Rent. 7.1 Tenant shall pay to Landlord as Base Rent for the Premises, commencing on the Term Commencement Date, the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in 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 ("Additional Rent") 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 obligations of 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 office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional month.
Appears in 2 contracts
Sources: Lease (Mabvax Therapeutics Holdings, Inc.), Lease (Mabvax Therapeutics Holdings, Inc.)
Rent. 7.1 7.1. Tenant shall pay to Landlord as Base Rent for the Premises, commencing on December I, 2018 (the Term “Rent Commencement Date”), the sums set forth in Section 2.3, subject to the rental adjustments provided in Article 8 hereof. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, subject to the rental adjustments provided in Article 8 hereof, each in advance on the first day of each and every calendar month during the Lease Term.
7.2 7.2. In addition to Base Rent, commencing on the Term Commencement Date, Tenant shall pay to Landlord as additional rent ("“Additional Rent"”) at times hereinafter specified in this Lease (a) Tenant's ’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 expressly assumes or agrees to pay under the provisions of this Lease that are owed to Landlord. Without limitation on , including any and all other obligations sums that may become due by reason of any default of Tenant which survive or failure on Tenant’s part to comply with the expiration agreements, terms, covenants and conditions of this Lease to be performed by Tenant, after notice and the Lease Term, the obligations lapse of Tenant to pay any applicable cure periods.
7.3. Base Rent and Additional Rent shall survive the expiration of the Lease Termtogether be denominated “Rent.
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 to the office of Landlord as address set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day 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 otherwise affected by (a) any Applicable Laws now or hereafter applicable to the Premises, (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 rights now or hereafter existing to terminate or cancel this Lease or quit or surrender the Premises or any part thereof, or to assert any defense in the nature of constructive eviction to any action seeking to recover rent. Tenant’s obligation to pay Rent with respect to any period or obligations arising, existing or pertaining to the period prior to the date of the expiration or earlier termination of the Term or this Lease shall 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 any other period.
7.5. Provided that Tenant is not then in default of this Lease (beyond the expiration of all applicable notice and cure periods expressly set forth in this Lease), then during the initial six (6) calendar months of the Term following the Rent Commencement Date (the “Rent Abatement Period”), Tenant shall not be obligated to pay any Base Rent otherwise attributable to the Premises (the “Rent Abatement”). Landlord and Tenant acknowledge that the aggregate amount of the Rent Abatement shall be in an amount not to exceed Two Hundred Seventy-Eight Thousand Two Hundred Seven and 70/100 Dollars ($278,207.70). Tenant acknowledges and agrees that the foregoing Rent Abatement has been granted to Tenant as additional consideration for entering into this Lease, and for agreeing to pay the rental and performing the terms and conditions otherwise required under this Lease. If Tenant shall be in default under this Lease beyond any applicable notice and cure period provided in this Lease, then Tenant’s right to receive the Base Rent Abatement for the Base Rent Abatement Period shall automatically terminate as of the date of such default and Tenant shall immediately be obligated to begin paying Base Rent for the Premises in full. The Base Rent Abatement shall be personal to the original Tenant and shall only apply to the extent that the original Tenant (and not any assignee, or any sublessee or other transferee of the original Tenant’s interest in this Lease) is the Tenant under this Lease during the Base Rent Abatement Period. Nothing in this Section shall work to a▇▇▇▇ or reduce (during the Rent Abatement Period or otherwise) Tenant’s obligations under this Lease with respect to Additional Rent including (without limitation) Tenant’s obligations with respect to Tenant’s Adjusted Share of Operating Expenses and the Property Management Fee.
Appears in 2 contracts
Sources: Lease (Erasca, Inc.), Lease Agreement (Erasca, Inc.)
Rent. 7.1 Tenant The Lessee shall pay to Landlord as Base Rent for in the Premises, commencing on amounts and at the Term Commencement Date, the sums times set forth in Section 2.3Exhibit B attached hereto. The Lessee agrees and acknowledges that Exhibit B attached hereto may be amended at any time: (i) 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 shall to be paid by the Lessee for subsequent periods (unless Exhibit B is further amended as provided in equal monthly installments as this Section) upon the earlier of the acknowledgment thereof by the Lessee or automatically on the next payment date set forth in Section 2.3the revised Exhibit B. The Lessee will pay Additional Rent within fifteen days after a written request therefor is mailed to 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 payment of any amounts due hereunder or to cure any Event of Default hereunder, each in advance 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 day to the Interest Component of each and every calendar month during the Lease Term.
7.2 In addition to Base Rent, commencing on (ii) second to the Term Commencement DatePrincipal Component of Base Rent, Tenant shall pay (iii) third to Landlord as additional rent ("Additional Rent") 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 (civ) any other amounts that Tenant expressly assumes or agrees fourth to pay under the provisions components of this Lease Base Rent that are owed not Interest Component or Principal Component. This Lease will be deemed and construed to Landlord. Without limitation on other obligations of Tenant which survive be a “net lease,” and the expiration of Lessee will pay absolutely net during the Lease Term, the Lease Payments and 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 Payments when due and shall not withhold any Lease Payments pending final resolution of such dispute nor shall the Lessee assert any right of set-off or counterclaim against its obligations of Tenant to pay Additional Rent make such payments required under this Lease. Lease Payments 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 be 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 Disbursing Agent at the office of Landlord as place set forth in Section 2.8 or to such other person Exhibit B attached hereto or at such other place as Landlord the Disbursing Agent may from time to time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional month.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Rent. 7.1 Tenant shall pay (a) Subject to Landlord as Base Rent for the Premisessubsection (c) below, commencing on and after the Term Commencement Date, Lessee shall pay Lessor all monetary obligations of Lessor under each Prime Lease for its respective Property applicable to the sums set forth Term (including, without 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 “Property Rent”).
(b) 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 2.311(a) hereof, all other amounts payable by Lessee that arise as an independent obligation under this Sublease (the “Additional Rent”, 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. Base All Property Rent with respect to any Property shall be paid in equal monthly installments as set forth in Section 2.3, each in 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 ("Additional Rent") 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 obligations of 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 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 office of Landlord as set forth address designated for notices to Lessor in Section 2.8 or 11(a) hereof in immediately available funds at least two (2) Business Days prior to the date when such other person 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 (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 otherwise reimburse Lessor for all of Lessor’s obligations for Property Rent incurred with respect to each 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, then, provided Lessee shall have delivered such Property Rent payment to Lessor within the time designate and in writing. In the event manner specified in this subsection (c), Lessor shall deliver such payment of Property Rent to such Prime Landlord on or prior to the date when such Property Rent is due and payable under such Prime Lease Term commences and in such manner as provided under the respective Prime Lease.
(d) All obligations of Lessee and Lessor under this Section 4 shall survive the termination of the Prime Leases or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional monththis Sublease.
Appears in 2 contracts
Sources: Sublease (Express Parent LLC), Sublease (Express Parent LLC)
Rent. 7.1 Tenant (a) Sublessee shall pay to Landlord Sublessor as Base Rent for the Premises, minimum monthly rental hereunder the sum of $8,666.67 per month commencing on the Term Commencement DateJuly 1, the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in advance 2000 and continuing on the first day of each and every calendar succeeding month thereafter during the Lease Termterm of this Sublease (the "Basic Monthly Rent"). Basic Monthly Rent shall be adjusted from time to time in accordance with the provisions in the ▇▇▇▇▇▇▇▇▇ in respect of adjustments to "fixed rent" (as that term is defined in the ▇▇▇▇▇▇▇▇▇) as provided in Article 1 thereof, such that Basic Monthly Rent shall at 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 prorated at the rate of 1/30th of the Basic Monthly Rent counting the actual number of days elapsed.
7.2 In addition to Base Rent, commencing on the Term Commencement Date, Tenant (b) Sublessee shall pay to Landlord during the term of this Sublease, as additional rent rental hereunder (hereinafter referred to as "Additional Rent") at times hereinafter specified in this Lease (a) Tenant's Share (as defined below) of Operating Expenses (as defined below), before any fine, penalty, interest or cost may be added thereto for the nonpayment thereof, (bi) 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 Property Management Fee 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 as defined below) "Impositions"), 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 (cii) any other amounts that Tenant expressly assumes or agrees to pay due Landlord under the provisions of this Lease that are owed to Landlord. Without limitation on other obligations of Tenant which survive the expiration terms of the Lease Term▇▇▇▇▇▇▇▇▇ (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 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▇▇▇▇▇▇▇▇▇ Charges"). Should Sublessee shall pay to Sublessor any taxes or increases in taxes which result from any improvements to the Code 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 RegulationsPremises, or interpretations thereof by any portion thereof, and/or this Sublease which are due and payable during 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 term of this Sublease to Sublessor within five days of receipt of a statement specifying such amount from real property" for purposes of Section 856(dSublessor and (b) 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 all ▇▇▇▇▇▇▇▇▇ Charges at the office times and in the manner specified therefor in the ▇▇▇▇▇▇▇▇▇. Anything herein to the contrary notwithstanding, Sublessor shall pay its prorata portion of Landlord as set forth any Impositions and/or ▇▇▇▇▇▇▇▇▇ Charges due and payable with respect to the Premises, or any portion thereof, and/or this Sublease during the years in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In which the event the Lease Term term hereof both commences or and ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period based on the basis number of a thirty (30) day month days in each said year within the term of this Sublease, and Sublessor shall be paid at pay the then-current rate for balance of any such fractional monthImpositions during said years.
Appears in 2 contracts
Sources: Sublease (Harvey Electronics Inc), Sublease (Harvey Electronics Inc)
Rent. 7.1 (a) Tenant shall covenants to pay to Landlord Landlord, as Base Rent rent for the Premises, commencing on Premises during the Interim Term Commencement Dateand the Primary Term of this Lease, the sums amounts set forth on Exhibit 5- 1 hereto, and during each Extended Term the amounts determined pursuant to Exhibit 5-2 hereto (herein called the "Basic Rent") in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in advance on the first day of each and every calendar month during (herein called the Lease Term.
7.2 In addition "Basic Rent Payment Dates") by wire or other electronic transfer of immediately available funds or by check payable to Base Rentthe Landlord at the address set forth above 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, commencing Landlord may designate to Tenant in writing that all or a portion of the monthly Basic Rent be paid directly to a Mortgagee 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 Term Commencement Datedate received, subject to collection. Subject to the second sentence of Subparagraph 7(a), Tenant shall pay to Landlord as additional rent ("when due all taxes payable on Basic Rent and Additional Rent") at times hereinafter specified in this Lease (a) , whether imposed on Landlord or Tenant's Share (, including without limitation, all gross rent taxes and sales taxes on such Basic Rent and Additional Rent, but calculated as defined below) if the Basic Rent and the Additional Rent were the sole income of Operating Expenses (as defined below), Landlord.
(b) the Property Management Fee (as defined below) Tenant covenants that all other amounts, liabilities and (c) any other amounts that obligations which Tenant expressly assumes or agrees to pay under the provisions of or discharge pursuant to this Lease that are owed to Landlordtogether 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"). Without limitation on other obligations In the event of Tenant which survive the expiration of the Lease Term, the obligations 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. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the "prime rate," then Landlord shall substitute a comparable prime rate. Notwithstanding the two prior sentences of this Subparagraph 5(b) to the 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 survive be the expiration lesser of (i) the Lease Term.
7.3 Landlord and Tenant hereby agree that it 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 their intent that all Base Rent, Additional Rent and other rent and charges payable referred to herein as the Landlord under this Lease "Default Rate"); said lower rate described in clauses (hereinafter individually and collectively i) or (ii) being 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 "CodeMortgage Default Rate") 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 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 this Section 7.3 shall be made so as to produce the equivalent (in economic termsSubparagraph 25(b) 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 office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional monthhereof.
Appears in 2 contracts
Sources: Lease (School Specialty Inc), Lease (School Specialty Inc)
Rent. 7.1 Tenant shall pay to Landlord as Base Rent A. Total rent for the Premisesaforesaid premises is $ . LESSEES agree to pay $ as their share of the total rent in payments of $ _ due monthly beginning _ / /20 and ending / /20 , commencing on the Term Commencement Date, the sums or as otherwise set forth herein in Section 2.3the “Special Provisions,” which is attached herewith and included by reference. Base Rent A late charge of 10% of the total outstanding balance due + $2 per day shall be paid added to the payments due and not received in equal monthly installments as set forth in Section 2.3, each in advance on the first office of LESSOR by the end of the 5th day of each the month; unpaid late fees, damages, and every calendar month during 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. 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 LESSEE(s) or on behalf of the LESSEE(s) pursuant to the Lease Termshall not be refundable regardless of circumstances.
7.2 In addition to Base Rent, commencing on the Term Commencement Date, Tenant shall pay to Landlord as additional rent ("Additional Rent") 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 obligations of 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 B. All payments due pursuant to this Section 7.3 lease SHALL be made online via the tenant portal with either a recurrent payment setup option or monthly as specified in the lease instrument.
▇. ▇▇▇▇▇▇ is not affiliated with Illinois State University, Illinois Wesleyan, or Heartland Community College and the suspension of classes, withdrawal, or dismissal from the University shall not terminate the obligation of LESSEE hereunder and LESSEE shall be made so as to produce liable for 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 office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional monthaforesaid rents.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Rent. 7.1 (a) Tenant shall pay to Landlord Landlord, as Base Rent annual rent for the PremisesPremises during the Term, the amounts determined in accordance with Exhibit “D” hereto (“Basic Rent”), commencing on the Term Commencement Datedate hereof for the initial month and thereafter, the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in advance on the date hereof, and continuing on the first day of each and every calendar month during the Lease Term.
7.2 In addition to Base RentTerm (each such day being a “Basic Rent Payment Date”). Each such rental payment shall be made, commencing at Landlord’s sole discretion, (i) by a check actually received by Landlord before the applicable Basic Rent Payment Date, or (ii) by wire transfer in Federal Funds on the Term Commencement applicable Basic Rent Payment Date, . Pro rata Basic Rent for the initial month shall be paid on the date hereof
(b) Tenant shall pay to Landlord 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 Persons specifically referenced herein which are incurred in connection or associated with (A) the ownership, 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 expenses incurred in connection with the payment of a Prepayment Premium, (D) any Condemnation proceedings, (E) the adjustment, settlement or 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 Landlord, (G) the exercise or 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 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 the preparation, negotiation and execution of this Lease, and the Costs incurred in connection with any act undertaken by Landlord (or its counsel) at times hereinafter specified 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 Lease;
(aii) Tenant's Share 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 (as defined belowthe “Late Charge”) equal to five percent (5%) of Operating Expenses the amount of such unpaid installment; except that the first Late Charge in any twelve (as defined below)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 fees of Lender’s counsel) which 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, (bB) all overdue amounts of Additional Rent relating to obligations which Landlord shall have paid on behalf of Tenant, from the Property Management Fee date of payment thereof by Landlord, and (as defined belowC) 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 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 payment thereof, and (ii) any other amounts that Tenant expressly assumes or agrees to pay under the provisions of this Lease that are owed to Additional Rent, within ten (10) days after Landlord. Without limitation on other obligations of 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’s demand for payment thereof.
7.3 Landlord and Tenant hereby agree that it is their intent that all Base Rent, Additional Rent and other rent and charges (d) In no event shall amounts payable to the Landlord under this Lease (hereinafter individually and collectively referred to as "Rent") shall qualify as "rents from real property" within exceed 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 maximum amount permitted 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 office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional monthapplicable Law.
Appears in 2 contracts
Sources: Lease Agreement (Pw Eagle Inc), Lease Agreement (Pw Eagle Inc)
Rent. 7.1 3.1 Tenant shall pay to Landlord as Base Rent rent (the “Rent”) for the Premises, commencing Premises during Term the Rent identified on the Term Commencement Date, the sums set forth in Section 2.3. Base Exhibit L.
3.2 The Rent shall be paid payable in equal monthly installments as set forth in Section 2.3, each in advance on within five (5) days of the first day of each and every calendar month during the Lease Term.
7.2 In addition to Base Rent, commencing on without previous demand therefor and without offset or deduction of any kind whatsoever, except as herein specifically set forth. Notwithstanding the Term Commencement Dateforegoing, Tenant shall pay to Landlord as additional rent the first month’s installment of Rent within five ("Additional Rent"5) at times hereinafter specified in this Lease (a) Tenant's Share (as defined below) days 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 execution of this Lease that are owed to Landlord. Without limitation and, if the Commencement Date occurs on other obligations of 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 office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Tenant shall pay its pro rata share of Rent for such fraction of a month calendar month.
3.3 All Rent payable hereunder shall be prorated for such period made payable to Landlord and sent to Landlord’s address set forth on the basis of a thirty (30) day month 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 paid at made in local currency in which the thenPremises 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 designated from time to time by Landlord. Landlord shall be deemed to receive such payments when Landlord’s bank actually receives the wire transfer from Tenant’s bank for the account of Landlord.
3.4 Tenant 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 proceeding affecting Landlord or any assignee of Landlord or any action with respect to this Lease which may be taken by any trustee, receiver or liquidator or by 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-current rate for 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 fractional monthstatute or otherwise, Tenant shall be bound by all the terms and provisions contained in this Lease.
Appears in 2 contracts
Sources: Master Lease Agreement (Xylem Inc.), Master Lease Agreement (Xylem Inc.)
Rent. 7.1 A. Tenant shall covenants to pay to Landlord during the Lease Term, without any setoff or deduction except as otherwise expressly provided herein, the full amount of all Base Rent for and Additional Rent due hereunder and the Premisesfull amount of all such other sums of money as shall become due under this Lease, commencing all of which hereinafter may be collectively called “Rent.” In addition, Tenant shall pay, as 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 Term Commencement Date, the sums set forth in Section 2.3tax is based. Base Rent and Additional Rent for each calendar year or portion thereof during the Lease Term, shall be paid due and payable in equal advance in monthly installments as set forth in Section 2.3, each in 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 ("Additional Rent") 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 obligations of 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 office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writingdemand. In the event If the Lease Term commences or ends on a day other than the first day of a calendar month or terminates on a day other than the last day of a month, then the installments of Base Rent (if any) and Additional Rent (if any) for such fraction of a month or months shall be prorated for such period prorated, based on the basis number of a thirty (30) day month and days in such month. All amounts received by Landlord from Tenant hereunder shall be paid at applied first to the then-current rate for earliest accrued and unpaid Rent then outstanding. Tenant’s covenant to pay Rent shall be independent of every other covenant set forth in this Lease.
B. If Tenant fails to pay any installment of Base Rent and Additional Rent or any other item of Rent within ten (10) days after the same becomes due and payable hereunder, a “Late Charge” equal to five percent (5%) of such fractional monthunpaid amount will be due and payable with the next installment of Base Rent by Tenant to Landlord.
Appears in 2 contracts
Sources: Office Lease (Proquest Co), Sublease Agreement (Voyager Learning CO)
Rent. 7.1 (a) Tenant shall covenants and agrees to pay to Landlord Landlord, as Base Rent rental for the Premises, commencing on Annual Basic Rental in the Term Commencement Date, the sums sum set forth in Section 2.3. Base Rent shall be paid the Fundamental Lease Provisions, payable in advance in equal monthly installments as set forth in Section 2.3, each in advance on the first day of each and every full calendar month during the Lease Termterm, the first such payment to include rent, prorated on a daily basis, for the period (if any) from the date of commencement of the term to the first day of the first full calendar month in the term.
