwise expressly set forth in this Lease.
1.02. Notwithstanding the provisions of Section 1.01 above, provided that Tenant is not in monetary default or material non-monetary default under this Lease beyond applicable notice and cure periods, Tenant shall be entitled to an abatement of (i) basic annual rent, Tax Payments, Operating Expense Payments and Cafeteria Rent for the period from time and after the applicable Possession Date to time may designate and including January 31, 2013 (the “Initial Rent Abatement Period”), subject to modification of the last day of the Initial Rent Abatement Period as provided in Section 31.01(e) below, (ii) basic annual rent in the amount of $77,229.81 per each month during the twelve (12) month period immediately following the expiration of the Initial Rent Abatement Period (the “Partial Rent Abatement Period”), and (iii) if applicable, basic rent as provided in Section 32.04(b) hereof; provided that if any such default exists during the Initial Rent Abatement Period or the Partial Rent Abatement Period and is thereafter cured, then, except as set forth in Section 31.01(a) so long as no other such default then exists and the Lease remains in effect, Tenant in writingshall be immediately entitled to the applicable unapplied portion of the abatement after such default has been cured; provided, Landlord may designate further, if Tenant shall be entitled pursuant to Tenant in writing that all but not less than all the express provisions of this Lease to an additional abatement of rent during any of the monthly Basic Rent periods provided in clauses (i) through (iii) above, such additional rent abatement shall be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agentaddition to, and shall not be concurrent with, the number of days that the applicable rent abatement provided in this Section 1.02 shall have been in effect.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT")1.03. In the event an installment of any failure by Tenant to pay or discharge any Additional Rentbasic annual rent is first due on a day other than the first day of a month, Landlord basic annual rent and additional rent, if any, for that partial month shall have all rights, powers and remedies provided herein or by law be prorated on the basis of a three hundred sixty five (365) day year using the actual number of days in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by laweach month. If the Wall Street Journal is no longer published or term of this Lease ends on a day other than the Wall Street Journal discontinues publication last day of a month, basic annual rent and additional rent shall be adjusted in the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Ratesame manner as provided hereinabove.
Appears in 1 contract
Rent. (a) Tenant covenants to pay to LandlordAll rents, as fees and charges, including, without limitation, payments of minimum or base rents, fixed monthly rents, additional rents, retroactive rents, operating cost pass-through, rent for escalations, percentage rents, sign revenues, other receipts, operating expenses of the Premises during the Interim TermProperty, the Primary Term tenant expenses, taxes, assessments, electricity and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the other utilities, common area maintenance and services, other escalation charges and other amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, in advance, on the first day of each calendar month (herein called the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds due Seller pursuant to the Landlord at Leases or due Seller with respect to the address set forth above Property generally or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than otherwise payable under the Leases (all of the monthly Basic Rent foregoing may hereinafter be paid directly collectively referred to a Mortgagee as "Rents") shall be prorated as of the Close of Escrow. Subject to the provisions below, Rents delinquent at the Close of Escrow shall be prorated to the Close of Escrow when collected. Rents collected within twelve (12) months after the Close of Escrow shall be deemed to apply (after deduction of costs for collections) first to Rents currently or past due and payable to Buyer for the period after Close of Escrow from tenants making such payments, and second to Rents which are due and payable to Seller for the period prior to Close of Escrow from tenants making such payments. Buyer shall at all times for twelve (12) months after the Close of Escrow, continue to invoice tenants for all Rents which are delinquent or unpaid as defined in Subparagraph 23(a)) of the Close of Escrow or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees otherwise belong to pay or discharge Seller pursuant to this Lease together with every fineAgreement. Rents collected by Buyer after the Close of Escrow, penalty, interest and cost to which may be added for nonpayment or late payment thereofSeller is entitled under this Paragraph, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event be promptly paid over, in cash, to Seller after deduction of any failure reasonably incurred collection costs but otherwise without offset or deduction. Seller reserves the rights to all delinquent or past due Rents owing to Seller for periods prior to the Close of Escrow and Buyer acknowledges that such Rents are the property of Seller and are hereby specifically reserved by Tenant to pay or discharge Seller. Such reservation by Seller and the foregoing rights of Seller shall survive the Close of Escrow, the recordation of the Deed and the execution, delivery and recordation of the Lease Assignment (defined below) and shall supersede any Additional Rent, Landlord shall have all rights, powers and remedies provided provision herein or by law in the case of nonpayment of Basic RentLease Assignment tothe contrary. Tenant further covenants Seller may proceed to pay institute any and all legal proceedings to Landlord on demand interest on all Basic Rent and Additional Rent due which it is legally entitled to Landlord recover such amounts from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal tenants, except that Seller shall not be permitted to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published institute legal proceedings for unlawful detainer against such tenants or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Rateseek to terminate their Leases.
Appears in 1 contract
Rent. (a) Tenant covenants To the extent that any tenant is entitled to pay any rebate, concession, deduction or offset under its Lease, such entitlement shall be included as a closing adjustment, except that free rent under any Leases shall not be adjusted (but rather shall be incurred by the applicable Property Owner with respect to Landlordthe period prior to Closing and shall be incurred by BPLP with respect to the period from and after Closing). Further, except as otherwise set forth in this Agreement or on Schedule V attached hereto and as to Leases entered into after the date of this Agreement with the prior written consent (or deemed consent) of Transferee in accordance with Section 4.4 above, to the extent that any tenant is entitled to future tenant improvements work under existing Leases (and without regard to subsequent amendments, extensions or other agreements) to be paid for by the landlord or tenant is entitled to future tenant improvements work to be paid for by the landlord, or tenant improvement allowances to be funded in the future by the landlord under such tenant's Lease, the amount of landlord's liability and the amount of such allowance for such work shall be included as a closing adjustment by reducing the portion of the Assigned Value allocable to the Partnership Interests of the Property Owner which owns the Developed Property which is subject to such Lease. Monthly rent payable by tenants shall be adjusted as of 11:59 p.m. on the day immediately preceding the Closing Date, and any such rent for the Premises during month in which the Interim TermClosing occurs) shall be paid to Transferee by adjustment to the Contribution Price. Estimated adjustments will be made on the Closing Date on a reasonable basis for estimated operating expenses paid by tenants as additional rent. Notwithstanding anything to the contrary contained in Section 5.1 above or in this Section 5.2, it is the intent of the ▇▇▇▇▇▇ Parties and the Transferee that prorations of all operating expenses with respect to the full year 1998 shall be made as follows:
(i) All Additional Rent (as hereinafter defined) collected by the ▇▇▇▇▇▇ Parties with respect to the period from January 1, 1998 through June 30, 1998 shall be credited to BPLP. In addition, to the extent that the base rent collected from any tenant includes a base year component (the "Base Year Amount"), the Primary Term and each Extended Term of this Lease (if Tenant extends Base Year Amount collected by the Term in accordance ▇▇▇▇▇▇ Parties with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, in advance, on the first day of each calendar month (herein called the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds respect to the Landlord at period from January 1, 1998 through June 30, 1998 shall be credited to BPLP.
(ii) Any base rent and Additional Rent remitted to the address set forth above ▇▇▇▇▇▇ Parties from and after the Closing Date shall be remitted to BPLP.
(iii) The ▇▇▇▇▇▇ Parties shall be credited with all operating expenses paid by them with respect to the period from January 1, 1998 through June 30,1998.
(iv) No separate adjustment shall be made with respect to the real estate taxes or utilities. BPLP shall pay all unpaid bills and invoices (whether received prior to such other person or such other place subsequent to the Closing Date, but only if the same are included as operating expenses for purposes of calculating escalations under tenant leases) and shall pay all real estate taxes for the Properties. Notwithstanding anything contained herein to the contrary, neither party shall profit or account as Landlord from time to time may designate to Tenant be penalized by any material change in writing; provided, Landlord may designate to Tenant in writing that all but not less than all the occupancy of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agentProperties and that neither the ▇▇▇▇▇▇ Parties nor BPLP will benefit from the pro-ration of operating expenses during calendar year 1998.
(b) Tenant covenants that all Any of the following charges and/or rents provided for by any Lease (but without duplication): (A) the payment of additional rent based upon a percentage of the tenant's business during a specified annual or other amountsperiod (sometimes referred to as "percentage rent"), liabilities (B) common area maintenance or "CAM" charges, (C) "escalation rent" or additional rent based upon real estate taxes, insurance, operating expenses, labor costs, cost of living, or other index including the consumer price index or otherwise, or (D) any other items of additional rent, however determined, e.g., charges for electricity, water, utilities, cleaning, overtime services, sundries and/or miscellaneous charges and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereofbuilding expenses, shall constitute be adjusted and prorated on an if, as and when collected basis (such percentage rent, CAM charges, escalation rent and other additional rent hereunder (herein being collectively called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any .
(c) Rent and such tenant charges (excluding Additional Rent) which are due but uncollected as of the Closing Date shall not be adjusted, Landlord but, with respect to tenants whose rent is no more than 120 days in arrears, provided the Property Owners (or, if after the Closing, the applicable Existing Partners) provide in a timely manner all back-up materials, reconciliations and other information requested by tenants with respect thereto, Transferee shall remit promptly to or on behalf of the applicable Existing Partners any such amounts actually paid by such tenants to Transferee (provided that such amounts shall be in excess of the then current rent and other charges due (including Additional Rent), including for such purpose, all past due amounts which relate to the period from and after the Closing Date) within twelve (12) months after the Closing Date. Transferee's obligations with respect to such delinquent rent and other charges shall be limited to billing the applicable tenant therefor, monthly for the six (6) month period commencing on the Closing Date (and remitting to the applicable Existing Partners amounts actually received on account of such delinquent rent as provided above). Notwithstanding anything to the contrary in the foregoing, the applicable Existing Partners retain all rights against former tenants whose Leases have expired or have been terminated and possession discontinued prior to the date of this Agreement (or, the Closing Date with respect to Leases terminated after the date of this Agreement with the prior written approval of Transferee) and, with respect to tenants who do not pay all past due rent within six (6) months after the Closing Date, the applicable Existing Partners shall have all rightsthe right, powers upon prior written notice to BPLP, to pursue tenants to collect such delinquencies (including, without limitation, the prosecution of one or more lawsuits), provided, however, that BPLP shall have no obligation to join in such lawsuits or other pursuits, and remedies provided herein further, however, that the Existing Partners shall not be entitled to evict (by summary proceedings or by law in otherwise) any such tenants or otherwise effect BPLP's or such tenant's rights under the case applicable Lease. Except as otherwise adjusted at Closing, but subject to the terms and conditions of nonpayment of Basic Rent. Tenant further covenants this Section 5.2, Transferee shall be obligated to pay to Landlord the applicable Existing Partners any payments of rent made to Transferee by any tenants applicable to the period prior to the Closing Date. The parties agree that in the event that any tax appeals relating to any Property, whether now existing or hereafter filed, results in any rebate of real property or other taxes paid for such Property, such rebate (after deducting therefrom all costs and expenses of procuring the same, and amounts owing to the tenants of such Property for the period of such rebate) shall be prorated as of the Closing Date between the respective applicable Existing Partners and Transferee based on demand respective periods of ownership. All prepaid rentals, tenant security deposits, whether cash or non-cash (including security deposits for tenants who owe rent or other charges on the Closing Date), together with all interest required to be paid thereon which has accrued through the Closing Date, shall be delivered to Transferee on all Basic Rent and Additional Rent due the Closing Date. Promptly following the Closing Date, the applicable Existing Partners shall request any tenants who have posted letters of credit as security deposits to Landlord from have such security deposits amended or re- issued, if necessary, so that they run to the date due until such amount is paid in full benefit of BPLP, if applicable, as landlord under the Leases. If any prorations under this Section cannot be calculated finally on the Closing Date, then they shall be estimated at the per annum rate of interest (Closing and calculated finally as soon after the "DEFAULT RATE") equal to Closing Date as feasible. This Section 5.2 shall survive the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime RateClosing.
Appears in 1 contract
Sources: Contribution and Conveyance Agreement (Boston Properties Inc)
Rent. (a) Tenant covenants to Subtenant shall pay to LandlordSublandlord as “Monthly Base Rent” the following amounts: (i) during the first two (2) years of the Term, as rent an amount equal to [*] payable by Sublandlord under the Master Lease; and (ii) thereafter, for the Premises remainder of the Term, Subtenant shall pay to Sublandlord, [*] payable by Sublandlord under the Master Lease. Notwithstanding the immediately previous sentence or anything to the contrary contained herein, (x) if a Subtenant Default occurs during the Interim first 2-years of the Term, the Primary Term Monthly Base Rent payable by Subtenant shall increase to [*]; and each Extended Term (y) if a Subtenant Default occurs after the initial two years of this Lease the Term, Subtenant shall, within thirty (if Tenant extends 30) days of Sublandlord’s written demand, pay to Sublandlord an amount equal to [*] multiplied by the number of days elapsed from the Commencement Date until the date on which Subtenant’s Default occurred, but not to exceed a total of [*], as well as all unpaid and accrued rental amounts. The foregoing sentence shall not limit and the Sublandlord shall have available to it all other non-monetary remedies available to it pursuant to Section 13.2 of the Master Lease. As used herein, “Subtenant Default” shall mean a default by Subtenant hereunder that continues beyond any applicable grace, notice and cure periods. Subtenant agrees to commence paying an amount equal to [*] in advance for the first month of the Term in accordance with Paragraph 4) on the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, in advance, Commencement Date and to make rent payments thereafter on the first day of each calendar month (herein called during the "BASIC RENT PAYMENT DATES") by wire remaining Term of this Sublease. All rental amounts hereunder for any partial month will be prorated on the basis of the actual number of days elapsed. Except as expressly permitted in this Sublease, all rental amounts hereunder shall be payable to Sublandlord without notice, demand, deduction, offset or other electronic transfer abatement in lawful money of immediately available funds to the Landlord United States of America at the address set forth above ▇.▇. ▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇ or to such other person or at such other place or account address as Landlord from time to time Sublandlord may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but . If any Monthly Base Rent or Additional Rent is not less than all received by Sublandlord from Subtenant within five (5) days of the monthly Basic Rent be paid directly later of (i) when due or (ii) after written notice to a Mortgagee Subtenant that the same has not been received by Sublandlord (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added provided such notice for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law has not previously been given in the case of nonpayment of Basic Rent. Tenant further covenants to preceding twelve months), then Subtenant shall immediately pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") Sublandlord a late charge equal to the annual "prime rate" identified in lesser of any penalties, default interest charges or other similar costs computed based on the "Money Rates" column in delinquent amount actually incurred by Sublandlord under the Wall Street Journal (the "PRIME RATE") plus four Master Lease by reason of Subtenant’s late payment or [*] percent (4[*]%)) of such delinquent rent, but in no event shall the Default Rate exceed the maximum rate permitted by lawas liquidated damages for Subtenant’s failure to make timely payment. If any rent remains delinquent for a period in excess of thirty (30) days then, in addition to such late charge, Subtenant shall pay to Sublandlord interest on any rent that is not paid when due at the Wall Street Journal is no longer published Agreed Interest Rate following the date such amount became due until paid. This paragraph shall not be deemed to grant Subtenant an extension of time within which to pay rent or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Rateprevent Sublandlord from exercising any other right or remedy.
Appears in 1 contract
Sources: Sublease Agreement (Equinix Inc)
Rent. (a) Tenant covenants to pay to Landlord, as rent for During the Premises during the Interim Term, the Primary Term and each Extended Term term of this Lease lease, Tenant shall pay minimum rent (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") as follows: From the Commencement Date to and including the Expiration Date, the Rent shall be payable in equal monthly installments, in advance, on the first day installments of each calendar month (herein called the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds to the Landlord at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent$64,786.67.
(b) Additionally, should the Commencement Date be a date other than the first day of a calendar month, Tenant covenants shall pay a pro rata portion of the Rent on a per diem basis, based upon the second full calendar month of the Term. The rent payable for such partial month shall be in addition to the Rent payable pursuant to the Rent schedule set forth above.
(c) The minimum rent hereinabove provided for shall be in addition to all other payments to be made by Tenant as herein provided except as set forth to the contrary in this lease. It is the purpose and intent of the parties hereto that the minimum rent shall be absolutely net to Landlord, except as set forth to the contrary in this lease so that this lease shall yield, net to the Landlord, the minimum rent, and that all other amountscosts, liabilities expenses and obligations of every kind and nature whatsoever relating to the Demised Premises which may arise or become due during the term of this lease shall be paid by Tenant assumes and that Landlord shall be indemnified and saved harmless by Tenant from and against the same.
(d) Any sums of money required to be paid by Tenant to Landlord in addition to the rent reserved under this Paragraph 43, shall be deemed additional rent, shall be paid without deduction or agrees offset, and in the event Tenant fails to pay such additional rent, Landlord shall be entitled to the same remedies under this lease or discharge pursuant by law, as are available to this Lease together with every fineLandlord for the nonpayment of rent, penaltyincluding, interest without limitation, summary dispossess proceedings.
(e) Tenant is hereby authorized and cost which may be added for nonpayment or late payment thereof, shall constitute directed to make all payments of Rent and additional rent hereunder and other amounts payable by Tenant as follows:(i) if payment is made by wire transfer, wired to M&T Bank, Buffalo, New York, ABA# ▇▇▇▇▇▇▇▇▇, Account#11000911296 Account Name: REP 80 Arkay Drive LLC, or (herein called ii) if payment is made by check, mailed by regular US mail, to c/o Rechler Equity Partners, ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇.
(f) The parties are entering into this lease as part of a sale-leaseback transaction, whereby Tenant is assigning its leasehold interest in the Real Property to Landlord and is leasing back the Demised Premises from Landlord. Tenant is providing Landlord with purchase money financing in connection with such transaction, which financing will be secured by a mortgage against the Real Property (the "ADDITIONAL RENTPurchase Money Mortgage"). In the event Landlord defaults, beyond any applicable notice and grace periods provided therein for the cure thereof, in the payment of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand principal and/or interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal payable pursuant to the annual "prime rate" identified in Purchase Money Mortgage, then Tenant shall be permitted to offset such unpaid amounts against the "Money Rates" column in the Wall Street Journal (the "PRIME RATE"next due installment(s) plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime RateRent payable hereunder.
Appears in 1 contract
Rent. On the date that Tenant executes this Lease, Tenant shall deliver to Landlord the original executed Lease, the Base Rent (a) which shall be applied against the Rent payable for the first month Tenant covenants is required to pay Base Rent), the Security Deposit, and all insurance certificates evidencing the insurance required to be obtained by Tenant under Section 12 of this Lease. Tenant agrees to pay Landlord, as rent for the Premises during the Interim Termwithout prior notice or demand, or abatement, offset, deduction or claim, the Primary Base Rent specified in the Basic Lease Information, payable in advance at Landlord's address specified in the Basic Lease Information on the Commencement Date and thereafter on the first (1st) day of each month throughout the balance of the Term of the Lease. In addition to the Base Rent set forth in the Basic Lease Information, Tenant shall pay Landlord in advance on the Commencement Date and thereafter on the first (1st) day of each Extended month, as set forth in Section 6.3 hereof, throughout the balance of the Term of this Lease Lease, as Additional Rent, Tenant's Share of Operating Expenses, Tax Expenses, Common Area Utility Costs, and Utility Expenses. Tenant shall also pay to Landlord as Additional Rent hereunder, immediately on Landlord's demand therefor, any and all costs and expenses incurred by Landlord to enforce the provisions of this Lease, including, but not limited to, costs associated with the delivery of notices, delivery and recordation of notice(s) of default, attorneys' fees, expert fees, court costs and filing fees (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called collectively, the "Basic Enforcement Expenses"). The term "Rent"" whenever used herein refers to the aggregate of all these amounts. If Landlord permits Tenant to occupy the Premises without requiring Tenant to pay rental payments for a period of time, the waiver of the requirement to pay rental payments shall only apply to waiver of the Base Rent and Tenant shall otherwise perform all other obligations of Tenant required hereunder. The Rent for any fractional part of a calendar month at the commencement or termination of the Lease term shall be a prorated amount of the Rent for a full calendar month based upon a thirty (30) in monthly installments, in advance, day month. The prorated Rent shall be paid on the Commencement Date and the first day of each the calendar month (herein called in which the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer date of immediately available funds to the Landlord at the address set forth above or to such other person or such other place or account termination occurs, as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Ratemay be.
Appears in 1 contract
Sources: Lease Agreement (Pri Automation Inc)
Rent. Prior to the Fourth Amendment Extended Term, the base rent (a"Base Rent") payable by Tenant covenants shall continue to be as set forth in the Lease. During the Fourth Amendment Extended Term, Tenant shall pay monthly installments of Base Rent to Landlord, as rent Landlord for the Premises during the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts as set forth on EXHIBIT 5 attached hereto in the following schedule: Notwithstanding anything to the contrary contained in the Lease, from and after the Effective Date, (herein called i) Tenant shall be liable for and shall pay before delinquency, taxes levied against Tenant's equipment, furniture, fixtures and any other personal property located in or about the "Basic Rent"Premises, and (ii) in monthly installmentsTenant shall pay prior to delinquency any (A) rent tax or sales tax, in advanceservice tax, transfer tax or value added tax, or any other applicable tax on the first day of each calendar month rent or services herein or otherwise respecting the Amended Lease, (herein called the "BASIC RENT PAYMENT DATES"B) by wire taxes assessed upon or other electronic transfer of immediately available funds with respect to the Landlord at the address set forth above possession, leasing, operation, management, maintenance, alteration, repair, use or to such other person or such other place or account as Landlord from time to time may designate to occupancy by Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee Premises or any portion of the Project (as defined in Subparagraph 23(abelow), including the Project parking facilities; or (C) taxes assessed upon this transaction or any document to which Tenant is a party creating or transferring an interest or an institutional payment agent.
(b) Tenant covenants that all estate in the Premises. If taxes on Tenant's equipment, furniture, fixtures and any other amountspersonal property are levied against Landlord or Landlord's property or if the assessed value of Landlord's property is increased by the inclusion therein of a value placed upon such equipment, liabilities furniture, fixtures or any other personal property and obligations if Landlord pays the taxes based upon such increased assessment, which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rightsthe right to do regardless of the validity thereof but only under proper protest if requested by Tenant, powers and remedies provided herein Tenant shall upon demand repay to Landlord the taxes so levied against Landlord or by law the proportion of such taxes resulting from such increase in the assessment, as the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Ratemay be.
Appears in 1 contract
Sources: Lease (C3.ai, Inc.)
Rent. (a) Tenant covenants to Lessee shall pay to Landlord, Lessor in lawful money of the United States as fixed rent for the Premises during the Interim TermPremises, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto in Schedule B (herein called the "Basic Rent") in monthly installments, in advance, on the first day of each calendar month (herein called the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds to the Landlord at the address dates set forth above therein ("Payment Dates"), at Lessor's address as set forth above, or at such other address or to such other person or such other place or account as Landlord Lessor from time to time may designate by giving Lessee notice thereof. If the Mortgagee so requires in accordance with the provisions of an assignment of rents or other appropriate instrument given by Lessor to Tenant in writing; providedMortgagee, Landlord may designate Lessee, upon receipt of written notice signed by the Mortgagee or Lessor, shall remit said Basic Rent to Tenant in writing that all but not less than all Bankers Life Company (the "Mortgagee" which term includes any successor holder of the monthly Basic Rent be paid directly Mortgage Note), the holder of Lessor's promissory note (the "Mortgage Note") secured by a mortgage dated contemporaneously herewith, and recorded at St. Paul, issued to the Mortgagee creating a Mortgagee first lien upon the Premises (as defined in Subparagraph 23(a▇▇e "Mortgage")) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations All amounts which Tenant assumes or agrees Lessee is required to pay or discharge pursuant to this Lease (other than Basic Rent, amounts payable upon purchase of the Premises and amounts payable as liquidated damages pursuant to Paragraph 19), together with every fine, penalty, interest and cost which may be added for nonpayment non-payment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENTAdditional Rent"). In the event of any failure by Tenant If Lessee shall fail to pay or discharge any Additional Rent, Landlord Lessor shall have the right to pay the same and shall have all rights, powers and remedies with respect thereto as are provided herein or by law in the case of nonpayment non-payment of Basic Rent. Tenant further covenants to Lessee shall pay to Landlord Lessor interest at the rate of twelve percent per annum (or, if lower, the maximum interest rate permitted by applicable law) on all overdue Basic Rent from the Payment Date thereof until paid, and on all overdue Additional Rent paid by Lessor on behalf of Lessee from the earlier of the due date of such Additional Rent or the date of payment thereof by Lessor, until repaid by Lessee. Lessee shall also pay to Lessor upon demand interest the sum of 2-1/2 cents for each $1.00 on all overdue Basic Rent and Additional Rent which becomes overdue for a period exceeding 10 days, said sum being a reasonable estimate of the additional expense imposed upon Lessor for handling said overdue payments. Lessee shall perform all its obligations under this Lease at its sole cost and expense, and shall pay all Basic Rent and Additional Rent due when due, without notice or demand. Upon the occurrence of an Event of Default as defined in Paragraph 19(a), and if Lessor so requests, Lessee shall make monthly deposits with respect to Landlord from the date due until taxes and other Impositions (as defined in Paragraph 8) in such amount is paid in full at and manner as the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime RateMortgagee may require.