7.2 In addition to Base Rent, commencing on the Term Commencement Date, Tenant shall pay to Landlord as additional rent ("Additional Rent") at times hereinafter specified in this Lease (a) Tenant's Share (as defined below) of Operating Expenses (as defined below), (b) Any sum, amount, item or charge payable by Tenant hereunder shall be deemed additional rent, and except as otherwise specifically provided herein, shall be paid by Tenant to Landlord on the Property Management Fee (as defined below) and 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) 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 obligations of Tenant which survive the expiration of the Lease Term, the obligations of All rentals payable by 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 Landlord at the office of Landlord as set forth in Section 2.8 herein designated or to such other address and/or person or at such other place company as Landlord may designate from time designate to time by notice to Tenant. Tenant will promptly pay all rentals herein prescribed when and as the same shall become due and payable. If Landlord shall pay any monies or incur any expenses in writing. In correction of violations of covenants herein set forth, the event the Lease Term commences amount so paid or ends incurred shall, at Landlord's option, and on a day other than notice to Tenant, be considered additional rentals, payable by Tenant with the first day installment of a calendar monthrent thereafter becoming due and payable, then the Rent for such fraction and may be collected or enforced as by law provided in respect of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional monthrentals.
Appears in 2 contracts
Sources: Lease Agreement (United Bancshares Inc /Pa), Lease Agreement (United Bancshares Inc /Pa)
Rent. 7.1 (a) The Rent (hereinafter defined) payable by Tenant shall pay pursuant to Landlord as Base Rent for this Lease is intended to be absolutely and completely net to Landlord, and all charges and expenses imposed upon the PremisesPremises incurred in connection with its ownership, commencing on use, occupancy, care, maintenance, operation and control, whether foreseen or unforeseen, regardless of the Term Commencement Datenature of such expenses or the remaining period of the Term, the sums set forth in Section 2.3. Base Rent 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 Term hereof shall be and consist of (a) the Fixed Rent payable in equal monthly installments as set forth in Section 2.3advance, each in 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, (except that Tenant shall pay to Landlord as additional rent ("Additional Rent") at times hereinafter specified in the first monthly installment upon signing this Lease (a) Tenant's Share (as defined below) of Operating Expenses (as defined belowLease), ; plus (b) the Property Management Fee such additional rent and other charges (“Additional Rent”) as defined below) are due and (c) any other amounts that Tenant expressly assumes or agrees payable pursuant to pay under the provisions of this Lease that are owed to Landlord. Without limitation on other obligations of Tenant Lease, 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 be payable as hereinafter provided, all Base Rent, Additional Rent and other rent and charges payable to be paid directly 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 offsetapplicable party, in lawful money of the United States of America at (hereinafter Fixed Rent and Additional Rent are sometimes collectively referred to as “Rent.”).
(c) Tenant does hereby covenant and agree promptly to pay the office of 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 as without specific payment terms set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar monthherein, then the Rent for such fraction of a month shall be prorated for such period on the basis of a within thirty (30) day month days of delivery by Landlord to Tenant of notice to pay the same, and (iii) if payable to Landlord in a specific time or manner set forth herein, in accordance therewith.
(d) In the event that any payment of Fixed Rent or Additional Rent payable to Landlord shall be paid at after the then-current rate due date for same provided herein, Tenant shall pay, together with such fractional monthpayment, the Late Charge and a 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 pay a late charge on the first 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. 7.1 Tenant shall pay Rent to Landlord (or to such Person as Base Rent for the Premises, commencing on the Term Commencement Date, the sums set forth Landlord may direct (in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in advance on the first day of each and every calendar month writing)) 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 ("Additional Rent") 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 obligations of 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 which shall be legal tender for the office payment of public and private debts, without offset, abatement, demand or deduction, except as hereinafter expressly provided. All payments of Rent to Landlord as set forth shall be made by wire transfer of immediately available federal funds or by other means acceptable to Landlord in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writingits sole discretion. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Base Rent and Additional Debt Service Costs for such fraction of a any partial month shall be prorated for such period on the a per diem basis of based on a 360 day year and twelve (12) thirty (30) day month months. In addition, if directed to do so by Landlord in writing, Tenant shall pay a portion of the Base Rent 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 Subordination Agreement not to disturb Tenant's right to possession 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 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 under this Paragraph may be paid at the thenoff-current rate for set against Base Rent payable by Tenant during such fractional calendar month.
Appears in 2 contracts
Sources: Property Lease Agreement (Provident Senior Living Trust), Property Lease Agreement (Brookdale Senior Living Inc.)
Rent. 7.1 7.1. Tenant shall pay to Landlord as Base Rent for the Premises, commencing on the one (1) month anniversary of the Term Commencement Date (the “Rent Commencement Date”), the sums set forth in Section 2.3, subject to the rental adjustments provided in Article 8 hereof. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, subject to the rental adjustments provided in Article 8 hereof, each in advance on the first day of each and every calendar month during the Lease Term.
7.2 7.2. In addition to Base Rent, commencing on the Term Commencement Date, Tenant shall pay to Landlord as additional rent ("“Additional Rent"”) at times hereinafter specified in this Lease (a) Tenant's ’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 expressly assumes or agrees to pay under the provisions of this Lease that are owed to Landlord. Without limitation on , including any and all other obligations sums that may become due by reason of any default of Tenant which survive or failure on Tenant’s part to comply with the expiration agreements, terms, covenants and conditions of this Lease to be performed by Tenant, after notice and the Lease Term, the obligations lapse of Tenant to pay any applicable cure periods.
7.3. Base Rent and Additional Rent shall survive the expiration of the Lease Termtogether be denominated “Rent.
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 to the office of Landlord as address set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day 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 otherwise affected by (a) any Applicable Laws now or hereafter applicable to the Premises, (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 rights now or hereafter existing to terminate or cancel this Lease or quit or surrender the Premises or any part thereof, or to assert any defense in the nature of constructive eviction to any action seeking to recover rent. Tenant’s obligation to pay Rent with respect to any period or obligations arising, existing or pertaining to the period prior to the date of the expiration or earlier termination of the Term or this Lease shall 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 any other period.
Appears in 2 contracts
Sources: Lease (Pandion Therapeutics Holdco LLC), Lease (Pandion Therapeutics Holdco LLC)
Rent. 7.1 (a) Tenant shall covenants to pay to Landlord Landlord, as Base Rent rent for the PremisesPremises during the Interim Term, commencing on the Primary Term and each Extended Term of this Lease (if Tenant extends the Term Commencement Date, in accordance with Paragraph 4) the sums amounts set forth on EXHIBIT 5 attached hereto (herein called the "Basic Rent") in Section 2.3. Base Rent shall be paid monthly installments, in equal monthly installments as set forth in Section 2.3advance, each in advance on the first day of each and every calendar month during (herein called the Lease Term.
7.2 In addition to Base Rent, commencing on the Term Commencement Date, Tenant shall pay to Landlord as additional rent ("Additional RentBASIC RENT PAYMENT DATES") at times hereinafter specified in this Lease (a) Tenant's Share (as defined below) by wire or other electronic transfer 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 obligations of 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 immediately available funds 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 office of Landlord as address set forth in Section 2.8 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)) 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 Lease Term commences or ends case of nonpayment of Basic Rent. Tenant further covenants to pay to Landlord on a day other than demand interest on all Basic Rent and Additional Rent due to Landlord from the first day of a calendar month, then the Rent for date due until such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be amount is paid in full at the then-current per annum rate for such fractional monthof 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. 7.1 Commencing on the Term Commencement Date, Tenant shall pay to Landlord the sums set forth in Section 2.3 as Base Rent for the Premises, commencing on subject to the Term Commencement Date, abatement of Base Rent to the sums extent set forth in Section 2.38 below. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in advance on the first day of each and every calendar month during the Lease Term. For the avoidance of doubt, Tenant’s payment of Base Rent for the first (1st) month of the Term shall be delivered to Landlord on the Term Commencement Date.
7.2 In addition to Base Rent, commencing on the Term Commencement Date, Tenant shall pay to Landlord as additional rent ("“Additional Rent"”), commencing on the Term Commencement Date (or the Expense Trigger Date (as defined below) with respect to Operating Expenses) and at times hereinafter specified in this Lease Lease, notwithstanding any abatement of Base Rent provided in Section 8 below, (a) Tenant's ’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 expressly assumes or agrees to pay under the provisions of this Lease that are owed to Landlord. Without limitation on , including any and all other obligations sums that may become due by reason of any default of Tenant which survive or failure on Tenant’s part to comply with the expiration agreements, terms, covenants and conditions of this Lease to be performed by Tenant, after notice and the Lease Term, the obligations lapse of Tenant to pay any applicable cure periods.
7.3 Base Rent and Additional Rent shall survive the expiration of the Lease Termtogether be denominated “Rent.
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 to the office of Landlord as address set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writingwriting (which may, at Tenant’s election, include payment of Rent by ACH, subject to an ACH authorization form reasonably acceptable to Landlord (which form shall stipulate that such authorization is for credit entries only to Landlord’s bank account)). In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day 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 otherwise affected by (a) any Applicable Laws now or hereafter applicable to the Premises, (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 rights now or hereafter existing to terminate or cancel this Lease or quit or surrender the Premises or any part thereof, or to assert any defense in the nature of constructive eviction to any action seeking to recover rent. Tenant’s obligation to pay Rent with respect to any period or obligations arising, existing or pertaining to the period prior to the date of the expiration or earlier termination of the Term or this Lease shall 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 any other period.
Appears in 2 contracts
Rent. 7.1 (a) Tenant shall covenants to pay to Landlord Landlord, as Base Rent rent for the Premises, commencing on Premises during the Term Commencement Date, of this Lease basic rent in the sums amounts set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3on Exhibit 5 attached hereto (herein called the “Basic Rent”), each in advance on the first day Business 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 ("Additional Rent") at times hereinafter specified in this Lease (a) Tenant's Share (as defined below) by wire or other electronic transfer 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 obligations of 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 immediately available funds 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 office of Landlord as address set forth in Section 2.8 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 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 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” and, together with Basic Rent, “Rent”). In the event of any failure by Tenant to pay or discharge any Additional Rent due Landlord, Landlord shall have all rights, powers and remedies provided herein or by law in the Lease Term commences 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 ends on 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 day other than Late Charge for the first day 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 each such delinquent amount of Basic Rent and Additional Rent due to Landlord from the due date until such amount is paid in full at the per annum rate of interest (the “Default Rate”) equal to an annual rate of three percent (3%) plus the annual “prime rate” as reported by the Wall Street Journal (the “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 monthyear 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 prime rate as the Prime Rate. Notwithstanding anything in this Lease to the contrary, then the (i) Tenant’s obligation to pay Additional Rent for such fraction of a month shall be prorated 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 period service agreements as reasonably required to keep the Premises in the same condition as exists on the basis 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 a thirty doubt, commencing January 1, 2020 and continuing through the Term, (30i) day month and Tenant shall be paid at fully responsible for all Additional Rent as set forth in this Lease, (ii) Paragraph 10 of this Lease shall govern the then-current rate maintenance, repair and replacement of the Premises, and (iii) subject to Subparagraph 4(b), Tenant shall be responsible for such fractional monththe 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. 7.1 2.1 Tenant shall pay to Landlord all sums due hereunder from time to time from the Commencement Date without prior demand, together with all applicable Florida sales tax thereon; however, unless otherwise provided in this Lease, payments other than Tenant's regular monthly payments of Base Rent and "Increased Operating Costs" (subsequently defined), shall be payable by Tenant to Landlord within five (5) days following demand, except as otherwise provided in this Lease. All other charges other than Base Rent that are required to be paid by Tenant to Landlord under this Lease shall constitute Additional Rent. Base Rent and Additional Rent (Base Rent and Additional Rent are collectively referred to as "Rent"), for any "Lease Year" consisting of more than twelve (12) months shall be prorated on a per diem basis, based upon a period of 365 days. Rent payable for any partial month shall be prorated on a per diem basis, based upon a thirty (30) day month. Tenant agrees that its covenant to pay Rent and all other sums under this Lease is an independent covenant and that all such amounts are payable without counterclaim, set-off, deduction, abatement, or reduction whatsoever, except as may be expressly provided for in this Lease.
2.2 Subject to any escalation which may be provided for in this Lease, Tenant shall pay Base Rent for the PremisesTerm in the initial amount specified in the Lease Summary, commencing on which, except for the first installment (which shall be payable upon Lease execution), shall be payable throughout the Term Commencement Date, the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in advance on the first day of each and every calendar month of each year of the Term, such monthly installments to be in the amounts (subject to escalation) specified in the Lease Summary. The obligation of Tenant to pay Rent shall commence on the [Rent ] Commencement Date. The Base Rent described above shall be adjusted at the beginning of the second and each succeeding Lease Year during the Term of this Lease Termas provided in the Lease Summary.
7.2 2.3 In addition to the Base RentRent specified in this Lease, commencing January 1, 2001. Tenant shall pay to Landlord as Additional Rent for the Premises Tenant's Proportionate Share of the amount by which the annual "Operating Costs" (as subsequently defined) exceed the Operating Costs incurred during the Base Year. Such excess is referred to as the "Increased Operating Costs." Tenant's obligation to pay its proportionate share of Increased Operating Costs shall commence as of the first day immediately subsequent to the last day of the Base Year. The amount of Increased Operating Costs payable to Landlord by Tenant may be estimated by Landlord for such period(s) as Landlord may determine from time to time (not to exceed twelve (12) months), and Tenant shall pay to Landlord the amounts so estimated in equal installments, in advance, on the Term Commencement Datefirst day of each month during such period. Within a reasonable period of time after the end of the period for which estimated payments have been made, Landlord shall furnish to Tenant a statement, showing the actual amount payable by Tenant based upon actual costs. If such actual Increased Operating Expenses for such calendar year shall exceed Tenant's payment so made, Tenant shall pay to Landlord the deficiency within twenty (20) days after receipt of said statement. If Tenant's payments shall exceed such actual Increased Operating Expenses, as additional rent shown on such statement, such excess shall be applied against payments next becoming due under this Lease, or, if the Lease has expired, shall be promptly refunded to Tenant. For purposes of this Lease, Operating Costs means are but not limited to all "Taxes," "Common Area Maintenance Charges," "Insurance Premiums" (as such terms are subsequently defined), and all other charges payable by the owner(s) of the Building under that certain Declaration of Protective Covenants and Restrictions for Lakes Corporate Park dated _______________and recorded in Official Records Book _____, Page _____, of the Public Records of Miami-Dade County, Florida and any supplements, amendments, replacements or additions thereto (collectively, the "Declaration").
2.3.1 Notwithstanding anything to the contrary contained in Section 2.3, the aggregate amount of the Tenant's pro rata share of Operating Costs pursuant to this Article 2 shall not increase by more than 5% per Lease Year except with respect to insurance premiums and real property taxes for which there shall be no cap.
2.4 Rent shall be paid to or upon the order of Landlord at Landlord's Address or as otherwise designated in writing by Landlord. Landlord may change its address by notice to Tenant of such change pursuant to Section 19.2 hereof. No payment by Tenant or receipt by Landlord of an amount less than the Rent due hereunder shall be deemed to be other than on account of the earliest stipulated Rent due hereunder. Nor shall any endorsement or statement on any check or any letter accompanying any check be deemed to be an accord and satisfaction.
2.5 Any Base Rent or Additional Rent payable by Tenant to Landlord under this Lease which is not paid within ten (10) days after due, will be subject to (i) a late payment charge, as Additional Rent") at times hereinafter specified in this Lease , of five percent (a) Tenant's Share (as defined below5%) of Operating Expenses the delinquent amount, in each instance, to cover Landlord's additional administrative costs and (as defined belowii) if any payment shall remain overdue for more than twenty (20) days, interest on all such unpaid sums (other than the late charge), at a per annum rate equal to the lesser of the highest rate permitted by law or eighteen percent (b) 18%)]. The rate of interest determined pursuant to the Property Management Fee (preceding sentence is sometimes hereinafter referred to as defined below) the "Maximum Interest Rate." Such late charges and (c) any interest will be due and payable upon demand, and will accrue from the date that such Base Rent, Additional Rent, late charges or other amounts that Tenant expressly assumes or agrees to pay sums are payable under the provisions of this Lease that are owed until actually paid by Tenant. Such late charges and interest shall not be considered the granting of a grace period.
2.6 Tenant shall also pay all applicable Florida sales tax levied on Rent, as well as any taxes attributable to Landlord. Without limitation the personal property and trade fixtures owned by Tenant.
2.7 Landlord acknowledges receipt of a security deposit in the amount specified on other obligations of Tenant which survive the expiration of the Lease Term, the obligations of Tenant Summary 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 be held 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 abatementany liability for interest thereon, deduction as security for the performance by Tenant of all its obligations under this Lease. Landlord shall be entitled to commingle the security deposit with Landlord's other funds. If Tenant defaults in any of its obligations under this Lease, Landlord may at its option, but without prejudice to any other rights which Landlord may have, apply all or offset, in lawful money part of the United States of America at the office of security deposit to compensate Landlord for any loss, damage, or expense sustained by Landlord as set forth in a result of such default (including sales taxes). If all or any part of the security deposit is so applied, Tenant shall restore the security deposit to its original amount on demand of Landlord. Subject to the provisions of this Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month2.7, then the Rent for such fraction of a month shall be prorated for such period on the basis of a within thirty (30) day month days following termination of this Lease, if Tenant is not then in default or if no default would occur after a lapse of time, the security deposit will be returned by Landlord to Tenant.
2.8 To secure the payment of all Rent and other sums of money due and to become due hereunder and the faithful performance of this Lease by Tenant, Tenant hereby gives to Landlord an express first and prior contract and landlord's lien and security interest on all property now or hereafter acquired (including fixtures, equipment, chattels, and merchandise) by Landlord (and not by any customer of Landlord) which may be placed in the Premises and also upon all proceeds of any insurance which may accrue to Tenant by reason of destruction of or damage to any such property. Such property shall not be removed therefrom without the written consent of Landlord until all arrearages in rental and other sums of money then due to Landlord hereunder shall first have been paid. All exemption laws are hereby waived in favor of said lien and security interest. This lien and security interest is given in addition to Landlord's statutory lien and shall be paid at cumulative thereto. Landlord shall, in addition to all of its rights hereunder, also have all of the then-current rate rights and remedies of a secured party under the Uniform Commercial Code as adopted in the State of Florida. To the extent permitted by law, this Lease shall constitute a security agreement under Article 9 of the Florida Uniform Commercial Code. Notwithstanding the foregoing, Landlord agrees to subordinate its lien to a bona fide institutional lender providing acquisition financing or lease financing for Tenant's furniture, fixtures, and equipment, so that Landlord will have a second lien on such fractional monthfurniture, fixtures and equipment.
Appears in 2 contracts
Sources: Commercial/Industrial Building Lease (World Diagnostics Inc), Commercial/Industrial Building Lease (World Diagnostics Inc)
Rent. 7.1 (a) The Tenant shall pay to the Landlord as Base Rent for Rent, in legal tender, at the Premises, commencing on the Term Commencement Date, the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments Landlord’s office as set forth in Section 2.3Exhibit “B”, each or as directed from time to time by Landlord’s notice, the annual amount set forth in advance Exhibit “B” payable in equal monthly payments as set forth in Exhibit “B” promptly on the first day of each and every calendar month during of the Lease Term.
7.2 In addition to Base Rentterm, commencing 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 Term Commencement Datesame 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 — 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 as additional rent ("Additional Rent") at times hereinafter specified 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 in this Lease and shall be paid without deduction or set-off.