Appears in 1 contract
Sources: Operating Lease (Land O Lakes Inc)
Rent. (a) Tenant covenants Lessee promises to pay to Landlord, as rent for the Premises during the Interim Termterm of the Lease on the due dates and in the amount set forth in the Schedule and acknowledges that rent will not be prorated for any cause or reason except as herein specifically provided. If one or more advance payments of rent are required, the Primary Term advance rent will be due and paid in the amount specified in the Schedule upon acceptance by Lessor of each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, in advance, on Schedule providing for such rent. Lessor will apply said advance rent toward the first day basic rent payment and, provided no default is then existent hereunder, the balance, if any, of each calendar month (herein called the "BASIC RENT PAYMENT DATES") advance rent will be applied to the final rent payment. Subsequent rent payments will be due periodically thereafter as specified in the Schedule. In no event will any advance rent or any other rent payment be refunded to Lessee, it being the intention of the parties hereto that the rents and other amounts payable by wire or other electronic transfer of the Lessee hereunder will continue to be payable in all events unless the obligation to pay the same will be terminated pursuant to the terms hereof. All rent will be paid to Lessor in immediately available funds to without notice or demand on the Landlord due dates with respect thereto at the Lessor's address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant otherwise directed by Lessor in writing; provided. In order to secure all obligations of Lessee hereunder, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that under each Schedule and under all other amountsobligations of Lessee to Lessor or to CoreStates Financial Corp., liabilities or any of its direct or indirect subsidiaries (each, a "CoreStates Company") under any other agreement, Lessee hereby grants to Lessor and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, each CoreStates Company a security interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In in the event amount of any failure by Tenant advance rent not applied to pay the first basic rent payment and in all other funds, balances, accounts and/or other property of any kind of Lessee or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein in which Lessee has an interest now or by law hereafter in the case possession, custody or control of nonpayment of Basic RentLessor or any CoreStates Company. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Rate.EXHIBIT 10.3
Appears in 1 contract
Rent. (a) Tenant covenants to pay to Landlord, as rent for the Premises during the Interim Term, Term and the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) Lease, the amounts set forth on EXHIBIT 5 attached hereto 5-1 hereto, and during each Extended Term the amounts determined pursuant to EXHIBIT 5-2 hereto, and during a Short-Term Extension Period the amounts determined below (herein called the "Basic RentBASIC RENT") in monthly installments, installments in advance, advance on the first day of each calendar month (herein called the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds to the Landlord at the address set forth above or and/or to such other person or such other place or account as at Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee Mortgagee. The monthly Basic Rent during the Short-Term Extension Period, if any, shall be at the rate of the monthly Basic Rent payable for the last full calendar month prior to the commencement of the Short-Term Extension Period. Subject to the second sentence of subparagraph 7(a), Tenant shall pay when due all taxes payable on Basic Rent and Additional Rent (as defined in Subparagraph 23(abelow)) , whether imposed on Landlord or an institutional payment agentTenant, including without limitation, all sales taxes on such Basic Rent and Additional Rent, but calculated as if the Basic Rent and the Additional Rent were the sole income of Landlord.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereofthereof in accordance with this Lease, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant also covenants to pay to Landlord on demand an amount (the "LATE CHARGE") equal to four percent (4%) of the payment amount then due on all installments of Basic Rent or Additional Rent which are more than five (5) days overdue, to cover Landlord's administrative expenses. The actual amount of Landlord's administrative expenses arising by reason of a later payment will be difficult to ascertain and the parties agree that the Late Charge as calculated above is a reasonable estimate thereof. In addition, Tenant further covenants to pay to Landlord on demand interest at the per annum rate of interest equal to five percent (5%) plus the "prime rate" as reported by the WALL STREET JOURNAL, or at the maximum rate permitted by applicable law, whichever is less, on all overdue Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by lawfull. If the Wall Street Journal is no longer published or the Wall Street Journal WALL STREET JOURNAL discontinues publication or publication of the "prime rate," then Landlord shall designate substitute a reasonably comparable source prime rate. Notwithstanding the two prior sentences of this subparagraph 5(b) to identify the Prime contrary, so long as any debt secured by a first Mortgage against the Premises remains outstanding (including such debt as exists on the date hereof and any such debt incurred in the future), the rate of interest that shall apply under this Lease to all overdue Basic Rent and Additional Rent shall be the least of (i) the maximum rate permitted by applicable law, (ii) fourteen percent (14%) per annum, and (iii) the interest rate applicable to late payments of interest or principle due with respect to such debt (which interest rate under the existing first Mortgage, is referred to as the "Default Rate"); said lowest rate described in clauses (i), (ii) and (iii) being referred to as the "Mortgage Default Rate"; provided, however, such Mortgage Default Rate shall only apply thereto while Landlord is obligated to pay interest at the Default Rate on said Mortgage debt (and at all other times the rate described in the two prior sentences of this subparagraph 5(b) shall continue to apply to overdue Basic Rent and Additional Rent).
Appears in 1 contract
Sources: Lease Agreement (Perry-Judds Inc)
Rent. A. Minimum Rent (aas hereinafter defined) and Additional Rent (as hereinafter defined) and other charges which shall become due and payable hereunder as set forth herein are sometimes collectively referred to herein as “Rent.”
B. All Rent shall be paid to the Landlord at the Landlord’s address, or at such other place or to such other person as the Landlord may designate, in lawful money of the United States of America.
C. The Tenant covenants does hereby covenant and agree to pay the Rent herein reserved as and when the same shall become due and payable, without demand therefor and without any set-off or deduction whatsoever, and to keep and perform, and to permit no violation of, each and every one of the covenants, agreements, terms, provisions and conditions herein contained on the part and on behalf of the Tenant to be kept and performed, provided, that set-off or deduction is allowed in the event that Landlord does not make the required reimbursement allowance payments to Tenant as described in Section 49.
D. If the Tenant fails or refuses to pay Rent hereunder and the Landlord institutes suit for the collection of same or for possession of the Premises, the Tenant agrees to reimburse the Landlord, as rent Additional Rent hereunder, for all reasonable expenses incurred by the Premises during Landlord in connection therewith, including, but not limited to, reasonable attorney’s fees. If the Interim Termpayment of any sum required to be paid by the Tenant to the Landlord under this Lease (including, without limiting the Primary Term and each Extended Term generality of the foregoing, Rent, adjustments or payments made by the Landlord under the provisions of this Lease for which the Landlord is entitled to reimbursement by the Tenant) shall become overdue for ten (if 10) business days beyond the date on which written notice was given to Tenant extends of non-payment of rent due and payable as provided in this Lease, then a delinquency service charge equal to five (5%) percent of the Term in accordance with Paragraph 4) amount overdue shall become immediately due and payable to the amounts set forth on EXHIBIT 5 attached hereto (herein called Landlord as liquidated damages for the "Basic Rent") in monthly installmentsTenant’s failure to make prompt payment. Further, in advance, such delinquency service charge shall be payable on the first day of each calendar the month (herein called next succeeding the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds to month during which such late charges become payable as Additional Rent, together with interest on the Landlord amounts overdue from the date on which they become due and payable computed at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all rate of the monthly Basic Rent be paid directly to a Mortgagee lower of statutory rate or twelve (as defined in Subparagraph 23(a)12) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT")percent per annum. In the event of nonpayment of any failure by Tenant to pay or discharge any Additional Rentdelinquency service charges and interest provided for above, the Landlord shall have have, in addition to all rightsother rights and remedies, powers all the rights and remedies provided for herein or and by law in the case of nonpayment of Basic Rent. No failure by the Landlord to insist upon the strict performance by the Tenant further covenants of the Tenant’s obligation to pay late charges shall constitute a waiver by the Landlord of its rights to Landlord on demand interest on all Basic Rent and enforce the provisions of this Article 3 in any instance thereafter occurring. The provisions of this Article 3 shall not be construed in any way to extend any notice period provided for in this Lease.
E. Whenever in this Lease the Tenant is required to pay Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal or other charges to the annual "prime rate" identified in Landlord, the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate have all remedies for the collection thereof that it may have for the nonpayment of Minimum Rent hereunder.
F. This Lease is intended to be a reasonably comparable source Net, Net, Net Lease and the Rent reserved hereunder shall be absolutely net to identify the Prime RateLandlord, except where otherwise specifically set forth herein.
Appears in 1 contract
Sources: Lease Agreement (Integra Lifesciences Holdings Corp)
Rent. (a) Beginning on the Commencement Date, Tenant covenants agrees to pay to Landlord, as rent for the Premises during the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts Base Rent set forth on EXHIBIT 5 attached hereto (herein called in Section 1(J) to the "Basic Rent") Payee specified in Section 1(L), at the address specified in Section 1(M), or to such other payee or at such other address as may be designated by notice in writing from Landlord to Tenant, without prior demand therefor and without any deduction whatsoever. Base Rent shall be paid in equal monthly installments, installments in advance, advance on the first day of each calendar month (herein called the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds to the Landlord at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Term, except that the first installment of Base Rent shall be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay Landlord upon execution of this Sublease by Tenant. Base Rent shall be pro-rated for partial months at the beginning and end of the Term. The Base Rent is not scheduled to be adjusted under the Prime Lease; in the event the Landlord subleases unused portions of the premises during the Term such that shared expenses and any other costs can be re-allocated among all sub-lessees, then the Base Rent shall be adjusted to reflect such savings or discharge any cost avoidance. All charges, costs and sums required to be paid by Tenant to Landlord under this Sublease in addition to Base Rent shall be deemed "Additional Rent", Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Base Rent and Additional Rent due shall hereinafter collectively be referred to Landlord from as "Rent". Tenant's covenant to pay Rent shall be independent of every other covenant in this Lease. If Rent is not paid when due, Tenant shall pay, relative to the date due until such delinquent payment, an amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted sum which would be payable by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify Prime Landlord for an equivalent default under the Prime RateLease.
Appears in 1 contract
Sources: Purchase Agreement (Stockgroup Information Systems Inc)
Rent. Tenant shall pay to Landlord or to any other Person designated in writing to Tenant by Landlord, by wire transfer of immediately available federal funds or by other means acceptable to Landlord in its sole discretion, in lawful money of Canada which shall be legal tender for the payment of public and private debts, without offset, abatement, demand or deduction, Rent during the Term as follows:
(a) Tenant covenants to pay to Landlord, as rent for Commencing with the Premises during the Interim TermCommencement Date, the Primary Term and Rent payable in each Extended Term of this Lease calendar month shall equal the sum of:
(if Tenant extends the Term in accordance with Paragraph 4i) the amounts amount of Minimum Rent set forth on EXHIBIT 5 attached hereto Exhibit C (herein called the "Basic “Minimum Rent"”) which shall be payable monthly in monthly installments, in advance, arrears beginning on the first twentieth (20th) day December 2004 and continuing on the twentieth (20th) day of each calendar month (herein called the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds to the Landlord at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writingthereafter; provided, Landlord may designate however, that Minimum Rent shall be prorated as to Tenant in writing that all but not any Lease Year which is less than all twelve (12) calendar months and as to any partial calendar months; and
(ii) the amount of percentage rent (“Percentage Rent”) calculated for each calendar month in accordance with the provisions of Exhibit “D”, which amount shall be payable monthly in arrears, on or before the thirtieth (30th) day of the monthly Basic subsequent calendar month. Landlord and Tenant expressly acknowledge and agree that (1) the threshold and percentages for establishing Percentage Rent are set out on Exhibit “D” to this Lease (2) the determination of Percentage Rent shall be paid directly made with respect to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agentthe Fixed Term and separately with respect to the Extension Terms.
(b) If the amount of cash available from Gross Revenues after payment of all operating expenses, taxes, insurance, management fees and other fees and expenses due and payable from Gross Revenues in accordance with this Lease and all amounts payable by Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees pursuant to the Management Agreement is insufficient to pay Percentage Rent, then the amount of such deficiency shall be deferred and added to and paid in connection with the next monthly Rent payment or discharge pursuant payments due hereunder. Provided, however, any Rent deferred as herein provided shall in any event be due and payable and paid prior to this Lease together with every finethe end of the Fiscal Year in which such deferral occurred. Landlord may, penaltyupon request of Tenant and justification by Tenant satisfactory to Landlord in Landlord’s sole discretion, interest and cost which defer all or any portion of the Percentage Rent to such future date as may be added acceptable to Landlord.
(c) Tenant shall deliver to Landlord a Certificate from an Officer of Tenant or Manager (an “Officer’s Certificate”) with each Percentage Rent payment (or, if no Percentage Rent is then payable, on the due date therefor) setting forth the calculation of the Percentage Rent payment for nonpayment the most recently completed calendar month of each Lease Year in the Term, the and Percentage Rent due year to date through such recently completed calendar month. Percentage Rent shall be subject to confirmation and adjustment, if applicable, as set forth in Section 3.2.
(d) The obligation to pay Rent shall survive the expiration or late payment thereofearlier termination of the Term, and a final reconciliation, taking into account, among other relevant adjustments, any adjustments which are accrued after such expiration or termination date but which related to Rent accrued prior to such termination date, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay be made not later than 60 days after such expiration or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Ratetermination date.
Appears in 1 contract
Rent. (a) Tenant covenants and agrees to pay to Landlord, as rent for the Premises during the Interim Term, the Primary Term and each Extended Term in equal monthly installments of this Lease (if Tenant extends the Term cr1a5_rentamount in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, in advance, advance on the first day of each calendar and every month (herein called the "BASIC RENT PAYMENT DATESRent Due Date") by wire of said term. The total rent for the term of the Lease is cr1a5_leaseterm. The first full month’s Rent for - (month) in the amount of shall be paid prior to occupancy and is payable in certified funds, cashier’s check or money order. If this Lease commences on a day other electronic transfer than the first of immediately available funds the month, the amount of rent to be paid for the Landlord balance of said first month will be apportioned pro rata; thereafter rent will be paid on the first day of the month as aforesaid. Tenant agrees to pay said rent to ▇▇▇▇▇▇▇▇ Theory LLC at the address set forth above ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ Suite 301, Herndon, VA 20170 (or to such other person or at such other place or account as Landlord Landlord/Agent may from time to time may designate designate) without diminution, deductions or demand and said obligation to Tenant in writing; provided, pay rent is independent of any other clause herein. Failure to pay said rent at the time specified will constitute default and the Landlord may designate use any remedy afforded under the terms of this Lease and/or applicable law. All sums of money or other charges, including payments required to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay Landlord/Agent or discharge to any other person under the terms of this Lease, whether or not the same be designated "rent" or "additional rent", will be deemed rent and will be collectible as such. Landlord/Agent shall furnish to Tenant a receipt for all cash or money orders paid by Tenant to Landlord/Agent for rent, security deposit or otherwise.
a) Monthly Pet Rent shall be equal to . Additional Rent, Landlord provisions regarding pets on the Premises are set forth in Section 9. b) Monthly Resident Benefit Package payment shall have all rights, powers and remedies provided herein or by law be equal to $42.95. Additional provisions regarding the Resident Benefit Package program are set forth in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE"included addendum.
c) Monthly Pest Share Package payment shall be equal to $22.00. Additional provisions regarding the annual "prime rate" identified Pest Share Package program are set forth in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Rateincluded addendum.
Appears in 1 contract
Sources: Residential Lease Agreement
Rent. (a) Tenant covenants All sums due under this Sublease in addition to Fixed Annual Rent (as hereinafter defined) are herein referred to as "Additional Rent"; Fixed Annual Rent and Additional Rent are herein collectively referred to as "Rent". Sublessee's covenant to pay to LandlordRent is independent of any other covenant, as rent for the Premises during the Interim Termagreement, the Primary Term and each Extended Term term or condition of this Lease Sublease.
(if Tenant extends b) All Rent payable to Sublessor hereunder shall be paid to Sublessor at its offices located at ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇, Attention: Controller, or such other place as Sublessor may designate, in writing, in lawful money of the Term United States of America, without demand, deduction, offset or abatement, except as herein expressly provided. Sublessee may, at its option, make payment to Sublessor by wire transfer in accordance with Paragraph 4) the amounts set forth wire instructions on EXHIBIT 5 Exhibit "C" attached hereto and hereby made a part hereof. The first full monthly installment of Rent shall be delivered to Sublessor by Sublessee upon execution of this Sublease by Sublessee. If the first month of the Sublease Term is a partial month, the installment of Rent payable for the second month of the Sublease Term shall be prorated, based on the number of days of the Sublease Term falling within the first calendar month of the Sublease Term, and such prorated amount shall be payable as the second monthly installment of Rent due and payable hereunder.
(herein called c) Beginning on the Sublease Commencement Date, and subject to abatements as hereinafter provided, Sublessee shall pay to Sublessor annual fixed rent ("Basic Fixed Annual Rent") in monthly installments), without notice or demand and without deduction or set- off, in advance, equal monthly installments on the first day of each calendar month (herein called throughout the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds to the Landlord at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant Sublease Term, in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together accordance with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Rate.following schedule:
Appears in 1 contract
Rent. (a) Tenant covenants shall pay an annual base rent (herein called “Base Rent”) to pay to Landlord, as rent Landlord for the Premises during in the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term amount stipulated in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto Exhibit C payable in monthly installments (herein called the "Basic “Monthly Base Rent"”) in monthly installmentsthe amount stipulated in Exhibit C, in advance, advance beginning on the Commencement Date and on the first day of each calendar month thereafter of the Term (subject to any rent abatement set forth herein), and at the same rate prorated for fractions of a month if the Term shall begin on any date except the first day, or shall end on any day except the last day of a calendar month. Base Rent, Additional Rent (as hereinafter defined), Additional Rent Progress Payments (as hereinafter defined) and all other amounts becoming due from Tenant to Landlord herein (herein collectively called the "BASIC RENT PAYMENT DATES"“Rent”) by wire or other electronic transfer shall be paid in lawful money of the United States of America in immediately available funds to the Landlord. Landlord hereby authorizes Tenant to pay Rent and all other sums due and owing to Landlord hereunder, either by wire transfer or check, to Landlord at the address set forth above office of the Building, or to such other person person, entity or such other place or account address as Landlord otherwise designated from time to time may designate by written notice from Landlord to Tenant Tenant. The obligation to pay Rent hereunder is independent of each and every other covenant and agreement contained in writingthis Lease and shall, except as otherwise set forth herein, be paid without any setoff, abatement, counterclaim, recoupment or deduction; provided, however, notwithstanding anything contained in this Lease to the contrary, Tenant shall be entitled to: (i) offset against Rent (and any other amounts owed by Tenant to Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fineLease), penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In any overpayments of the event of any failure estimated payments made by Tenant with respect to pay or discharge Additional Rent (including, without limitation, any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%Progress Payments), but as disclosed on the applicable Landlord’s Expense Statement or Landlord’s Taxes Statement (if any) or determined pursuant to a contest as provided in no event shall Section 2(f), any other unappealable final judgment amounts determined by a court or arbitrator of competent jurisdiction to be owed by Landlord to Tenant under this Lease, if the same are not paid when due, and any amounts incurred by Tenant pursuant to Tenant’s self-help rights in accordance with Section 18 and/or (ii) cure any Landlord Default Rate exceed the maximum rate as permitted by law. If the Wall Street Journal is no longer published under Section 18 or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Rateelsewhere under this Lease.
Appears in 1 contract
Sources: Office Lease (Wells Real Estate Investment Trust Inc)
Rent. (a) Tenant covenants to shall pay to LandlordLandlord the Base Rent, Real Property Taxes (as rent for the Premises during the Interim Termherein defined) and Operating Expenses (as herein defined), the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts without, except as otherwise set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installmentsherein, notice, demand, offset or deduction, in advance, on the first day of each calendar month (herein called month. All Rent and payments required to be paid by Tenant to Landlord shall be made by Tenant payable to the "BASIC RENT PAYMENT DATES") entity and sent to the address Landlord designates and shall be made by wire good and sufficient check payable in United States of America currency or by other electronic transfer means acceptable to Landlord or by Electronic Fund Transfer of immediately available federal funds before 5:00 p.m. Eastern Time. Upon the execution of this Lease, Tenant shall pay to Landlord the Landlord at first month’s Base Rent, the address set forth above Security Amount, and the first monthly installment of estimated Operating Expenses (i.e., $62,100.56) (the “Pre-Payment”). If the Term commences (or to such ends) on a date other person than the first (or such last) day of a month, Base Rent shall be prorated on the basis of a thirty (30) day month. All sums other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Base Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees is obligated to pay or discharge pursuant to under this Lease together with every fine, penalty, interest and cost which may shall be added for nonpayment or late payment thereof, shall constitute deemed to be additional rent due hereunder (herein called "ADDITIONAL RENT"“Additional Rent”), whether or not such sums are designated Additional Rent. In The term “Rent” means the event Base Rent and all Additional Rent payable hereunder. The obligation of any failure by Tenant to pay or discharge any Additional Rent, Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have all rightsno right at any time to ▇▇▇▇▇, powers and remedies reduce, or set-off any rent due hereunder except as may be expressly provided herein in this Lease. If Tenant is delinquent in any monthly installment of Base Rent or by law in the case of nonpayment of Basic Rent. Additional Rent for more than five (5) days, Tenant further covenants to shall pay to Landlord on demand a late charge equal to eight percent (8%) of such delinquent sum and such delinquent sum shall also bear interest on all Basic Rent and Additional Rent due to Landlord from the date such amount was due until such amount is paid in full at the per annum rate lesser of interest (the "DEFAULT RATE"i) equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four ten percent (410%), but in no event shall the Default Rate exceed ) per annum; or (ii) at the maximum rate permitted by lawlaw (“Applicable Interest Rate”). If the Wall Street Journal is no longer published The provision for such late charge shall be in addition to all of Landlord’s other rights and remedies hereunder or the Wall Street Journal discontinues publication of the "prime rate," then Landlord at law and shall designate not be construed as a reasonably comparable source to identify the Prime Ratepenalty.
Appears in 1 contract
Sources: Multi Tenant Industrial Triple Net Lease (Farmmi, Inc.)
Rent. Tenant to Pay Tenant shall pay in lawful money of Canada at such address as shall be designated from time to time by Landlord Basic Rent and Additional Rent (aall of which is herein sometimes referred to collectively as "Rent") as herein provided without any deduction, set-off or abatement whatsoever, Tenant covenants hereby agreeing to waive any set-off rights it may have under any statute or at law. Basic Rent Commencing on the Commencement Date Tenant shall pay to Landlord, as Landlord a fixed minimum annual rent for the Premises during the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") for each Lease Year of the Term in the annual amount(s) described as Basic Rent in section 1.1, to be paid in equal monthly installments, as described as Basic Rent in advancesection 1.1, in advance on the first day of each month during the Term. On the Commencement Date, if it is other than the first day of a calendar month, Tenant shall pay to Landlord for such partial month (herein called Basic Rent computed on a per diem basis. If an amount per square foot is specified in the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer description of immediately available funds Basic Rent in section 1.1, then the Basic Rent is intended to the Landlord at the address set forth above or to be such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all amount per square foot of Rentable Area of the monthly Premises per annum, and the Basic Rent shall be paid directly subject to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees adjustment based upon the Architect's certificate of Rentable Area of the Premises to pay or discharge be delivered pursuant to this Lease together with every fine, penalty, interest section 2.21. Within thirty (30) days after delivery of such certificate all necessary adjustments will be made and cost which may be added for nonpayment or late payment thereof, Tenant shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event pay to Landlord any deficiency in previous payments of any failure by Tenant to pay or discharge any Basic Rent and Additional Rent, Landlord shall have all rights, powers and remedies provided herein or if Tenant is not in default under the terms of this Lease the amount of any overpayment by law in the case Tenant of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due shall be paid to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal Tenant or credited to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication account of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime RateTenant.
Appears in 1 contract
Sources: Lease (Ace Hardware Corp)
Rent. (a) Tenant covenants Lessee agrees to pay to LandlordLessor or its assignee the lease payments (the “Lease Payments”), as rent for including the Premises during the Interim Terminterest portion, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, in advance, on the first day of each calendar month (herein called the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds equal to the Landlord aggregate amounts specified in Exhibit C; provided, however, that the Lessee shall be obligated to make such Lease Payments during any fiscal year to the extent that such Lease Payments may be made from current revenues lawfully budgeted and appropriated for such purpose during such year. The Lease Payments will be payable without notice or demand at the address set forth above or to such other person office of the Lessor (or such other place as Lessor or account as Landlord its assignee may from time to time may designate to Tenant in writing), and will commence on the first Lease Payment date as set forth in Exhibit C and thereafter on the dates set forth in Exhibit C. Except as specifically provided in Section 4 hereof, the obligation to make the Lease Payments will be absolute and unconditional in all events and will not be subject to any set-off, defense, counterclaim or recoupment for any reason whatsoever. Any and all payment(s) received by Lessor hereunder shall be applied to amounts due hereunder at Lessor’s sole discretion notwithstanding any contrary instruction or instrumentation by Lessee. Unless Lessor decides, in its sole discretion, to apply any and all payments(s) received from Lessee in a different manner, then any payments shall be applied in the following order of priority: (i) to repay any reimbursement items due Lessor from Lessee pursuant to the provisions of this Lease; provided, Landlord may designate (ii) to Tenant pay for any amounts owed by Lessee by virtue of its indemnification obligations under Section 16 hereof; (iii) to any accrued interest owed in writing that all but not less than all connection with a late Lease Payment; (iv) to any accrued interest with respect to any Lease Payments then due; and then (iv) to reduce the principal component(s) of the monthly Basic Rent Lease Payment(s) as and when due hereunder. Lessee reasonably believes that funds can be paid directly obtained sufficient to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant make all Lease Payments during the Lease Term and hereby covenants that it will do all other amountsthings lawfully within its power to obtain, liabilities maintain and obligations properly request and pursue funds from which Tenant assumes or agrees the Lease Payments may be made, including making provisions for such payments to pay or discharge pursuant the extent necessary in each budget submitted for the purpose of obtaining funding, using its bona fide best efforts to have such portion of the budget approved and exhausting all available administrative reviews and appeals in the event such portion of the budget is not approved. It is Lessee’s intent to make Lease Payments for the full Lease Term if funds are legally available therefor and in that regard Lessee represents that the use of the Equipment is essential to its proper, efficient and economic operation. The total obligation of Lessee for the fiscal year of execution is the sum of the payments for such fiscal year as set forth on Exhibit C. The total obligation of Lessee in each fiscal year renewal term is the sum of the payments during such fiscal year renewal term as set forth on Exhibit C. A schedule of Lessee’s total obligation for the fiscal year of execution and for each fiscal year in which this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal renewed is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Rate.attached hereto as Exhibit C.
Appears in 1 contract
Sources: Equipment Lease Purchase Agreement
Rent. (a) During the Lease Term, Tenant covenants agrees to pay to LandlordLandlord an annual rental for each Lease Year in the dollar amount set forth below, subject to periodic adjustment, as rent provided hereinafter, for increases in Annual Operating Cost, as hereinafter defined (the Premises during the Interim Term, the Primary Term and each Extended Term amount of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein said annual rental being hereinafter called the "Basic RentAnnual Base Rental") in monthly installments, ): Location of Space Number of Square Feet Rental Rate per Square Feet Annual Base Rental Suite 1500 9,084 $10.15 $92,202.60 The Annual Base Rental of $92,202.60 shall be payable in advance, without demand, deduction or offset in equal monthly installments of $7,683.55 which are due in advance on the first day of each calendar month (herein called during the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds Lease Term. Such payments shall be made to the Landlord at the address its principal offices as set forth above in the Notice section hereof, or to such other person or such other place or account places as Landlord may from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all to Tenant. If the Lease Term shall begin or terminate on any day except the first day of the month, a pro-rated monthly Basic Rent rental, based upon a thirty (30) day month, shall be paid directly for that portion of the month that falls within the Lease Term. As to both the Premises and the Building, the respective measurements of floor area as computed in accordance with the American National Standard Z65.1 – 1996 Method for Measuring Floor Space in Office Buildings, approved July, 1996, as may from time to time be subject to lease by Tenant and all tenants of the Building, respectively, as determined by Landlord measuring floor area on a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agentconsistent basis throughout the Building. Tenant’s Premises contains approximately 9,084 square feet of Rentable Area and approximately 9,084 square feet of Usable Area.
(b) Tenant covenants that all other amountsThe Annual Base Rental, liabilities as the same may hereafter be adjusted, shall be payable promptly when due without notice or demand therefor and obligations which Tenant assumes without any abatement, deduction or agrees to pay or discharge pursuant to this Lease together with every fineset-off for any reason whatsoever, penalty, interest and cost which except as may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies expressly provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Ratethis Lease.
Appears in 1 contract
Sources: Lease Agreement
Rent. (a) 7.1. Tenant covenants to shall pay to Landlord, Landlord as rent Base Rent for the Premises during Premises, commencing on the Interim TermTerm Commencement Date, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts sums set forth on EXHIBIT 5 attached hereto (herein called in Section 2.3, subject to the "Basic Rent") rental adjustments provided in Article 8 hereof. Base Rent shall be paid in equal monthly installmentsinstallments as set forth in Section 2.3, subject to the rental adjustments provided in advanceArticle 8 hereof, each in advance on the first day of each and every calendar month during the Term.
7.2. In addition to Base Rent, commencing on the Expense Trigger Date (herein called as defined in Section 9.5 below), Tenant shall pay to Landlord as additional rent (“Additional Rent”) at times hereinafter specified in this Lease (a) Tenant’s Adjusted Share (as defined below) of Operating Expenses (as defined below), (b) the "BASIC RENT PAYMENT DATES"Property Management Fee (as defined below), (c) [intentionally omitted] and (d) any other amounts that Tenant assumes or agrees to pay under the provisions of this Lease that are owed to Landlord, including any and all other sums that may become due by wire reason of any default of Tenant or other electronic transfer failure on Tenant’s part to comply with the agreements, terms, covenants and conditions of immediately available funds this Lease to be performed by Tenant, after notice and the Landlord at lapse of any applicable cure periods.
7.3. Base Rent and Additional Rent shall together be denominated “Rent.” Rent shall be paid to Landlord, without abatement, deduction or offset, in lawful money of the United States of America to the address set forth above in Section 2.8 or to such other person or at such other place or account as Landlord may from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event the Term commences or ends on a day other than the first day of any failure by Tenant a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of the number of days in the month and shall be paid at the then-current rate for such fractional month.
7.4. Tenant’s obligation to pay Rent shall not be discharged or discharge otherwise affected by (a) any Additional RentApplicable Laws now or hereafter applicable to the Premises, Landlord shall have (b) any other restriction on Tenant’s use, (c) except as expressly provided herein, any casualty or taking or (d) any other occurrence; and Tenant waives all rightsrights now or hereafter existing to terminate or cancel this Lease or quit or surrender the Premises or any part thereof, powers and remedies provided herein or by law to assert any defense in the case nature of nonpayment of Basic Rentconstructive eviction to any action seeking to recover rent. Tenant further covenants Tenant’s obligation to pay Rent with respect to Landlord on demand interest on all Basic Rent and Additional Rent due any period or obligations arising, existing or pertaining to Landlord from the period prior to the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord expiration or earlier termination of the Term or this Lease shall designate a reasonably comparable source survive any such expiration or earlier termination; provided, however, that nothing in this sentence shall in any way affect Tenant’s obligations with respect to identify the Prime Rateany other period.
Appears in 1 contract
Rent. (a) Tenant covenants to Subtenant shall pay to Landlord, Landlord annual fixed rent (the “Yearly Rent”) as rent for follows: From the Premises during Commencement Date through the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term Expiration Date: $ 493,603.00 $ 41,133.58 $ 23.00 payable in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") advance in equal monthly installments, pro-rated on a per diem basis in advancethe case of any partial months during the Term. Except as otherwise set forth herein, each monthly installment shall be payable on or before the first day of each the calendar month for which such payment is made, without notice or demand and without abatement, set-off or deduction except as expressly provided in this Sublease. Notwithstanding the foregoing, provided Subtenant is not in default hereunder, Landlord waives payment of Yearly Rent for the period commencing on the Commencement Date and expiring on the later of (herein called i) October 31, 2007, or (ii) thirty (30) days after the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer Commencement Date. Subtenant shall, on the Commencement Date, pay to Landlord the sum of immediately available funds $41,133.58, to be applied to the Landlord at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all first monthly installment of the monthly Basic Yearly Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agentdue hereunder.
(b) Tenant covenants that all In addition to the Yearly Rent and any other amountssums which Subtenant may be obligated to pay pursuant to any other provision of this Sublease, liabilities and obligations which Tenant assumes or Subtenant agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute Landlord as additional rent hereunder (herein called "ADDITIONAL RENT"or directly to the utility company, if applicable). In , commencing on the event Commencement Date and otherwise as and when such sums are due and payable as provided herein: (i) 57.4% (“Subtenant’s Building Share”) of any failure by Tenant the Operating Costs and Taxes as set forth in Article 9 of the ▇▇▇▇▇▇▇▇▇, (ii) all Utility Charges (as hereinafter defined) and (iii) all Subtenant Surcharges (as hereinafter defined).
(c) Commencing on the Commencement Date, Subtenant shall pay directly to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law the applicable utility company the costs of electrical service consumed in the case second floor of nonpayment the Building as measured by a separate meter therefor. Subtenant shall contract for and pay directly to the applicable utility company, the costs of Basic Renttelecommunications service to the Subleased Premises. Tenant further covenants to Commencing on the Commencement Date, Subtenant shall pay to Landlord on demand interest on 50% (“Subtenant’s Utility Share”) of (i) the costs of electricity for the rooftop units, (ii) the costs of natural gas for building heating and the emergency generator and (iii) the costs of water and sewer for general building uses and the sprinkler system. The costs payable by Subtenant pursuant to this Section 4(c) are referred to as “Utility Charges”.
(d) As used herein, the term “Subtenant Surcharges” shall mean any and all Basic Rent amounts other than Operating Costs, Taxes and Additional Rent Utility Charges which become due to and payable by Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified Overlandlord under the ▇▇▇▇▇▇▇▇▇ whether as “additional rent” or for any extra services or otherwise, which would not have become due and payable but for the acts and/or failures to act of Subtenant under this Sublease or which are otherwise attributable to the Subleased Premises, including, but not limited to: (i) any increases in the "Money Rates" column in Overlandlord’s fire, rent or other insurance premiums resulting from any act or omission of Subtenant, (ii) any additional rent under the Wall Street Journal ▇▇▇▇▇▇▇▇▇ payable by Landlord on account of Subtenant’s use or maintenance of heating, ventilation or air conditioning, and (iii) any additional rent under the "PRIME RATE") plus four percent (4%), but in no event shall ▇▇▇▇▇▇▇▇▇ payable by Landlord on account of any other additional service as may be provided to the Default Rate exceed Subleased Premises under the maximum rate permitted by law. If ▇▇▇▇▇▇▇▇▇ or with the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication consent of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime RateOverlandlord.
Appears in 1 contract
Rent. (a) Tenant covenants On the date that Lessee executes this Lease, Lessee shall deliver to Lessor the original executed Lease, the Security Deposit, and all insurance certificates evidencing the insurance required to be obtained by Lessee under Paragraph 12 of this Lease. Lessee agrees to pay to LandlordLessor, without prior notice or demand, or abatement, offset, deduction or claim, except as rent for the Premises during the Interim Termotherwise provided herein, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term Base Rent described on Page 1, payable in accordance with Paragraph 4) the amounts set forth advance at Lessor's address shown on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, in advance, Page 1 on the first day of each calendar month throughout the term of the Lease. In addition to the Base Rent set forth on Page 1, Lessee shall pay Lessor in advance and on the first (herein called 1st) day of each month throughout the term of this Lease (including any extensions of such term), as additional rent Lessee's share, as set forth on Page 1, of Operating Expenses, Tax Expenses, Common Area Utility Costs, administrative expenses and Utility Expenses, as specified in Paragraphs 6.A., 6.B., 6.C. and 7 of this Lease, respectively. Additionally, Lessee shall pay to Lessor as additional rent hereunder, within thirty (30) days after Lessor's written demand therefore (which demand may be made by delivery of a ▇▇▇▇ or statement to Lessee), any and all out-of-pocket costs and expenses incurred by Lessor to enforce the provisions of this Lease, including, but not limited to, costs associated with any proposed assignment or subletting of all or any portion of the Premises by Lessee, costs associated with the delivery of notices, delivery and recordation of notice(s) of default, reasonable attorneys' fees, expert fees, court costs and filing fees (collectively, the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds to the Landlord at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENTEnforcement Expenses"). In The term "Rent" whenever used herein refers to the event aggregate of any failure by Tenant the Base Rent, Lessee's share of Operating Expenses, Tax Expenses, Insurance Expenses, Administrative Expenses and Utility Expenses, Enforcement Expenses and all other amounts described herein as "additional rent.". If Lessor permits Lessee to occupy the Premises without requiring Lessee to pay rental payments for a period of time, the waiver of the requirement to pay rental payments shall only apply to waiver of the Base Rent and Lessee shall otherwise perform all other obligations of Lessee hereunder, including, but not limited to paying to Lessor any and all amounts considered additional rent, such as Lessee's share of Operating Expenses, Tax Expenses, Common Area Utility Costs, Utility Expenses, and administrative expenses. If, at any time, Lessee is in default of or discharge otherwise breaches any Additional Rentterm, Landlord condition or provision of this Lease, any such waiver by Lessor of Lessee's requirement to pay rental payments shall have be null and void and Lessee shall immediately pay to Lessor all rights, powers and remedies provided herein rental payments waived by Lessor. The Rent for any fractional part of a calendar month at the commencement or by law termination of the Lease Term shall be a prorated amount of the Rent for a full calendar month based upon the actual days in the case month. The prorated Rent shall be paid on the Commencement Date and the first day of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the calendar month in which the date due until such amount is paid in full at of termination occurs, as the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Ratecase may be.
Appears in 1 contract
Rent. (a) Tenant covenants to Beginning with and including the first Payment Date occurring after the Commencement Date, Lessee shall pay to Landlordthe Agent, on behalf of Lessor, by wire transfer of immediately available federal funds using the wiring instructions set forth in Exhibit D attached hereto or by such other method of payment as may be mutually agreed upon by Lessor, Lessee and Agent, basic rent for the Premises during the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 in Exhibit C attached hereto hereto, subject to adjustment as set forth in subparagraph (herein called the b) below (such basic rent, as so adjusted from time to time, is hereinafter referred to as "Basic Rent") ). Basic Rent shall be absolutely net to Lessor, so that this Lease shall yield to Lessor the Basic Rent throughout the Term and shall be paid without demand or offset, as more particularly provided hereinafter. Each installment of Basic Rent received by the Agent shall be disbursed by the Agent in monthly installments, in advance, on the first day of each calendar month (herein called the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds to the Landlord at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all accordance with Article IX of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agentDeed of Trust.
(b) Tenant Lessor and Lessee acknowledge and agree that Basic Rent has been determined based upon a number of factors, which include the amount of interest payable on the aggregate sum of the outstanding principal amount of the Bonds from time to time, the yield payable on the aggregate sum of the outstanding principal amount of Certificates from time to time and any other amounts and costs payable pursuant to the Operative Documents. Accordingly, Basic Rent shall be adjusted from time to time by Lessor and Lessee to reflect (i) any increase in the aggregate sum of the outstanding principal amount of the Bonds and/or the Certificates, (ii) any redemption of the Bonds prior to maturity, (iii) any increase or decrease in Basic Rent as a result of the existence of the Hedge Documents, (iv) the expiration of any Hedge or any default by any Hedge Counterparty in the performance of its obligations under any Hedge Documents, and (v) any additional amounts and costs that become due and owing pursuant to the other Operative Documents.
(c) Lessee covenants that and agrees to pay and discharge, as additional rent (the "Additional Rent"), all other amounts, liabilities and obligations (other than Basic Rent) which Tenant Lessee assumes or agrees or is otherwise obligated to pay or discharge pursuant to under this Lease together or any other Operative Document (whether or not designated as Additional Rent) to Agent or any other Person, including without limitation, the Head Lessor's Fee, any costs otherwise payable by Issuer under the Hedge Documents, Break Costs, the Residual Guaranty Amount and any Lease Balance. Each payment of Additional Rent received by the Agent shall be disbursed by the Agent in accordance with every fineArticle IX of the Deed of Trust. Lessor, penaltyas promptly as practicable after obtaining knowledge that any Additional Rent will be payable under this Lease, interest will advise Lessee, by written notice, of the amount of any Additional Rent payable hereunder and cost the date on which may any Additional Rent is due and payable by Lessee in order for Lessor to meet its obligations with respect to payments by Lessor to other Persons, but failure to give such notice shall not relieve Lessee of the obligation to make such payments. Additional Rent shall be added for nonpayment paid to Agent or late payment thereofthe Person entitled thereto, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT")on the date specified in Lessor's written notice to Lessee, by wire transfer of immediately available federal funds using the wiring instructions set forth in Exhibit D attached hereto. In the event of any failure by Tenant Lessee to pay or discharge any Additional Rent, Landlord Lessor shall have all rights, powers and remedies provided herein or by law Law in the case of nonpayment non-payment of Basic Rent. Tenant further covenants to .
(d) In the event that any payment of Basic Rent or Additional Rent is not made within fifteen (15) days after the date on which the same is due and payable, Lessee shall pay to Landlord on demand interest on all Basic Rent and whomever shall be entitled thereto, in each case as Additional Rent due Rent, a late charge equal to Landlord two percent (2%) of the overdue amount, together with interest, from the date on which the payment was due (without regard to any applicable grace period) until the date such amount payment is paid made in full full, at the fluctuating rate which is at all times equal to the LIBO Rate plus 2% per annum rate of interest (the "DEFAULT RATEDefault Rate") equal ). In addition, Lessee shall pay all costs of collection, including attorneys' fees, if collection of amounts due to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted Lessor or any other Person is referred to an attorney after default by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime RateLessee.
Appears in 1 contract
Rent. (a) 5.1. Monthly rent that the Tenant covenants shall pay to the Landlord during the first Term of Lease within its meaning hereinabove shall be the monthly rent as specified hereinabove. Statutory VAT shall be added to the said rent.
5.2. In addition to the Rent, the Tenant shall make additional payment for the parking spaces, within their meaning hereinabove. The additional Parking Payment shall be paid together with the monthly rent and all terms set forth with regard to the monthly rent shall also apply to the additional Parking Payment.
5.3. At the time of signing this Agreement the Tenant shall furnish to the Landlord postdated checks for the entire Term of Lease in a manner that 7 days before commencement of each term of payment, within its meaning hereinabove, a check shall be repaid for each term of payment. The first check shall be a cash check as of the date of signing this Agreement. Two months prior to commencement of each Option Term, and to the extent that no notice was delivered regarding termination of lease, the Tenant shall furnish to the Landlord new checks in respect of the additional term, in accordance with the provisions set forth hereinabove, otherwise its right to exercise the option shall expire.
5.4. Rent shall be paid in new Israeli shekels and shall be linked to the index in a manner that upon expiration of the Term of Lease and upon expiration of each Option Term the Tenant shall pay to the Landlord the difference between linkage of each payment to the Basic Index and the Known Index, within their meaning hereinabove. In any event of delay in payment, for any reason that is contingent on the Tenant, the Tenant shall make payment according to the index known on the payment date applicable in accordance with this Agreement, or on the date of payment – upon the higher.
5.5. In the event the Tenant vacated the Leased Premises for any reason prior to expiration of the first Term of Lease, or in the middle of an Option Term, the Tenant shall be obligated to pay to Landlord, as rent for the Premises during the Interim Term, the Primary Term and each Extended entire Term of this Lease (if Tenant extends the Term and/or Option Term.
5.6. Without derogating from for any relief and/or remedy that Landlord may seek in accordance with Paragraph 4) the amounts provisions set forth on EXHIBIT 5 attached hereto (herein called in this Agreement and/or in accordance with the "Basic Rent") provisions set forth in monthly installments, any law then any default in advance, on payment of any amount shall incur 1.5% interest per month.
5.7. A one-time default in payment for a period of up to 7 days shall not grant interest to the Landlord as said. Default in payment for a period that is longer than 7 days shall entitle the Landlord with interest in arrears as of the first day of each calendar month (herein called default and until payment is made.
5.8. A default in payment for a period of 14 days shall constitute a fundamental breach of this Agreement, and in such circumstances the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds Landlord shall not be obligated to deliver to the Landlord at Tenant any additional notice prior to termination of the Agreement.
5.9. The said in this sub-clause shall not derogate or affect the provisions set forth in clause 16 hereunder. Interest shall be deemed as rent.
5.10. To dispel any doubt, furnishing the checks shall not be deemed as payment however only 3 days after their cashing on the dates designated for that purpose. Rent shall be paid in the address of the Landlord or shall be deposited in the Landlord’s bank account in accordance with the instructions set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of by the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agentLandlord.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Rate.
Appears in 1 contract
Rent. (a) Tenant covenants Rent, including, without limitation, fixed rent, prepaid rent, additional rent and percentage rent, if applicable, and expenses shall be apportioned as of the Closing Date. Rent which is due and payable as of the Closing Date, but which has not then been collected, shall not be apportioned at Closing. With respect to any rent arrearages arising under the Existing Leases for the period prior to the Closing Date, Buyer shall pay to Landlord, Seller any rent or payment actually collected after Closing as provided in the following sentence. All rent under the Existing Leases collected by Buyer after Closing shall be applied first to the rent for the Premises during month in which the Interim TermClosing shall occur, then to rent accruing after the Primary Term month in which the Closing shall occur and each Extended Term of this Lease then to rent accruing prior to the month in which the Closing shall occur. During the twelve (if Tenant extends the Term in accordance with Paragraph 412) the amounts set forth on EXHIBIT 5 attached hereto month period following Closing, Buyer shall use good faith commercially reasonable efforts to recover any rent (herein called the "Basic Rent") in monthly installments, in advance, on the first day of each calendar month (herein called the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer tenant charge) arrearages in respect of immediately available funds the period prior to the Landlord at the address set forth above Closing Date, provided that Buyer shall not be required to threaten eviction, litigation or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all termination of the monthly Basic Rent lease, incur any material cost or commence any legal proceeding in connection therewith. Buyer shall indicate all rent arrearages applicable to periods prior to the Closing Date on Buyer’s rent invoices to each tenant and shall not compromise or settle any such rent arrearages without Seller’s prior written consent. Seller (upon notification to Buyer) shall be paid directly entitled to s▇▇ a Mortgagee tenant, before and/or after Closing (as defined in Subparagraph 23(aprovided however with respect to any period after Closing, Seller shall not commence any such suit for a period of six (6) months after the Closing Date), for any delinquent rent (or other tenant charges) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until Seller (and not previously paid to Seller) under an Existing Lease, so long as such amount is paid in full at the per annum rate suit does not seek a termination of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published such Existing Lease or the Wall Street Journal discontinues publication eviction of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Ratesuch tenant.
Appears in 1 contract
Sources: Agreement of Sale (Hines Real Estate Investment Trust Inc)
Rent. (a) Tenant covenants to pay to Landlord, as rent for During the Premises during the Interim Term, the Primary Term Lessee shall pay Basic Rent (i) on each Payment Date, (ii) on the date required under Section 20.1(j) if the Lessee exercises the Sale Option and each Extended Term of (iii) on any date on which this Lease (if Tenant extends the Term in accordance shall terminate or expire with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, in advance, on the first day of each calendar month (herein called the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds respect to the Landlord at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agentLeased Property.
(b) Tenant covenants that The Lessee’s inability or failure to take possession of all other amountsor any portion of the Leased Property when accepted or deemed accepted hereunder, liabilities and obligations which Tenant assumes whether or agrees not attributable to any act or omission of the Lessee or any act or omission of Lessor, shall not delay or otherwise affect the Lessee’s obligation to pay or discharge pursuant Rent in accordance with the terms of this Lease.
(c) Lessee shall make a payment of Supplemental Rent to Administrative Agent for the account of Lessor in an aggregate amount equal to ten percent (10%) of the Lessor Amount (the “Accelerated Lessor Rent Amount”), which shall be payable in equal monthly amounts on the first three (3) Payment Dates occurring after the Base Term Commencement Date. Payment of the Accelerated Lessor Rent Amount shall be applied as a Dollar for Dollar reduction of the Lessor Amount. Beginning with the fourth Payment Date after the Base Term Commencement Date, the parties to this Lease together with every fine, penalty, interest agree that Lessee shall reduce each of its payments of Basic Rent by the amount of Yield which has accrued on the Lessor Amount due and cost which payable on such Payment Date (each such individual reduction of Basic Rent for a given Payment Date may be added for nonpayment or late referred to herein as a “Basic Rent Adjustment”) until such time that the Cumulative Basic Rent Adjustment equals the Accelerated Lessor Rent Amount. During such time, the positive difference between the Accelerated Lessor Rent Amount and the Cumulative Basic Rent Adjustment (such amount, the “Lessor Shortfall Amount”) shall be credited against each subsequent payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to , and Lessee shall not pay to Landlord on demand interest on all any additional Basic Rent which is comprised of Yield which has accrued on the Lessor Amount until the Lessor Shortfall Amount is reduced to zero. Each such Basic Rent Adjustment shall be capitalized and Additional Rent due to Landlord from shall increase the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate Lessor Amount on a reasonably comparable source to identify the Prime RateDollar for Dollar basis.
Appears in 1 contract
Sources: Lease and Remedies Agreement (Regeneron Pharmaceuticals Inc)
Rent. (a) Tenant covenants and agrees to pay to Landlord, as rent for unto Landlord the Premises during the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term base net rentals in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 Exhibit C attached hereto (herein called and made a part hereof commencing as of the "Basic Rent") in monthly installments, in advance, date hereof and on the first day of each calendar and every month (herein called hereafter, in advance, through the "BASIC RENT PAYMENT DATES") by wire entire term of this Lease, together with such increase of said annual and monthly fixed net rent, in accordance with the provisions of this Lease as hereinafter provided. If Landlord so requires, Tenant shall make all or other electronic transfer of immediately available funds to the Landlord at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all part of the monthly Basic Rent be paid rental payments directly to a Mortgagee Landlord's lender provided Tenant receives written notice from Landlord directing Tenant to make such payments to lender. All rent (including all sums payable as defined rent in Subparagraph 23(a)accordance with the preceding paragraph and as hereinafter provided) or shall be construed in every instance as an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional absolute net rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure payable by Tenant to Landlord. This Lease is an absolute net lease, and the annual rent and all other sums payable hereunder to or on behalf of Landlord shall be paid without notice or demand and without setoff, counterclaim, abatement, suspension, deduction, or defense. It is the express intent of the parties hereto that the annual rent provided to be paid by Tenant to Landlord under the terms of Article 3 hereof shall be an absolute net rent payable to Landlord and that Tenant shall, in any or all events and at its sole cost and expense and in addition to the said monthly rental, pay any and all other items of expense in connection with the Premises of whatever nature, including but not limited to all taxes and assessments imposed by any governmental authority on the Premises, the building now or discharge any Additional Renthereafter existing thereon or attached thereto, the contents thereof, and the use thereof, together with the procurement and maintenance by Tenant of the insurance hereinafter specified. This Lease shall always be construed in order to effectuate the foregoing declared intent of the parties hereto. If Tenant or Landlord shall so require, Landlord and Tenant shall have all rightsenter into a memorandum of lease, powers and remedies provided herein or by law which shall be recorded in the case of nonpayment of Basic Rent. Tenant further covenants appropriate land records in order to pay to Landlord on demand interest on all Basic Rent document the terms and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Rateconditions hereof.