(b) It is understood that the Base Rent specified in Paragraph (a) Tenant's Share (as defined below) 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 defined below), 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 Management Fee including but not limited to the cost of water and power for heating, lighting, air conditioning and ventilating in the common areas;
(as defined belowiv) 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;
(cv) any other amounts that Tenant expressly assumes or agrees cost of management, not to pay under the provisions exceed five per cent (5%), of this Lease that are owed to Landlord. Without limitation on other obligations actual base rent received;
(vi) cost of Tenant which survive the expiration repairs and general maintenance of the Lease TermProperty (excluding repairs, the obligations alterations and general maintenance paid by proceeds of Tenant insurance or attributable solely to pay Additional Rent shall survive the expiration tenants of the Lease Term.Property other than Tenant);
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"vii) shall qualify as "rents from real property" within the meaning of Section 856(damortization (together with reasonable financing charges) of the Internal Revenue Code cost of 1986installation of capital investment items which are installed for the purpose of reducing operating expenses, as amendedpromoting safety, (complying with governmental requirements or maintaining the "Code") and the Department first class nature of the U.S. Treasury Regulations promulgated thereunder Property, other than capital items installed in connection with Lessor’s initial construction of the Property;
(viii) the "Regulations"). Should cost of all insurance on the Code 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 RegulationsProperty or by other subsequently created or otherwise, and any other taxes and assessments attributable to the Property or interpretations thereof its operation, excluding, however, federal and state taxes on income, death taxes, franchise taxes, and any taxes imposed or measured on or 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 income of Lessor from real property" for purposes of Section 856(d) the operation of the Code and Property or imposed in connection with any change of ownership of the Regulations promulgated thereunder, such Rent shall be adjusted in such manner as the Landlord may require so that it will so qualifyProperty; provided, however, that if at any adjustments required pursuant to time during the term of this Section 7.3 Lease, the present method of taxation or assessment shall be made 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 produce the equivalent (in economic terms) Rent as 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 prior if the Property were the only property of the Lessor subject to such adjustment. Rent shall be paid 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 agrees, at Landlord’s request, without abatementto pay, deduction or offsetas additional rent, Tenant’s Share due for the ensuing twelve (12) months, as estimated by Landlord from time to time, in lawful money twelve (12) monthly installments, each in an amount equal to 1/12th of the United States of America at the office of Tenant’s Share so estimated by Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends commencing on a day other than the first day of a calendar the month following the month, then in which Landlord notifies Tenant of the Rent 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 fraction twelve (12) month period, then Tenant shall pay to Landlord the amount of a month 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 prorated 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 period on statement shall not constitute a waiver by Landlord of its right to require an increase in Rent pursuant to the basis of a provisions hereof.
(D) Within thirty (30) day month and 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 Landlord may specify, 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 paid at 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 thenaudit 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 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 to Landlord pursuant to this Lease shall be deemed additional rent and, in the event of non-current rate payment thereof, Landlord shall have all the rights and remedies herein provided for such fractional monthin case of non-payment of Rent.
Appears in 2 contracts
Sources: Office Lease (Alimera Sciences Inc), Office Lease (Alimera Sciences Inc)
Rent. 7.1 Tenant The Lessee shall pay to Landlord as Base Rent for in the Premises, commencing on amounts and at the Term Commencement Date, the sums times set forth in Section 2.3Exhibit B. The Lessee agrees and acknowledges that Exhibit B may be amended at any time: (i) to reamortize the Principal Component in the event 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 is appropriate, CoLT will mail to the Lessee a revised Exhibit B (identified by date or other means), by first class mail, postage prepaid. Said amendment will become effective and will for all purposes become a part of this Lease and will reflect Base Rent shall to be paid by the Lessee for subsequent periods (unless Exhibit B is further amended as provided in equal monthly installments as this Section) upon the earlier of the acknowledgment thereof by the Lessee or automatically on the next payment date set forth in Section 2.3the revised Exhibit B. The Lessee will pay Additional Rent within fifteen (15) days after a written request therefor is mailed to 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 payment of any amounts due hereunder or to cure any Event of Default hereunder, each in advance the Lessee shall immediately reimburse the Lessor therefore with interest accrued on such amount at the Late Payment Rate. Amounts due pursuant to 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 day to the Interest Component of each and every calendar month during the Lease Term.
7.2 In addition to Base Rent, commencing on (ii) second to the Term Commencement DatePrincipal Component of Base Rent, Tenant shall pay (iii) third to Landlord as additional rent ("Additional Rent") 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 (civ) any other amounts that Tenant expressly assumes or agrees fourth to pay under the provisions components of this Lease Base Rent that are owed not Interest Component or Principal Component. This Lease will be deemed and construed to Landlord. Without limitation on other obligations of Tenant which survive be a "net lease," and the expiration of Lessee will pay absolutely net during the Lease Term, the obligations Lease Payments and all other payments required hereunder, free of Tenant to pay Additional Rent shall survive the expiration of the Lease Term.
7.3 Landlord any deductions, 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 offsetset-off (other than credits against Lease Payments expressly provided for in this Lease). Notwithstanding any dispute between Lessee and Lessor or a dispute between Lessee and any Project related vendors, in lawful money Lessee shall make all Lease Payments when due and shall not withhold any Lease Payments pending final resolution of such dispute nor shall 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 United States of America Disbursing Agent at the office of Landlord as place set forth in Section 2.8 or to such other person Exhibit B or at such other place as Landlord the Disbursing Agent may from time to time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional month.
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Rent. 7.1 Tenant shall ▇▇▇▇▇▇ agrees to pay to Landlord Greater Of Rent, Parking Improvement Rent, Premises Surface Parking Rent, Surface Parking Improvements Rent, and Additional Rent (collectively "Rent") in accordance with this Article 5 and Exhibit “R”, Exhibit “R-3”, or Exhibit “R-4”, as Base applicable. All payments of Rent for the Premises, commencing on the Term Commencement Date, the and other sums set forth in Section 2.3. Base Rent due to Landlord hereunder shall be paid in equal monthly installments legal tender of the United States, without notice, invoice, setoff, deduction or demand, except as set forth 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 right to accept such check or payment without prejudice to Landlord's right to recover the balance of 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 2.35.4.3 below and Exhibit “R”, each in advance on the first day Exhibit “R-3”, or Exhibit “R-4”, as applicable, shall be filed with Landlord's Treasurer. Payments of each and every calendar month during the Lease Term.
7.2 In addition to Base RentRent shall be made by check, commencing on the Term Commencement Date, Tenant shall pay to Landlord as additional rent electronic wire transfer or automated clearing house ("Additional RentACH") 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 Landlordtransfer. Without limitation on other obligations of Tenant which survive the expiration of the Lease Term, the obligations of Tenant to pay Additional Rent Checks 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 be made payable to the Landlord under this Lease (hereinafter individually San Diego Unified Port District and collectively referred mailed to as "Rent") shall qualify as "rents from real property" within the meaning of Section 856(d) of the Internal Revenue Code of 1986San Diego Unified Port District, as amendedFinance Department, (the "Code") and the Department of the U.S. Treasury Regulations promulgated thereunder (the "Regulations"). Should the Code or the RegulationsPost Office Box 120488, San Diego, California 92112-0488, or interpretations thereof delivered to the San Diego Unified Port District, Finance Department, ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇. All payments of Rent by the Internal Revenue Service contained in revenue rulings electronic wire transfer 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 ACH transfer shall be adjusted in such manner as the Landlord may require so that it will so qualify; provided, however, that any adjustments required pursuant directed 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 office of Landlord as set forth in Section 2.8 or to such other person or at such other place location as Landlord may instruct by notice from time designate in writing. In 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 event right to change the Lease Term commences designated place of payment or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid filing at the then-current rate for such fractional month.any time upon ten
Appears in 2 contracts
Sources: Lease Agreement, Lease Agreement
Rent. 7.1 Tenant Annual rent shall be as follows:
(i) 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 Landlord Sublandlord the rent at YSM Facilities, Yale University, P.▇. ▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇, or at such other place as Base Sublandlord may designate in writing. Except as otherwise set forth herein, rent shall be payable without notice or demand, without abatement, deduction or setoff. Rent for the Premises, commencing on the Term Commencement Date, the sums set forth in Section 2.3. Base Rent any portion of a month shall be paid pro-rated. Annual rent shall be payable in equal monthly installments as set forth in Section 2.3, each in advance on the first day of each and every calendar month during the Lease Term.
7.2 In addition in advance. All amounts (other than annual rent) payable to Base Rent, commencing on the Term Commencement Date, Tenant Sublandlord by Subtenant under this Sublease shall pay to Landlord as be deemed additional rent ("Additional Rent") at times hereinafter specified in this and Sublandlord shall have the same rights and remedies by reason of 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 Prime Lease (a) Tenant's Share (as defined below) of Operating Expenses 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 this Sublease. In addition to the annual rental payable under this Sublease as set forth above, Subtenant shall pay to Sublandlord, the following:
(a) A 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) A pro rata percentage of all Real Estate Taxes levied upon the Property Management Fee (as defined below) Building, applicable to and (c) any other amounts that Tenant expressly assumes or agrees to pay under due and payable during the provisions term of this Lease that are owed Sublease. The pro rata percentage applicable to Landlord. Without limitation on other obligations of 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 this Sublease is four 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 thirty-four one hundredths percent (hereinafter individually and collectively referred to as "Rent") shall qualify as "rents from real property" within the meaning of Section 856(d4.34%) 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 office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional monthBuilding.
Appears in 1 contract
Rent. 7.1 Tenant shall Subtenant covenants and agrees to pay Sublandlord as rent during the term of this Sublease annual rent specified in this Section 2 below (the “Annual Rent”) and other charges, if any (sometimes referred to Landlord as Base Rent for the Premises, commencing on the Term Commencement Date“additional rent” and collectively with Annual Rent, the sums set forth in Section 2.3“Rent”) specified below. Base Annual Rent shall be paid in equal monthly installments without any prior notice or demand therefor and without deduction or offset (except as otherwise set forth in Section 2.3this Sublease including any provisions of the Lease incorporated herein). Unless otherwise specified in this Sublease, all other Rent shall be payable within thirty (30) days after Subtenant’s receipt of an invoice with respect thereto. For any partial month, all Rent shall be prorated. Subtenant’s obligation to pay Rent, being deemed rent reserved under the Sublease, shall be independent of each and every other covenant contained in advance this Sublease (including the terms of the Lease that are incorporated herein). Rent shall include, and Subtenant shall pay to Sublandlord (or to Landlord as Sublandlord may expressly direct in writing) as additional rent hereunder any and all charges billed directly to Sublandlord for the account of Subtenant arising from Subtenant’s own use of the Sublet Premises, e.g., and without limitation, charges for repair of damage caused by Subtenant for which Sublandlord is responsible to reimburse Landlord, charges for work or services not otherwise required under the Sublease or Lease requested by Subtenant and performed or provided specifically for Subtenant, as well as charges for any overtime labor or usage with respect thereto (if overtime is charged by Landlord or otherwise must be incurred by Sublandlord), and the like; provided, notwithstanding anything in this Sublease to the contrary, Subtenant shall not be liable for any operating expenses or taxes or similar additional rent items or for utilities (including, without limitation, electricity), the parties hereby agreeing that such amounts have been accounted for in the Annual Rent rate set forth herein. Sublandlord shall have the same right to enforce payment on account of such additional charges as it shall have to enforce Subtenant’s payments on account of Rent. Sublandlord shall furnish to Subtenant any backup that Landlord shall furnish to Sublandlord with respect to any charges claimed by Landlord relating to the Sublet Premises or, if Landlord fails to furnish same, shall request the backup for such charges to enable Subtenant to determine the validity thereof. The first Lease Year for purposes of payment of Annual Rent shall commence on the Sublease Rent Commencement Date (defined below). Subtenant’s obligation to make monthly payments on account of Rent shall commence to accrue on the date (“Sublease Rent Commencement Date”), which is the later of (i) August 1, 2020 and (ii) the earlier of (x) the date which is four months after the Sublease Commencement Date (being that date which signifies the fulfillment of all conditions precedent to identification of the Sublease Commencement Date, including without limitation the Special COVID-19 Provision) and (y) if the aforesaid Sublease Commencement Date shall have occurred, October 1, 2020. Annual Rent shall be paid to Sublandlord at the address set forth in the first paragraph of this Sublease, in advance, on the first day of each and every calendar month during throughout the Lease Term.
7.2 In addition term of this Sublease, timely payment being of the essence hereof. If Subtenant fails to Base Rentpay any installment within five (5) days after same is due, commencing on such unpaid amount shall bear interest at the Term Commencement Date, Tenant shall pay to Landlord as additional rent ("Additional Rent") at times hereinafter specified in this Lease (a) Tenant's Share Applicable Rate (as defined belowin the Lease) from and after the first (1st) day following the date(s) said installment become due until paid in full. Nothing in this paragraph shall be deemed to limit Sublandlord’s other rights and remedies as may accrue under the Lease (except Sublandlord shall only be permitted to charge interest in accordance with this paragraph) or this Sublease by reason 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 Subtenant’s failure to pay under the provisions of this Lease that are owed to Landlord. Without limitation on other obligations of Tenant which survive the expiration of the Lease Term, the obligations of Tenant to pay Additional Rent shall survive the expiration of the Lease Termor any portion thereof.
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 office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional month.
Appears in 1 contract
Rent. 7.1 Tenant shall (a) Lessee covenants to pay to Landlord Lessor, as Base Rent rent for the Premises, commencing on Leased Premises during the Term Commencement Dateterm of this Lease, the sums respective amounts set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as Schedule B hereto (herein called the "Basic Rent") on the dates set forth in Section 2.3, each in advance on Schedule B (herein called 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 ("Additional RentBasic Rent Payment Dates") 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 obligations of 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 office of Landlord as Lessor's address set forth in Section 2.8 above or at such other place or to such other person or at such other place as Landlord may Lessor from time to time may designate by notice.
(b) Notwithstanding anything to the contrary herein or in writingSchedule B, if an Event of Default under the LOL Sublease (as defined in Paragraph 19 thereof) shall have occurred and be continuing, the Basic Rent payable under this Lease shall be reduced, as of the date of such Event of Default, to $1.00 per annum, payable in arrears on each succeeding anniversary of the date of such Event of Default. In Upon cure of such Event of Default satisfactory to the LOL Sublessor and the Mortgagee, the payment of Basic Rent hereunder shall resume in accordance with Schedule A. If the LOL Sublease is terminated by reason of a failure to cure such Event of Default, Basic Rent payable hereunder shall remain at $1.00 per annum for the remainder of the term of this Lease.
(c) Lessee covenants to pay and discharge, when the same shall become due, as additional rent, all other amounts, liabilities and obligations which Lessee assumes or agrees to pay or discharge pursuant to this Lease, together with every fine, penalty, interest and cost which may be added for non-payment or late payment thereof and, in the event of any failure by Lessee to pay or discharge any of the Lease Term commences foregoing, Lessor shall have all rights, powers and remedies provided herein, by law or ends on a day other than otherwise in the first day case of a calendar monthnon-payment of the Basic Rent (provided, then the Rent for such fraction of a month however, that amounts payable as liquidated damages pursuant to Paragraph 17 shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional monthnot constitute additional rent).
Appears in 1 contract
Sources: Ground Lease (Land O Lakes Inc)
Rent. 7.1 Tenant Subtenant shall pay to Landlord as Base Rent for the Premises, commencing on Sublandlord in monthly installments during the Term Commencement Date, the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in advance of this Sublease on or before the first day of each and every calendar month during the Lease Term.
7.2 In addition to Base RentTerm Subtenant's Building Share of any and all costs, commencing on the Term Commencement Dateexpenses, Tenant shall pay to Landlord as additional rent ("Additional Rent") at times hereinafter specified in this Lease (a) Tenant's Share claims, liabilities, losses, actions, causes of action, judgments (as defined belowsuch are internally accounted for by Sublandlord) of Operating Expenses (as defined below)actually incurred in the ownership, (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 obligations of Tenant which survive the expiration use, maintenance and/or operation 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 Building (hereinafter individually and collectively referred to as "Rent") ). The parties agree that the Rent charged to Subtenant shall qualify as be consistent with Sublandlord's then current accounting practices, which shall be in conformity with GAAP. The terms "rents from real propertyBuilding Share" shall mean a fraction, the numerator of which is the number of rentable square feet within the meaning Subleased Premises, and the denominator of Section 856(d) which shall be the total number of rentable square feet within the Building. The parties agree that Subtenant's initial Building Share is equal to 52.70% and Subtenant's Building Share as determined herein shall be modified, based on any increase or decrease in the number of rentable square feet within the Subleased Premises as permitted under this Sublease. The parties also agree that, by way of example only and not of limitation, Exhibit "F" attached hereto shows the parties' initial estimate of Rent for the first year of the Internal Revenue Code Term but such Exhibit shall not limit or define Rent, but is merely an illustration as to the calculation of 1986Rent. If Sublandlord obtains a Replacement, as amended, (the "Code") and the Department Subtenant shall continue its occupancy of the U.S. Treasury Regulations promulgated thereunder Subleased Premises (pursuant to Section 2.3) for the "Regulations"). Should period, which ends five (5) years after the Code or Effective Date, and Subtenant shall be responsible for paying the Regulationsnewly calculated Rent, 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) which shall include an additional amount equal to Subtenant's Building Share of the Code costs incurred in connection with the renegotiation, including, without limitation, interest on Sublandlord's equity investment in the Building, interest on any debt encumbering the campus, attorneys' fees, and any and all other costs and expenses incurred by Sublandlord in connection with such Replacement. Upon completion by Sublandlord of "Sublandlord's Work" described in Exhibit "E" hereto, Sublandlord shall determine the Regulations promulgated thereunderamount of depreciation permitted to be taken thereon monthly during the Term, such Rent which amount shall be adjusted added to the Rent payable hereunder. Sublandlord shall provide notice of such monthly increase in such manner as Rent, and thereafter Subtenant shall pay Rent in 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 office of Landlord as amount set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writingSublandlord's notice. In the event such notice is delivered after the Lease Term commences or ends on a day other than the first day of a calendar monthEffective Date, then the Rent for such fraction of a month Subtenant shall be prorated for such period on the basis of a pay to Sublandlord, within thirty (30) day days after receipt of such notice, such additional Rent due for any month prior to and including the month in which such notice is given. In all cases, Subtenant's obligations under this Section 5.1 shall be paid at not include any "accelerated" payments related to the then-current rate for such fractional monthamortized costs described herein.
Appears in 1 contract
Rent. 7.1 Tenant shall pay to Landlord as Base Rent for the Premises, commencing on the Term Commencement Date, the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in 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 ("Additional Rent") at times hereinafter specified in this Lease (a) Tenant's Share During the Term of this Lease, Lessee shall pay the basic rent provided for in Schedule B annexed hereto (Basic Rent) to Lessor (or to any ---------- other party as defined belowLessor may from time to time specify in writing), by bank wire transfer or electronic funds transfer (including automated clearinghouse transfers) of Operating Expenses (as defined below)immediately available federal funds initiated before 10:30 A.M., (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 obligations of Tenant which survive the expiration of the Lease TermEastern Time, 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 office of Landlord as Lessor's address set forth in Section 2.8 or to such other person above, or at such other place within the continental United States to which bank wire or electronic funds transfers can be made, as Landlord Lessor may from time to time designate to Lessee in writing. Basic Rent during the Basic Term and any Renewal Term shall be due and payable by Lessee in installments in the amounts set forth in Schedule B on the dates set forth in Schedule B (Installment Payment Dates). If any Installment Payment ------------------------- Date falls on a day that is not a Business Day, Basic Rent shall be due and payable on the next succeeding Business Day without interest or penalty if paid on such Business Day. In the event of any assignment by Lessor to an Assignee pursuant to the Lease Term commences provisions of paragraph (b) of Article 20 hereof, all payments that are assigned to such Assignee, whether Basic Rent, Additional Rent or ends on a day other than the first day of a calendar monthotherwise, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid in such manner and in such place as shall be designated by Lessor or such Assignee.