Appears in 1 contract
Sources: Lease Agreement (Mony Group Inc)
Rent. Tenant shall pay, during the entire Term hereof, rental equal to (a) Tenant covenants to pay to Landlordthe Rent set forth in Section 1 hereof, and (b) all other charges as rent for required under the Premises during the Interim Term, the Primary Term terms and each Extended Term provisions of this Lease (if Tenant extends the Term “Additional Rent”, and, together with the Base Rent, referred to collectively as the “Rent”), payable by equal monthly payments, as stated in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installmentsSection 1, in advance, advance on the first (1st) day of each month. The Base Rent and the Additional Rent shall commence on the Term Commencement Date. If, by reason of any provisions of this Lease, the Rent reserved hereunder shall commence or terminate on any day other than the first (1st) day of a calendar month, the Rent for such calendar month (herein called the "BASIC RENT PAYMENT DATES") by wire shall be prorated on a daily basis using a 30 day calendar month. The Rent shall be payable to Landlord or, if Landlord shall so direct in writing, to Landlord’s agent or other electronic transfer of immediately available funds to the Landlord nominee, at the address set forth above or to such other person office of Landlord or such other place or account as Landlord from time to time may designate to Tenant in writing; provideddesignate, Landlord may designate to Tenant in writing that all but without any setoff or deduction whatsoever. Rent and any other sums due hereunder not less than all paid within ten (10) days of the monthly Basic date due, no notice of non-payment being required, then Tenant shall pay to Lessor a late payment fee of five percent (5%) of the Rent then required to be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) paid. Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees shall be required to pay or discharge pursuant to a late payment fee only once for each delinquent installment. Landlord and Tenant acknowledge and agree that throughout the Term of this Lease, this Lease together with every fine, penalty, interest shall be deemed and cost which may construed to be added for nonpayment or late payment thereof, a so-called “Gross” lease and Tenant shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic the Rent herein set forth, without abatement, deduction, counterclaim, defense or setoff, and, except as may be expressly stated otherwise in this Lease. Without limitation, Tenant shall not be relieved from its obligations to pay the Rent or any other charges and Additional Rent due to Landlord from the date due until such amount is paid amounts payable by Tenant (in full at the per annum rate of interest (the "DEFAULT RATE"full) equal to the annual "prime rate" identified under any circumstances or for any reason whatsoever, except as may be specifically provided otherwise in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Ratelease.
Appears in 1 contract
Rent. (a) Tenant covenants to a. Except as otherwise expressly provided in this Sublease, commencing on and as of the Commencement Date, and continuing throughout the term of this Sublease, Subtenant shall pay to LandlordTenant, as rent, base rent for (the Premises during the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term “Base Rent”) in accordance with Paragraph 4) the amounts schedule set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") below as part of this subsection. Unless Tenant instructs Subtenant otherwise in monthly installmentswriting, Subtenant shall make such payments in advance, advance on the first day of each calendar month on which rent is required to be paid by Tenant under the Main Lease. Subtenant shall make such payments without notice, demand, abatement, deduction, counterclaim, or setoff. Commencement Date the day before the Rent Commencement Date $ 0.00 $ 0.00 $ 0.00 Rent Commencement Date - March 31,2009 $ 29.00 * $ 438,364.00 * $ 36,530.33 * April 1 ,2009 - March 31, 2011 $ 31.50 $ 476,154.00 $ 39,679.50 April 1 ,2011 - February 27, 2013 $ 32.50 $ 491,270.00 $ 40,939.17
b. Except as otherwise expressly provided in this Sublease, commencing on and as of the Rent Commencement Date, and continuing throughout the term of this Sublease, Subtenant shall pay to Tenant, as additional rent, Subtenant’s Share and Subtenant’s Electric Share (both defined below) of all operating expenses, real estate taxes, rent taxes, utility charges, lease auditing expenses and fees payable in connection with Tenant’s auditing of any of the foregoing sums, and other regular additional sums payable by Tenant to Landlord under the Main Lease (the “Escalations”), with Subtenant’s Share and Subtenant’s Electric Share of such Escalations being collectively referred to herein called as the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer “Subescalations”. For the purposes of immediately available funds this Sublease, the term “Subtenant’s Share” for all Subescalations (except electric service to the Landlord at Premises) shall be defined as a ratio, the address set forth above or to such other person or such other place or account numerator being the rentable square footage of the Premises and the denominator being the rentable square footage of Tenant’s Premises. As of the date hereof, Subtenant’s Share is four and 27/100 percent (4.27%). For the purposes of this Sublease, the term “Subtenant’s Electric Share” shall be defined as Landlord a ratio, the numerator being the rentable square footage of the Premises and the denominator being the rentable square footage of the twelfth (12th) floor of the Tenant’s Premises. As of the date hereof, Subtenant’s Electric Share is sixty eight and 44/100 percent (68.44%). The parties hereto acknowledge that the Subtenant’s Share and Subtenant’s Electric Share may change from time to time may designate during the term of this Sublease based upon any change in the rentable square footage of the Premises and/or Tenant’s Premises. Prior to the Commencement Date and from time to time during the Sublease term thereafter, Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all shall provide Subtenant with an estimate of the monthly Basic Subescalations due from Subtenant. Subtenant shall pay to Tenant Subescalations with Subtenant’s payments of Base Rent (except during the Free Rent Period (hereinafter defined), during which time such Subescalations shall be credited against the Maximum Free Rent Amount (hereinafter defined)). Subtenant shall make all such payments without abatement, deduction, counterclaim, or setoff. As soon as is practicable after the end of each calendar year Tenant shall submit to Subtenant a statement of the actual Subescalations for such calendar year, as well as a statement to show any * subject to Free Rent as set forth in Section 5.i. below. increase in Subescalations for such calendar year as compared with Tenant’s estimate of such Subescalations. If Tenant’s statement discloses that Subtenant owes an amount that is less than the estimated payments for such calendar year previously paid directly by Subtenant, Tenant will credit such excess against the next installment of Rent due (or, if after the expiration or earlier termination of this Sublease, and provided there then exists no uncured event of default, Tenant shall reimburse Subtenant for such amount). If Tenant’s statement discloses that Subtenant owes more than the estimated payments for such calendar year previously made by Subtenant, Subtenant will pay the deficiency to a Mortgagee Tenant within ten (as defined 10) days after delivery of the statement. The provisions of this Section 5.b. shall survive the termination of this Sublease. To the extent any Subescalations are not included in Subparagraph 23(a)such estimate provided by Tenant, Subtenant shall make such payments within ten (10) days of receipt of an invoice therefor from Tenant, and without abatement, deduction, counterclaim, or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT")setoff. In the event Landlord or Tenant desires to install a check meter for Subtenant’s electrical usage, Tenant agrees that any costs incurred with respect to such installation shall not be passed to Subtenant. To the extent Subtenant requires services in excess of the services provided by Landlord and charged to Tenant as operating expenses under Section 2.04 of the Main Lease, including without limitation extra electrical feeders or risers to meet Subtenant’s electricity requirements, excess water usage (including without limitation condenser water if provided by Landlord), and after-hours HVAC service, Subtenant shall contract directly with Landlord for such services. Notwithstanding the forgoing, commencing on and as of the Commencement Date, and continuing throughout the term of this Sublease, to the extent Tenant becomes liable to Landlord for such additional services provided by Landlord or any failure third parties, Subtenant shall pay to Tenant, as additional rent and upon demand, one hundred percent (100%) of all such expenses incurred by Tenant for such services and/or any service provided by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime RateSubtenant.
Appears in 1 contract
Rent. (a) Tenant Subtenant covenants and agrees to pay to Landlord, as Sublandlord rent for the Premises during the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called referred to as the "Basic Fixed Rent") in monthly installmentsfor the Sublet Premises at the rate of (i) $925,000.00 per annum, in advanceequal monthly installments of $77,083.00, from June 1, 1999 through December 31, 2002, and (ii) $1,017,500.00 per annum, in equal monthly installments of $84,791.67, from January 1, 2003through September 30, 2006. Fixed Rent shall be payable in advance on the first day of each calendar month month. Fixed Rent and all other amounts payable by Subtenant to Sublandlord under the provisions of this Sublease (herein called referred to as the "BASIC RENT PAYMENT DATESADDITIONAL RENT") by wire shall be paid promptly when due, without notice or other electronic transfer demand therefor, and without deduction, abatement, counterclaim or setoff of immediately available funds any amount or for any reason whatsoever except as may be otherwise provided herein. Fixed Rent and Additional Rent shall be paid to Sublandlord in lawful money of the Landlord United States at the address of Sublandlord set forth above in Article 17 of this Sublease or to such other person or at such other place or account address as Landlord Sublandlord may from time to time may designate by notice to Tenant in writing; provided, Landlord may designate Subtenant as provided for herein. No payment by Subtenant or receipt by Sublandlord of any lesser amount than the amount stipulated to Tenant in writing that all but not less be paid hereunder shall be deemed other than all on account of the monthly Basic earliest stipulated Fixed Rent or Additional Rent nor shall any endorsement or statement on any check or letter be paid directly deemed an accord and satisfaction, and Sublandlord may accept any check or payment without prejudice to a Mortgagee (as defined Sublandlord's right to recover the balance due or to pursue any other remedy available to Sublandlord. Any provision in Subparagraph 23(a)) the Main Lease referring to fixed rent or an institutional payment agentadditional rent incorporated herein by reference shall be deemed to refer to the Fixed Rent and Additional Rent due under this Sublease.
(b) Tenant covenants that In addition to the Fixed Rent, Subtenant shall pay to Sublandlord as Additional Rent, within ten (10) days' after demand from Sublandlord from time to time: (x) the difference, if any, between (i) Tenant's "Tax Payment" payable by Sublandlord as tenant under the Main Lease during any "Tax Year" (as said terms are defined in Article 39 of the Main Lease), and (ii) Tenant's Tax Payment payable by Sublandlord as tenant under the Main Lease for Tax Year July 1, 1998 - June 30, 1999, and (y) the difference, if any, between (i) Subtenant's Share of Tenant's "Operating Payment" payable by Sublandlord as tenant under the Main Lease during any "Operation Year" (as said terms are defined in Article 40 of the Main Lease), and (ii) Tenant's Operating Payment payable by Sublandlord as tenant under the Main Lease for Operation Year 1999. All such demands shall be accompanied by a copy of any invoice, bill, notice or request received by Sublandlord from Landlor▇. ▇ubtenant shall also pay to Sublandlord as Additional Rent, upon demand from time to time, all other amounts payable by Sublandlord to Landlord under the Main Lease pursuant to the provisions thereof. If Sublandlord is required by Landlord under the Main Lease to make advance payments, estimated payments or deposits of any of the foregoing amounts, liabilities Subtenant shall make such advance payments, estimated payments or deposits to Sublandlord consistent with -------------------------------------------------------------------------------- 3 the above provisions. Subtenant's obligations under this Article 2 shall be apportioned for any period at the beginning or end of the term of this Sublease that is less than a full calendar year or fiscal year. Sublandlord shall have the right to demand payment of any amount of such Additional Rent during the term of this Sublease or after the expiration of the term of this Sublease or the earlier termination of this Sublease.
(c) If the sum of any installment or estimated payments made by Subtenant on account of any or all of the items set forth in subparagraph (b) of this Article 2 exceed Sublandlord's share of such item(s) under the Main Lease for any year, Sublandlord shall refund the excess to Subtenant within ten (10) days after the amount of the excess is refunded to Sublandlord by Landlord. If the sum of any installment or estimated payments made by Subtenant on account of any or all of the items set forth in subparagraph (b) of this Article 2 are less than such item(s) under the Main Lease for any year, Subtenant shall pay the amount of such deficiency to Sublandlord within ten (10) days after demand.
(d) All costs, expenses and obligations fees other than Fixed Rent which Tenant Subtenant assumes or agrees to pay or discharge pursuant to this Sublease (including, without limitation, all costs, expenses and fees payable by Sublandlord as tenant under the Main Lease together with every finewhich are payable hereunder by Subtenant by their incorporation herein by reference to the Main Lease) shall be deemed Additional Rent and, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In in the event of any failure by Tenant to pay or discharge any Additional Rentnon-payment, Landlord Sublandlord shall have all rights, powers the rights and remedies provided herein or by law for in the case of nonpayment non-payment of Basic Fixed Rent. Tenant further covenants .
(e) Subtenant shall pay, on or before the date same is due, any occupancy, sales, use or similar tax, charge or fee that is at any time due or payable with respect to pay to Landlord on demand interest on all Basic the occupancy or use of the Sublet Premises or the payment of Fixed Rent and or Additional Rent due by Subtenant to Landlord from the date due until such amount Sublandlord, and which is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal attributable to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Ratethis Sublease.
Appears in 1 contract
Rent. (a) 4.01 From and after the Rent Commencement Date, Tenant shall and hereby covenants to pay to Landlord, without any setoff or deduction, unless expressly set forth in this Lease, all Base Rent and Additional Rent (as rent defined below) due for the Premises during the Interim TermTerm (collectively referred to as “Rent”). “Additional Rent” means all sums (exclusive of Base Rent) that Tenant is required to pay Landlord under this Lease. Tenant shall pay and be liable for all rental, the Primary Term sales and each Extended Term use taxes (but excluding income taxes), if any, imposed upon or measured by Rent. Base Rent and recurring monthly charges of this Lease (if Tenant extends the Term Additional Rent shall be due and payable in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, in advance, advance on the first (1st) day of each calendar month without notice or demand. All other items of Rent shall be due and payable by Tenant on or before thirty (herein called the "BASIC RENT PAYMENT DATES"30) days after billing by wire or other electronic transfer of immediately available funds Landlord. Rent shall be made payable to the Landlord at entity and sent to the address set forth above that Landlord designates and shall be made by good and sufficient check payable in United States of America currency or to such by other person or such other place or account as means designated by Landlord from time to time may designate to time. If Tenant does not pay any Rent when due hereunder, Tenant shall pay Landlord an administration fee in writingthe amount of $500.00; provided, Landlord may designate to that, Tenant in writing that all but not less than all of the monthly Basic Rent shall be paid directly entitled to a Mortgagee grace period of up to five (5) days for the first two (2) late payments of Rent in a calendar year. In addition, past due Rent not paid within five (5) days of when due shall accrue interest at the rate of five percent (5%) per annum, and Tenant shall pay Landlord a reasonable fee for any checks returned by Tenant’s bank for any reason. Nothing in this paragraph shall be deemed to waive or condition any claim of Default (as defined in Subparagraph 23(a)below) by Landlord for Tenant’s failure to timely pay Rent, which is governed by Article 18, below. Landlord’s acceptance of less than the correct amount of Rent shall be considered a payment on account of the oldest obligation due from Tenant hereunder, then to any current Rent then due hereunder, notwithstanding any statement to the contrary contained on or accompanying any such payment from Tenant. Rent for any partial month during the Term shall be prorated on a per diem basis. No endorsement or statement on a check or letter accompanying payment shall be considered an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities accord and obligations which Tenant assumes or agrees satisfaction. Tenant’s obligation so to pay or discharge pursuant to Rent under this Lease together with every fineshall be absolute, penaltyunconditional, interest and cost which may independent and shall not be added for nonpayment discharged or late payment thereofotherwise affected by any law or regulation now or hereafter applicable to the Premises, shall constitute additional rent hereunder or any other restriction on Tenant’s use or, except as expressly provided in this Lease, any Casualty or Taking (herein called "ADDITIONAL RENT"as such terms are defined in Articles 15 and 17 below, respectively). In the event of , or, except as expressly provided in this Lease, any failure by Landlord to perform or other occurrence, and Tenant waives all rights now or hereafter existing to pay terminate, quit or discharge surrender this Lease or the Premises or any Additional Rent, Landlord shall have all rights, powers and remedies provided herein part thereof or by law to assert any defense in the case nature of nonpayment of Basic constructive eviction to any action seeking to recover Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Rate.
Appears in 1 contract
Rent. (a) 3.1 Tenant covenants agrees to pay to Landlord, as Landlord the Annual Rent in effect from time to time by paying the Monthly Installment of Rent (together with any sales tax imposed on rent for by the Premises during the Interim Term, the Primary Term and each Extended Term State of this Lease (if Tenant extends the Term Florida or any local unit of government) then in accordance with Paragraph 4) the amounts set forth effect on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, in advance, on or before the first day of each full calendar month during the Term, except that the first full month’s rent (herein called together with any sales tax imposed on rent by the "BASIC RENT PAYMENT DATES"State of Florida or any local unit of government) due and payable after the expiration of the Rent Abatement Period shall be paid upon the execution of this Lease. The Monthly Installment of Rent in effect at any time shall be one-twelfth (1/12) of the Annual Rent in effect at such time. Rent for any period during the Term which is less than a full month shall be a prorated portion of the Monthly Installment of Rent based upon the number of days in such month. Said rent shall be paid to Landlord, without deduction or offset and without notice or demand. All such rent amounts shall be paid in lawful money of the United States of America and shall be paid to Landlord by Electronic Funds Transfer (“EFT”), Automated Clearing House (“ACH”) or wire or other electronic transfer of immediately available funds to the Landlord at the address set forth above bank account specified by Landlord, or to such other person or at such other place or account and/or by such other methods as Landlord may from time to time may designate to Tenant in writing; provided. Upon Lease execution, Tenant agrees to cooperate with Landlord to complete all necessary forms in order to accomplish such method of payment. If Landlord agrees to accept payment of rent by means other than EFT, ACH or wire transfer, and if an Event of Default occurs during the Term, Landlord may designate require by notice to Tenant in writing that all but not less than subsequent rent payments be made by EFT, ACH or wire transfer, without cost to Landlord. Tenant must implement such automatic payment system prior to the next scheduled rent payment or within ten (10) days after Landlord’s notice, whichever is later. Notwithstanding anything to the contrary, Landlord may, in its sole discretion, allocate any rent or monies Tenant pays to Landlord to any sums then due and payable hereunder and in any order or priority including first to the most delinquent sums then due and payable hereunder. Unless specified in this Lease to the contrary, all of the monthly Basic Rent be paid directly amounts and sums payable by Tenant to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge Landlord pursuant to this Lease together with every fine, penalty, interest and cost which may shall be added for nonpayment or deemed additional rent.
3.2 Tenant recognizes that late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by rent or other sum due under this Lease will result in administrative expense to Landlord, the extent of which additional expense is extremely difficult and economically impractical to ascertain. Tenant therefore agrees that if rent or any other sum is not paid when due and payable pursuant to pay this Lease, a late charge shall be imposed in an amount equal to the greater of: (a) Fifty Dollars ($50.00), or discharge any Additional Rent(b) five percent (5%) of the unpaid rent or other payment. Notwithstanding the foregoing, Landlord shall have all rightsnot charge Tenant a late charge on a late payment so long as (i) Tenant was not late with the payment of any rent or other sum due under this Lease during the preceding twelve (12) month period, powers and (ii) Landlord receives the rent or other sum due that is late within five (5) days of the original due date. The amount of the late charge to be paid by Tenant shall be reassessed and added to Tenant’s obligation for each successive month until paid. The provisions of this Section 3.2 in no way relieve Tenant of the obligation to pay rent or other payments on or before the date on which they are due, nor do the terms of this Section 3.2 in any way affect Landlord’s remedies provided herein or by law pursuant to Article 19 of this Lease in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the event said rent or other payment is unpaid after date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Ratedue.
Appears in 1 contract
Sources: Lease (Appgate, Inc.)
Rent. Tenant covenants and agrees to pay Landlord, for the demised premises, rent at the following rates and times:
(a) Tenant covenants to shall pay to LandlordLandlord the sum of four percent (4%) of Gross S&L Revenues, as rent for the Premises hereinafter defined. Said sums shall be payable on or before September 15 of each year during the Interim Term, the Primary Term and each Extended Term term of this Lease (if Tenant extends the Term in accordance and shall be determined with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, in advance, on the first day of each calendar month (herein called the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds reference to the Landlord at Gross S&L Revenues actually received by Tenant for its preceding 12-month fiscal year ended July 31. Rent shall be prorated for any partial year included in the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agentterm.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late The payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have be accompanied by a statement of Tenant's Chief Financial Officer setting forth the Gross S&L Revenues actually received by Tenant for the period involved and the method of computing the amount, if any, simultaneously being paid by Tenant to Landlord in such detail as Landlord and Tenant shall from time to time reasonably agree. The term "Gross S&L Revenues" shall mean any and all rightsrevenues determined in accordance with generally accepted accounting principles attributable to the use or ownership of the leased premises and any additional property owned by the Tenant, powers and remedies provided herein or by law its successors or assigns or any affiliates of any such parties, now or at any time in the case future used and operated on an integrated basis as a part of nonpayment what is now known as the Wolf Mountain Ski Resort or any successor thereto (including without limitation, any of Basic Rentthe land included in Section 25.06 below and any of the property designated on the Parcel Maps as [UPC Mines, Lehmer, BLM, Sun Peak, ▇. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent ▇▇▇▇▇▇▇▇, UWSP and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%Hi Ute Ranch]), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Rate.from any buildings, lodges, restaurants, sports facilities, condominium units, lifts or other structures located thereon, including without limitation, any sales, charges, dues, rentals, concessions, fees, or other revenues relating thereto, excluding only:
Appears in 1 contract
Rent. (a) Tenant covenants to pay to Landlord, as rent for If the Premises during the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, in advance, on Commencement Date is other than the first day of each a calendar month (herein called month, the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer first monthly installment of immediately available funds Fixed Annual Rent shall be prorated to the Landlord at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all end of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agentsaid calendar month.
(b) All rent shall be paid by currently dated, unendorsed check of Tenant, payable to the order of Owner or to an agent designated by Owner, and drawn on a bank or trust company which is a member of the Connecticut Clearing House.
(c) Tenant covenants that all shall pay the Fixed Annual Rent without notice or demand. If no date shall be set forth herein for the payment of any other amountssums due Owner, liabilities then such sums shall be due and obligations payable within 10 business days after the date upon which Owner makes written demand for such payment. The Fixed Annual Rent and such other sums due Owner are referred to in this lease as "rent".
(d) If at any time during the term the rent, or any part thereof, shall not be fully collectible by reason of any law and requirement of public authorities, Tenant assumes or agrees shall enter into such agreements and take such actions as Owner may request to permit Owner to collect the maximum rents which may, during continuance of such legal rent restrictions, be legally permissible (but not in excess of the amounts reserved under this lease). Upon termination of such rent restriction prior to the Expiration Date (i) the rent shall become and thereafter be payable in accordance with the amounts reserved in this lease for the period of the term following such termination, and (ii) Tenant shall pay or discharge Owner, if legally permissible, an amount equal to (y) the rent which would have been paid pursuant to this Lease together with every fine, penalty, interest and cost which may be added lease but for nonpayment or late payment thereof, shall constitute additional such legal rent hereunder restriction less (herein called "ADDITIONAL RENT"). In z) the event of any failure rents paid by Tenant to pay for the period during which such rent restriction was in effect.
(e) If any installment of Fixed Annual Rent is not paid when due, or discharge if any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or other monies owing by law in the case Tenant are not paid within 10 business days of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until and payable, Tenant shall pay Owner, without prejudice to any of Owner's rights and remedies, in compensation for the additional administrative, bookkeeping and collection expenses incurred by reason of such amount overdue sum, a sum calculated by multiplying the late payment by three percentage points above the prime rate or its OFF/MAS/1991 equivalent then established by Chemical Bank, or its successors, dividing the product by 365 and multiplying the quotient by the number of days between the date such payment was due and the date such payment is paid in full at fact paid. Nothing herein shall be intended to violate any applicable law, code or regulation, and in all instances all such charges shall be automatically reduced to any maximum applicable legal rate or charge. Such compensation shall be without prejudice to any of Owner's rights and remedies hereunder.
(f) If any check tendered by Tenant, for any payment due, shall be dishonored by the per annum rate payor bank, Tenant shall pay Owner, without prejudice to any of interest (Owner's rights and remedies, in compensation for the "DEFAULT RATE") equal to additional administrative, bookkeeping and collection expenses incurred by reason of such dishonored check, the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by lawsum of $100. If during any twelve month period during the Wall Street Journal is no longer published term of this lease, two or more checks tendered by Tenant, for any payment due, shall be dishonored by the Wall Street Journal discontinues publication payor bank, Owner may at any time thereafter require that all future payments of the "prime rate," then Landlord rent by Tenant shall designate a reasonably comparable source to identify the Prime Ratebe made by certified or official bank checks.
Appears in 1 contract
Sources: Sublease Agreement (International Telecommunication Data Systems Inc)
Rent. (a) Tenant covenants and agrees to pay to LandlordLandlord by good and sufficient check at the address of Landlord herein provided (or at such other address as Landlord may designate) monthly rent in the amount of Three Thousand and 00/100 Dollars ($3,000.00), as rent for the Premises during the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, payable in advance, on the first day of each calendar month (herein called the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds to the Landlord at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent month. The foregoing rent shall be paid directly to Landlord without notice or demand, and without abatement, deduction, setoff, reduction, counterclaim, or diminution. If a Mortgagee (as defined rent payment is mailed, it shall be mailed in Subparagraph 23(a)) or an institutional payment agentsufficient time and with adequate postage thereon to be actually received by Landlord by the due date.
(b) All sums due and owing by Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to the terms of this Lease together with every fineAgreement other than the rent specified in subparagraph 3(a) above are additional rent, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers of the same rights and remedies provided herein to collect such additional rent as it has to collect rent.
(c) If any payment of rent or additional rent is not received by law Landlord on the date on which such payment is due, then Tenant shall pay Landlord, as additional rent, interest on the amount of such overdue payment accruing from the due date until the date when paid at the rate of twelve percent (12%) per annum. If Landlord must consult with or engage the services of an attorney to collect any rent or additional rent owed by Tenant under this Agreement or to otherwise enforce Landlord's rights under this Agreement, then Tenant shall pay Landlord, as additional rent, all attorneys fees incurred by Landlord.
(d) It is the intention of Landlord and Tenant that all rent payable under this Agreement shall be absolutely "net" to Landlord, except as to the express obligations of Landlord contained in this Agreement, and accordingly all costs, expenses, and obligations of every kind relating to all utilities, insurance, repairs, replacement, rebuilding, painting, cleaning, maintenance, operation, and upkeep of the case Premises that are not specifically assumed by Landlord under this Agreement are deemed to be the responsibility of nonpayment Tenant; and Tenant does hereby release and indemnify Landlord from or against all such costs, expenses, and obligations not specifically assumed by Landlord under this Agreement. Except as otherwise specifically assumed by Landlord in this Agreement, this Agreement shall not terminate nor shall Tenant be entitled to any abatement, deduction, deferment, suspension, or reduction of, or setoff, defense, or counterclaim against, any rent, additional rent, charges, or other sums payable by Tenant under this Agreement, it being the intention that the obligations of Basic Rent. Landlord and Tenant further hereunder shall be separate and independent covenants and agreements and that the net rent, additional rent, and all other charges and sums payable by Tenant hereunder shall continue to be payable in all events unless the obligation to pay same shall be terminated pursuant to the express provisions of this Agreement.
(e) Simultaneously with the execution of this Agreement, Tenant has delivered to Landlord on demand interest on all Basic Rent the sum of Twenty Five Thousand and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest 00/100 Dollars ($25,000.00) (the "DEFAULT RATESecurity Deposit") as security for Tenant's full and faithful performance of all of its obligations under this Agreement (including, without limitation, the obligation to pay rent). Tenant shall not be entitled to any interest on the Security Deposit, and Landlord may commingle the Security Deposit with its other funds. If Tenant shall default in the performance of any of its obligations under this Lease, Landlord may (but shall not be obligated to) apply all or any portion of the Security Deposit to the damages sustained by Landlord as a result of or to cure such default. Landlord's application of the Security Deposit pursuant to the preceding sentence shall not be construed as an agreement to limit the amount of Landlord's claim or as a waiver of any damage resulting from Tenant's default. At any time that Landlord shall have applied all or a portion of the Security Deposit as aforesaid, Tenant shall, within ten (1 0) days after a request by Landlord, pay Landlord a sum equal to the annual portion of the Security Deposit so applied, which sum shall then become part of the Security Deposit. The Security Deposit shall not be deemed or construed to be an advance payment of rent for any month during the Term.
(f) Tenant and Landlord agree that when "prime rateClosing" identified in (as hereinafter defined) occurs, then at Closing the Security Deposit shall be credited toward the "Money RatesPurchase Price" column in the Wall Street Journal (the "PRIME RATE"as hereinafter defined) plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime RateProperty.
Appears in 1 contract
Sources: Lease and Purchase Agreement (Industrial Services of America Inc /Fl)
Rent. (a) Tenant Commencing on the Commencement Date, Sublessee hereby covenants and agrees to pay to Landlord, Sublessor as rent Base Rent for the Sublease Premises during the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto in Section A.iv. of the Fundamental Sublease Terms hereof. All other sums payable hereunder shall be deemed additional rent (herein called collectively, the "Basic Additional Rent") in monthly installments, in advance, on the first day of each calendar month (herein called the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds to the Landlord at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In From and after the event of any failure by Tenant Commencement Date, Sublessee shall pay to pay or discharge any Sublessor all Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Base Rent and Additional Rent due to Landlord from shall be payable in advance and without demand on the date due until such amount is paid in full first (1st) day of each and every calendar month during the entire Sublease Term. Base Rent and Additional Rent shall be prorated for any partial month at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published beginning or the Wall Street Journal discontinues publication end of the "prime rate," then Landlord Sublease Term. Sublessee shall designate pay rent to Sublessor at the address provided for Sublessor in Section A.v. of the Fundamental Sublease Terms hereof, unless otherwise designated by Sublessor. No payment by Sublessee or receipt by Sublessor of a reasonably comparable source lesser amount than the Base Rent or Additional Rent shall be deemed to identify be other than on account of the Prime Rateearliest stipulated rent, nor shall any endorsement or statement on any check or any letter accompanying any check or payment as rent be deemed an accord and satisfaction, and Sublessor shall accept such check or payment without prejudice to Sublessor's right to recover the balance of such Base Rent and Additional Rent or pursue any other remedy provided in this Sublease.
Appears in 1 contract
Sources: Sublease (Crocs, Inc.)
Rent. (a) Tenant covenants to shall pay to Landlord, as rent Landlord in lawful money of the United States of America which shall be legal tender for the Premises during the Interim Termpayment of public and private debts, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) without offset or deduction, the amounts set forth on EXHIBIT 5 attached hereto hereinafter as Minimum Rent (herein called or Allocated Minimum Rent) and any additional rent payable to Landlord during the "Basic Rent") Term at Landlord’s offices located at its address for notices set forth in Section 38 below, or at such other place as Landlord may advise in writing. Payments of Minimum Rent shall be made in advance in equal monthly installments, in advance, installments on the first (1st) day of each calendar month (herein called from and after the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds to the Landlord at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agentEffective Date.
(b) Tenant covenants that all other amountsshall pay to Landlord as monthly “Allocated Minimum Rent” for each Facility the amounts allocated to and set forth opposite such Facility on Exhibit A attached hereto and incorporated herein by this reference, liabilities in advance on or before the first (1st) day of each calendar month, as the same may be increased as set forth in Exhibit E attached hereto and obligations which Tenant assumes or agrees incorporated herein by this reference. The first monthly payment of Allocated Minimum Rent with respect to pay or discharge pursuant to each Facility shall be payable on the Effective Date of this Lease together with every finerespect to such Facility (prorated as to any partial calendar month at the beginning of the Term for such Facility).
(c) If Landlord does not receive from Tenant any payment of Minimum Rent within ten (10) days after such payment is due, penaltyLandlord, interest at its option may charge Tenant a late charge and cost which handling fee equal to Five Percent (5%) of such Minimum Rent. Such fee shall be considered additional rent and shall be due and payable by Tenant to Landlord immediately upon delivery of written notice to Tenant. In addition, if any check of Tenant is returned to Landlord unpaid, Tenant shall reimburse Landlord for all charges associated with such returned check and Landlord, at its option, may be added for nonpayment thereafter require that Tenant pay the Minimum Rent and any other charges payable hereunder by a certified or late payment thereof, cashier’s check.
(d) All additional sums payable by Tenant to Landlord under the provisions of this Lease shall constitute additional rent hereunder rent.
(herein called "ADDITIONAL RENT"). In 1) Except as otherwise expressly provided in this Lease, this Lease is a “net lease” pursuant to which the event parties intend to yield “net” to Landlord the rental provided for in Section 6(b) above.
(2) To further ensure that the Minimum Rent to Landlord is absolutely “net” to Landlord, Tenant further agrees to timely pay during the Term of any failure by Tenant this Lease, all costs and expenses, including but not limited to pay or discharge any Additional Rent, Landlord shall have all rights, powers the following:
(A) All occupational licenses and remedies provided herein or by law other permits necessary in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication operation of the "prime rate," then business to be conducted on the Demised Premises;
(B) All utility charges for water, sewer, electricity, gas, telephone or any other services provided to or consumed on the Demised Premises; provided, however, it is expressly understood that utility impact fees and tap or connection fees shall be the expense of Landlord.
(C) All sales and use taxes due as a result of the business conducted on the Demised Premises and any real and personal property taxes assessed against any property located on or used in connection with the Demised Premises;
(D) All real property taxes and assessments levied on the Demised Premises as provided in Section 11; and
(E) All premiums for all insurance required by this Lease as provided in Section 13, and Tenant agrees to hold Landlord shall designate a reasonably comparable source to identify the Prime Rateharmless from any such cost or expense related thereto.
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Rent. 5.01 Tenant shall pay Landlord, without any setoff or deduction, unless expressly set forth in this Lease, all Base Rent and Additional Rent due for the Term (acollectively referred to as “Rent”). “Additional Rent” means all sums (exclusive of Base Rent) that Tenant covenants is required to pay to LandlordLandlord under this Lease. Tenant shall pay and be liable for all rental, as rent for the Premises during the Interim Termsales and use taxes (but excluding income taxes), the Primary Term if any, imposed upon or measured by Rent. Base Rent and each Extended Term recurring monthly charges of this Lease (if Tenant extends the Term Additional Rent shall be due and payable in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, in advance, advance on the first day of each calendar month without further notice or demand. All other items of Rent shall be due and payable by Tenant on or before thirty (herein called the "BASIC RENT PAYMENT DATES"30) days after billing by wire or other electronic transfer of immediately available funds Landlord. Rent shall be made payable to the entity, and sent to the address, Landlord at the address set forth above designates and shall be made by good and sufficient check or by other means acceptable to such other person or such other place or account as Landlord from time to time may designate to Landlord. If Tenant in writing; provideddoes not pay any Rent when due hereunder, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by require Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law an administration fee in the case amount of nonpayment $250.00, provided that Tenant shall be entitled to a grace period of Basic Rentup to five (5) Business Days after the due date for the first two (2) late payments of Rent in a calendar year. In addition, past due Rent shall accrue interest at 10% per annum if not paid within ten (10) days of the due date hereunder, and Tenant further covenants to pay shall reimburse Landlord for any bank fee charged to Landlord for any checks returned by Tenant’s bank for any reason. Landlord’s acceptance of less than the correct amount of Rent shall be considered a payment on demand interest on all Basic account of the oldest obligation due from Tenant hereunder, then to any current Rent and Additional Rent then due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal hereunder, notwithstanding any statement to the annual "prime rate" identified contrary contained on or accompanying any such payment from Tenant. Rent for any partial month during the Term shall be prorated. No endorsement or statement on a check or letter accompanying payment shall be considered an accord and satisfaction. Except as otherwise expressly provided in the "Money Rates" column this Lease, every covenant in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but this Lease is independent of every other covenant in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Ratethis Lease.
Appears in 1 contract
Sources: Office Lease Agreement (Investment Technology Group Inc)
Rent. (a) Tenant covenants to shall pay to Landlord (or to Lender, if directed by Landlord), as minimum annual rent for the Premises Properties during the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 in Exhibit "B" attached hereto (herein called the "Basic Rent") in monthly installments), in advancecommencing on the first day of February, 2003 for the preceding month and continuing on the first day of each calendar month thereafter during the Term, in each case for the preceding month, and on the last day of the Term for the month then ending (herein the said days being called the "BASIC RENT PAYMENT DATESBasic Rent Payment Dates") by wire or other electronic transfer of immediately available funds to ), and shall pay the Landlord same at the Landlord's address set forth above below, or to such other person or at such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate in funds which at the time of such payment shall be legal tender for the payment of public or private debts in the United States of America and if required by Lender by wire transfer in immediately available federal funds to Tenant such account in writing that all but not less than all such bank as Lender shall designate, from time to time. Basic Rent for the period from and including the Commencement Date through and including December 31, 2002 shall be paid on the Commencement Date in the amount equal to one thirtieth (1/30) of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agentfor the initial term set forth on Exhibit "B" attached hereto for each day from and including the Commencement Date through and including December 31, 2002.
(b) Tenant covenants that shall pay and discharge before the imposition of any fine, lien, interest or penalty may be added thereto for late payment thereof, as Additional Rent, all other amounts, liabilities amounts and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease Lease, together with every fine, penalty, interest and cost which may be added by the party to whom such payment is due for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rentof the foregoing, Landlord shall have all rights, powers and remedies provided herein or herein, by law or otherwise, in the case event of nonpayment of Basic Rent. .
(c) If any installment of Basic Rent is not paid within five (5) days after written notice is given by Landlord or Lender (or Lender's servicer or other designee of Lender) to Tenant further covenants to that the same is overdue, Tenant shall pay to Landlord or Lender, as the case may be, on demand interest on all Basic Rent and demand, as Additional Rent due Rent, a late charge equal to Landlord from the date due until such amount is paid in full at the per annum rate of interest five percent (5%) (the "DEFAULT RATELate Charge") equal to on such overdue installment of Basic Rent.
(d) Landlord and Tenant agree that this Lease is a true lease and does not represent a financing arrangement. Each party shall reflect the annual transactions represented by this Lease in all applicable books, records and reports (including, without limitation, income tax filings) in a manner consistent with "prime ratetrue lease" identified in the treatment rather than "Money Ratesfinancing" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Ratetreatment.
Appears in 1 contract
Rent. (a) Tenant covenants to will pay to Landlordthe base rent as shown in Exhibit "D" in equal monthly installments in advance beginning on the Commencement Date, as rent for the Premises during the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, in advance, thereafter on the first day of each calendar month during the term (herein called the except as otherwise shown in Exhibit "BASIC RENT PAYMENT DATESD"), prorated for any portion of a month. The term "rent" includes base rent, additional rent and all other amounts to be paid by Tenant under this Lease, whether or not specifically described as rent. All rent will be paid without demand, deduction, counterclaim or offset of any type (except as may be specifically provided otherwise elsewhere in this Lease) by wire or other electronic transfer of immediately available funds to the Landlord in lawful U.S. legal tender at the address set forth above ▇▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇ or to such other person or such other place or account as Landlord may from time to time may designate designate. Notwithstanding the foregoing, if and for so long as there is a mortgage loan encumbering the Premises or a loan that is secured by the Letter of Credit, at the written request of Landlord or Tenant, Landlord and Tenant will establish a collection account for the receipt and disbursement of base rent. In such event, Tenant, will pay the base rent as and when required each month into this collection account, and the collection agent promptly will disburse from such amount an amount sufficient to pay debt service and any other amounts owed to the mortgage lender and the lender of the loan secured by the Letter of Credit, with the balance being disbursed first to Tenant in writing; provided, Landlord may designate (but only if and to the extent necessary to pay current debt service to Tenant in writing that all but under the LC Note per Section 24.17(f) if any amounts are then owed under the LC Note) and then to Landlord. The collection agent and the terms of this collection account will be subject to the mutual written approval of Landlord and Tenant, which approval will be based on customary terms for such agreements and will not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) unreasonably withheld or an institutional payment agentdelayed.
(b) If Tenant covenants provides and continues to provide the Letter of Credit in accordance with Section 24.17 and otherwise does not default under this Lease, within thirty (30) days after payment by Tenant and delivery to Landlord of an invoice therefor and reasonable evidence of Tenant's payment (but not earlier than the date that all other amountsTenant pays its first full month of base rent under this Lease), liabilities and obligations which Tenant assumes Landlord either will reimburse to Tenant, or agrees to pay or discharge pursuant to this Lease together with every finecredit against rent owed by Tenant, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure actual amounts paid by Tenant to pay or discharge any Additional Rentthe issuer of the Letter of Credit for such issuance, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants up to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such an annual amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four one percent (41%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication ) of the "prime rate," then Landlord shall designate a reasonably comparable source face amount of the Letter of Credit from time to identify the Prime Ratetime.
Appears in 1 contract
Rent. the Premises as outlined above, Owner, or Community Manager on Owner’s behalf, shall perform a final move-out inspection on or promptly after the date Tenant vacates the Premises and Tenant shall accept Owner’s assessment of property damages on the Move-In/Move-Out Inspection Form (aSchedule 5) as stated in the final move-out inspection form. Within twenty-one (21) business days following the date on which Tenant covenants has vacated the Premises or such shorter period as may be provided in the Community Specific Addendum, Owner shall provide Tenant with an itemized list of actual costs, for which Tenant shall be responsible, to pay repair identified deficiencies not otherwise remedied by Tenant pursuant to LandlordSection 7.D. prior to move-out or approved by Owner to remain in place pursuant to Section 7.E. No later than the last day of Tenant’s occupancy, Tenant shall: (i) give Owner all keys and copies of all keys or entry devices to the Premises, including common areas; (ii) vacate and surrender Premises to Owner, empty of all persons’ and Tenant’s personal property; (iii) vacate any/all parking and/or storage space; (iv) clean and deliver the Premises to Owner in the same condition as referenced in Section 3.A, excepting ordinary wear and tear; (v) remove all debris; and (vi) give written notice to Owner of ▇▇▇▇▇▇’s forwarding address.
A. Unless otherwise specified on Schedule 1, the rent (“Rent”), shall be an amount equal to the Basic Allowance for Housing (“BAH”) at the applicable BAH rate for the service member Tenant’s duty station and military grade, being more particularly set forth in Box 6 and Box 7 of Schedule 1, [which shall include any Owner provided utilities] OR [minus the utility allowance for the Premises, as rent for defined in the utility allowance addendum] [, and minus Rent concessions identified in Box 8 on Schedule 1, if applicable]. If Tenant’s duty station is not at the Installation where the Premises during the Interim Termare located, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term BAH shall be determined in accordance with Paragraph 4) Service policy applicable to such Tenant. Rent shall be payable in arrears (i.e., each Rent payment pays Rent for the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent"previous month) in monthly installments. Rent is due on the calendar day identified in Box 7 on Schedule 1. If ▇▇▇▇▇▇’s BAH rate changes at any time during the term of this Lease, Tenant must notify Owner within thirty (30) calendar days of the change. Notwithstanding the foregoing, upon an increase in advanceTenant’s BAH, on Rent shall increase automatically to the new BAH rate, whether or not Tenant provides notice to Owner of such increase and Tenant waives any notice from Owner of an automatic rent increase. If this Lease begins after the first day of each calendar the month, Tenant shall pay the prorated amount based upon 1/30th of the monthly Rent. Tenant shall pay the partial month Rent shown in Box 16 on Schedule 1 on the Payment Date in the following month.
(herein called 1) If the "BASIC RENT PAYMENT DATES"Premises is occupied by two or more married Tenants, both of whom are active duty service members, the Rent will be the equivalent BAH rate for the highest ranking Tenant, at the With Dependents rate, for the Installation, as set out in Box 7 on Schedule 1 [minus the Utility Allowance for the Premises (if applicable)].
(2) If the Tenant has been designated as a key and essential employee by wire the Installation, and is single or other electronic transfer of immediately available funds not accompanied by family members, the Rent will be equal to the Landlord Tenant’s housing allowance at the address set forth above “Without Dependent rate,” [minus the Utility Allowance for the Premises (if applicable)].
(3) If Owner elects to provide Tenant a home in a housing category higher than Tenant’s military pay grade, then the Rent will be based on the applicable BAH rate for the Tenant’s military pay grade. If Tenant elects to reside in a home that is in a housing category higher or lower than Tenant’s military pay grade, then the parties shall execute an addendum that states the basis and amount of the Rent.
B. Unless otherwise provided for in the Community Specific Addendum, Rent shall be paid through (i) Unit Diary Entry Electronic Funds Transfer (UDEFT) (Marine Corps), (ii) Military Assistance Company (MAC) [▇▇▇▇] (Navy/Air Force/Army), or (iii) PeopleSoft (Coast Guard), if applicable (each, as applicable, a “Rent Payment Service Option”). If a Rent Payment Service Option is not applicable, Rent may be paid to such Owner or its designated agent by payroll allotment/deduction (the “Allotment”). Rent and all other person charges owed by ▇▇▇▇▇▇ and not paid by a Rent Payment Service Option or such Allotment will be payable by another means reasonably directed by Owner, which at Owner’s option may include personal check, certified check, money order, automated clearing house or through other place or account as Landlord payment methods (e.g. online/website, smart device application), which alternate means may be changed from time to time may designate with 30 days written notice to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all and each of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment subject to applicable service charges. Owner will apply payments to any previously owed Rental amounts prior to current Rents or late payment thereofas otherwise required by applicable law.
C. After the Premises is vacated, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent refund due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Rate.Tenant will be made within thirty
Appears in 1 contract
Rent. (a) Tenant covenants to pay to Landlord, as rent for the Premises during the Interim Term, the Primary Term The rents shall be and each Extended Term consist of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto Base Rent (herein called the "Basic RentBASE RENT") in monthly installments, in advance, on the first day of each calendar month (herein called the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds to the Landlord at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic and Additional Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event For purposes of any failure by Tenant to pay or discharge any Additional Rentthis Lease Agreement, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Base Rent and Additional Rent due are referred to Landlord from collectively as "RENT." Base Rent shall be the date due until such amount is paid indicated in full at the per annum rate Basic Lease Information. Base Rent shall be payable in equal monthly installments in advance on the first day of interest each and every calendar month during the term of this Lease (except to the "DEFAULT RATE") extent otherwise specifically provided elsewhere in this Lease. Payment of Base Rent and Additional Rent for the 5th Floor of the Premises shall commence on the 5th Floor Commencement Date and shall be equal to the annual "prime rate" identified 5th Floor rentable square feet multiplied by the (i) Base Rent per rentable square foot set forth in the "Money Rates" column Basic Lease Information, plus (ii) Additional Rent per rentable square foot as set forth in Section 4.1. Payment of Base Rent and Additional Rent for the 6th Floor of the Premises shall commence on the 6th Floor Commencement Date and shall be equal to the 6th Floor rentable square feet multiplied by the (i) Base Rent per rentable square foot set forth in the Wall Street Journal Basic Lease Information, plus (ii) Additional Rent per rentable square foot as set forth in Section 4.1 per rentable square foot set forth in the "PRIME RATE") plus four percent (4%)Basic Lease Information. Payment of Base Rent for the 15th Floor of the Premises shall commence on the 15th Floor Commencement Date and shall be equal to the 15th Floor rentable square feet multiplied by the Base Rent per rentable square foot set forth in the Basic Lease Information. Payment of Additional Rent for the 15th Floor of the Premises shall commence on the date Tenant occupies the 5th Floor for the operation of business and shall be equal to Additional Rent as set forth in Section 4.1 per rentable square foot set forth in the Basic Lease Information. Additional Rent shall consist of all other sums of money as shall become due from and payable by Tenant to Landlord hereunder. All Rent shall be paid in lawful money of the United States of America to Landlord at its office or such other place, but as Landlord shall designate by notice to Tenant. Tenant shall pay the Base Rent and Additional Rent promptly when due without notice or demand therefor and without any abatement, deduction or setoff for any reason whatsoever, except as expressly provided in no event shall the Default Rate exceed the maximum rate permitted by lawthis Lease. If the Wall Street Journal is no longer published Commencement Date for any floor occurs on a day other than the first day of a calendar month, or the Wall Street Journal discontinues publication Expiration Date occurs on a day other than the last day of a calendar month, the "prime rate," then Landlord Base Rent for such floor for that partial calendar month shall designate be prorated on a reasonably comparable source to identify the Prime Ratedaily basis.
Appears in 1 contract
Sources: Lease Agreement (Webtrends Corp)
Rent. On the date that Tenant executes this Lease, Tenant shall deliver the original executed Lease to Landlord. Subject to the provisions of Section 40 below and the required payment periods set forth therein, Tenant shall deliver to Landlord the Advance Rent (a) which shall be applied against the Base Rent applicable for the first month that Tenant covenants is required to pay to Landlord, as rent for the Premises during the Interim TermRent [i.e., the Primary 7th month of the Lease Term]). Tenant agrees to pay Landlord all Base Rent due under this Lease, without prior notice or demand, abatement, offset, deduction or claim, except as otherwise specifically provided herein, in advance at Landlord’s Address commencing on the 1st day of the eighth (8th) month of the Lease Term and thereafter on the first (1st) day of each Extended month throughout the balance of the Term of the Lease. In addition to the Base Rent, Tenant shall pay Landlord in advance on the Commencement Date and thereafter on the first (1st) day of each month throughout the balance of the Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installmentsLease, in advance, on the first day of each calendar month (herein called the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds to the Landlord at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord Tenant’s Share of Operating Expenses and Tax Expenses pursuant to Section 6.3, Common Area Utility Costs, and Utility Expenses. The term “Rent” whenever used herein refers to the aggregate of all these amounts. During the Base Rent Abatement Period, Tenant shall have continue to be liable for the payment of all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Additional Rent. Tenant further covenants to pay to Landlord The Rent for any fractional part of a calendar month at the commencement or expiration or termination of the Lease Term shall be a prorated amount of the Rent for a full calendar month based upon a thirty (30) day month. The prorated Rent shall be paid on demand interest on all Basic Rent the Commencement Date and Additional Rent due to Landlord from the first (1st) day of the calendar month in which the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published expiration or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Ratetermination occurs.