(b) All amounts that Lessee is required to pay or discharge pursuant to this Lease in addition to Basic Rent (including, without limitation, amounts payable as the Purchase Price, Termination Value or other amounts for each Leased Property pursuant to any provision hereof, any Adjustment Price or Maximum Lessee Risk Amount payable pursuant to Article 30, any Reinvestment Premium, any amounts payable pursuant to Article 21 hereof or as liquidated damages pursuant to paragraph (c) of Article 22 hereof and any indemnity payments payable pursuant to Articles 8 and 9 hereof), together with every fine, penalty, overdue interest and cost which may be added for nonpayment or late payment thereof, shall constitute additional rent hereunder (all of the foregoing, Additional Rent). In the event of any failure by Lessee to pay or --------------- discharge any such Additional Rent, Lessor shall have all rights, powers and remedies provided for herein or by law or otherwise in the case of nonpayment of Basic Rent. Lessee shall pay Additional Rent to Lessor (or to any other party as Lessor may from time to time specify in writing) in the same manner specified for the payment of Basic Rent or, with respect to portions of Additional Rent payable to third parties, Lessee may pay such portions of Additional Rent directly to the Persons entitled thereto. Lessee also covenants to pay to Lessor on demand as Additional Rent, interest at the then-current Overdue Rate, but in no event greater than the maximum rate permitted by applicable law, on (i) all overdue installments of Basic Rent from the due date thereof until paid in full, (ii) all overdue amounts of Additional Rent, arising out of obligations which Lessor shall have paid on behalf of Lessee pursuant to Article 21 hereof or otherwise from the date of such payment by Lessor until paid in full and (iii) each other sum required to be paid by Lessee hereunder which is overdue, including without limitation, any Maximum Lessee Risk Amount or portion thereof, Purchase Price, Termination Value or other amounts for the Leased Properties, Adjustment Price, any Reinvestment Premium, and any amounts payable pursuant to Article 21 hereof or as liquidated damages pursuant to paragraph (c) of Article 22 hereof, from the date such fractional monthsum was due until the date received by the Person entitled thereto.
(i) The Termination Values, (ii) the Purchase Price, and (iii) the Maximum Lessor Risk Amount and the Maximum Lessee Risk Amount, in each case, shall be at least sufficient at all times during the Maximum Lease Term to pay all outstanding principal and accrued and unpaid interest under the indebtedness evidenced by the Notes, to pay to Lessor the amount of the outstanding Equity Investment and accrued and unpaid Equity Return and to pay the Reinvestment Premium, if any, payable under the Notes and in respect of the Equity Investment. The foregoing shall in no event constitute or be construed as a guarantee by Lessee of the Notes and/or the Equity Investment.
Appears in 1 contract
Rent. 7.1 Tenant shall pay to Landlord as Base Rent for the Premises, commencing on the Term Commencement Date, the sums set forth in Section 2.3. Base Rent (a) The rent reserved under this Lease shall be paid and consist of (a) the Fixed Rent, payable in advance in equal monthly installments as set forth in Section 2.3, each in 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 month; plus (b) additional rent ("the “Additional Rent"”) at times hereinafter specified in this Lease (a) an amount equal to Tenant's ’s Proportionate Share (as defined below) of Operating the Excess Expenses (as defined below)and the Excess Taxes, (b) the Property Management Fee (as defined below) all separate charges for services and (c) any other amounts that Tenant expressly assumes or agrees to pay under the provisions utilities provided in Section 15 of this Lease that are owed to Landlord. Without limitation on and any other obligations of Tenant charges as shall become due and payable hereunder, 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 be payable to the Landlord under this Lease (as 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 all 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 Landlord at its office stated in Section 20 of the Basic Lease Provisions or offsetsuch other place as Landlord may designate, in lawful money of the United States of America at America, commencing on the office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In Rent Commencement Date; provided, however, that if the event the Lease Term commences or ends Rent Commencement Date shall occur on a day date other than the first calendar day of a calendar month, then the rent for the partial month commencing on the Rent for such fraction of a month Commencement Date shall be prorated for such period pro-rated on a per diem basis.
(b) Tenant does hereby covenant and agree promptly to pay the Fixed Rent, Additional Rent and any other charges herein reserved as and when the same shall become due and payable, without demand therefore (except as otherwise provided in this Lease), and without any set-off or deduction whatsoever (except as provided in this Lease). All Additional Rent and other charges payable hereunder, which are not due and payable on a monthly basis of a during the Term, unless otherwise specified herein, shall be due and payable within thirty (30) day month and days after delivery by Landlord to Tenant of written notice to pay the same. Any rent or other sum that falls due on a Saturday, Sunday or legal holiday in the state in which the Premises are located shall be deemed due on the next business day.
(c) In the event that any payment of Fixed Rent, Additional Rent or any other charge shall be paid five (5) days after the due date provided herein, Tenant shall pay, together with such payment, the Late Charge and interest thereon at the then-current rate Default Rate from the due date until the date of payment. This Late Charge is compensation to Landlord for administrative costs in processing late payments and will not be construed as a penalty.
(d) The Security Deposit shall be held by Landlord as security for the performance by Tenant of Tenant’s covenants and obligations under this Lease. The Security Deposit shall be paid to Landlord upon the execution and delivery of this Lease by Tenant. Such deposit shall not be considered an advance payment of rent or a measure of Landlord’s damages in the event of a default by Tenant. No interest or other return shall be paid on the Security Deposit unless required by law. Upon any event of default by Tenant, Landlord may (but shall not be obligated to), without prejudice to any other remedy, use the Security Deposit to the extent necessary to fund any arrearage of rent and any other damage, injury, expense or liability caused to Landlord by such fractional monthevent of default. Following such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied to restore the Security Deposit to its original amount. If there is not then an event of default, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon the expiration of this Lease. If Landlord transfers its interest in the Premises during the Term, Landlord may transfer the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit. The Security Deposit may be held in an account with other security deposits being held by Landlord.
(e) Any payment by Tenant or acceptance by Landlord of a lesser amount than due from Tenant to Landlord may be treated as a payment on account, notwithstanding any endorsement or statement on any check or in any letter accompanying payment that the lesser payment is payment in full, and Landlord may accept such check without waiving any other rights or remedies that Landlord may have against Tenant unless Landlord agrees otherwise in writing. If Tenant’s bank, for any reason, returns or refuses for any reason to honor a check drawn by Tenant, Tenant shall pay to Landlord, as Additional Rent, a returned check fee currently in the amount of Fifty and 00/100 Dollars ($50.00) (which amount shall be subject to periodic adjustment during the Term). Upon the occurrence of two (2) such returned checks during the Term, Landlord may require that all future payments from Tenant to Landlord shall be by certified check or bank check.
Appears in 1 contract
Rent. 7.1 Tenant (a) Commencing on January 1, 2018, Sublessee shall pay to Landlord Sublessor the following amounts as base rent (the “Base Rent”) during the Term of this Sublease: Dates Annual Base Rent for Per Annum Monthly Base Rent Rent Per Square Foot
(b) Notwithstanding the Premisesforegoing, commencing on Sublessee shall make the Term Commencement Datefirst 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 (except as otherwise expressly provided in paragraph (c) below), including without limitation Sublessor’s share of Operating Expenses, the sums 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 addition to the Base Rent set forth in Section 2.3above. Base Rent and additional rent shall sometimes be referred to as “Rent” in this Sublease. All Rent shall be paid due and payable in equal monthly installments as set forth in Section 2.3, each in 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 shall be prorated and every calendar month during the Lease Term.
7.2 In addition to Base Rent, commencing paid on the Term Commencement Date, Tenant first day of any partial month. Sublessee shall pay to Landlord as additional rent for all other expenses for which Sublessor is or would be responsible under the Prime Lease.
("c) 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 than the Base Rent due under the Prime Lease and any Additional Rent"Rent payable by Sublessor to Prime Lessor pursuant to Section 29.4(f) at times hereinafter specified in this Lease (a) Tenant's Share of the Prime Lease), including without limitation Sublessor’s share (as defined belowdetermined under the Prime Lease) of Operating Expenses (as defined below)Expenses, (b) the Property Management Fee (as defined below) and (c) any other amounts that Tenant expressly assumes or Personal Property Taxes. In addition to the Base Rent and additional rent, Sublessee agrees to pay to 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 provisions 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: (i) any increases in the 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 that are owed to Landlord. Without limitation payable by Sublessor on account of any other obligations additional service as may be provided for or on behalf of Tenant which survive Sublessee under the expiration Prime Lease, or with the consent of the Lease TermPrime Lessor, and (iii) the obligations of Tenant to pay Additional Rent shall survive the expiration of the Lease Term.
7.3 Landlord and Tenant hereby agree reasonable charges for any services 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 may be provided for Sublessee or the Regulations, or interpretations thereof by the Internal Revenue Service contained in revenue rulings or other similar public pronouncements, be changed so that Sublease Premises hereunder where a separate charge is provided for. Sublessee shall pay 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 office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a Sublessee Surcharge within thirty (30) day month and days after the presentation of a statement therefor by the Sublessor to Sublessee, provided that all payments of additional rent shall in any event be paid at made to Sublessor (or, if Sublessor directs in writing, to Prime Lessor) no later than five (5) business days prior to the then-current rate for such fractional monthdate on which the same will become due under the Prime Lease.
Appears in 1 contract
Rent. 7.1 Tenant All rent is payable through the Tenant’s Resident Portal Account, or such other place or address designated by Landlord. Tenant, in return for the use of the Unit and in consideration of the terms, conditions, covenants, and provisions contained herein, shall pay to Landlord as Base Rent for the Premisessum of , commencing on without offset or deduction (the “Rent”). Tenant hereby acknowledges that the Term Commencement Dateof this Lease may be less than a full calendar year, and the sums set forth Rent has been allocated into installments of . Monthly Rent, together with any other payment of Rent due together therewith shall be payable in Section 2.3. Base advance without further notice, demand or deduction as follows: The first (1st) installment of monthly Rent shall be due on or before the Commencement Date and all payments of monthly Rent due thereafter shall be paid in equal monthly installments as set forth in Section 2.3, each in advance on or before the first (1st) day of each and every calendar month during the Lease entire Term.
7.2 In . Time is of the essence and Rent is past due if not ACTUALLY RECEIVED by Landlord on or before the due date. The first installment of monthly Rent . Tenant's obligation to pay Rent shall be independent of any of Landlord's obligations hereunder. To the extent that Tenant is required or obligated to pay any amounts hereunder to or for the benefit of Landlord, which shall be in addition to Base the monthly scheduled Rent as provided above, such amounts shall be deemed and considered as additional Rent, commencing on the Term Commencement Date, Tenant shall pay and in all respects intended to Landlord be included and considered as additional rent ("Additional Rent") , as such term is defined in the Act. Should any Rent or additional Rent be due, outstanding, unpaid or accrued at times hereinafter specified in this Lease (a) Tenant's Share (as defined below) the time of Operating Expenses (as defined below), (b) the Property Management Fee (as defined below) and (c) any other amounts that Tenant expressly assumes expiration or agrees to pay under the provisions earlier termination of this Lease that are owed to Landlord. Without limitation on other obligations of Tenant which survive the expiration of the Lease TermAgreement, the obligations duty, liability and obligation of Tenant to pay Additional Rent the same shall survive the such expiration of the Lease Term.
7.3 Landlord and Tenant hereby agree that it is their intent that all Base Rent, or termination. Additional Rent and other rent and monthly 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, will 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 office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends listed on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional monthseparate addenda.
Appears in 1 contract
Sources: Rental Agreement
Rent. 7.1 Tenant shall The Trustee is not obligated to pay any rent under this Site Lease. The consideration to Landlord as Base Rent the Site Lessor for the Premisesright to use the Leased Property during the Site Lease Term is the 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 are intended to assure that the State or another lessee, commencing sublessee or assignee pays Additional Rent in accordance with the 2017J Lease or an amount equal to the 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 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 Leased Property or directly or indirectly create, incur or assume any mortgage, pledge, lien, charge, encumbrance or claim on or with respect to the Leased Property. Granting of Easements. The Site Lessor shall, at the request of the Trustee or the 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 Term Commencement Date, same terms and in the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in 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 ("Additional Rent") 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 obligations of 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 same manner as the Landlord may require Trustee is required to do 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 7.03 of the United States of America at the office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional month2017J Lease.
Appears in 1 contract
Sources: Sublease Agreement
Rent. 7.1 Tenant shall agrees and covenants to pay to Landlord as an annual fixed rent in the amount of [$ ] per year (“Base Rent for the PremisesRent”), commencing on the Term Commencement Date, the sums set forth in Section 2.3. Base Rent shall be paid payable in equal monthly installments as set forth in Section 2.3advance, each in advance without demand, on the first day of each and every calendar month in equal monthly installments of [$____________] and shall not be increased, abated or diminished except as set forth herein. Beginning on January 1, 2026 and each January 1 of each year thereafter 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 ("Additional Rent") 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 obligations of Tenant which survive the expiration of the Lease Term, the obligations amount of Tenant to pay Additional Base 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 which shall be paid to Landlord, without abatement, deduction or offset, in lawful money of during each calendar year shall be increased above the United States of America at preceding year’s Base Rent by 1.5%. If the office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than Commencement Date is not the first day of a calendar month, then the first month’s Base Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month prorated, and shall be payable on the Commencement Date. In addition, Base Rent for the first full month of the 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 and the Additional Rent are hereinafter collectively referred to as the “Rent.” In the event that Tenant fails to make any payment of Rent within five (5) days after the same becomes due, then in addition to all rights, powers and remedies provided herein, by law or otherwise in the case of nonpayment of Rent, Landlord shall be entitled to recover from Tenant and ▇▇▇▇▇▇ agrees to pay to Landlord, on demand, a late payment charge equal to $250.00. This is a net lease and the Rent shall be paid at without notice, demand, setoff, counterclaim, deduction or defense and, except as otherwise expressly provided herein, without abatement or suspension. It is the then-current rate intention of the 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 yield (on an absolute net basis) the Base Rent specified in this Lease for such fractional montheach year of this Lease (prorated, as applicable, for any partial year).
Appears in 1 contract
Sources: Lease Agreement (ETHEMA HEALTH Corp)
Rent. 7.1 Tenant The rents shall pay to Landlord as be and consist of Base Rent for (herein called "BASE RENT") and Additional Rent (herein called "ADDITIONAL RENT"). For purposes of this Lease Agreement, Base Rent and Additional Rent are referred to collectively as "RENT." Base Rent shall be the Premises, commencing on amount indicated in the Term Commencement Date, the sums set forth in Section 2.3Basic Lease Information. Base Rent shall be paid payable in equal monthly installments as set forth in Section 2.3, each in 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 ("Additional Rent") at times hereinafter specified in term of this Lease (a) Tenant's Share (as defined below) except to the extent otherwise specifically provided elsewhere in this Lease. Payment of Operating Expenses (as defined below), (b) Base Rent and Additional Rent for 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 obligations of Tenant which survive the expiration 5th Floor of the Premises shall commence on the 5th Floor Commencement Date and shall be equal to the 5th Floor rentable square feet multiplied by the (i) Base Rent per rentable square foot set forth in the Basic Lease TermInformation, plus (ii) Additional Rent per rentable square foot as set forth in Section 4.1. Payment of Base Rent and Additional Rent for the obligations 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 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 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 pay Additional Rent as set forth in Section 4.1 per rentable square foot set forth in the Basic Lease Information. Additional Rent shall survive the expiration consist of the Lease Term.
7.3 all other sums of money as shall become due from and payable by Tenant to 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")hereunder. 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. All Rent shall be paid to Landlord, without abatement, deduction or offset, in lawful money of the United States of America to Landlord at the its office of Landlord as set forth in Section 2.8 or to such other person or at such other place place, as Landlord may from time 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 writingthis Lease. In If the event the Lease Term commences or ends Commencement Date for any floor occurs on a day other than the first day of a calendar month, then or the Expiration Date occurs on a day other than the last day of a calendar month, the Base Rent for such fraction of a floor for that partial calendar month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional monthdaily basis.
Appears in 1 contract
Sources: Lease Agreement (Webtrends Corp)
Rent. 7.1 Tenant shall pay Landlord may, as a reasonable condition to Landlord as 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, commencing on and which is leased for a tenn comparable to the Term Commencement Date, term of the sums set forth in Section 2.3sublease or remainder of the Term. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in advance on In the first day event of each and every calendar month during the Lease Term.
7.2 In addition to Base Rent, commencing on the Term Commencement Datea Transfer, Tenant shall pay to Landlord as (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 purposes of this computation, if less than all of the Premises is subleased, the additional rent amounts payable by Tenant shall be determined by application of the rental rate on a per rentable square foot basis); or ("Additional Rent"ii) at times hereinafter specified in this Lease (a) all other considerations paid to Tenant's Share (as defined below) of Operating Expenses (as defined below), (b) the Property Management Fee (as defined below) and (c) 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 that shall be paid to Landlord immediately upon receipt by Tenant expressly assumes of such rent or agrees to pay under the provisions of this Lease that are owed to Landlordother consideration. Without limitation on other obligations of Tenant which survive the expiration of the Lease Term, the obligations of Failure by Tenant to pay Additional Rent Landlord such additional amounts 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 be a Default under this Lease (hereinafter individually as to Tenant and collectively referred to as "Rent") the proposed Transferee). Landlord may collect Rent directly from the Transferee, but no Transfer shall qualify as "rents from real property" within be a deemed a waiver of Landlord’s rights under this Section 11 or the meaning of Section 856(d) acceptance of the Internal Revenue Code proposed occupant or Transferee, or a release of 1986, as amended, (Tenant from the "Code") and the Department further performance of the U.S. Treasury Regulations promulgated thereunder covenants obligating Tenant under this Lease. If a Transferee has a lower net worth than Tenant, Landlord shall have the right (but not the "Regulations"obligation). Should , in Landlord’s reasonable discretion, to require that the Code or Security Deposit be increased to an amount equal to three (3) times the Regulationsthen monthly Base Rent, or interpretations thereof and Landlord may make the actual receipt 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) Landlord of the Code and the Regulations promulgated thereunder, amount required to establish 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 Security Deposit a condition to this Section 7.3 shall be made so as to produce the equivalent (in economic terms) Rent as payable prior Landlord’s consent to such adjustmentTransfer. Rent shall be paid to LandlordCommons V MOB 9 (HTA BUILDING NO. 110501) Naples, without abatementFL HLYK Florida, deduction or offset, in lawful money of the United States of America at the office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional month.LLC – Lease
Appears in 1 contract
Rent. 7.1 Tenant shall pay to Landlord as Base Rent for the Premisesminimum monthly rent, commencing on the Term Commencement Datewithout deduction, setoff, prior notice, or demand, the sums set forth Basic Monthly Rent described in Section 2.3. Base Rent shall be paid Paragraph 2.6, above (subject to adjustments as provided in equal monthly installments as set forth the attached Addendum), in Section 2.3advance, each in advance on or before the first day of each and every calendar month during the Lease Term.