Appears in 1 contract
Sources: Lease Agreement (Linkedin Corp)
Rent. (a) Tenant covenants shall pay a base rent of $10.00 per annum (the “Base Rent”) to Landlord annually in advance. The first annual installment thereof in the amount of $10.00 shall be payable on the Commencement Date, and each subsequent installment of Base Rent shall be payable on each anniversary of the Commencement Date occurring during the Term.
(b) This Lease is intended to be an absolute net lease such that this Lease shall yield all Base Rent payable hereunder as an absolutely net return to Landlord. Accordingly, Tenant shall pay as additional rent hereunder all taxes, insurance, assessments, utilities, maintenance, repair and compliance costs, and all other costs, expenses and obligations of every kind and nature whatsoever relating to the use of the Premises that may be incurred during the Term hereof. At all times during which the Premises and the parcel adjacent thereto that is presently owned by Landlord (the “Adjacent Parcel”) constitute the same tax parcel, the taxes assessed on the unimproved land comprising the Premises and the Adjacent Parcel will be equitably adjusted such that Tenant shall pay 50% of the aggregate taxes attributable to such unimproved land and Landlord shall pay the balance (it being acknowledged and agreed that in the event the taxes attributable to such land are increased due to the value of any improvements on the Adjacent Parcel, Tenant’s share of such taxes shall be adjusted such that no portion of any such increase attributable to the value of such improvements shall be the responsibility of Tenant).
(c) All costs and expenses which ▇▇▇▇▇▇ assumes or agrees to pay and any other sum payable by Tenant pursuant to Landlord, as rent for the Premises during the Interim Term, the Primary Term and each Extended Term of this Lease shall be deemed additional rent (if Tenant extends “Additional Rent”), whether or not so designated herein (Base Rent and Additional Rent are sometimes collectively referred to herein as the Term “Rent”). The Rent shall be paid in accordance with Paragraph 4) lawful money of the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, in advance, on the first day United States of each calendar month (herein called the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds America to the Landlord at the address set forth above or to such other person or at such other place or account as Landlord may from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) without any prior notice or an institutional payment agentdemand therefor and without deduction or offset.
(bd) If any Rent is not paid within ten (10) days after notice that the same is delinquent, Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to shall pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or Landlord a late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event charge of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four five percent (45%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication ) of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Rateamount due.
Appears in 1 contract
Sources: Lease
Rent. (a) Tenant covenants to Subtenant shall pay to LandlordSublandlord, as rent for throughout the Premises during the Interim Sublease Term, the Primary Term and each Extended Term 57.33% of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Fixed Rent" per annum provided to be paid with respect to the Additional Space pursuant to the Amendment (the "Base Rent") in monthly installments). The Base Rent shall be payable by Subtenant to Sublandlord, in advance, in equal consecutive monthly installments which are due and payable on or before the date that is five (5) business days preceding the first day of each calendar month (herein called during the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds to the Landlord at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agentSublease Term.
(b) Tenant covenants that Subtenant shall also pay to Sublandlord, throughout the Sublease Term as additional rent ("Additional Rent"), all additional rent and other amountscharges due under the Lease which is attributable to the Subleased Premises. The additional rent and other charges which is attributable to the Subleased Premises shall be (i) 57.33% of the amounts set forth in the Amendment, liabilities and obligations (ii) to the extent not set forth in the Amendment shall be determined by dividing the total payments payable by Sublandlord under the Lease by the rentable square feet of the Premises and multiplying the quotient by the number of rentable square feet in the Subleased Premises. Subtenant shall be responsible for both any estimated payments of Additional Rent and any reconciliation payments of Additional Rent which Tenant assumes or agrees to pay or discharge are payable by Sublandlord pursuant to this Lease together the Lease. Appropriate prorations shall be made with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, respect to any partial calendar years included in the Sublease Term. Sublandlord shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event notify Subtenant of any failure by Tenant such estimated amounts and any reconciliation amounts promptly upon Sublandlord's receipt of notice from Landlord of the amounts due with respect to the entire Premises. Subtenant shall make all Additional Rent payments to Sublandlord upon demand.
(c) Subtenant shall be solely responsible for any costs or charges attributable to the Subleased Premises during the Sublease Term for items such as damage repair, extra or after-hours HVAC service, extra janitorial services, excess electrical consumption, light bulb replacement and the like. Subtenant shall also pay or discharge any Additional and all tax due with respect to Rent (as such term is hereinafter defined) pursuant to the laws of New York and/or any political subdivision thereof; provided, however, that Subtenant shall not be responsible for the payment of any tax levied on Sublandlord that is in the nature of an income tax.
(d) The Base Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Additional Rent and Additional Rent all charges due by Subtenant under subparagraph (c) of this Article "3" are collectively referred to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the this Sublease as "DEFAULT RATERent") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Rate.
Appears in 1 contract
Rent. (a) If Tenant extends the Term in accordance with Paragraph 4, beginning on the Rent Commencement Date (as defined in Paragraph 5(c) below), Tenant covenants to pay to Landlord, as rent for the Premises during the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) Lease, the amounts set forth on EXHIBIT Exhibit 5 attached hereto (herein called the "“Basic Rent"”) in monthly installments, in advance, on the first business day of each calendar month (herein called the "BASIC RENT PAYMENT DATES"“Basic Rent Payment Dates”) by wire or other electronic transfer of immediately available funds to the Landlord at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"“Additional Rent”). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from beginning five (5) days after the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE"“Default Rate”) equal to the annual "“prime rate" ” identified in the "“Money Rates" ” column in the Wall Street Journal (the "PRIME RATE"“Prime Rate”) plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "“prime rate," ” then Landlord shall designate a reasonably comparable source to identify the Prime Rate.
(c) The first (1st) monthly installment of Basic Rent shall be due and payable on or before the first business day of the thirty-seventy (37th) calendar month following the commencement of the Primary Term (“Rent Commencement Date”).
Appears in 1 contract
Sources: Lease (Radioshack Corp)
Rent. (a) Tenant covenants to pay to Landlord, as rent for the Premises during the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, in advance, The Minimum Rent shall be increased on the first day of each calendar month Extension (herein called "Rental Adjustment Date") to the "BASIC RENT PAYMENT DATESFair Rental Value" of the Premises, calculated in accordance with the GLA of the Premises, ") by wire or other electronic transfer Fair Rental Value" shall mean the highest rental per square foot of immediately available funds GLA received from new non-equity tenants prior to the Landlord applicable Rental Adjustment Date since the execution of the Lease for space located within the Project or, at the address set forth above or option of Landlord, within a radius of five miles of the Project, which space is comparable in use to the Premises. In determining whether space is comparable, improvements made in that space by the tenant thereof shall not be considered, but appropriate consideration shall be given to annual rental rates per square foot of GLA, rent escalations (including type, base year and stop), concessions, such as free rent and tenant improvement allowances, brokerage commissions, lease term, size and location of premises, work letter provisions and other person or such other place or account as generally applicable terms. At least 30 days prior to the applicable Rental Adjustment Date, Landlord from time to time may designate shall submit a written proposal to Tenant stating the proposed Fair Rental Value to be applicable during the Extension. Tenant shall have 10 days from receipt within which to reject Landlord's proposal. If Tenant fails to give such notice of rejection within such 10-day period, Tenant shall be deemed to have accepted such proposal, in writing; provided, Landlord may designate to Tenant in writing that all but not less than all which event such proposal shall become effective as of the monthly Basic applicable Rental Adjustment Date, and the remainder of this Paragraph shall be inapplicable. If Tenant rejects Landlord's proposal within such 10-day period, then Landlord shall have the choice of (i) establishing the Fair Rental Value as the Minimum Rent be paid directly in effect immediately prior to a Mortgagee the Adjustment Date, adjusted upwards by each annual increase in the CPI since the date of the last rent increase; or (as defined ii) submitting the matter to arbitration in Subparagraph 23(a)) or an institutional payment agent.
accordance with the then-current rules and regulations of the American Arbitration Association (b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called the "ADDITIONAL RENTAAA"). In The arbitration shall be conducted at the event nearest AAA office in the city in which the Premises are located. The parties shall share equally the costs of any failure such proceedings, which shall be conducted by a single neutral arbitrator appointed by application to the AAA, in accordance with the then-current AAA rules. Such arbitrator shall meet with representatives of Landlord and Tenant as soon as possible after appointment and shall issue his decisions as to the issues in dispute within 60 days after his appointment. Notwithstanding Tenant's rejection of Landlord's original proposal, during the pendency of such proceedings Tenant shall pay the Fair Rental Value of the Premises as set forth in Landlord's original proposal. Upon resolution or discharge any Additional Rentdecision of the arbitrator, Landlord shall credit the difference, if any, between the Minimum Rent paid by Tenant pursuant to Landlord's original proposal and the Minimum Rent which should have all rightsbeen paid for the same period determined by the arbitrator, powers and remedies provided herein or against subsequent payments of Minimum Rent thereafter payable by law in the case Tenant. PRODUCTS THIS CERTIFICATE IS ISSUED AS A MATTER OF Technology Insurance Services INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE Inc. CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT 400 ▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇ ▇▇▇ER THE COVERAGE AFFORDED BY Port of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime RateRedw▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇▇ ▇HE POLICIES BELOW.
Appears in 1 contract
Sources: Standard Industrial Lease (Sterigenics International Inc)
Rent. (a) During the Term of this lease Tenant covenants agrees to pay to Landlord, as Landlord a minimum annual rent for (the Premises during Minimum Rent) at the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts rates set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") below, in monthly installments, installments of one-twelfth thereof payable in advance, on advance upon the first day of each calendar month (included within the Term without set-off, deduction, or diminution except as expressly provided in this lease. Rent for any fraction of a month at the commencement and/or termination of the term of this lease shall be prorated. All rent and other payments to be made by Tenant to Landlord shall be made payable to IN DESIGN REALTY, herein called the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds Landlord, and sent to the Landlord at the address set forth above or place to such other person or such other place or account as which notices to Landlord from time are required to time may designate be sent unless Landlord shall direct otherwise by notice to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agentTenant.
(b) Tenant covenants that all other amountsAll costs, liabilities charges, expenses, and obligations adjustments of rent which Tenant assumes assumes, agrees or agrees is obligated to pay or discharge to Landlord pursuant to this Lease together with every finelease shall be deemed additional rent, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In in the event of any failure by Tenant to pay or discharge any Additional Rentnon-payment thereof, Landlord shall have all rights, powers the rights and remedies with respect thereto as are provided for herein or by law in the case of nonpayment of Basic Rentrent. Tenant further covenants to shall pay to Landlord on demand interest on all Basic Minimum Rent and Additional additional rent in lawful money of the United States which shall be legal tender in payment of all debts, public and private.
(c) Minimum Rent due to Landlord shall be payable at the following annual rates (the term “lease year” shall mean the period from the commencement date due until such amount is paid in full to the__________ , and each calendar year thereafter): During the first 2 lease years, Minimum Rent shall be at the per annum rate of interest ($__________________ per annum; or $ _______________ per Month. During the "DEFAULT RATE") equal to 2 through 3 lease years, Minimum Rent shall be at the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (rate of $________ per annum, which constitutes a market standard increase of 4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Rate.$_________ per Month
Appears in 1 contract
Sources: Lease Agreement
Rent. The Sublessee covenants and agrees to pay to the Sublessor, or as the Sublessor may in writing direct, in lawful money of Canada, without any claim, setoff, compensation or deduction whatsoever, the aggregate of the following sums:
(a) Tenant covenants to pay to Landlord, Prepaid Rent of dollars ($) being rent in respect of each year or part of a year of the Term as rent for set out in Schedule C and payable in advance on the Premises during the Interim Term, the Primary Term and each Extended Term date of this Lease Sublease;
(if Tenant extends the Term in accordance with Paragraph 4b) the amounts set forth on EXHIBIT 5 attached hereto Monthly Rent of dollars (herein called the "Basic Rent"$) in monthly installments, in advance, per month payable on the first day of each calendar month of the Term subject to an annual adjustment, to be made on each Adjustment Date commencing after the first (1st) anniversary of the date of this Sublease and payable by automatic debit if so required. On each such Adjustment Date Monthly Rent shall be increased or decreased, as the case may be, from Monthly Rent payable immediately before such adjustment, by an amount equal to the CPI Adjustment. Notwithstanding the foregoing provided that the Sublessee is not in default under this Sublease, the Sublessee shall have the right to prepay the Monthly Rent at any time during the Term upon providing written notice to the Sublessor together with a sum that is equal to the then current Monthly Rent multiplied by 225; and
(c) Additional Rent, which shall be payable as and when required pursuant to the terms and conditions of this Sublease. The Sublessor has been advised by its legal counsel that the sublease of the Leased Premises is not subject to Harmonized Sales Tax (“HST”) or the proposed Goods and Services Tax (“GST”) (herein called “GST/HST”). If it is determined that the "BASIC RENT PAYMENT DATES") disposition by wire or other electronic transfer of immediately available funds the Sublessor to the Landlord at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all Sublessee of the monthly Basic sublease interest in the Leased Premises is subject to GST/HST, the Lessor will pay the GST/HST provided that the Sublessee promptly executes and returns, at no cost to the Sublessor, any and all documents required by the Sublessor, to assign and transfer to the Sublessor any New Housing Rebate that might apply in respect of the sublease of the Leased Premises. The Sublessee hereby irrevocably assigns and transfers to the Sublessor any New Housing Rebate, or refund, or reduction of GST/HST to which Sublessee may be entitled, and authorizes the Sublessor and its agents to apply for and collect any such rebate, refund or reduction. The Sublessor irrevocably appoints the Sublessee and the Sublessee’s authorized signatories as attorney of the Sublessee to execute, on behalf of the Sublessee, all such documents. If it is determined that the Sublessee’s use of the Leased Premises results in Rent be paid directly being subject to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that all other GST/HST, the Sublessee will pay the to the Sublessor such GST/HST amounts, liabilities when due, as Additional Rent. Any purported set off, withholding or deduction of Rent by the Sublessee shall be deemed to be a breach of this Sublease, and obligations which Tenant assumes entitle the Sublessor, at its option, to exercise any right or agrees remedy available to pay or discharge it pursuant to this Lease together with every fineSublease or at law. The Sublessee will have no right to a refund of, penaltyand the Sublessor will not be liable to the Sublessee for refunding, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In any Rent in the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case termination of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Ratethis Sublease.
Appears in 1 contract
Sources: Sublease Agreement
Rent. (a) Landlord may collect Rent directly from the assignees, subtenants, or other transferees; but no Transfer shall be a deemed a waiver of Landlord’s rights under this Article or the acceptance of the proposed assignee, subtenant occupant or transferee, or a release of Tenant from the further performance of the covenants to pay to Landlordobligating Tenant under this Lease. Notwithstanding any Transfer, as rent for Tenant shall remain fully and primarily liable under this Lease and shall not be released from performing any of the Premises during the Interim Termterms, the Primary Term covenants and each Extended Term conditions of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, in advance, on the first day of each calendar month (herein called the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds to the Landlord at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT")Lease. In the event of any failure by Tenant to pay assignment or discharge any Additional Rentsublease (other than the OCOM Sublease), Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four receive as additional rent hereunder fifty percent (450%)) of Tenant’s Excess Consideration (as defined below) derived from such assignment or sublease. If Tenant shall elect to assign or sublet, Tenant shall use reasonable and good faith efforts to secure consideration from any such assignee or subtenant which would be generally equivalent to then-current market rent, but in no event shall Tenant’s monetary obligations to Landlord, as set forth in this Lease, be reduced.
(a) In the Default Rate exceed event of a sublease other than the maximum rate permitted OCOM Sublease, “Excess Consideration” shall mean all rent, additional rent or other consideration actually received by law. If Tenant from such subtenant and/or actually paid by such subtenant on behalf of Tenant in connection with the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication subletting in excess of the "prime rate," then Landlord shall designate rent, additional rent and other sums payable by Tenant under this Lease during the term of the sublease on a per square foot basis if less than all of the Premises is subleased, less marketing costs, attorneys’ fees and brokerage commissions, if any, reasonably comparable source incurred by Tenant to identify procure the Prime Ratesublease, and the cost of any alterations made by Tenant specifically for the benefit of such subtenant.
Appears in 1 contract
Rent. (a) Tenant covenants to shall timely pay to LandlordLandlord Rent (as defined in the Basic Lease Information), as rent for the Premises during the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) including the amounts set forth on EXHIBIT 5 in Exhibit C attached hereto and incorporated herein by reference, without notice, demand, deduction or set-off (herein called the "Basic Rent") in monthly installmentsexcept as otherwise expressly provided herein), in advancewhich payment shall be accompanied by all applicable state and local sales or use taxes. Unless otherwise prohibited by Law, on the first day of each calendar month (herein called the "BASIC RENT PAYMENT DATES") by wire Tenant shall make Rent payments via Automated Clearing House payment processing or other electronic transfer payment process requested by Landlord. The obligations of immediately available funds Tenant to the Landlord at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic pay Base Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)the Basic Lease Information) or an institutional payment agentand other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Base Rent, adjusted as herein provided, shall be payable monthly in advance. The first (1st) monthly installment of Base Rent shall be payable together with delivery of the Letter of Credit, as the case may be, contemporaneously with the execution of this Lease; thereafter, Base Rent shall be payable on the first (1st) day of each month beginning on the first (1st) day of the second (2nd) full calendar month of the Term. The monthly Base Rent for any partial month at the beginning of the Term shall equal the product of 1/365 of the annual Base Rent in effect during the partial month and the number of days in the partial month and shall be due on the Commencement Date. Payments of Base Rent for any fractional calendar month at the end of the Term shall be similarly prorated. Tenant shall pay Additional Rent, Taxes and Insurance (each as defined in Exhibit C attached hereto and incorporated herein by reference) at the same time and in the same manner as Base Rent.
(b) If Rent payments are paid by corporate check, then at all times that Landlord shall direct Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay Rent to a “lockbox” or discharge other depository whereby checks issued in payment of Rent are initially cashed or deposited by a person or entity other than Landlord (albeit on Landlord’s authority), then, for any and all purposes under this Lease: (i) Landlord shall not be deemed to have accepted such payment until ten (10) days after the date on which Landlord shall have actually received such funds, and (ii) Landlord shall be deemed to have accepted such payment if (and only if) within said ten (10) day period, Landlord shall not have refunded (or attempted to refund) such payment to Tenant. Nothing contained in the immediately preceding sentence shall be construed to place Tenant in an Event of Default (as defined herein) of Tenant’s obligation to pay Rent if and for so long as Tenant shall timely pay the Rent required pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted manner designated by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime RateLandlord.
Appears in 1 contract
Sources: Office Lease Agreement (Heron Therapeutics, Inc. /De/)
Rent. (a) Tenant covenants to pay to Landlord, as rent for the Premises commencing on the Commencement Date and thereafter during the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT or determined pursuant to Exhibit 5 attached hereto hereto, (herein called the "“Basic Rent"”) in monthly installments, installments in advance, beginning on the Commencement Date and on the first day of each calendar month thereafter during the Term (herein called the "BASIC RENT PAYMENT DATES") “Basic Rent Payment Dates”), by wire or other electronic transfer of immediately available funds to the Landlord at the address set forth above or and/or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, including, without limitation, Landlord may designate to Tenant in writing that all but not less than all or a portion of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent. If Tenant shall fail to vacate and surrender the Premises in accordance with the terms of this Lease upon the expiration or earlier termination of this Lease, then until such time as Tenant so vacates and surrenders the Premises, Tenant shall pay Basic Rent at a rate of one hundred fifty percent (150%) of the Basic Rent for the last year of the Term. Nothing in the previous sentence shall be construed or operate as a waiver of Landlord’s right of re-entry or any other right of Landlord resulting from such holding over. Subject to the second sentence of subparagraph 7(a), Tenant shall pay when due all taxes payable on Basic Rent and Additional Rent (as defined below), whether imposed on Landlord or Tenant, including without limitation, all gross rent taxes and sales taxes on such Basic Rent and Additional Rent, but calculated as if the Basic Rent and the Additional Rent were the sole income of Landlord.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereofthereof or of Basic Rent, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"“Additional Rent”). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant also covenants to pay to Landlord on demand an amount (the “Late Charge”) equal to two percent (2%) of the payment amount then due on all installments of Basic Rent which are more than ten (10) days overdue, to cover Landlord’s administrative expenses. The actual amount of Landlord’s administrative expenses arising by reason of a late payment will be difficult to ascertain, and the parties agree that the Late Charge as calculated above is a reasonable estimate thereof. In addition, Tenant further covenants to pay to Landlord on demand interest at the per annum rate of interest equal to the greater of (a) two percent (2%) plus the “prime rate” as reported by the Wall Street Journal or (b) the interest rate applicable to late payments of interest or principal due with respect to any debt secured by a first Mortgage (such greater rate being referred to as the “Default Rate”), provided that the Default Rate shall not exceed the maximum rate permitted by applicable law, on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by lawfull. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "“prime rate," ” then Landlord shall designate substitute a reasonably comparable source to identify the Prime Rateprime rate.
Appears in 1 contract
Rent. (a) Landlord may, as a reasonable condition to Landlord’s consent to any Transfer, increase the amount of Base Rent and recurring Additional Rent payments to the then Fair Market Value. The term “Fair Market Value” for purposes of this Section 11 shall mean the rental rate, including escalations thereof and Operating Expenses applicable thereto, of Comparable Space offered by Landlord in the Building as of the date of the proposed Transfer. The term “Comparable Space” shall mean space that is comparable in size, location and quality to the Premises, and which is leased for a tenn comparable to the term of the sublease or remainder of the Term. In the event of a Transfer, Tenant covenants to shall pay to Landlord, as Landlord (in addition to Rent and all other amounts payable by Tenant under this Lease) either: (i) 100% of the rent payable by the Transferee in excess of the Rent payable by Tenant (for the Premises during the Interim Term, the Primary Term and each Extended Term purposes of this Lease (computation, if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, in advance, on the first day of each calendar month (herein called the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds to the Landlord at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent Premises is subleased, the additional amounts payable by Tenant shall be determined by application of the rental rate on a per rentable square foot basis); or (ii) all other considerations paid to Tenant, directly or indirectly, by any Transferee, or any other amount received by Tenant from or in connection with any subletting (including sums paid for the sale or rental, or consideration received on account of any contribution of Tenant’s personal property, tenant improvements or allowance, if any, or sums paid in connection with the supply of electricity or HVAC). All such additional amounts shall be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) Landlord immediately upon receipt by Tenant of such rent or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT")consideration. In the event of any failure Failure by Tenant to pay Landlord such additional amounts shall be a Default under this Lease (as to Tenant and the proposed Transferee). Landlord may collect Rent directly from the Transferee, but no Transfer shall be a deemed a waiver of Landlord’s rights under this Section 11 or discharge any Additional Rentthe acceptance of the proposed occupant or Transferee, or a release of Tenant from the further performance of the covenants obligating Tenant under this Lease. If a Transferee has a lower net worth than Tenant, Landlord shall have all rightsthe right (but not the obligation), powers and remedies provided herein or by law in Landlord’s reasonable discretion, to require that the case of nonpayment of Basic Rent. Tenant further covenants Security Deposit be increased to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such an amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to three (3) times the annual "prime rate" identified in then monthly Base Rent, and Landlord may make the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted actual receipt by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication Landlord of the "prime rate," then Landlord shall designate amount required to establish such Security Deposit a reasonably comparable source condition to identify the Prime Rate.Landlord’s consent to such Transfer. Commons V MOB 9 (HTA BUILDING NO. 110501) Naples, FL HLYK Florida, LLC – Lease
Appears in 1 contract
Rent. (a) Tenant covenants to shall pay to LandlordLandlord as minimum monthly rent, as rent for the Premises during the Interim Termwithout deduction, setoff, prior notice, or demand, the Primary Term and each Extended Term of this Lease Basic Monthly Rent described in Paragraph 2.6, above (if Tenant extends subject to adjustments as provided in the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installmentsAddendum), in advance, on or before the first day of each calendar month, beginning on the Rent Commencement Date and thereafter throughout the Term. If the Rent Commencement Date is other than the first day of a calendar month, then the Basic Monthly Rent payable by Tenant for the first month of the Term following the Rent Commencement Date (herein called which first month shall be payable upon execution of this Lease) shall be prorated on the "BASIC RENT PAYMENT DATES") basis of the actual number of days during the Term occurring during the relevant month. Notwithstanding the foregoing, if Landlord is delayed in completion of Landlord’s Work due to any act or omission by wire Tenant or other electronic transfer of immediately available funds its agents, employees, contractors, or representatives, then in addition to the Basic Monthly Rent payable for the first month of the Term following the Rent Commencement Date, additional rent (at the rate of one-thirtieth of the Basic Monthly Rent per day) for the number of days of such delay. All “Rental” (which includes Basic Monthly Rent, Percentage Rent, if any, and any items designated as “Additional Rent” or referred to as additional rent hereunder) shall be paid to Landlord at the same address set forth above or as notices are to such other person or such other place or account as be delivered to Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Paragraph 2.10, above. Landmark National Ban—Revised 8-16-01 Standard Shopping Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by FINAL 8-16-01 Landlord /s/ [ILLEGIBLE] Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Rate./s/ [ILLEGIBLE]
Appears in 1 contract
Rent. Tenants shall pay rent (a“Rent”) Tenant covenants to pay to Landlord, the Landlord as rent for the Premises during the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installmentsfollows: $X,XXX per month, in advance, in one payment or separate payments on the first (1st) day of each calendar month during the Term (herein called $XX,XXX Total). Rent payments may be made by personal, certified, or cashier’s check or money order; provided however, that in the "BASIC RENT PAYMENT DATES"event any check given to Landlord is returned by the bank unpaid, Tenants shall pay a returned check fee of Twenty Five ($25.00) for each check returned unpaid in addition to an Administration Fee (as hereinafter defined), with all subsequent monies due and payable in certified funds. Tenants may pay the Rent by wire separate check from each Tenant, but all Tenants shall remain jointly and severally liable for all Rent. Landlord reserves the right, upon notice to Tenants, to refuse to accept personal checks from Tenants after one or other electronic transfer more of immediately available funds Tenants’ personal checks have been returned by the bank unpaid. Tenants shall send all rent payments to the Landlord at the address set forth above or to such other person below or such other place or account address as Landlord may from time to time may designate in writing to Tenant in writing; provided, Tenants. All checks or money orders shall be made payable to Landlord and mailed to the following address: or at such other address as Landlord may designate from time to Tenant time in writing that to Tenants. If the Tenants fail to pay rent on or before the due date, Tenants agree to pay an administration fee of $25.00 for each monthly installment of rent not received by Landlord on or before its due date (”Administration Fee”). The Administration Fee and any and all but not less returned check fees shall be considered additional rent and shall partially compensate Landlord for costs incurred related to a late payment. The Landlord’s right to collect this Administration Fee shall be in addition to the Landlord’s right to take action under any applicable law and other provision of this Lease. If the Tenants fail to pay rent on or before the due date, and the Landlord serves a seven (7) day or thirty (30) day notice to quit, demand possession, terminate the tenancy, or any other notice required by statute to Tenants, Tenants agree to pay a $10.00 processing fee to Landlord for each notice (“Processing Fee”). The Processing Fee shall be considered additional rent and shall partially compensate Landlord for costs incurred related to issuance of a notice. The Landlord’s right to collect this Processing Fee shall be in addition to the Landlord’s right to take action under any applicable law and other provision of this Lease. Unless otherwise set forth in this Lease, the Tenants shall pay all additional rent to the Landlord promptly and in no event later than all of the monthly Basic Rent next scheduled rent payment. All rent and additional rent paid after the due date must be paid directly at the place designated for payment, by certified or cashier check or money order. All payments received shall be applied first to a Mortgagee Processing Fees, then to Administration Fees, then to Service Fees (as defined in Subparagraph 23(abelow)) or an institutional payment agent.
(b) Tenant covenants that all , then to other amounts, liabilities excluding rent, due under to Landlord under this Lease, and obligations which Tenant assumes or agrees then to rent due under this Lease. #2181588-v1 -1- If the Tenants fail to pay rent or discharge pursuant any other sums when due to this Lease together with every finethe Landlord, penaltythe Landlord serves notice of default of the Tenants as required by law, interest and cost which may the Tenants fail to remit the amounts due before the notice period expires, the amount of court costs and attorney fees incurred by Landlord in enforcing Landlord’s remedies and allowed by statute shall be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication amount of the "prime rate," then Landlord arrearage and shall designate a reasonably comparable source be considered additional rent. The Landlord’s right to identify collect these costs and expenses shall be in addition to the Prime RateLandlord’s right to take action under any applicable law and other provision of this Lease.
Appears in 1 contract
Sources: Residential Lease Agreement
Rent. (a) Tenant covenants to Commencing on January 1, 2018, Sublessee shall pay to Landlord, Sublessor the following amounts as base rent for (the Premises “Base Rent”) during the Interim Term, the Primary Term and each Extended Term of this Sublease: Dates Annual Base Rent Per Annum Monthly Base Rent Rent Per Square Foot
(b) Notwithstanding the foregoing, Sublessee shall make the first payment of Base Rent, together with the security deposit described below, at the time of Sublessee’s execution and delivery of this Sublease to Sublessor. The Base Rent is intended to be absolutely net of any and all other costs and expenses that may be or become due and payable by Sublessor under the Prime Lease (if Tenant extends except as otherwise expressly provided in paragraph (c) below), including without limitation Sublessor’s share of Operating Expenses, the Term Property Management Fee and Personal Property Taxes payable by Sublessor to Prime Lessor under the Prime Lease, all of which shall be paid by Sublessee as additional rent in accordance with Paragraph 4) addition to the amounts Base Rent set forth on EXHIBIT 5 attached hereto (herein called the "Basic above. Base Rent and additional rent shall sometimes be referred to as “Rent") ” in this Sublease. All Rent shall be due and payable in monthly installments, installments in advance, advance on the first day of each calendar month, without demand, deduction, counterclaim or setoff, except as expressly otherwise provided in this Sublease. Rent for any partial month (herein called shall be prorated and paid on the "BASIC RENT PAYMENT DATES") by wire first day of any partial month. Sublessee shall pay as additional rent for all other expenses for which Sublessor is or other electronic transfer of immediately available funds to would be responsible under the Landlord at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agentPrime Lease.
(bc) Tenant covenants that As additional rent, Sublessee shall pay all amounts for which Sublessor is required to pay to Prime Lessor under the Prime Lease in connection with the Sublease Premises (other amountsthan the Base Rent due under the Prime Lease and any Additional Rent payable by Sublessor to Prime Lessor pursuant to Section 29.4(f) of the Prime Lease), liabilities including without limitation Sublessor’s share (as determined under the Prime Lease) of Operating Expenses, the Property Management Fee and obligations which Tenant assumes or Personal Property Taxes. In addition to the Base Rent and additional rent, Sublessee agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute Sublessor all Sublessee Surcharges (as hereinafter defined) as further additional rent hereunder as hereinafter provided. As used herein, the term “Sublessee Surcharges” shall mean any and all amounts which become due and payable by Sublessor to the Prime Lessor under the Prime Lease, and which would not have become due and payable but for the acts and/or failures to act of Sublessee under this Sublease or which are otherwise attributable to the Sublease Premises, including, but not limited to: (herein called "ADDITIONAL RENT"). In i) any increases in the event Prime Lessor’s fire, rent or other insurance premiums resulting from any act or omission of Sublessee, and (ii) any additional rent or charges under the Prime Lease payable by Sublessor on account of any failure other additional service as may be provided for or on behalf of Sublessee under the Prime Lease, or with the consent of the Prime Lessor, and (iii) the reasonable charges for any services that may be provided for Sublessee or the Sublease Premises hereunder where a separate charge is provided for. Sublessee shall pay any Sublessee Surcharge within thirty (30) days after the presentation of a statement therefor by Tenant the Sublessor to pay or discharge Sublessee, provided that all payments of additional rent shall in any Additional Rentevent be made to Sublessor (or, Landlord shall have all rightsif Sublessor directs in writing, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay Prime Lessor) no later than five (5) business days prior to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date on which the same will become due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify under the Prime RateLease.
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Rent. (a) Tenant covenants The Trustee is not obligated to pay any rent under this Site Lease. The consideration to Landlord, as rent the Site Lessor for the Premises right to use the Leased Property during the Interim Term, Site Lease Term is the Primary Term and each Extended Term deposit of proceeds of the Series 2017J Certificates into the Project Account held by the Trustee under the Indenture to finance the Project of the Site Lessor or a charter school for which the Site Lessor is the Chartering Authority. The provisions of Article IV of this Site Lease (if Tenant extends are intended to assure that the Term State or another lessee, sublessee or assignee pays Additional Rent in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, in advance, on the first day of each calendar month (herein called the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds to the Landlord at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) 2017J Lease or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified Additional Rent that would have been paid under the 2017J Lease under another instrument executed and delivered pursuant to Article IV of this Site Lease. TITLE TO LEASED PROPERTY; ENCUMBRANCES, EASEMENTS, MODIFICATIONS, SUBSTITUTION, DAMAGE, PERSONAL PROPERTY Title to Leased Property. Title to the Leased Property shall be held in the "Money Rates" column name of the Site Lessor, subject to this Site Lease, the 2017J Lease and the Sublease of the Site Lessor or a charter school for which the Site Lessor is the Chartering Authority. Limitations on Disposition of and Encumbrances on Leased Property. Except as otherwise permitted in this Article or Article VII or VIII hereof and except for Permitted Encumbrances, the Site Lessor shall not sell, assign, transfer or convey any portion of or any interest in the Wall Street Journal (Leased Property or directly or indirectly create, incur or assume any mortgage, pledge, lien, charge, encumbrance or claim on or with respect to the "PRIME RATE") plus four percent (4%)Leased Property. Granting of Easements. The Site Lessor shall, but in no event shall at the Default Rate exceed request of the maximum rate permitted by law. If the Wall Street Journal is no longer published Trustee or the Wall Street Journal discontinues publication State consent to grants of easements, licenses, rights‑of‑way and other rights or privileges in the nature of easements with respect to the Leased Property on the same terms and in the same manner as the Trustee is required to do so pursuant to Section 7.03 of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Rate2017J Lease.
Appears in 1 contract
Sources: Sublease Agreement
Rent. (a) Tenant agrees and covenants to pay to LandlordLandlord an annual fixed rent in the amount of [$ ] per year (“Base Rent”), as rent for commencing on the Premises during the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, Commencement Date. Base Rent shall be payable in advance, without demand, on the first day of each calendar month (herein called the "BASIC RENT PAYMENT DATES") by wire in equal monthly installments of [$____________] and shall not be increased, abated or other electronic transfer of immediately available funds to the Landlord at the address diminished except as set forth herein. Beginning on January 1, 2026 and each January 1 of each year thereafter during the Term, the amount of Base Rent which shall be paid during each calendar year shall be increased above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; providedthe preceding year’s Base Rent by 1.5%. If the Commencement Date is not the first day of a calendar month, Landlord may designate to Tenant in writing that all but not less than all the first month’s Base Rent shall be prorated, and shall be payable on the Commencement Date. In addition, Base Rent for the first full month of the monthly Basic Term shall be payable on the Commencement Date. Tenant shall also pay to Landlord such “Additional Rent” as described in Article 12 hereof. The Base Rent be paid directly and the Additional Rent are hereinafter collectively referred to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agentthe “Rent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). ” In the event that Tenant fails to make any payment of any failure by Tenant Rent within five (5) days after the same becomes due, then in addition to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or herein, by law or otherwise in the case of nonpayment of Basic Rent. , Landlord shall be entitled to recover from Tenant further covenants and ▇▇▇▇▇▇ agrees to pay to Landlord Landlord, on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") demand, a late payment charge equal to $250.00. This is a net lease and the annual "prime rate" identified in Rent shall be paid without notice, demand, setoff, counterclaim, deduction or defense and, except as otherwise expressly provided herein, without abatement or suspension. It is the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication intention of the "prime rate," then parties hereto that the obligations of Tenant hereunder shall be separate and independent covenants and agreements, that the Rent shall continue to be payable in all events and that the obligations of Tenant hereunder shall continue unaffected, except as otherwise expressly provided herein. It is the purpose and intent of Landlord and Tenant that the Rent payable under this Lease be absolutely net to Landlord, such that this Lease shall designate a reasonably comparable source to identify yield (on an absolute net basis) the Prime RateBase Rent specified in this Lease for each year of this Lease (prorated, as applicable, for any partial year).
Appears in 1 contract
Sources: Lease Agreement (ETHEMA HEALTH Corp)
Rent. (a) As of the Original Effective Date, Tenant covenants to shall pay to Landlord, as rent for the Premises during in the Interim Termannual amount of $281,398.20, the Primary Term payable in advance in equal monthly installments of $23,449.85 (as such annual amount (and each Extended Term of this Lease (if Tenant extends the Term monthly installments) increase in accordance with Paragraph 4the provisions hereof) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") payable in monthly installments, in advance, advance on the first day of each calendar month through the first day of the calendar month immediately preceding the Lease Expiration Date (herein called the "BASIC RENT PAYMENT DATES") by wire “Rent”). The Rent shall be paid on an absolute net basis such that the Tenant shall be responsible for paying any and all costs and expenses of whatsoever kind or other electronic transfer of immediately available funds nature related to the Landlord at Premises, the address set forth above Leasehold estate created hereby, and its Use rights hereunder, including without limitation, real estate taxes, transfer taxes (but only to the extent such transfer taxes are triggered by a transaction entered into solely by Tenant and not otherwise), insurance, maintenance (it being understood that, for purposes of this Section 2.1, “maintenance” shall include maintenance, repair, replacement, improvement and restoration), utilities and all other obligations whether similar or dissimilar to such the foregoing. The term “Additional Rent” shall mean any and all sums other person or such other place or account as Landlord from time than Rent required to time may designate to be paid by Tenant in writing; providedunder this Lease, Landlord may designate to Tenant in writing that all including, but not less than limited to, (a) all costs, expenses and disbursements that Landlord incurs in connection with the ownership, operation, and maintenance of the monthly Basic Rent be paid directly Premises and other land area (and structures, facilities, equipment and fixtures thereon) exclusively supporting Tenant’s Use, including, without limitation, real property taxes allocated to a Mortgagee (tax parcels or sub-parcels within the Premises, costs of supplying power for ancillary services including but not limited to security and signage, sewage and other utilities to the Real Property, and any costs and expenses incurred by Landlord to obtain, maintain or comply with regulatory or governmental approvals in connection therewith or as defined in Subparagraph 23(a)) or an institutional payment agent.
otherwise contemplated herein; (b) Tenant covenants that to the extent not included in clause (a) hereof, all other amountstaxes attributable to Tenant’s Property Improvements (as hereinafter defined) or use of the Premises, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fineincluding without limitation, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event in respect of any failure by Tenant to pay ad valorem tax increases, special assessments, revaluation, reassessment, or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication reclassification of the "prime rate," then Real Property that are levied against all or any portion of the Real Property as the result of the installation or operation of Tenant’s Property Improvements and (c) Tenant’s proportionate share (as hereinafter defined) of all costs, expenses and disbursements that Landlord shall designate a incurs in connection with the ownership, operation, and maintenance of any other portions of the Real Property necessary or useful to reasonably comparable source to identify support Tenant’s Use (but excluding the Prime Rate.landfill) and all related
Appears in 1 contract
Sources: Lease Agreement (Terawulf Inc.)
Rent. (a) Tenant covenants to shall pay to LandlordLandlord without setoff, as deduction, demand, notice or counterclaim an annual rent for the Premises during the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") of Ten and 50/100 Dollars ($10.50) per square foot. Said Basic Rent shall be paid in equal monthly installmentsinstallments of Ten Thousand Five Hundred and 00/100 Dollars ($10,500.00) and shall be paid in advance on the first (1st) day of each and every calendar month during the Term, in advancebeginning on the Commencement Date; provided, however, that if the Commencement Date occurs on a date other than on the first day of each a calendar month month, Basic Rent shall be prorated from such date until the first day of the following month, at which time it shall be due and payable. Tenant shall pay the Basic Rent and all Additional Rent, if any (herein called as defined under this Article 3), by good check or in lawful currency of the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer United States of immediately available funds America, to the Landlord at the address set forth above at, or to such other person address or in such other place or account manner as Landlord from time to time may designate specifies by advance written notice to Tenant in writing; providedat, Landlord may designate or such other address as Tenant from time to Tenant in writing that all but not less than all time specifies by advance written notice to Landlord. No installment of the monthly Basic Rent or Additional Rent shall be deemed paid directly until received by Landlord. Any payment made by Tenant to a Mortgagee (Landlord on account of Basic Rent may be credited by Landlord to the payment of any Basic Rent or Additional Rent then past due before being credited to Basic Rent currently due. All sums payable by Tenant under this Lease at any time during the Term, other than Basic Rent, if any, shall be deemed "Additional Rent," and, unless otherwise set forth herein, shall be payable in the same manner as defined set forth herein for Basic Rent. All Basic Rent or Additional Rent not paid to Landlord when due and payable hereunder shall accrue interest thereon until paid in Subparagraph 23(a)) or an institutional payment agentfull at the rate of ___________ interest per annum.
(b) The Basic Rent includes Tenant's proportionate share of real estate taxes assessed against the Building and the Property.
(c) Tenant covenants that shall in all other amounts, liabilities events be responsible for all taxes and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost assessments which may be added for nonpayment assessed against any real or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In personal property of Tenant located within the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime RatePremises.
Appears in 1 contract
Rent. (a) Tenant covenants will pay the annual base rent as shown in Exhibit "D" (which in turn is subject to pay to Landlord, as rent for the Premises during the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent"Rider #2) in equal monthly installments, installments in advance, advance beginning on the Rent Commencement Date and thereafter on the first day of each calendar month during the term, prorated for any portion of a month. The term "rent" includes base rent, additional rent and all other amounts to be paid by Tenant under this Lease, whether or not specifically described as rent. Subject to Subsection (herein called the "BASIC RENT PAYMENT DATES"b) by wire below, all rent due under this Lease will be paid without demand, deduction, counterclaim or other electronic transfer offset of immediately available funds to the Landlord any type in lawful U.S. legal tender at the address set forth above ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇, Attn: Accounting Dept., or to such other person or such other place or account as Landlord may from time to time may designate by written notice pursuant to this Lease. Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of will pay the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agentfirst month's base rent when it executes this Lease.
(b) If and for so long as there is a mortgage loan encumbering the Premises or a loan that is secured by the Letter of Credit, at the written request of Landlord or Tenant, Landlord and Tenant covenants that all other amountswill establish a collection account for the receipt and disbursement of base rent. In such event, liabilities Tenant will pay the base rent as and obligations which Tenant assumes or agrees when required each month into this collection account, and the collection agent promptly will disburse from such amount an amount sufficient to pay or discharge pursuant to this Lease together with every fine, penalty, interest debt service and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal other amounts owed to the annual "prime rate" identified in mortgage lender and/or the "Money Rates" column in lender of the Wall Street Journal (loan secured by the "PRIME RATE") plus four percent (4%)letter of credit, but in no event shall with the Default Rate exceed balance being disbursed to Landlord. The collection agent and the maximum rate permitted by lawterms of this collection account will be subject to the mutual written approval of Landlord and Tenant, which approval will be based on customary terms for such agreement and will not be unreasonably withheld or delayed. If The parties agree to the Wall Street Journal is no longer published Bank of America or the Wall Street Journal discontinues publication Bank of Boston as collection agent, and to a collection agreement in form substantially similar to the one attached as Exhibit "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime RateB-1."
Appears in 1 contract
Sources: Lease (Navisite Inc)
Rent. (a) As consideration for this Lease, Tenant covenants to shall pay to Landlord, without any setoff or reduction, except as rent otherwise stated herein, the total amount of Rent due for the Term. Commencing on the Commencement Date, monthly Base Rent for the Premises during the Interim Term, the Primary Term shall be due and each Extended Term of this Lease (if Tenant extends the Term payable in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, in advance, advance on the first day of each calendar month (herein called the "BASIC RENT PAYMENT DATES") by wire without notice or other electronic transfer of immediately available funds to the Landlord at the address demand as set forth above or in Section 1(i) above. Commencing on the Commencement Date, Tenant shall pay to such Landlord the Premises Utility Charges (as defined below) and Tenant’s Pro Rata Share of Expenses (as defined below) in excess of Expenses for the Base Year (the “Expense Excess”), if any, and Taxes (as defined below) in excess of the Taxes for the Base Year (the “Tax Excess”), if any, as well as all other person or such other place or account costs which are specifically set forth herein, to Landlord, upon demand as Additional Rent, and any and all charges, costs and expenses which Landlord may, from time to time may designate to time, actually incur, in connection with any amendments to, consents under and subleases and assignments of this Lease requested by Tenant and in writing; provided, Landlord may designate to Tenant in writing that all but not less than all connection with the enforcement of rights and pursuit of the monthly Basic Rent be paid directly remedies of Landlord under this Lease (whether during or after the expiration or termination of the term of this Lease). Landlord and Tenant acknowledge that Tenant’s obligation to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agentcommence paying the Expense Excess and the Tax Excess shall commence on the first day of the calendar year following the Base Year.
(b) Tenant covenants that This Lease is intended by the parties hereto to be a so-called net or pass-through lease and the Base Rent shall be received by Landlord net of all other amountscosts and expenses related to the Property, liabilities the Building and obligations which Tenant assumes or agrees the Premises, except as otherwise set forth herein. The obligation to pay Rent is an independent covenant of Tenant. Tenant shall pay and be liable for all rental, sales and use taxes (but excluding income taxes payable by Landlord), if any, imposed upon or discharge pursuant measured by Rent under applicable Law. All payments of Rent shall be by good and sufficient check or by other means (such as automatic debit or electronic transfer) acceptable to this Lease together with every fine, penalty, interest Landlord. All items of Rent other than Base Rent and cost which may recurring monthly charges of Additional Rent shall be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure due and payable by Tenant on or before 30 days after billing by Landlord. If Tenant fails to pay any item or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case installment of nonpayment Rent within five (5) days of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid when due, more than once in full at the per annum rate of interest (the "DEFAULT RATE") any twelve-month period, Tenant shall pay Landlord an administrative fee equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law5% of such past due Rent. If the Wall Street Journal is no longer published Expansion Premises Commencement Date occurs on a day other than the first day of a calendar month or if the Wall Street Journal discontinues publication Term terminates on a day other than the last day of a calendar month, the monthly Base Rent, the Premises Utility Charges and Tenant’s Pro Rata Share of any Expense Excess or Tax Excess for the month shall be prorated based on the number of days in such calendar month. Landlord’s acceptance of less than the correct amount of Rent shall be considered a payment on account of the "prime rate," then Landlord earliest Rent due. No endorsement or statements on a check or letter accompanying a check or payment shall designate a reasonably comparable source be considered an accord and satisfaction, and either party may accept the check or payment without prejudice to identify that party’s right to recover the Prime Ratebalance or pursue other available remedies.
Appears in 1 contract
Rent. (a) Tenant covenants shall pay Basic Rent in the amount set out in Subarticle 1.1(g), which shall be payable without demand in advance in equal consecutive monthly instalments on the first of each month commencing on the Commencement Date. Rent is subject to adjustment upon certification of the Rentable Area of the Premises.
b) If the Rentable Area or any portion of it is revised in accordance with Article 2.8, the Basic Rent for each Lease Year will be recalculated automatically by multiplying the revised Rentable Area or portion of it by the applicable amounts per square foot designated in Subarticle 1.1(e) for the respective Lease Year, and the amount of the equal monthly instalments for such Lease Year will be deemed to have been amended accordingly. Upon any such revision of Rentable Area, Landlord will promptly calculate the amount of the difference between the original Basic Rent and the revised Basic Rent for the period prior to the date of such revision. If such amount represents an increase in Basic Rent, Tenant will immediately within twenty-one (21) days after being notified in writing by Landlord pay the amount to Landlord, or if such amount represents a decrease in Basic Rent, Landlord will within twenty-one (21) days after the calculation by Landlord repay the amount to Tenant failing which Tenant will have the right to offset such amount as against Rent and Additional Rent hereunder. A comparable adjustment in respect of any earlier payment of Tenant’s Proportionate Share of Additional Rent will also be made.
c) If for any reason it will become necessary to calculate Rent for irregular periods of less than one year or one month, an appropriate pro rata adjustment will be made on a daily basis in order to compute the rent for the Premises during the Interim Termsuch irregular period.
d) Except as otherwise provided herein, the Primary Term and each Extended Term all payments by Tenant to Landlord under this lease will be:
(i) paid to Landlord by Tenant in lawful currency of this Lease Canada;
(if Tenant extends the Term in accordance with Paragraph 4ii) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installmentsmade when due hereunder, in advancewithout prior demand therefor, on the first day of each calendar month (herein called the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds to the Landlord at the address of Landlord set forth above or to such other person out on page one or such other place or account as Landlord may designate from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.Tenant;
(biii) Tenant covenants that all other amountsapplied towards amounts then outstanding hereunder, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rent, in such manner as Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Ratedirects.
Appears in 1 contract
Sources: Lease (Meta Materials Inc.)
Rent. (a) Tenant covenants to pay to Landlord, as The rent reserved under this Lease for the Premises during the Interim Term, the Primary Term hereof shall be and each Extended Term of this Lease consist of: (if Tenant extends the Term in accordance with Paragraph 4i) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") Fixed Rent payable in equal monthly installments, installments in advance, advance on the first day of each and every calendar month during the Term (herein called except that Tenant shall pay one (1) monthly installment on the Commencement Date, which installment shall be applied to the Monthly Fixed Rent due for the first (1st) month of the Term); plus (ii) such additional rent ("BASIC RENT PAYMENT DATESAdditional Rent") in an amount equal to Tenant's Operating Expenses and of Real Estate Taxes (as such terms are defined in Paragraph 3 of this Lease); all charges for services and utilities pursuant to Paragraph 15 hereof; and any other charges or amounts that shall become due and payable hereunder, including, without limitation, the reasonable expenses incurred by wire Landlord in the enforcement of any of the agreements, covenants, and obligations under this Lease and including reasonable legal fees that may accrue in the event suit for rent or other electronic transfer dispossess proceedings are necessary to obtain the possession of immediately available funds the Demised Premises or to collect the rent; all of which Additional Rent shall be payable as hereinafter provided. All rent shall be paid to Landlord at the address set forth its office stated above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less writing. If the Commencement Date shall occur on a date other than all the first calendar day of a month, the rent for the partial month commencing on the Commencement Date shall be appropriately pro-rated on the basis of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agentrent payable during the first year of the Term.