7.2 In addition to Base Rentmonth, commencing beginning on the Term Rent Commencement Date, Tenant shall pay to Landlord as additional rent ("Additional Rent") at times hereinafter specified in this Lease (a) Tenant's Share (as defined below) of Operating Expenses (as defined below), (b) Date and thereafter throughout the Property Management Fee (as defined below) and (c) any other amounts that Tenant expressly assumes or agrees to pay under Term. If the provisions of this Lease that are owed to Landlord. Without limitation on other obligations of 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 Commencement Date 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 office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Basic Monthly Rent payable by Tenant for such fraction the first month of a the Term following the Rent Commencement Date (which first month shall be payable upon execution of this Lease) shall be prorated for such period on the basis of a thirty 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 Tenant or 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 (30at the rate of one-thirtieth of the Basic Monthly Rent per day) day month 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 thensame address as notices are to be delivered to Landlord pursuant to Paragraph 2.10, above. Landmark National Ban—Revised 8-current rate for such fractional month.16-01 Standard Shopping Lease FINAL 8-16-01 Landlord /s/ [ILLEGIBLE] Tenant /s/ [ILLEGIBLE]
Appears in 1 contract
Rent. 7.1 Tenant (a) Lessee shall pay to Landlord Lessor in lawful money of the United States as Base Rent fixed rent for the Premises, commencing on the Term Commencement Date, the sums amounts set forth in Section 2.3. Base Rent shall be paid in equal monthly installments Schedule B ("Basic Rent") on the dates set forth therein ("Payment Dates"), at Lessor's address as set forth above, or at such other address or to such other person as Lessor from time to time may designate by giving Lessee notice thereof. If the Mortgagee so requires in Section 2.3accordance with the provisions of an assignment of rents or other appropriate instrument given by Lessor to Mortgagee, each in advance on Lessee, upon receipt of written notice signed by the Mortgagee or Lessor, shall remit said Basic Rent to Bankers Life Company (the "Mortgagee" which term includes any successor holder of the 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 first day of each and every calendar month during lien upon the Lease TermPremises (▇▇e "Mortgage").
7.2 In addition (b) All amounts which Lessee is required to Base pay pursuant to this Lease (other than Basic Rent, commencing on amounts payable upon purchase of the Term Commencement DatePremises and amounts payable as liquidated damages pursuant to Paragraph 19), Tenant together with every fine, penalty, interest and cost which may be added for non-payment or late payment thereof, shall pay to Landlord as constitute additional rent ("Additional Rent"). If Lessee shall fail to pay any Additional Rent, 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 non-payment of Basic Rent. Lessee shall pay to Lessor interest at the rate of twelve percent per annum (or, if lower, the maximum interest rate permitted by applicable law) at times hereinafter specified in 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 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 (a) Tenant's Share at its sole cost and expense, and shall pay all Basic Rent and Additional Rent 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 taxes and other Impositions (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 obligations of 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 Paragraph 8) in such amount and manner as the Landlord Mortgagee 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 office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional monthrequire.
Appears in 1 contract
Sources: Operating Lease (Land O Lakes Inc)
Rent. 7.1 Tenant (a) Beginning with and including the first Payment Date occurring after the Commencement Date, Lessee shall pay to Landlord as Base Rent for the PremisesAgent, commencing on behalf of Lessor, by wire transfer of immediately available federal funds using the Term Commencement Date, the sums wiring instructions set forth in Section 2.3. Base Rent shall Exhibit D attached hereto or by such other method of payment as may be paid mutually agreed upon by Lessor, Lessee and Agent, basic rent in equal monthly installments the amounts set forth in Exhibit C attached hereto, subject to adjustment as set forth in Section 2.3subparagraph (b) below (such basic rent, each 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 advance accordance with Article IX of the Deed of Trust.
(b) 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 first day aggregate sum of each 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 every calendar month during any other amounts and costs payable pursuant to the Lease TermOperative 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.
7.2 In addition (c) Lessee covenants and agrees to Base Rentpay and discharge, commencing on the Term Commencement Date, Tenant shall pay to Landlord as additional rent (the "Additional Rent") at times hereinafter specified in this Lease (a) Tenant's Share (as defined below) of Operating Expenses (as defined below), all amounts, liabilities and obligations (bother than Basic Rent) the Property Management Fee (as defined below) and (c) any other amounts that Tenant expressly which Lessee assumes or agrees or is otherwise obligated to pay under the provisions of this Lease that are owed or any other Operative Document (whether or not designated as Additional Rent) to LandlordAgent 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. Without limitation on other obligations Each payment of Tenant which survive Additional Rent received by the expiration Agent shall be disbursed by the Agent in accordance with Article IX of the Lease TermDeed of Trust. Lessor, the obligations of Tenant to pay as promptly as practicable after obtaining knowledge that any Additional Rent shall survive the expiration will be payable under this Lease, will advise Lessee, by written notice, of the Lease Term.
7.3 Landlord and Tenant hereby agree that it is their intent that all Base Rent, amount of any Additional Rent payable hereunder and the date on which 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 rent and charges payable Persons, but failure to the Landlord under this Lease (hereinafter individually and collectively referred to as "Rent") give such notice shall qualify as "rents from real property" within the meaning of Section 856(d) not relieve Lessee of the Internal Revenue Code of 1986, as amended, (the "Code") and the Department of the U.S. Treasury Regulations promulgated thereunder (the "Regulations")obligation to make such payments. 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. Additional Rent shall be paid to LandlordAgent or the Person entitled thereto, without abatementon the date specified in Lessor's written notice to Lessee, deduction or offset, in lawful money by wire transfer of immediately available federal funds using the United States of America at the office of Landlord as wiring instructions set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writingExhibit D attached hereto. In the event of any failure by Lessee to pay or discharge any Additional Rent, Lessor shall have all rights, powers and remedies provided herein or by Law in the Lease Term commences case of non-payment of Basic Rent.
(d) In the event that any payment of Basic Rent or ends Additional Rent is not made within fifteen (15) days after the date on a day other than which the first day of a calendar monthsame is due and payable, then the Rent for such fraction of a month Lessee shall pay to whomever shall be prorated for entitled thereto, in each case as Additional Rent, a late charge equal to 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 period on the basis of a thirty (30) day month and shall be paid payment is made in full, at the then-current fluctuating rate for such fractional monthwhich is at all times equal to the LIBO Rate plus 2% per annum (the "Default Rate"). In addition, Lessee shall pay all costs of collection, including attorneys' fees, if collection of amounts due to Lessor or any other Person is referred to an attorney after default by Lessee.
Appears in 1 contract
Rent. 7.1 On the date that Tenant executes this Lease, Tenant shall deliver to Landlord the original executed Lease, the Base Rent (which shall be applied against the Rent payable for the first month Tenant 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, without prior notice or demand, or abatement, offset, deduction or claim, the Base Rent described 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 die Commencement Date and thereafter on the first (1st) day of each month throughout the balance of the Term of this Lease, as Additional Rent, Tenant's Share of Increased Operating Expenses, Increased Tax Expenses, Common Area Utility Costs, Utility Expenses and Administrative Expenses. Tenant shall also pay to Landlord as Base Additional Rent for the Premiseshereunder, commencing immediately on the Term Commencement DateLandlord's demand therefor, the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in advance on the first day of each any and every calendar month during the Lease Term.
7.2 In addition all costs and expenses incurred by Landlord to Base Rent, commencing on the Term Commencement Date, Tenant shall pay to Landlord as additional rent ("Additional Rent") 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 enforce the provisions of this Lease that are owed 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 (collectively, the "Enforcement Expenses"), The term "Rent" whenever used herein refers to Landlordthe aggregate of all these amounts. Without limitation on 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 which survive required hereunder. The Rent for any fractional part of a calendar month at the expiration commencement or termination 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 term 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 a prorated amount of the United States of America at the office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a full calendar month shall be prorated for such period on the basis of based upon a thirty (30) day month and month. The prorated Rent shall be paid at on die Commencement Date and die first day of the then-current rate for such fractional monthcalendar month in which the date of termination occurs, as the case may be.
Appears in 1 contract
Rent. 7.1 (a) Tenant shall timely pay to Landlord Rent (as Base Rent for defined in the PremisesBasic Lease Information), commencing on including the Term Commencement Date, the sums amounts set forth in Section 2.3. Base Rent Exhibit C attached hereto and incorporated herein by reference, without notice, demand, deduction or set-off (except as otherwise expressly provided herein), which payment shall be paid in equal monthly installments as set forth in Section 2.3, each in advance on the first day of each accompanied by all applicable state and every calendar month during the Lease Term.
7.2 In addition to Base Rent, commencing on the Term Commencement Datelocal sales or use taxes. Unless otherwise prohibited by Law, Tenant shall pay to Landlord as additional rent ("Additional Rent") 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 make Rent payments via Automated Clearing House payment processing or other amounts that Tenant expressly assumes or agrees to pay under the provisions of this Lease that are owed to payment process requested by Landlord. Without limitation on other obligations of Tenant which survive the expiration of the Lease Term, the The obligations of Tenant to pay Additional Base Rent shall survive (as defined in the expiration of the Basic Lease Term.
7.3 Information) and other sums to Landlord and Tenant hereby agree that it is their intent that all Base Rent, Additional Rent and other rent and charges payable to the obligations of Landlord under this Lease are independent obligations. Base Rent, adjusted as herein provided, shall be payable monthly in advance. The first (hereinafter individually and collectively referred to as "Rent"1st) shall qualify as "rents from real property" within the meaning monthly installment 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 Base Rent shall be adjusted 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 such 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 to pay Rent to a “lockbox” or 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 may require 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 that it will so qualify; provided, however, that any adjustments long as Tenant shall timely pay the Rent required pursuant to this Section 7.3 shall be made so as to produce Lease in the equivalent (in economic terms) Rent as payable prior to such adjustment. Rent shall be paid to manner designated by Landlord, without abatement, deduction or offset, in lawful money of the United States of America at the office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional month.
Appears in 1 contract
Sources: Office Lease Agreement (Heron Therapeutics, Inc. /De/)
Rent. 7.1 (a) Tenant shall covenants to pay to Landlord Landlord, as Base Rent rent for the Premises, Premises commencing on the Term Commencement DateDate and thereafter during the Term, the sums amounts set forth on or determined pursuant to Exhibit 5 hereto, (herein called the “Basic Rent”) in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3advance, each in advance beginning on the Commencement Date and on the first day of each and every calendar month thereafter during the Term (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 and/or to such other person or such other place or account as Landlord from time to time may designate to Tenant in writing, including, without limitation, Landlord may designate to Tenant in writing that all or a portion of the monthly Basic Rent be paid directly to a Mortgagee or an institutional payment agent. If Tenant shall fail to vacate and surrender the Premises in accordance with the terms of this Lease Term.
7.2 In addition to Base Rentupon the expiration or earlier termination of this Lease, commencing on then until such time as Tenant so vacates and surrenders the Term Commencement DatePremises, Tenant shall pay to Landlord as additional rent Basic Rent at a rate of one hundred fifty percent ("Additional Rent") at times hereinafter specified in this Lease (a) Tenant's Share (as defined below150%) of Operating Expenses 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) the Property Management Fee (as defined below) Tenant covenants that all other amounts, liabilities and (c) any other amounts that obligations which Tenant expressly assumes or agrees to pay under the provisions of this Lease that are owed to Landlord. Without limitation on other obligations of 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 discharge pursuant to this Section 7.3 Lease together with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof or of Basic Rent, shall be made so as to produce the equivalent constitute additional rent hereunder (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 office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writingherein 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 Lease Term commences or ends case of nonpayment of Basic Rent. Tenant also covenants to pay to Landlord on a day other 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 the first day ten (10) days overdue, to cover Landlord’s administrative expenses. The actual amount of Landlord’s administrative expenses arising by reason of a calendar monthlate payment will be difficult to ascertain, then and the Rent for such fraction of parties agree that the Late Charge as calculated above is a month shall be prorated for such period reasonable estimate thereof. In addition, Tenant further covenants to pay to Landlord on the basis of a thirty (30) day month and shall be paid demand interest at the then-current per annum rate for 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 fractional monthgreater 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. If the Wall Street Journal is no longer published or the Wall Street Journal discontinues publication of the “prime rate,” then Landlord shall substitute a comparable prime rate.
Appears in 1 contract
Rent. 7.1 6.1 As consideration for this Lease Tenant shall covenants to pay to Landlord Landlord, without setoff, reduction, counterclaim or defense and, except as Base otherwise expressly set forth herein, without abatement, the total amounts respectively of Basic Rent and Additional Rent for the Premises, commencing Term when due pursuant to this Lease. Tenant’s obligation to pay Basic Rent shall commence on the Basic Rent Commencement Date and Tenant’s obligation to pay Additional Rent shall commence on the Term Commencement Date, . On the sums set forth first day of each month during the Term (i) the respective amount of annual Basic Rent due for the Lease Year in Section 2.3. Base Rent question shall be paid in equal monthly installments in advance, (ii) Tenant’s Pro Rata Share of Landlord’s Operating Expenses and Landlord’s Taxes shall be paid as set forth Additional Rent as provided in Section 2.3, each 6.3 below and (iii) Tenant’s Cafeteria Payment shall be paid as Additional Rent as provided in 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, Section 6.3 below. Tenant shall pay to Landlord as additional rent ("make a ratable payment of Basic Rent and Additional Rent") Rent for any period of less than a month 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 beginning or agrees to pay under the provisions of this Lease that are owed to Landlord. Without limitation on other obligations of Tenant which survive the expiration end of the Lease Term, the obligations . All payments 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 Basic 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 sums due shall be paid to Landlord, without abatement, deduction or offset, in lawful money of the United States of America current U.S. exchange by check drawn on a federal clearinghouse bank at the office address of Landlord as set forth in Section 2.8 1 or to such other person or at such other place as Landlord may from time designate to time direct (or if requested by Landlord in writingthe case of Basic Rent, by electronic fund transfer). In The term “rent” as used in this Lease shall mean Basic Rent and Additional Rent and any other amount payable by Tenant under this Lease. Without limiting the event foregoing, except as expressly set forth in this Lease, Tenant’s obligation so to pay rent shall not be discharged or otherwise affected by any law or regulation now or hereafter applicable to the Premises, or any other restriction on Tenant’s use, or any casualty or taking, or any failure by Landlord to perform any covenant contained herein, or any other occurrence; and, except as expressly set forth in this Lease, Tenant waives all rights now or hereafter existing to terminate or cancel this Lease Term commences or ends on quit or surrender the Premises or any part thereof, or to assert any defense in the nature of constructive eviction to any action seeking to recover Rent. Subject to the provisions of this Lease however, Tenant shall have the right to obtain judgments for direct money damages occasioned by Landlord’s breach of its Lease covenants. This Lease is intended by the parties hereto to be a day other than so-called “triple net” lease and, to the first day end that the Basic Rent shall be received by the Landlord net of a calendar monthall costs and expenses related to the Property, the Building and the Premises, except as expressly set forth herein. If any payment of Basic Rent or Additional Rent is not paid to the Landlord when due or within any applicable grace period expressly provided herein, then at the Landlord’s option, without notice and in addition to all other remedies hereunder, the Tenant shall pay upon demand to the Landlord as Additional Rent for interest thereon at an annual rate equal to ten percent (10%) per annum or the maximum rate permitted by applicable law if less, such fraction interest to be computed from the date such Basic Rent or Additional Rent was originally due through the date when paid in full, and if more than two (2) late payments occur within any twelve (12) month period, Landlord may in addition to all of a month its other remedies impose an administrative charge of five percent (5%) on the amount of any subsequent late payments, such interest and administrative charges being Additional Rent. It is intended that rent payable hereunder shall be prorated for such period a net-net-net return to Landlord throughout the Term, free of expense, charge, offset, diminution or other deduction whatsoever on account of the basis Premises (excepting financing expenses, federal and state income taxes of a thirty (30) day month general application and those expenses which this Lease expressly makes the responsibility of Landlord), and all provisions hereof shall be paid at the then-current rate for construed in terms of such fractional monthintent.
Appears in 1 contract
Sources: Lease (Rapid Micro Biosystems, Inc.)
Rent. 7.1 Tenant shall pay to Landlord (a) Monthly Installment of Rent Schedule. Effective as Base Rent for of the Premises, commencing on the Extended Term Commencement Date, the sums Monthly Installment of Rent for the Premises payable by Tenant to Landlord during the Extended Term is as follows: *Provided that ▇▇▇▇▇▇ has faithfully performed all of the terms and conditions of the Lease, Landlord agrees to ▇▇▇▇▇ the obligation of Tenant to pay the Monthly Installment of Rent for the first five (5) months of the Extended Term (the “Conditional Rent”). Notwithstanding the foregoing, however, during such months, Tenant shall still be responsible for the payment of all other amounts payable under the Lease, including, without limitation, Tenant’s Proportionate Share of Expenses and Taxes and additional rent due under the Lease. In the event of a Tenant default under the Lease at any time during the Extended Term, in addition to any other remedies to which Landlord may be entitled, Landlord shall be entitled to recover the Conditional Rent (i.e., the amount of the Conditional Rent shall not be deemed to have been abated, but shall become immediately due and payable as unpaid Annual Rent earned, but due at the time of such default). The right to the abatement set forth above shall be personal to the current Tenant, Natural Alternatives International, Inc. (“Named Tenant”) and shall not be transferable to any assignee, sub-tenant or other transferee of Named Tenant’s interest in the Lease unless the transferee acquires all or substantially all of the assets of Named Tenant or more than fifty percent (50%) of the equity interests of Named Tenant. Except as otherwise set forth in Section 2.3. Base this Amendment, all other terms and conditions with respect to the payment of Monthly Installment of Rent shall be paid in equal monthly installments remain as set forth in Section 2.3, each in advance on the first day of each and every calendar month during the Lease TermLease.
7.2 In addition to Base Rent, commencing on the Term Commencement Date, Tenant shall pay to Landlord as additional rent ("Additional Rent") 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 obligations of 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 office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional month.
Appears in 1 contract
Rent. 7.1 3.1 Tenant shall pay to Landlord the following amounts as Base Rent rent for the Premises:
(a) During the Lease Term, commencing Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the "Base Rent").
(b) During each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant's Percentage Share (as hereinafter defined) of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) During each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant's Percentage Share of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) During each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, the actual cost incurred by Landlord with respect to all electricity, chilled water, air conditioning, gas, fuel, steam, heat, light, power and other utilities consumed within the Premises, as more particularly described herein (all such costs payable by Tenant pursuant to this section 3.1(d) shall be referred to as "Tenant's Monthly Utility Charge", and all such amounts shall constitute rent hereunder).
(i) All electricity directly serving the Premises ("Direct Electrical Costs") shall be metered or submetered and Tenant shall pay, as monthly rental, the actual cost (without mark up by Landlord) of all such Direct Electrical Costs either to Landlord as a reimbursement, or, at Landlord's election, as a payment directly to the entity providing such electricity. Such payments to Landlord of Direct Electrical Costs shall be made within thirty (30) days of Landlord's delivery of an invoice to Tenant therefor.
(ii) With respect to all utility costs for the Premises other than Direct Electrical Costs (collectively, "Other Utility Costs"), Landlord shall have the right, from time to time, to equitably allocate some or all of such Other Utility Costs among different portions or occupants of the Building ("Cost Pools"), in Landlord's reasonable discretion. Such Cost Pools may include, but shall not be limited to, office space tenants, residential space occupants, and retail space tenants of the Building. The utility costs within each such Cost Pool shall be allocated and charged to the tenants within such Cost Pool in an equitable manner (without markup by Landlord).
(e) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated "additional rent." As used in this Lease, "rent" shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b), 3.1(c), and 3.1(d)(ii) hereof shall be calculated and paid in accordance with the following procedures: 1131701.06/SF372493-00050/1-31-20/pwn/pwn -4-
(a) On or before the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord's estimate of the amounts payable under sections 3.1(b), 3.1(c), and 3.1(d)(ii) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one-twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the Term Commencement Datebasis of the prior calendar year's estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b), 3.1(c), and 3.1(d)(ii) hereof for the current calendar year will vary from Landlord's estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord's entire estimate of the amounts payable under sections 3.1(b), 3.1(c), and 3.1(d)(ii) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b), 3.1(c), and 3.1(d)(ii) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b), 3.1(c), and 3.1(d)(ii) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord's right to receive, and Tenant's obligation to pay, the sums amounts payable by Tenant under sections 3.1(b), 3.1(c), and 3.1(d)(ii) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses and Property Taxes, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord's office in the Building or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord and is not compensated on a contingency basis; and provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred eighty (180) days after Landlord shall have delivered the written statement pertaining to such period. If ▇▇▇▇▇▇ wishes to dispute an amount shown on the annual statement, Tenant shall give Landlord written notice of such dispute within one hundred eighty (180) days after ▇▇▇▇▇▇’s receipt of the annual statement. If Tenant does not give Landlord such notice within such time, Tenant shall have waived its right to dispute the annual statement. Promptly after the receipt of such written notice from Tenant, Landlord and Tenant shall endeavor in good faith to resolve such dispute. If such efforts do not succeed, ▇▇▇▇▇▇ shall have the right to cause a nationally recognized independent certified public accountant designated by Tenant, to be paid on an hourly and not a contingent fee basis, to audit the items questioned by Tenant in its original notice contesting the annual statement, provided that Tenant (i) notifies Landlord in writing of Tenant’s intention to exercise such audit right within thirty (30) days after the relevant initial written notice from Tenant to Landlord with respect to such dispute, (ii) actually begins such audit within thirty (30) days after the notice from Tenant to Landlord advising Landlord that Tenant will require an audit (provided that such 30-day period within which the audit must be commenced shall be extended by the length of any delay in the commencement of the audit that is caused by Landlord) and (iii) diligently pursues such audit to completion as quickly as reasonably possible. ▇▇▇▇▇▇▇▇ agrees to make available to ▇▇▇▇▇▇’s auditors, at Landlord’s office in San Francisco and/or at Landlord’s office in the Building (at Landlord’s sole option), the books and records relevant to the audit for review and copying, but such books and records may not be removed from Landlord’s offices. Tenant shall bear all costs of such audit, including Landlord’s actual copying costs and personnel costs, if any incurred in connection with such audit (provided that, prior to incurring any personnel costs in connection with any such audit, Landlord shall advise Tenant of Landlord’s anticipated personnel costs so that Tenant may, at Tenant’s option, modify Tenant’s activities with regard to such audit in order to preclude the need for Landlord to incur such personnel costs), except that, if the audit (as conducted and certified by the auditor) shows an aggregate overstatement of Operating Expenses of five (5%) or more, and ▇▇▇▇▇▇▇▇’s auditors concur in 1131701.06/SF372493-00050/1-31-20/pwn/pwn -5- such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall bear all costs of the audit. If the agreed or confirmed audit shows an underpayment of Operating Expenses by ▇▇▇▇▇▇, Tenant shall pay to Landlord, within thirty (30) days after the audit is agreed to or confirmed, the amount owed to Landlord, and, if the agreed or confirmed audit shows an overpayment of Operating Expenses by ▇▇▇▇▇▇, Landlord shall reimburse Tenant for such overpayment within thirty (30) days after the audit is agreed to or confirmed. Notwithstanding anything to the contrary set forth above, ▇▇▇▇▇▇’s audit rights under this section 3.2(b) shall be conditioned upon (i) Tenant having paid the total amounts billed by Landlord under this Article 3 within the time stipulated herein for payment (including, without limitation, the contested amounts) and (ii) Tenant executing, prior to the commencement of the audit, a confidentiality agreement in Section 2.3form and substance reasonably satisfactory to Landlord in which Tenant shall agree to keep confidential, and not disclose to any other party, the results of any such audit or any action taken by Landlord in response thereto.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b), 3.1(c), and 3.1(d)(ii) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty-five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly installments of Base Rent shall be paid in equal and monthly installments as set forth of Landlord's estimates of amounts payable under sections 3.1(b), 3.1(c), and 3.1(d)(ii) hereof (collectively, "Monthly Rent") to Landlord, in Section 2.3advance, each in advance on or before 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 ("Additional Rent") 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 obligations of 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 abatementnotice, demand, deduction or offsetoffset except as otherwise expressly set forth in this Lease, in lawful money of the United States of America at America. Landlord instructs Tenant to pay all such Monthly Rent to the office of Landlord as set forth address specified therefor in Section 2.8 the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. In Landlord shall have the event the Lease Term right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant's designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If ▇▇▇▇▇▇'s obligation to pay Base Rent hereunder commences or ends on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such fraction of a partial month shall be appropriately prorated for such period on the basis of a thirty (30) day 30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month and of the Term in which monthly Base Rent is payable, which amount Landlord shall be paid at apply to the then-current rate Base Rent for such fractional first full calendar month.
Appears in 1 contract
Sources: Lease (Dexcom Inc)
Rent. 7.1 Tenant shall pay to Landlord (i) Commencing as Base of the Rent for the Premises, commencing on the Term Commencement Date, and continuing throughout the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in 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 ("Additional Rent") at times hereinafter specified the annual Rent set forth on Schedule E annexed hereto and made a part hereof, payable without demand, on or 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 obligations of Tenant which survive the expiration advance of the Lease Term, the obligations first (1st) day 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 each month 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 offsetequal monthly installments, in lawful money (legal tender for public or private debts) of the United States of America America, at the office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may designate from time designate to time without (except as otherwise expressly set forth in writingthis Lease to the contrary) any set-off, offset, abatement or deduction whatsoever, except that Tenant shall pay the first (1st) monthly installment, in the form of a check, upon Tenant’s execution of this Lease. In If the event the Lease Term commences or ends Rent Commencement Date occurs on a day date other than the first day of a calendar month, then Tenant shall pay to Landlord on or before the first day of the next month the monthly installment of Rent for such partial month on a pro rata basis (based on the actual number of days in the commencement month), and the first month’s rent paid by Tenant as described above shall be applied to the first full calendar month of the Term for which Rent shall be due and payable. Such payment, together with the sum paid by Tenant as first month’s Rent upon the execution of this Lease, shall constitute payment of the Rent for such fraction the period from the Rent Commencement Date to and including the last day of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional next succeeding calendar month.
(ii) Tenant has agreed to pay to Landlord a three (3.0%) percent annual cumulative and compounding increase in the base Rent in lieu of operating expenses escalations for the Term of the Lease, and any renewal thereof. Such increase is included in the base Rent as such is set forth on Schedule E annexed hereto and made a part hereof.
Appears in 1 contract
Rent. 7.1 Tenant shall pay to Landlord as Base Rent for the Premises, commencing (a) Beginning on the Term Rent Commencement Date, the sums set forth in Section 2.3. Base Rent rent reserved under this Lease for the Term hereof shall be paid and consist of: (i) the Fixed Rent payable in equal monthly installments as set forth in Section 2.3, each in advance on the first day of each and every calendar month during the Term (except that Tenant shall pay one (1) monthly installment on the execution of this Lease, which installment shall be applied to the Monthly Fixed Rent due for the first (1st) month of the Term); plus (ii) such additional rent (“Additional Rent”) in an amount equal to Tenant’s Proportionate Share of 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, enforcement of any of the agreements, covenants, and obligations under this Lease and including, without limitation, the actual out-of-pocket expenses incurred by 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 dispossess proceedings are necessary to obtain the possession of 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 its office stated above or such other place Landlord may designate in writing. If the Rent Commencement Date shall occur on a date other than the first calendar day of a month, the rent for the partial month commencing on the Rent Commencement Date shall be appropriately pro-rated on the basis of the monthly rent payable during the first year of the Term.
7.2 In addition to Base Rent, commencing on the Term Commencement Date, Tenant shall pay to Landlord as additional rent ("Additional Rent") at times hereinafter specified in this Lease (a) Tenant's Share (as defined below) of Operating Expenses (as defined below), (b) Tenant does hereby covenant and agree to pay promptly the Property Management Fee 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, except as provided in Exhibit G attached hereto. 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 twenty (as defined below20) and days of delivery by Landlord to Tenant of notice to pay the same.
(c) any other amounts that Tenant expressly assumes or agrees to pay under In the provisions of this Lease that are owed to Landlord. Without limitation on other obligations of 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 event that any payment of Fixed 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. or Additional Rent shall be paid more than 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 Landlord, without abatement, deduction or offset, in lawful money remit a full monthly installment of the United States Monthly Fixed Rent or of America at the office of Landlord as set forth in Section 2.8 Additional Rent on or to such other person or at such other place as before the due date provided herein for two (2) consecutive months, then Landlord may from time designate require (i) all Fixed Rent and Additional Rent payments to be paid in writingadvance 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 the event the Lease Term commences or ends on addition, if Tenant submits to Landlord a day other than the first day of a calendar monthcheck for which there are insufficient funds available, then Landlord may charge Tenant as Additional Rent an administrative and handling fee in the Rent for such fraction amount of a month shall be prorated for such period on the basis of a thirty (30) day month One Hundred and shall be paid at the then-current rate for such fractional month00/100 Dollars.
Appears in 1 contract
Sources: Lease Agreement (Wells Real Estate Investment Trust Inc)
Rent. 7.1 Tenant shall pay to Landlord as Base Rent for the Premises, commencing on the Term Commencement Date, the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in 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 ("Additional Rent") at times hereinafter specified in this Lease (a) Tenant's Share (as defined below) of Operating Expenses (as defined below), (b) If 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 obligations of 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 Commencement Date 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 office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the first monthly installment of Fixed Annual Rent for such fraction of a month shall be prorated for such period on to the basis end of a thirty said calendar month.
(30b) day month and All rent shall be paid at by currently dated, unendorsed check of Tenant, payable to the then-current rate 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 shall pay the Fixed Annual Rent without notice or demand. If no date shall be set forth herein for the payment of any other sums due Owner, then such sums shall be due and payable within 10 business days after the date upon which Owner makes written demand for such fractional monthpayment. 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 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 Owner, if legally permissible, an amount equal to (y) the rent which would have been paid pursuant to this lease but for such legal rent restriction less (z) the rents paid by Tenant 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 if any other monies owing by Tenant are not paid within 10 business days of the date due 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 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 in 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 payor bank, 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 dishonored check, the sum of $100. If during any twelve month period during the term of this lease, two or more checks tendered by Tenant, for any payment due, shall be dishonored by the payor bank, Owner may at any time thereafter require that all future payments of rent by Tenant shall be made by certified or official bank checks.
Appears in 1 contract
Sources: Sublease Agreement (International Telecommunication Data Systems Inc)
Rent. 7.1 (a) Tenant shall covenants and agrees to pay to Landlord by good and sufficient check at the address of Landlord herein provided (or at such other address as Base Rent for Landlord may designate) monthly rent in the Premisesamount of Three Thousand and 00/100 Dollars ($3,000.00), commencing on the Term Commencement Datepayable in advance, the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in 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 month. The foregoing rent ("Additional Rent") 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 obligations of 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 LandlordLandlord without notice or demand, and without abatement, deduction deduction, setoff, reduction, counterclaim, or offsetdiminution. If a rent payment is mailed, it shall be mailed in lawful money sufficient time and with adequate postage thereon to be actually received by Landlord by the due date.
(b) All sums due and owing by Tenant pursuant to the terms of the United States of America at the office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day this Agreement other than the first day rent specified in subparagraph 3(a) above are additional rent, and Landlord shall have all of a calendar monththe same rights and remedies to collect such additional rent as it has to collect rent.
(c) If any payment of rent or additional rent is not received by Landlord on the date on which such payment is due, then the Rent for such fraction of a month Tenant shall be prorated for such period pay Landlord, as additional rent, interest on the basis amount of a thirty (30) day month and shall be such overdue payment accruing from the due date until the date when paid at the then-current 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 Premises that are not specifically assumed by Landlord under this Agreement are deemed to be the responsibility of 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 Landlord and Tenant 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 the sum of Twenty Five Thousand and 00/100 Dollars ($25,000.00) (the "Security 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 fractional monthdefault. 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 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 "Closing" (as hereinafter defined) occurs, then at Closing the Security Deposit shall be credited toward the "Purchase Price" (as hereinafter defined) of the Property.
Appears in 1 contract
Sources: Lease and Purchase Agreement (Industrial Services of America Inc /Fl)
Rent. 7.1 Tenant shall Commencing on the Commencement Date, Sublessee hereby covenants and agrees to pay to Landlord Sublessor as Base Rent for the Premises, commencing on Sublease Premises the Term Commencement Date, the sums amounts set forth in Section 2.3A.iv. of the Fundamental Sublease Terms hereof. All other sums payable hereunder shall be deemed additional rent (collectively, the "Additional Rent"). From and after the Commencement Date, Sublessee shall pay to Sublessor all Additional Rent. Base Rent and Additional Rent shall be paid in equal monthly installments as set forth in Section 2.3, each payable in advance and without demand on the first (1st) day of each and every calendar month during the Lease entire Sublease Term.
7.2 In addition to . Base Rent, commencing on the Term Commencement Date, Tenant shall pay to Landlord as additional rent ("Additional Rent") 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) Rent 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 obligations of 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 office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on any partial month at the basis beginning or end of the Sublease Term. Sublessee shall 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 thirty (30) day month and lesser amount than the Base Rent or Additional Rent shall be paid at deemed to be other than on account of the then-current rate for earliest 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 fractional monthcheck 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. 7.1 3.1 Tenant shall pay to Landlord the following amounts as Base Rent rent for the Premises:
(a) During the Lease Term, commencing Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) During each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) During each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) During each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, the actual cost incurred by Landlord with respect to all electricity, chilled water, air conditioning, gas, fuel, steam, heat, light, power and other utilities consumed within the Premises, as more particularly described herein (all such costs payable by Tenant pursuant to this section 3.1(d) shall be referred to as “Tenant’s Monthly Utility Charge”, and all such amounts shall constitute rent hereunder).
(i) All electricity directly serving the Premises (“Direct Electrical Costs”) shall be metered or submetered and Tenant shall pay, as monthly rental, the actual cost (without mark up by Landlord) of all such Direct Electrical Costs either to Landlord as a reimbursement, or, at Landlord’s election, as a payment directly to the entity providing such electricity. Such payments to Landlord of Direct Electrical Costs shall be made within thirty (30) days of Landlord’s delivery of an invoice to Tenant therefor.
(ii) With respect to all utility costs for the Premises other than Direct Electrical Costs (collectively, “Other Utility Costs”), Landlord shall have the right, from time to time, to fairly and equitably allocate some or all of such Other Utility Costs among different portions or occupants of the Building (“Cost Pools”), in Landlord’s reasonable discretion. Such Cost Pools may include, but shall not be limited to, office space tenants and research and development and laboratory tenants of the Building. The utility costs within each such Cost Pool shall be allocated and charged to the tenants within such Cost Pool in an equitable manner.
(e) Beginning on the Term Rent Commencement Date (or, if not the first day of a month, the first day of the month following the Rent Commencement Date), during each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, the sums set forth Allowance Rent, if any, as provided in Section 2.3Exhibit B attached hereto.
(f) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, Allowance Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
3.2 The additional rent payable pursuant to sections 3.1(b), 3.1(c), and 3.1(d)(ii) hereof shall be calculated and paid in accordance with the following procedures:
(a) On or before the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b), 3.1(c), and 3.1(d)(ii) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the basis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b), 3.1(c), and 3.1(d)(ii) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b), 3.1(c), and 3.1(d)(ii) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, but no later than April 1, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b), 3.1(c), and 3.1(d)(ii) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b), 3.1(c), and 3.1(d)(ii) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within ten (10) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the amounts payable by Tenant under sections 3.1(b), 3.1(c), and 3.1(d)(ii) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses and Property Taxes, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Project or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord and is not compensated on a contingency basis; and provided further that Tenant shall have no right to inspect such books pertaining to any given period more than ninety (90) days after Landlord shall have delivered the written statement pertaining to such period.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b), 3.1(c), and 3.l(d)(ii) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
3.3 Tenant shall pay all monthly installments of Base Rent shall be paid in equal and monthly installments as set forth of Landlord’s estimates of amounts payable under sections 3.1(b), 3.1(c), and 3.1(d)(ii) hereof and monthly installments of the Allowance Rent (collectively, “Monthly Rent”) to Landlord, in Section 2.3advance, each in advance on or before 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 ("Additional Rent") 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 obligations of 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 abatementnotice, demand, deduction or offset, in lawful money of the United States of America at America. Landlord instructs Tenant to pay all such Monthly Rent to the office of Landlord as set forth address specified therefor in Section 2.8 the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. In Landlord shall have the event the Lease Term right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If ▇▇▇▇▇▇’s obligation to pay Base Rent hereunder commences or ends on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for such fraction of a partial month shall be appropriately prorated for such period on the basis of a thirty (30) day 30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month and of the Term in which monthly Base Rent is payable, which amount Landlord shall be paid at apply to the then-current rate Base Rent for such fractional first full calendar month.
Appears in 1 contract
Sources: Lease (Bionano Genomics, Inc.)
Rent. 7.1 Tenant shall pay to Landlord as minimum rent (the "Base Rent Rent") for the PremisesLeased Premises during the Lease Term in accordance with the terms and conditions of Exhibit B, commencing on attached hereto (the Term Commencement Date, the sums set forth in Section 2.3"Rent Schedule"). Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each payable in advance on or before the first day of each full and every partial calendar month during the Lease Term.
7.2 ; provided that: (a) if the 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 (ii) the number of days in the full calendar month during which the Lease Term commences or expires, respectively; and multiplied by (iii) the number of days in the partial calendar month after and including the Commencement Date or before and including the Expiration Date, respectively; 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, commencing on the Term Commencement Date, Tenant shall pay to Landlord as additional rent (the "Additional Rent") at times hereinafter specified in this Lease (a) Tenant's Share (as defined below) all other sums of Operating Expenses (as defined below), (b) the Property Management Fee (as defined below) money and (c) any other amounts that Tenant expressly assumes or agrees charges required to pay under the provisions of this Lease that are owed to Landlord. Without limitation on other obligations of Tenant which survive the expiration of the Lease Term, the obligations of be paid by 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 Lease, regardless of whether the same are designated as Additional Rent. Base Rent and collectively referred to as Additional Rent, collectively, are "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. All Rent shall be paid to Landlordwithout relief from valuation and appraisement laws, without abatement, deduction or offset, in lawful money of the United States of America at the office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate payable without offset for such fractional monthany amount due or claimed to be due from Landlord to Tenant, except as expressly provided in this Lease.
Appears in 1 contract
Sources: Lease (Brightpoint Inc)
Rent. 7.1 Tenant A. Minimum Rent (as hereinafter defined) and Additional Rent (as hereinafter defined) and other charges which shall pay to Landlord as Base Rent for the Premises, commencing on the Term Commencement Date, the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments become due and payable hereunder as set forth in Section 2.3, each in 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 ("Additional Rent") 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 herein are owed to Landlord. Without limitation on other obligations of 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 sometimes collectively referred to herein 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. .”
B. All Rent shall be paid to the Landlord at the Landlord’s address, without abatement, deduction or offsetat such other place or to such other person as the Landlord may designate, in lawful money of the United States of America America.
C. The Tenant 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 Additional Rent hereunder, for all reasonable expenses incurred by the Landlord in connection therewith, including, but not limited to, reasonable attorney’s fees. If the payment of any sum required to be paid by the Tenant to the Landlord under this Lease (including, without limiting the 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 (10) business days beyond the date on which written notice was given to Tenant 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 amount overdue shall become immediately due and payable to the Landlord as liquidated damages for the Tenant’s failure to make prompt payment. Further, such delinquency service charge shall be payable on the first day of the month next succeeding the month during which such late charges become payable as Additional Rent, together with interest on the amounts overdue from the date on which they become due and payable computed at the office rate of Landlord as set forth in Section 2.8 the lower of statutory rate or to such other person or at such other place as Landlord may from time designate in writingtwelve (12) percent per annum. In the event of nonpayment of any delinquency service charges and interest provided for above, the Landlord shall have, in addition to all other rights and remedies, all the rights and remedies provided for herein and by law in the case of nonpayment of Rent. No failure by the Landlord to insist upon the strict performance by the Tenant of the Tenant’s obligation to pay late charges shall constitute a waiver by the Landlord of its rights to 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 Term commences the Tenant is required to pay Additional Rent or ends on other charges to the Landlord, the Landlord shall 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 day other than the first day of a calendar monthNet, then Net, Net Lease and the Rent for such fraction of a month reserved hereunder shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional monthabsolutely net to Landlord, except where otherwise specifically set forth herein.