(b) Tenant covenants that all other amounts, liabilities does hereby covenant and obligations which Tenant assumes or agrees agree to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In promptly the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Fixed Rent and Additional Rent herein reserved as and when the same shall become due and payable, without demand therefor and without any set-off, recoupment, or deduction whatsoever. All Additional Rent payable hereunder that is not due and payable on a monthly basis during the Term, unless otherwise specified herein, shall be due and payable within thirty (30) days of delivery by Landlord to Tenant of notice to pay the same.
(c) In the event that any payment of Fixed Rent or Additional Rent shall not be paid within five (5) days after the due date for the same as provided herein, Tenant shall pay, together with such payment, the Late Charge. Furthermore, if Tenant fails to remit a full monthly installment of the Monthly Fixed Rent or of the Additional Rent as provided herein for two (2) consecutive months, then Landlord may require (i) all Fixed Rent and Additional Rent payments to be paid in advance on a quarterly annual basis, rather than a monthly basis, and (ii) an increase in an amount equal to one (1) installment of Monthly Fixed Rent in the Security Deposit. In addition, if Tenant submits to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified a check for which there are insufficient funds available, then Landlord may charge Tenant as Additional Rent an administrative and handling fee in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication amount of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime RateOne Hundred and 00/100 Dollars.
Appears in 1 contract
Rent. (a) Tenant covenants Beginning on the Commencement Date, but subject to the Abated rent Period described above, Subtenant agrees to pay the Annual Fixed Rent set forth in Section 1(L) to Landlordthe Payee specified in Section 1(M), as rent for the Premises during the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term by ACH transfer in accordance with Paragraph 4) the amounts instructions provided in Section 1(O)), or to such other payee or at such other address as may be designated by notice in writing from Sublandlord to Subtenant, without prior demand therefor and without any deduction or set off whatsoever (except as expressly set forth on EXHIBIT 5 attached hereto herein or in the Prime Lease as incorporated herein). Annual Fixed Rent shall be paid in monthly installments (herein called the "Basic Rent"as set forth in Section 1(L)) in monthly installments, in advance, advance on the first day of each month of the Term after the Commencement Date. Annual Fixed Rent shall be pro-rated for any partial calendar month (herein called the "BASIC RENT PAYMENT DATES") by wire or other electronic transfer of immediately available funds to the Landlord at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all beginning and end of the monthly Basic Rent Term, All charges, costs and sums required to be paid directly by Subtenant under this Sublease in addition to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereofAnnual Fixed Rent, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any be deemed “Additional Rent, Landlord shall have all rights, powers ” and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Annual Fixed Rent and Additional Rent shall hereinafter collectively be referred to as “Rent”. Subtenant’s covenant to pay Rent shall be independent of every other covenant in this Sublease. Any amount due from Subtenant to Landlord Sublandlord under this Sublease that is not paid when due shall bear annual interest from the due date at the lesser of (i) three percent (3%) above the prime rate as reported in The Wall Street Journal on the date closest to the date such payment was required to be made hereunder and (ii) the highest legal rate permitted under the laws of the Commonwealth of Massachusetts (the “Interest Rate”), such interest to accrue from the date due until paid unless otherwise specifically provided herein, but the payment of such amount is paid in full at interest shall not excuse or cure any default by Subtenant under this Sublease. Notwithstanding the per annum rate foregoing, Sublandlord agrees to waive the payment of interest as provided in the immediately preceding sentence with respect to the first late payment of Rent during any twelve-month period. Sublandlord shall also be entitled, on account of a failure by Subtenant to make any payment of Rent when due (the "DEFAULT RATE") except with respect to a first late payment of Rent during any twelve-month period), to charge as Additional Rent a fee equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four five percent (45%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication ) of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Rateamount due as compensation for Sublandlord’s administrative costs in investigating and collecting such late payment.
Appears in 1 contract
Sources: Sublease (Chiasma, Inc)
Rent. (a) Tenant covenants to pay to Landlord, as The rent payable by Sub-subtenant for the Premises during the Interim Term, the Primary Term and each Extended Term shall ---- consist of this Lease basic rental (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") plus certain additional rental ("Additional Rent"), all as provided below. Basic Rent, Additional Rent, and any other charges due under this Sub-sublease are hereinafter referred to collectively as "Rent."
(a) From the Commencement Date until the first anniversary of the Commencement Date, or if such date is not the first day of a calendar month, until the first day of the calendar month in monthly installmentswhich such date occurs, Sub- subtenant shall pay to Sub-sublandlord in advance, on or before the first day of each month, without deduction or offset, monthly Basic Rent in the amount of $75,900.00 per month.
(b) From the first anniversary of the Commencement Date, or if such date is not the first day of a calendar month, from the first day of the calendar month in which such date occurs, until the termination of this Sublease, Sub-subtenant shall pay to Sub-sublandlord in advance, on or before the first day of each month, without deduction or offset, monthly Basic Rent in the amount of $80,500.00 per month.
(herein called c) Sub-subtenant also shall pay, as Additional Rent, all additional rental amounts and such other charges as may be imposed by Sublandlord upon Sub-sublandlord under the "BASIC RENT PAYMENT DATES"Master Sublease.
(d) by wire or other electronic transfer of immediately available funds To the extent that Additional Rent due under the Master Sublease is on a monthly basis, such Additional Rent shall be paid to the Landlord Sub-sublandlord as en Basic Rent is paid. All Rent shall be paid to Sub-sublandlord at the address set forth above specified for Sub-sublandlord below, or to such other person or to such other place or account as Landlord Sub-sublandlord may from time to time may designate to Tenant in writing; provided. To the extent that Additional Rent is payable on an estimated basis pursuant to the Master Sublease, Landlord may designate the Additional Rent due hereunder shall be adjusted between the parties (with appropriate reimbursements or additional payments) within twenty (20) days after the actual Additional Rent due under the Master Sublease has been determined and notice thereof has been delivered to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agentSub-subtenant.
(be) Tenant covenants that Sub-sublandlord shall pay all "Rent" and other amountsmonetary amounts required to be paid under the Master Sublease (collectively, liabilities "Underlying Rent") on or before the date such amounts become due and obligations payable thereunder. If Sub-sublandlord fails to make any payment of Underlying Rent as and when required under the Master Sublease, Sub-subtenant shall have the right, but not the obligation, to make such payments on behalf of Sub-sublandlord, in which Tenant assumes or agrees event Sub-subtenant shall have the right to pay or discharge pursuant to offset any amounts so paid against Rent payable under this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder Sub-sublease.
(herein called "ADDITIONAL RENT"). f) In the event of any failure casualty or condemnation affecting the Premises, Rent payable by Tenant Sub-subtenant shall be proportionately abated, but only as to pay the portion of the Premises damaged or discharge any Additional Rent, Landlord taken; and only to the extent that Underlying Rent payable under the Master Sublease is abated. Sub- subtenant shall have all rights, powers and remedies provided herein no right to terminate the Sub-sublease in connection with any casualty or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal condemnation except to the annual "prime rate" identified in extent that the "Money Rates" column in Master Sublease is also terminated as to the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published Premises or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Rateany portion thereof.
Appears in 1 contract
Rent. (a) Tenant covenants to shall pay to LandlordLandlord the Base Rent, Real Property Taxes (as rent for the Premises during the Interim Termherein defined) and Operating Expenses (as herein defined), the Primary Term and each Extended Term of this Lease without notice, demand, offset or deduction (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installmentsexcept as expressly provided herein), in advance, on the first day of each calendar month (herein called month. All Rent and payments required to be paid by Tenant to Landlord shall be made by Tenant payable to the "BASIC RENT PAYMENT DATES") entity and sent to the address Landlord designates and shall be made by wire good and sufficient check payable in United States of America currency or by other electronic transfer means acceptable to Landlord or by Electronic Fund Transfer of immediately available federal funds before 11:00 a.m. Eastern Time. Upon the execution of this Lease, Tenant shall pay to Landlord the Landlord at first full calendar month’s Base Rent and the address set forth above or to first full calendar month’s installment of estimated Operating Expenses. If the Term commences on a date other than the first day of a month, Base Rent shall be prorated on the basis of a thirty (30) day month (and such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all prorated amount shall be paid within three (3) days of the monthly Basic Commencement Date). All sums other than Base Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees is obligated to pay or discharge pursuant to under this Lease together with every fine, penalty, interest and cost which may shall be added for nonpayment or late payment thereof, shall constitute deemed to be additional rent due hereunder (herein called "ADDITIONAL RENT"“Additional Rent”), whether or not such sums are designated Additional Rent. In The term “Rent” means the event Base Rent and all Additional Rent payable hereunder. The obligation of any failure by Tenant to pay or discharge any Additional Rent, Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have all rightsno right at any time to ▇▇▇▇▇, powers and remedies reduce, or set-off any rent due hereunder except as may be expressly provided herein in this Lease. If Tenant is delinquent in any monthly installment of Base Rent or by law in the case of nonpayment of Basic Rent. Additional Rent for more than five (5) days, Tenant further covenants to shall pay to Landlord on demand a late charge equal to [***] of such delinquent sum and such delinquent sum shall also bear interest on all Basic Rent and Additional Rent due to Landlord from the date such amount was due until such amount is paid in full at the lesser of (i) [***] per annum rate of interest annum; or (the "DEFAULT RATE"ii) equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed at the maximum rate permitted by lawlaw (“Applicable Interest Rate”). If Notwithstanding the Wall Street Journal is no longer published or foregoing, before assessing a late charge the Wall Street Journal discontinues publication first time in any calendar year, Landlord shall provide Tenant written notice of the "prime rate," then Landlord delinquency and will waive the right if Tenant pays such delinquency within five (5) days thereafter. The provision for such late charge shall designate be in addition to all of Landlord’s other rights and remedies hereunder or at law and shall not be construed as a reasonably comparable source to identify the Prime Ratepenalty.
Appears in 1 contract
Sources: Single Tenant Industrial Triple Net Lease (GenMark Diagnostics, Inc.)
Rent. A. Subtenant covenants and agrees to pay to Sublandlord, in lawful money of the United States, fixed rent ("Fixed Rent") on a monthly basis in the amount set forth on Exhibit D attached hereto. The first monthly installment of Fixed Rent payable under this Sublease shall be paid on the Sublease Commencement Date, subject to paragraph B(a) below.
(a) Tenant In addition to the Fixed Rent set forth above, Subtenant covenants and agrees to pay Additional Rent from and after the Sublease Commencement Date. To the extent not already completed, Subtenant shall arrange for service directly with the utility providers serving the Premises, shall furnish such deposit (if any) as such utility provider may require, and shall pay the utility provider's charges promptly upon receipt of bills therefor. For each item of Additional Rent not paid directly by Subtenant to Landlordthe relevant authority or vendor and in respect of which Sublandlord pays the amount due to the relevant authority or vendor, Sublandlord shall ▇▇▇▇ Subtenant promptly. Upon receipt of the corresponding ▇▇▇▇ from Sublandlord, Prime Landlord or such authority or vendor, Subtenant shall pay the relevant authority or vendor, or reimburse Sublandlord each amount so billed, within five (5) Business Days after being billed therefor, provided that if Subtenant provides written notice to Sublandlord within such five (5) day period of reasons for delaying payment of such amount, which reasons are acceptable to Sublandlord, in its sole discretion then Subtenant shall have an additional three (3) Business Days to pay or reimburse such amount. Notwithstanding anything to the contrary contained herein, Sublandlord may calculate the amounts of Additional Rent on an estimated basis for any calendar year occurring prior to the time that the actual amount of said Additional Rent with respect to such calendar year has been precisely determined. Such amounts shall be paid by Subtenant in equal monthly installments in conjunction with the Fixed Rent. Thereafter, when such amounts can be precisely determined, Sublandlord shall furnish Subtenant with a reconciliation statement setting forth the amount of said Additional Rent payable in the applicable calendar year and the amount Subtenant may have theretofore paid to or at the direction of Sublandlord. Thereafter, Subtenant shall either promptly pay to Sublandlord any shortage of Additional Rent, or, in the event of an overpayment of Additional Rent, receive a credit against its next monthly installment(s) of Fixed or Additional Rent (as rent for determined by Sublandlord) until the credit is satisfied.
(b) If Sublandlord shall be charged with respect to the Premises during or Equipment for any other sums or charges pursuant to the Interim Termprovisions of the Prime Lease, including, without limitation, for extra services requested by Subtenant, then Subtenant shall be liable for all such sums and charges as Additional Rent under this Sublease and such sums shall be due and payable by Subtenant to Sublandlord on demand. The foregoing shall not be deemed to require Subtenant to make payments in respect of charges incurred by Sublandlord by reason of the Primary Term and each Extended Term acts or omissions of this Lease Sublandlord or any other subtenants, if any.
(if Tenant extends the Term in accordance with Paragraph 4a) the amounts Fixed Rent as set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in Exhibit D and monthly installments, if any, of Additional Rent shall be due and payable in advanceequal monthly installments in advance in immediately available funds by wire transfer (pursuant to the wire transfer instructions delivered by Sublandlord to Subtenant), on the first day of each calendar month of the Term (herein called each such date, a "Payment Date"). If the "BASIC RENT PAYMENT DATES"first day of a calendar month is not a Business Day, such installment shall be due on the first Business Day preceding the first calendar day of such month. If the Sublease Commencement Date shall be other than the first day of a calendar month or the expiration of the Term is other than the last day of a calendar month, the monthly installments of Fixed Rent and Additional Rent payable hereunder for any such month shall be prorated on a per diem basis based on the actual number of days in such month. On the first day of the calendar month following the Sublease Commencement Date, if the Sublease Commencement Date occurs after the first day of a calendar month, Subtenant shall receive a credit for the unapplied portion of the Rental deposit made pursuant to Section 6A.
(b) by wire Subtenant shall furnish to Sublandlord copies of all tax and insurance bills relating to the Premises and Equipment and copies of official receipts or other electronic transfer satisfactory proof evidencing all payments of immediately available funds taxes and insurance premiums, promptly following receipt or payment thereof, as applicable.
(c) If Sublandlord shall receive a refund of any Additional Rent amounts from Prime Landlord with respect to the Landlord Premises pursuant to the terms of the Prime Lease, and such refund relates to Additional Rent paid hereunder by Subtenant, Sublandlord shall promptly notify Subtenant and shall at Sublandlord's option, either (i) credit against the next monthly installment of Additional Rent due hereunder, the portion thereof, if any, allocable to the Term of this Sublease and which shall have been theretofore paid by Subtenant or (ii) promptly send said allocable amount to Subtenant.
(d) All of the amounts payable by Subtenant pursuant to this Sublease, including, without limitation, Fixed Rent, Additional Rent, and all other costs, charges, sums and deposits payable by Subtenant hereunder (collectively, "Rental"), shall constitute rent under this Sublease and shall be payable to Sublandlord or its designee at such address set forth above or to such other person or such other place or account as Landlord Sublandlord shall from time to time may designate to Tenant direct in writing; provided, . Subtenant shall have no authority to pay the Rental directly to Prime Landlord may designate to Tenant unless so directed in writing that all but not less than by Sublandlord or Prime Landlord.
(e) Subtenant shall promptly pay the Rental as and when the same shall become due and payable without setoff, offset or deduction of any kind whatsoever and, in the event of Subtenant's failure to pay same when due, Sublandlord shall have all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers rights and remedies provided herein for in the Prime Lease and in this Sublease or by at law or in equity in the case of nonpayment of Basic Rentrent. Tenant further covenants Subtenant's obligation to pay Rental shall survive the expiration or sooner termination of this Sublease.
(f) If any Rental shall not be paid within five (5) days after the same is due hereunder, such unpaid Rental shall bear interest at an annual rate which is four (4%) percent in excess of the prime or base reference lending rate from time to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord time quoted by ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ (or any successor thereto) from the date on which such Rental was originally due until the date when paid.
C. If Subtenant shall for any reason remain in possession of the Premises after the expiration of the Term or earlier termination of this Sublease, such amount is paid in full possession shall at the per annum rate option of interest Sublandlord in its sole discretion, be as a month-to-month holdover tenant during which time, Subtenant shall pay as rental each month (which rental constitutes liquidated damages with respect to Rental, and not a penalty for the "DEFAULT RATE"period to which it relates), the greater of the following: (a) equal two times the aggregate of: (i) the installment of rent payable by Sublandlord to Prime Landlord pursuant to the annual "prime rate" identified in Prime Lease as of the "Money Rates" column in last month of the Wall Street Journal Term, and (ii) all other sums, if any, payable by Subtenant pursuant to the "PRIME RATE"provisions of this Sublease and the Prime Lease with respect to the Premises, and (b) plus four percent (4%)holdover damages payable by Sublandlord, as tenant under the Prime Lease, to Prime Landlord. During such period of month-to-month holdover tenancy, Subtenant shall be obligated to perform and observe all of the terms, covenants and conditions of this Sublease and the Prime Lease with respect to the Premises, but in shall have no event shall rights hereunder other than the Default Rate exceed right, to the maximum rate permitted extent given by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication law to month-to-month holdover tenancies to continue its occupancy and use of the "prime rate," then Landlord Premises. Nothing contained herein shall designate a reasonably comparable source constitute the consent, express or implied, of Sublandlord to identify the Prime Rate.holding over of Subtenant after the expiration or earlier termination of this Sublease. Notwithstanding payment of such holdover
Appears in 1 contract
Sources: Operations Transfer Agreement (Kindred Healthcare Inc)
Rent. (a) Tenant covenants agrees to pay to LandlordLandlord without demand, as rent for deduction or offset, together with all sales and use taxes levied upon the Premises during use and occupancy of the Interim TermPremises, at the Primary Term and each Extended Term address of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts Landlord hereinabove set forth or at such other place as Landlord may in writing designate, an initial annual rent as further described in the attached Addendum to Lease #1, plus applicable sales tax, payable in equal monthly installments as per the attached Addendum to Lease #1, plus applicable sales tax. Tenant shall pay the first monthly installment of Rent (and any pro-rated amounts) on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, execution hereof. All Rent is payable in advance, on the first day of each calendar month and without demand, deduction or offset. If any monthly payment of Rent is not received by Landlord within seven (herein called 7) days from the date it is due, a "BASIC RENT PAYMENT DATESlate charge" of six percent (6%) of such payment shall be due Landlord as ") by wire or other electronic transfer Additional Rent" and to compensate Landlord administratively for its having to receive and handle monies untimely paid.
A. Tenant shall pay Tenant’s proportionate share of immediately available funds to Project Operating Expenses over the Landlord at the address set forth above or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all Base Year 2015.
B. Tenant’s “proportionate share” shall mean a proportion of the monthly Basic Rent Project Area Operating Expenses, calculated by multiplying the total Project Area Operating Expenses by a fraction, the numerator of which shall be paid directly the number of square feet contained in the Leased Premises and the denominator of which shall be the aggregate number of square feet of leasable building space in the Project, which Tenant’s current proportionate share is hereby agreed to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT")ProRata. In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law a change in the case leasable building space of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent the Project due to expansion, reduction or otherwise, Tenant’s proportionate share shall be adjusted accordingly upon written notice from Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication Tenant of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Ratechange.
Appears in 1 contract
Sources: Lease (Procyon Corp)
Rent. (a) Tenant covenants to shall pay to LandlordLandlord as rental the amount specified in the Basic Lease Information as the Base Rent, as rent for payable in advance on the Premises during commencement of the Interim Term, the Primary Term term and each Extended Term of this Lease (if Tenant extends the Term in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, in advance, on or before the first day of each and every successive calendar month during the term. If the term commences on other than the first day of a calendar month, the first payment of rent shall be appropriately prorated on the basis of a 30-day month.
(b) Tenant shall pay, as additional rent, all amounts of money required to be paid to Landlord by Tenant hereunder in addition to monthly rent, whether or not the same be designated "additional rent." If such amounts are not paid at the time provided in this Lease, they shall nevertheless be a collectable as additional rent with the next installment of monthly rent thereafter falling due, but nothing herein called contained shall be deemed to suspend or delay the "BASIC RENT PAYMENT DATES"payment of any amount of money at the time the same becomes due and payable hereunder, or limit any other remedy of Landlord.
(c) Tenant hereby acknowledges that late payment by wire Tenant to Landlord of rent and other amounts due hereunder after the expiration of any applicable grace period will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges, and late charges which may be imposed on Landlord by the terms of any trust deed covering the premises. Accordingly, if any installment of rent or any other electronic transfer sums due from Tenant shall not be received by Landlord when due, Tenant shall pay to Landlord a late charge equal to 6% of immediately available funds such overdue amount. The parties hereby agree that such late charge represents a fair and reasonable estimate of the costs Landlord will incur by reason of late payment by Tenant. Acceptance of such late charge by Landlord shall in no event constitute a waiver of Tenant's default with respect to such overdue amount, nor prevent Landlord from exercising any of the other rights and remedies granted hereunder.
(d) Any amount due to Landlord, if not paid when due, shall bear interest from the date due until paid at the rate of 10% per annum or, if a higher rate is legally permissible, at the highest rate legally permitted, provided that interest shall not be payable on late charges incurred by Tenant nor on any amounts upon which late charges are paid by Tenant to the extent such interest would cause the total interest to be in excess of that legally permitted. Payment of interest shall not excuse or cure any default hereunder by Tenant.
(e) All payments due from Tenant to Landlord hereunder shall be made to Landlord without deduction or offset in lawful money of the United States of America at the Landlord's address set forth above for notices hereunder, or to such other person or at such other place or account as Landlord may from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly Basic Rent be paid directly to a Mortgagee (as defined in Subparagraph 23(a)) or an institutional payment agentTenant.
(b) Tenant covenants that all other amounts, liabilities and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rent, Landlord shall have all rights, powers and remedies provided herein or by law in the case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on demand interest on all Basic Rent and Additional Rent due to Landlord from the date due until such amount is paid in full at the per annum rate of interest (the "DEFAULT RATE") equal to the annual "prime rate" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Rate.
Appears in 1 contract
Sources: Sublease (Depomed Inc)
Rent. (a) Tenant covenants to shall pay to Landlord (or to Lender, if directed by Landlord), as minimum annual rent for the Leased Premises during the Interim Term, the Primary Term and each Extended Term of this Lease (if Tenant extends the Term Basic Rent in accordance with Paragraph 4) the amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in monthly installments, in advancearrears, on the first day of each calendar month (herein called Basic Rent Payment Dates, and shall pay the "BASIC RENT PAYMENT DATES") same by wire or other electronic transfer of in immediately available funds to federal funds, by 9:30 a.m., New York time on the Landlord at the address set forth above or date due, to such other person or account in such other place or account bank as Landlord (or Lender, if Landlord directs Tenant to pay Basic Rent directly to Lender) shall designate, from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all but not less than all of the monthly time. Basic Rent for the period from and including the Commencement Date through and including June 30, 2003 shall be paid directly to a Mortgagee (on June 30, 2003 in the amount set forth for such period on Exhibit B-1 attached hereto. Tenant shall pay and discharge before the imposition of any fine, lien, interest or penalty that may be added thereto for late payment thereof, as defined in Subparagraph 23(a)) or an institutional payment agent.
(b) Tenant covenants that Additional Rent, all other amounts, liabilities amounts and obligations which Tenant assumes or agrees to pay or discharge pursuant to this Lease Lease, together with every fine, penalty, interest and cost which may be added by the party to whom such payment is due for nonpayment or late payment thereof, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). In the event of any failure by Tenant to pay or discharge any Additional Rentof the foregoing, Landlord shall have all rights, powers and remedies provided herein or herein, by law or otherwise, in the case event of nonpayment of Basic Rent. All payments of Additional Rent that are payable to Landlord shall be paid by Tenant further covenants by wire transfer in immediately available federal funds to such account in such bank as Landlord (or Lender, if so directed by Landlord) shall designate, from time to time. If any installment of Basic Rent is not paid when the same is due, Tenant shall pay to Landlord or Lender, as the case may be, on demand interest on demand, as Additional Rent, a Late Charge. Landlord and Tenant agree that this Lease is a true lease and does not represent a financing arrangement. Each party shall reflect the transactions represented by this Lease in all Basic Rent applicable books, records and Additional Rent due to Landlord from the date due until such amount is paid reports (including, without limitation, income tax filings) in full at the per annum rate of interest (the a manner consistent with "DEFAULT RATEtrue lease" treatment rather than ") equal to the annual "prime ratefinancing" identified in the "Money Rates" column in the Wall Street Journal (the "PRIME RATE") plus four percent (4%), but in no event shall the Default Rate exceed the maximum rate permitted by law. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall designate a reasonably comparable source to identify the Prime Ratetreatment.
Appears in 1 contract
Sources: Lease (Performance Food Group Co)