Appears in 1 contract
Sources: Lease Agreement (Integra Lifesciences Holdings Corp)
Rent. 7.1 Until the Commencement Date occurs, Owner shall be entitled to all Rent from Existing Subtenants (defined below), and Tenant shall pay have no right to Landlord as Base Rent for utilize the PremisesTowers, commencing or to locate equipment or rent space, or to allow other entities to locate equipment or rent space, on the Term Commencement Date, Towers or to collect any rent in connection therewith. Upon the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in 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 Owner monthly rent ("Additional “Rent"”) at times hereinafter specified in this Lease based on the amount of rent being paid to Tenant by its subtenants, sublessees and licensees (each a “Subtenant”, which term “Subtenant” includes both “Existing Subtenants” and new “Subtenants”). Calculation of Rent shall be based on the following:
(a) Tenant's Share (For the Existing Subtenants, as defined below, Tenant shall pay to Owner Eighty-Five percent (85%) of Operating Expenses (all rent received from the Existing Subtenants, not including any reimbursements by Subtenants to Tenant for payments for capital improvements to the Towers or other reimbursements to Tenant by Subtenants for Subtenant’ related expenses, such as defined below), the performance of a structural engineering analysis by ▇▇▇▇▇▇ for changes to the Subtenant’s equipment.
(b) the Property Management Fee For any new Subtenants, other than Dish Wireless or its Dish Affiliates, Tenant shall remit to Owner Sixty Percent (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 obligations of 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(d60%) of the Internal Revenue Code rent paid by the Subtenants to Tenant, not including any reimbursements by Subtenants to Tenant for payments for capital improvements to the Towers or other reimbursements to Tenant by Subtenants for Subtenant related expenses, such as the performance of 1986a structural engineering analysis by Tenant for changes to the Subtenant’s equipment. The term “Dish Affiliates” shall mean: any company in control of, controlled by, or under common control with Dish Wireless LLC as amended, (the "Code") and the Department of the U.S. Treasury Regulations promulgated thereunder (the "Regulations")Effective Date hereof. 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 For purposes of Section 856(dthis paragraph, “control” shall require ownership of greater than fifty percent (50%) of the Code and the Regulations promulgated thereundervoting stock, such Rent shall be adjusted in such manner as the Landlord may require so that it will so qualify; providedmembership interest, howeveror other ownership interest, 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 office of Landlord controlled or controlling company, as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional month.applicable;
Appears in 1 contract
Sources: Land Lease Agreement
Rent. 7.1 On the date that Tenant executes this Lease, Tenant shall deliver to Landlord the original executed Lease, the Base Rent (which shall be applied against the Rent payable for the first month Tenant is required to pay Base Rent), the Additional Security Deposit as described in Section 4, and all insurance certificates evidencing the insurance required to be obtained by Tenant under Section 12 of this Lease. Tenant agrees to pay Landlord, without prior notice or demand, or abatement, offset, deduction or claim, the Base Rent described 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 month throughout the balance of the Term of this Lease, as Additional Rent, Tenant's Share of Operating Expenses. Tax Expenses, Common Area Utility Costs, and Utility Expenses, as well as the Administrative Expenses, Tenant shall also pay to Landlord as Base Additional Rent for the Premiseshereunder, commencing immediately on the Term Commencement DateLandlord's demand therefor, the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in advance on the first day of each any and every calendar month during the Lease Term.
7.2 In addition all costs and expenses incurred by Landlord to Base Rent, commencing on the Term Commencement Date, Tenant shall pay to Landlord as additional rent ("Additional Rent") 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 enforce the provisions of this Lease that are owed 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 (collectively, the "Enforcement Expenses"). The term "Rent" whenever used herein refers to Landlordthe aggregate of all these amounts. Without limitation on 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 which survive required hereunder. The Rent for any fractional part of a calendar month at the expiration commencement or termination 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 term 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 a prorated amount of the United States of America at the office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a full calendar month shall be prorated for such period on the basis of based upon a thirty (30) day month and month. The prorated Rent shall be paid at on the then-current rate for such fractional monthCommencement Date and the first day of the calendar month in which the date of termination occurs, as the case may be.
Appears in 1 contract
Rent. 7.1 On the date that Tenant executes this Lease, Tenant shall pay deliver to Landlord as the original executed Lease, the Base Rent (which shall be applied against the Rent payable for the Premises, commencing on the Term Commencement Datefirst month Tenant is required to pay Base Rent), the sums set forth in Security Deposit, the Cleaning Deposit, and all insurance certificates evidencing the insurance required to be obtained by Tenant under Section 2.312 of this Lease. Tena▇▇ ▇▇▇ees to pay Landlord, without prior notice or demand, or abatement, offset, deduction or claim, the Base Rent shall be paid in equal monthly installments as set forth in Section 2.3described on Page 1, each payable in advance at Landlord's address shown on Page 1 on the first day of each and every calendar month during throughout the Lease Term.
7.2 term of the Lease. In addition to the Base RentRent set forth on Page 1, commencing Tenant shall pay Landlord in advance and on the Term Commencement Datefirst (1st) day of each month throughout the term of this Lease (including any extensions of such term), as Additional Rent Tenant's share, as set forth on Page 1, of Operating Expenses, Tax Expenses, Common Area Utility Costs, and Utility Expenses, and Administrative Expenses all in the manner as specified in Sections 6.1, 6.2, 6.3, 6.4 and 7 of this Lease, respectively. Additionally, Tenant shall pay to Landlord as additional rent ("Additional Rent") at times hereinafter specified in this Lease (a) TenantRent hereunder, immediately on Landlord's Share (as defined below) of Operating Expenses (as defined below)demand therefor, (b) the Property Management Fee (as defined below) any and (c) any other amounts that Tenant expressly assumes or agrees all costs and expenses incurred by Landlord to pay under enforce the provisions of this Lease that are owed Lease, including, but not limited to, costs associated with any proposed assignment or subletting of all or any portion of the Premises by Tena▇▇, ▇▇sts associated with the delivery of notices, delivery and recordation of notice(s) of default, attorneys' fees, expert fees, court costs and filing fees (collectively, the "Enforcement Expenses"). The term "Rent" whenever used herein refers to Landlordthe aggregate of all these amounts. Without limitation on 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 which survive hereunder, including, but not limited to paying to Landlord any and all amounts considered additional rent, such as Tenant's share of Operating Expenses, Tax Expenses, Common Area Utility Costs, and Utility Expenses, and Administrative Expenses. If, at any time, Tenant is in default of or otherwise breaches any term, condition or provision of this Lease, any such waiver by Landlord of Tenant's requirement to pay rental payments shall be null and void and Tenant shall immediately pay to Landlord all rental payments waived by Landlord. The Rent for any fractional part of a calendar month at the expiration commencement or termination 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 term 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 a prorated amount of the United States of America at the office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a full calendar month shall be prorated for such period on the basis of based upon a thirty (30) day month and month. The prorated Rent shall be paid at on the then-current rate for such fractional monthCommencement Date and the first day of the calendar month in which the date of termination occurs, as the case may be.
Appears in 1 contract
Rent. 7.1 (a) Tenant shall will pay to Landlord the base rent as Base Rent for the Premises, commencing on the Term Commencement Date, the sums set forth shown in Section 2.3. Base Rent shall be paid Exhibit "D" in equal monthly installments as set forth in Section 2.3, each in advance beginning on the Commencement Date, and thereafter on the first day of each and every calendar month during the Lease Term.
7.2 In addition to Base Rentterm (except as otherwise shown in Exhibit "D"), commencing on the Term Commencement Dateprorated for any portion of a month. The term "rent" includes base rent, Tenant shall pay to Landlord as 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 ("Additional Rent") at times hereinafter specified except as may be specifically provided otherwise elsewhere in this Lease (aLease) 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 obligations of 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 U.S. legal tender at the office of Landlord as set forth in Section 2.8 or The Plaza at Continental Park, Suite 5252, 2101 ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇ ▇▇ to such other person or at such other place as Landlord may from time designate in writingto time 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 event base rent as and when required each month into this collection account, and the Lease Term commences or ends 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 (but only if and to the extent necessary to pay current debt service to Tenant 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 a day other than the first day of a calendar month, then the Rent customary terms for such fraction agreements and will not be unreasonably withheld or delayed.
(b) If Tenant provides and continues to provide the Letter of a month shall be prorated for such period on the basis of a Credit in accordance with Section 24.17 and otherwise does not default under this Lease, within thirty (30) day 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 Tenant pays its first full month and shall be of base rent under this Lease), Landlord either will reimburse to Tenant, or credit against rent owed by Tenant, the actual amounts paid at by Tenant to the then-current rate issuer of the Letter of Credit for such fractional monthissuance, up to an annual amount equal to one percent (1%) of the face amount of the Letter of Credit from time to time.
Appears in 1 contract
Sources: Lease (Picturetel Corp)
Rent. 7.1 3.1 Tenant shall agrees to pay to Landlord as the Monthly Base Rent for the Premises, commencing then in effect on the Term Commencement Date, the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in advance on or before the first day of each and every full 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 ("Additional Rent") 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 obligations of Tenant which survive upon the expiration of the Lease Term, Rent Abatement. Rent for any period during the obligations of Tenant to pay Additional Rent Term which is less than a full month shall survive the expiration be a prorated portion of the Lease Term.
7.3 Landlord and Tenant hereby agree that it is their intent that all Monthly Base Rent, Additional Rent and other rent and charges payable to based upon the Landlord under this Lease (hereinafter individually and collectively referred to as "Rent") shall qualify as "rents from real property" within the meaning number 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 days 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 adjustmentmonth. Rent Said rent shall be paid to Landlord, without abatement, deduction or offsetoffset except as expressly permitted under this Lease, in lawful money of the United States of America and without notice or demand, at the office of Landlord as Rent Payment Address set forth in Section 2.8 on the Summary, or to such other person or at such other place as Landlord may from time to time designate in writing. In If an Event of Default occurs, Landlord may require by notice to Tenant that all 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 amounts and sums payable by Tenant to Landlord pursuant to this Lease, other than Base Rent, shall be additional rent. Tenant shall pay to Landlord, in addition to, and simultaneously with, all payments of rent and any other amounts payable to Landlord under this Lease, a sum equal to the 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 event the Lease Term commences said rent or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional monthpayment is unpaid after date due.
Appears in 1 contract
Sources: Industrial Net Lease (Dexcom Inc)
Rent. 7.1 Tenant (a) The rent reserved under this Lease for the Term hereof (the "Rent") shall pay to Landlord as be and consist of: (i) the Base Rent for the Premises, commencing on the Term Commencement Date, the sums set forth in Section 2.3. Base Rent shall be paid payable in equal monthly installments as set forth in Section 2.3advance, each in 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 ; plus (ii) such additional rent ("Additional Rent") at times hereinafter specified in this Lease an amount equal to (ax) Tenant's Proportionate Share (as defined below) of Operating Expenses (as such terms are defined below), (b) the Property Management Fee (as defined belowin Paragraph 3 of this Lease) and all charges for services and utilities pursuant to Paragraph 14 hereof, and (cy) any other amounts that Tenant expressly assumes or agrees to pay under charges as shall become due and payable hereunder, including, without limitation, the provisions reasonable expenses incurred by Landlord in the enforcement of this Lease that are owed to Landlord. Without limitation on other obligations of Tenant which survive the expiration any of the Lease Termagreements, covenants and obligations under this Lease, and including reasonable legal fees that may accrue in the obligations event suit for rent or dispossess proceedings are necessary to obtain the possession of Tenant the Demised Premises or to pay collect the Rent; which 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 be payable to the Landlord under this Lease (as 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")provided. 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. All Rent shall be paid to LandlordLandlord at its office stated above, without abatement, deduction or offsetsuch other place as Landlord may designate by notice given in accordance with Paragraph 17 hereof, in lawful money of the United States of America at America; provided, however, that if the office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends Commencement Date shall occur on a day date other than the first calendar day of a calendar month, then the Rent for such fraction of a the partial month commencing on the Commencement Date shall be prorated for such period appropriately pro-rated on the basis of the monthly Rent payable during the first year of the Term.
(b) Tenant does hereby covenant and 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 deduction whatsoever. All Additional Rent and other charges payable hereunder, which are not due and payable on a monthly basis during the Term, unless otherwise specified herein, shall be due and payable within twenty (20) days of delivery by Landlord to Tenant of notice to pay the same.
(c) In the event that any payment of Base Rent, Additional Rent or any other charges shall be paid after the due date for same provided herein, Tenant shall pay, together with payment, the Late Charge and a like additional Late Charge for every thirty (30) day month and days or portion thereof that such payment shall be paid at the then-current rate for such fractional monthremain unpaid.
Appears in 1 contract
Rent. 7.1 Tenant shall pay to Landlord as Base Rent As annual fixed rental for the Premises, commencing on Lessee shall pay to Lessor at its office in the Term Commencement DateCity of Duquesne at ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, a sum equal to the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each mortgage debt service related to the Premises multiplied by 1.1 (the excess of said sum over the monthly mortgage debt service is hereinafter called the "Debt Service Coverage") plus the sum of $7,559 (the "Parking Rent") payable in advance on the first business day of each and every calendar month during the Lease Term.
7.2 In addition to Base Rent, commencing beginning on the 1st day of the fifth full month following the Commencement Date (the "Fixed Rent") . The Debt Service Coverage shall be fixed as of the Commencement Date and remain the same throughout the Term Commencement Dateor any renewal Term. Notwithstanding the foregoing, Tenant shall the Parking Rent will not be payable unless and until a certificate of occupancy has been issued for the Parking Facilities. Lessee hereby covenants and agrees to pay the Fixed Rent hereby reserved as and when due. Lessee further covenants and agrees to Landlord as additional rent pay all sums of money, charges or other amounts required to be paid by the Lessee to the Lessor or to another person under this Lease (the "Additional Rent") at times hereinafter specified in this Lease (a) Tenant's Share (as defined below) of Operating Expenses (as defined below), (b) addition to 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 LandlordFixed Rent provided for herein. Without limitation on other obligations of Tenant which survive the expiration of the Lease Term, the obligations of Tenant to pay Additional Rent shall survive also include the expiration assumption by Lessee of all obligations including the maintenance obligations imposed on the lessee by URA pursuant to the Parking Lease Term.
7.3 Landlord and Tenant hereby agree that it is their intent that all Base Rent, costs of operating the parking facilities. The Fixed Rent and Additional Rent and other rent and charges payable to the Landlord under this Lease (are sometimes hereinafter individually and collectively referred to as the "Rent") ." Lessee shall qualify as "rents from real property" within be in compliance with this Lease if, being directed in writing to do so, it pays the meaning of Section 856(d) Rent, exclusive of the Internal Revenue Code Parking Rent, directly to Dollar Bank, the holder of 1986the first mortgage on the Premises, as amendedand when due. Further, (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 Lessee shall be adjusted in such manner compliance with this Lease if it pays the Parking Rent to URA or its designee 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 (directed 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 office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional monthwriting by URA.
Appears in 1 contract
Sources: Lease (Ansaldo Signal Nv)
Rent. 7.1 Tenant Tenants shall pay rent (“Rent”) to the Landlord as Base Rent for the Premisesfollows: $X,XXX per month, commencing on the Term Commencement Datein advance, the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in advance one payment or separate payments on the first (1st) day of each and every calendar month during the Lease Term.
7.2 In Term ($XX,XXX Total). Rent payments may be made by personal, certified, or cashier’s check or money order; provided however, that in the 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 Base an Administration Fee (as hereinafter defined), with all subsequent monies due and payable in certified funds. Tenants may pay the Rent by separate check from each Tenant, but all Tenants shall remain jointly and severally liable for all Rent. Landlord reserves the right, commencing upon notice to Tenants, to refuse to accept personal checks from Tenants after one or more of Tenants’ personal checks have been returned by the bank unpaid. Tenants shall send all rent payments to the address set forth below or such other address as Landlord may from time to time designate in writing to 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 time in writing to Tenants. If the Tenants fail to pay rent on or before the Term Commencement Datedue date, Tenant 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 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 to Landlord as all additional rent ("Additional Rent") to the Landlord promptly and in no event later than the next scheduled rent payment. All rent and additional rent paid after the due date must be paid at times hereinafter specified in this Lease (a) Tenant's Share (as defined below) of Operating Expenses the place designated for payment, by certified or cashier check or money order. All payments received shall be applied first to Processing Fees, then to Administration Fees, then to Service Fees (as defined below), (b) the Property Management Fee (as defined below) and (c) any then to other amounts that Tenant expressly assumes or agrees amounts, excluding rent, due under to pay under the provisions of this Lease that are owed to Landlord. Without limitation on other obligations of 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 Lease, and collectively referred then to as "Rent") shall qualify as "rents from real property" within rent due under this Lease. #2181588-v1 -1- If the meaning Tenants fail to pay rent or any other sums when due to the Landlord, the Landlord serves notice of Section 856(d) default of the Internal Revenue Code of 1986Tenants as required by law, as amended, (the "Code") and the Department 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 to the amount 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 office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month arrearage and shall be paid at considered additional rent. The Landlord’s right to collect these costs and expenses shall be in addition to the then-current rate for such fractional monthLandlord’s right to take action under any applicable law and other provision of this Lease.
Appears in 1 contract
Sources: Residential Lease Agreement
Rent. 7.1 Tenant (a) Throughout the Term, Lessee shall pay to Landlord the Lessor as Base Rent for net rental (the Premises"Net Rent") the amounts determined in accordance with, commencing and on the Term Commencement Date"Payment Dates" (herein so called) described on Exhibit "A" attached hereto. During the Term, Lessee shall also pay to Lessor the items of Additional Rent (as hereinafter defined) set out on Exhibit "A". At such time as Improvements or Parcels are added to the Property, or construction advances are made to Lessee by Lessor in respect of New Improvements constructed by Lessee on any Parcel, the sums set forth in Section 2.3. Base Net Rent and Additional Rent payments shall be paid in equal monthly installments adjusted as set forth in Section 2.3, each in advance contemplated on Exhibit "A" and/or on the first day Supplement by which such Improvements or Parcels are added to the Property, and/or the Construction Supplement evidencing the construction advance in question, as applicable.
(b) All amounts that the Lessee is required to pay to the Lessor pursuant to this Lease (other than Net Rent), including, but not limited to, any and all amounts payable upon expiration of each and every calendar month during the Lease Term.
7.2 In addition to Base RentTerm and/or upon transfer or purchase of the Property, commencing together with amounts specifically denominated as such on the Term Commencement DateExhibit "A" as well as every fine, Tenant penalty, interest and cost that may be added for non-payment or late payment thereof, shall pay to Landlord as additional rent (constitute "Additional Rent") at times hereinafter specified . Lessor shall give Lessee notice of any Additional Rent due hereunder promptly after it has knowledge of such Additional Rent, and shall use its best efforts to notify Lessee in this Lease (a) Tenant's Share (as defined below) advance of Operating Expenses (as defined below), (b) the Property Management Fee (as defined below) due date and (c) any other amounts amount of such Additional Rent; provided that Tenant expressly assumes or agrees failure to give such prompt notice shall not relieve the Lessee of its obligation to pay under the provisions of this Lease that are owed to Landlord. Without limitation on other obligations of Tenant which survive the expiration of the Lease Termsuch Additional Rent, subject to, as applicable, the obligations of Tenant to pay Additional Rent shall survive the expiration of the Lease TermLessee's rights, if any, under Section 18 hereof.
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 office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional month.
Appears in 1 contract
Rent. 7.1 Tenant All rent is payable through the Tenant’s Resident Portal Account, or such other place or address designated by Landlord. Tenant, in return for the use of the Unit and in consideration of the terms, conditions, covenants, and provisions contained herein, shall pay to Landlord as Base Rent the sum of [Format(Prospect.UserDefinedField("Lease Prep- Total Numeric Amount for Entire Lease"),"Currency"], without offset or deduction (the Premises, commencing on “Rent”). Tenant hereby acknowledges that the Term Commencement Dateof this Lease may be less than a full calendar year, and the sums set forth Rent has been allocated into installments of [Format(Prospect.UserDefinedField("Lease Prep- Numeric Monthly Rent (0,000.00)"),"Currency")]. Monthly Rent, together with any other payment of Rent due together therewith shall be payable in Section 2.3. Base advance without further notice, demand or deduction as follows: The first (1st) installment of monthly Rent shall be due on or before the Commencement Date and all payments of monthly Rent due thereafter shall be paid in equal monthly installments as set forth in Section 2.3, each in advance on or before the first (1st) day of each and every calendar month during the Lease entire Term. Time is of the essence and Rent is past due if not ACTUALLY RECEIVED by Landlord on or before the due date. The first installment of monthly Rent is [Format(Prospect.
7.2 In UserDefinedField("Lease Prep- Numeric First Month's Rent (0,000.00)"),"Currency"]. Tenant's obligation to pay Rent shall be independent of any of Landlord's obligations hereunder. To the extent that Tenant is required or obligated to pay any amounts hereunder to or for the benefit of Landlord, which shall be in addition to Base the monthly scheduled Rent as provided above, such amounts shall be deemed and considered as additional Rent, commencing on the Term Commencement Date, Tenant shall pay and in all respects intended to Landlord be included and considered as additional rent ("Additional Rent") , as such term is defined in the Act. Should any Rent or additional Rent be due, outstanding, unpaid or accrued at times hereinafter specified in this Lease (a) Tenant's Share (as defined below) the time of Operating Expenses (as defined below), (b) the Property Management Fee (as defined below) and (c) any other amounts that Tenant expressly assumes expiration or agrees to pay under the provisions earlier termination of this Lease that are owed to Landlord. Without limitation on other obligations of Tenant which survive the expiration of the Lease TermAgreement, the obligations duty, liability and obligation of Tenant to pay Additional Rent the same shall survive the such expiration of the Lease Term.
7.3 Landlord and Tenant hereby agree that it is their intent that all Base Rent, or termination. Additional Rent and other rent and monthly 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, will 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 office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends listed on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional monthseparate addenda.
Appears in 1 contract
Sources: Rental Agreement
Rent. 7.1 Tenant shall timely pay to Landlord Rent (as Base Rent for defined in the PremisesBasic Lease Information), commencing on including the Term Commencement Date, the sums amounts set forth in Section 2.3. Base Rent Exhibit C hereto, without notice, demand, deduction or set-off (except as otherwise expressly provided herein), by good and sufficient check drawn on a national banking association at Landlord’s address provided for in this Lease or as otherwise specified by Landlord and shall be paid accompanied by all applicable state and local sales or use taxes, if applicable. Except as otherwise expressly set forth herein, the foregoing covenants of Tenant are independent covenants and Tenant shall have no right to withhold or ▇▇▇▇▇ any payment of Base Rent, Additional Rent, Taxes, Insurance or other payment, or to set off any amount against the Base Rent, Additional Rent, Taxes, Insurance or other payment then due and payable, or to terminate this Lease, because of any breach or alleged breach by Landlord of this Lease or because of the condition of the Premises. Tenant hereby acknowledges and agrees that it has been represented by counsel of its choice and has participated fully in equal monthly installments the negotiation of this Lease, that Tenant understands that the remedies available to Tenant in the event of a default by Landlord may be more limited than those that would otherwise be available to Tenant under the common law in the absence of certain provisions of this Lease, and that the so-called “dependent covenants” rule as developed under the common law (including, without limitation, the statement of such rule as set forth in the Restatement (Second) of Property, Section 2.37.1) shall not apply to this Lease or to the relationship of landlord and tenant created hereunder. Base Rent, each adjusted as herein provided, shall be payable monthly in advance beginning on the first day of each and every Base Rent Commencement Date. The monthly Base Rent for any partial calendar month during which the Lease Term.
7.2 In addition to Base RentRent Commencement Date occurs shall equal the product of 1/365 (or in the event of a leap year, commencing on the Term Commencement Date, Tenant shall pay to Landlord as additional rent ("Additional Rent") 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 obligations of 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(d1/366) of the Internal Revenue Code of 1986, as amended, (the "Code") annual Base Rent in effect during such partial month and the Department number of days in 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 office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar partial month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at due on the then-current rate for such fractional month.Base Rent
Appears in 1 contract
Rent. 7.1 Tenant shall pay (a) Subject to Landlord as Base Rent for the Premisessubsection (c) below, commencing on and after the Term Commencement Date, Lessee shall pay Lessor all monetary obligations of Lessor under each Prime Lease for its respective Property (including, without 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 sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in advance on the first day of each and every calendar month during the Lease Term"Property Rent").
7.2 In addition to Base Rent, commencing (b) Commencing on and after the Term Commencement Date, Tenant Lessee shall pay directly to Landlord Lessor, at Lessor's office at the address designated for notices to Lessor in Section 11(a) hereof, all other amounts payable by Lessee that arise as additional rent an independent obligation under this Sublease (the "Additional Rent") at times hereinafter specified in this Lease (a) Tenant's Share (as defined below) of Operating Expenses (as defined below), (b) together with the Property Management Fee (as defined below) and Rent, the "Rent").
(c) any other amounts that Tenant expressly assumes Lessor and Lessee agree to cooperate, and to take all reasonably necessary or agrees desirable actions possible, to pay 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 provisions of this Prime Lease that are owed to Landlord. Without limitation on other obligations of 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 with respect to such adjustmentProperty and this Sublease with respect to such Property. All Property Rent with respect to any Property shall be paid to Landlord, without abatement, deduction or offset, in lawful money of the United States of America 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 office of Landlord as set forth address designated for notices to Lessor in Section 2.8 or 11(a) hereof in immediately available funds at least two (2) Business Days prior to the date when such other person 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 for Property Rent incurred under the Prime Lease with respect to each Property to Lessee, and Lessee agrees to pay or otherwise reimburse Lessor for all of Lessor's obligations for Property Rent incurred with respect to each 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, then, provided Lessee shall have delivered such Property Rent payment to Lessor within the time designate and in writing. In the event manner specified in this subsection (c), Lessor shall deliver such payment of Property Rent to such Prime Landlord on or prior to the date when such Property Rent is due and payable under such Prime Lease Term commences and in such manner as provided under the respective Prime Lease.
(d) All obligations of Lessee and Lessor under this Section 4 shall survive the termination of the Prime Leases or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional monththis Sublease.
Appears in 1 contract
Rent. 7.1 (a) Tenant shall covenants to pay to Landlord Landlord, as Base Rent rent for the Premises, commencing on Premises during the Interim Term Commencement Dateand the Primary Term of this Lease, the sums amounts set forth on EXHIBIT 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 RENT") in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in advance on the first day of each and every 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 and/or to such other person or such other place or account at Landlord from time to time may designate to Tenant in writing; provided, Landlord may designate to Tenant in writing that all of the monthly Basic Rent be paid directly to a Mortgagee. The monthly Basic Rent during the Lease Term.
7.2 In addition 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 Base Rent, commencing on the commencement of the Short-Term Commencement DateExtension Period. Subject to the second sentence of subparagraph 7(a), Tenant shall pay to Landlord as additional rent ("when due all taxes payable on Basic Rent and Additional Rent") at times hereinafter specified in this Lease (a) Tenant's Share (as defined below) of Operating Expenses Rent (as defined below), whether imposed on Landlord or Tenant, 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) the Property Management Fee (as defined below) Tenant covenants that all other amounts, liabilities and (c) any other amounts that obligations which Tenant expressly assumes or agrees to pay under the provisions of or discharge pursuant to this Lease that are owed to Landlordtogether with every fine, penalty, interest and cost which may be added for nonpayment or late payment thereof in accordance with this Lease, shall constitute additional rent hereunder (herein called "ADDITIONAL RENT"). Without limitation on other obligations In the event of Tenant which survive the expiration of the Lease Term, the obligations 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 from the date due until such amount is paid in full. If the WALL STREET JOURNAL discontinues publication or publication of "prime rate," then Landlord shall substitute a comparable prime rate. Notwithstanding the two prior sentences of this subparagraph 5(b) to the 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 survive be the expiration least of (i) the Lease Term.
7.3 Landlord maximum rate permitted by applicable law, (ii) fourteen percent (14%) per annum, and Tenant hereby agree that it (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 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 the "RentDefault Rate") shall qualify as "rents from real property" within the meaning of Section 856(d) of the Internal Revenue Code of 1986, as amended); said lowest rate described in clauses (i), (ii) and (iii) being referred to as the "CodeMortgage Default Rate") 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 such Mortgage Default Rate shall only apply thereto while Landlord is obligated 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 pay interest at the office Default Rate on said Mortgage debt (and at all other times the rate described in the two prior sentences of Landlord as set forth in Section 2.8 or this subparagraph 5(b) shall continue to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the apply to overdue Basic Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional monthAdditional Rent).
Appears in 1 contract
Sources: Lease Agreement (Perry-Judds Inc)
Rent. 7.1 On the date that Tenant executes this Lease, Tenant shall deliver to Landlord the original executed Lease, the Base Rent (which shall be applied against the Rent payable for the first month Tenant 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, without prior notice or demand, or abatement, offset, deduction or claim, the Base Rent described 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 month throughout the balance of the Term of the Lease, as Additional Rent, Tenant's Share of Operating Expenses, Tax Expenses, Common Area Utility Costs, and Utility Expenses, as well as the Administrative Expenses. Tenant shall also pay to Landlord as Base Additional Rent for the Premiseshereunder, commencing immediately on the Term Commencement DateLandlord's demand therefor, the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in advance on the first day of each any and every calendar month during the Lease Term.
7.2 In addition all costs and expenses incurred by Landlord to Base Rent, commencing on the Term Commencement Date, Tenant shall pay to Landlord as additional rent ("Additional Rent") 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 enforce the provisions of this Lease that are owed 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 (collectively, the "Enforcement Expenses"). The term "Rent" whenever used herein refers to Landlordthe aggregate of all of these amounts. Without limitation on If Landlord permits Tenant to occupy the Premises without requiring Tenant to pay rental 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 which survive required hereunder. The Rent for any fractional part of a calendar month at the expiration commencement or termination 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 term 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 a prorated amount of the United States of America at the office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a full calendar month shall be prorated for such period on the basis of based upon a thirty (30) day month and month. The prorated Rent shall be paid at on the then-current rate for such fractional monthCommencement Date and the first day of the calendar month in which the date of termination occurs, as the case maybe.
Appears in 1 contract
Rent. 7.1 4.01 Tenant shall pay to Landlord as Base Rent for the PremisesLandlord, commencing on the Term Commencement Datewithout any setoff or deduction, the sums unless expressly set forth in Section 2.3this Lease, all Base Rent and Additional Rent (as hereinafter defined) due for the Term (collectively referred to as “Rent”). Base Rent shall commence on the Commencement Date, subject to the Base Rent Abatement Period. Anything herein to the contrary notwithstanding, an amount equal to the first full monthly installment of Base Rent, which shall be paid in equal applied toward the sixth (6th) month of the Term, plus any fraction of a monthly installments payment for any portion of a month at the commencement of the Term, shall be due and payable together with the Security Deposit (as set forth in Section 2.3defined herein) upon the execution hereof. Landlord’s receipt of the foregoing payments shall be a condition precedent to the effectiveness of this Lease. All Additional Rent shall commence on the Commencement Date except as expressly provided otherwise. “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, each sales and use taxes (but excluding income taxes), if any, imposed upon or measured by Rent. Base Rent and recurring monthly charges of Additional Rent shall be due and payable in 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 ("Additional Rent") at times hereinafter without notice or demand. Unless otherwise 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 obligations of 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 herein to the Landlord under this Lease (hereinafter individually and collectively referred to as "Rent") shall qualify as "rents from real property" within the meaning contrary, all other items 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 due and payable by Tenant on or before fifteen (in economic terms15) Rent as payable prior to such adjustmentdays after billing by Landlord. Rent shall be paid made payable to Landlordthe entity, without abatementand sent to the address, deduction or offset, in lawful money of the United States of America at the office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month otherwise designates and shall be paid made by good and sufficient check drawn on a local bank or by other means acceptable to Landlord. Tenant shall pay Landlord an administration fee equal to five percent (5%) of all past due Rent, provided that Tenant shall be entitled to a grace period of five (5) days for the first two (2) late payments of Rent in a calendar year. In addition, past due Rent shall accrue interest at twelve percent (12%) per annum or the then-current maximum rate permitted by law, whichever is less. Landlord’s acceptance of less than the correct amount of Rent shall be considered a payment on account of the earliest Rent due. Rent for such fractional monthany 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. Tenant’s covenant to pay Rent is independent of every other covenant in this Lease.
Appears in 1 contract
Rent. 7.1 Tenant shall pay to Landlord as Base Rent rental for the Premisesuse and occupancy of the premises, commencing on at the Term Commencement Datetimes and in the manner hereinafter provided, the following sums set forth of money:
(a) Tenant shall pay to Landlord minimum rent in Section 2.3. Base Rent shall be paid the amount specified in the Basic Lease Information per year, payable in equal monthly installments as set forth in Section 2.3, each in advance on the commencement of the term hereof and on or before the first day of each and every successive calendar month during the Lease Termterm hereof. 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.
7.2 In (b) Tenant shall pay, as additional rent, all sums of money required to be paid to Landlord pursuant to paragraphs 5, 6, 7, 10, 13 and 16 below, and all other sums of money or charges required to be paid by Tenant hereunder in addition to Base Rentminimum rental, commencing on whether or not the Term Commencement Datesome are designated "additional rent". If such amounts or charges are not paid at the time provided in this Lease, Tenant they shall pay to Landlord nevertheless be collectible as additional rent ("Additional Rent") with the next installment of minimum rental thereafter falling due, but nothing herein contained shall be deemed to suspend or delay the payment of any amount of money or charge at times hereinafter specified in this Lease (a) Tenant's Share (as defined below) of Operating Expenses (as defined below)the time the same becomes due and payable hereunder, (b) the Property Management Fee (as defined below) and (c) or limit any other amounts that Tenant expressly assumes or agrees to pay under the provisions remedy of this Lease that are owed to Landlord. Without limitation on other obligations All amounts of Tenant which survive the expiration of the Lease Term, the obligations of money payable by 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") Lease, if not paid when due, shall qualify as "rents bear interest from real property" within the meaning of Section 856(d) due date until paid at the rate of the Internal Revenue Code greater of 198615% per annum or the prime rate publicly announced by the Seafirst Bank at its main office in Seattle Washington or its successor or its equivalent size competitor in the Seattle market place should Seafirst Bank cease to exist, as amended, but not to exceed the maximum rate of interest permitted by law (the "Code") and the Department of the U.S. Treasury Regulations promulgated thereunder (the "RegulationsDefault Interest"). 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 All payments due 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 Tenant to Landlord may require so that it will so qualify; provided, however, that any adjustments required pursuant to this Section 7.3 hereunder 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, Landlord without abatement, deduction or offset, offset in lawful money of the United States of America at the office of Landlord as set forth in Section 2.8 Landlord's address for notices hereunder, or to such other person or at such other place as Landlord may from time to time designate in writingwriting to Tenant.
(c) Tenant hereby acknowledges that late payment by Tenant to Landlord of rent and other sums 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. In 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 mortgage or trust deed covering the premises. Accordingly, if any installment of rent or any other sums due from Tenant shall not be received by Landlord when due Tenant shall pay to Landlord a late charge equal to 6% of 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 as provided above, or prevent Landlord from exercising any of the Lease Term commences other rights and remedies available to Landlord hereunder or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional monthlaw.
Appears in 1 contract
Rent. 7.1 During the Term of this Lease, Yearly Rent at the rate stated in Exhibit 1, additional rent, and other charges due hereunder, shall be payable by Tenant shall pay to Landlord by monthly payments, as Base Rent for the Premisesstated in Exhibit 1, commencing on the Term Commencement Date, the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in advance and without notice or demand, except as otherwise provided in this Lease, on the first day of each month for 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 in respect of such month. Except as additional rent ("Additional Rent") at times hereinafter specified otherwise provided in this Lease (a) Tenant's Share (as defined below) of Operating Expenses (as defined below)Lease, (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 obligations of 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 Yearly Rent, Additional Rent and other rent charges reserved and charges payable covenanted to the Landlord be paid under this Lease (hereinafter individually and collectively referred to as "Rent") shall qualify as "rents from real property" within commence on the meaning of Section 856(d) Rent Commencement Date. Notwithstanding the provisions of the Internal Revenue Code next preceding sentence, Tenant shall pay the first monthly installment of 1986, as amended, Monthly Rent to Landlord within thirty (the "Code"30) and the Department days of the U.S. Treasury Regulations promulgated thereunder date that Landlord notifies Tenant in writing (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 which notice shall be adjusted in such manner as accompanied by an invoice) that the Landlord may require so that it will so qualify; providedTenant Improvement Work has commenced. If, howeverby reason of any provisions of this Lease, that any adjustments required pursuant Yearly Rent, additional rent and/or other charges reserved and covenanted 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 hereunder shall expressly commence or offset, in lawful money of the United States of America at the office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends terminate on a any day other than the first day of a calendar month, then the Rent Yearly Rent, additional rent and/or other charges for such fraction of a said calendar month shall be prorated prorated. Yearly Rent, additional rent and other charges and other amounts payable to Landlord under this Lease shall be payable to Landlord, or if Landlord shall so direct in writing, to Landlord’s agent or nominee, in lawful money of the United States which shall be legal tender for payment of all debts and dues, public and private, at the time of payment, at the Rent Payment Address set forth in Exhibit 1 or such period on place as Landlord may designate, and Yearly Rent, additional rent and other charges in all circumstances shall be payable without any setoff or deduction whatsoever. Notwithstanding the basis of a foregoing, either Tenant or Landlord may elect, upon not less than thirty (30) day month days written notice to the other, to have Tenant to pay all Yearly Rent, additional rent and other amounts due under this Lease by ACH or other electronic funds transfer payment method (provided same is otherwise paid as provided herein) and within ten (10) business days following such election, Landlord shall forward the ACH instructions to Tenant. All fees, costs and expenses, other than Yearly Rent, which Tenant assumes or agrees to pay and any other sum payable by Tenant pursuant to this Lease, including, without limitation, Tenant’s Tax Share and Tenant’s Operating Expenses Share (both as hereinafter defined), shall be deemed “additional rent” or “Additional Rent.” Yearly Rent, additional rent, and any other sums due hereunder not paid on or before the date due shall bear interest for each month or fraction thereof from the due date until paid computed at the thenannual rate of five percent (5%) over the so-current called prime rate then currently from time to time charged to its most favored corporate customers by the largest national bank (N.A.) located in the city in which the Building is located (“Prime Rate”), or at any applicable lesser maximum legally permissible rate for such fractional monthdebts of this nature.
Appears in 1 contract
Sources: Lease (Gritstone Bio, Inc.)
Rent. 7.1 Tenant shall pay to Landlord as Base Rent for the Premises, commencing Commencing on the Term Commencement Date, the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in advance Date and on the first day of each and every calendar month thereafter during the Lease Term.
7.2 In addition to Base Rent, commencing on the Term Commencement Date, Tenant Sublessee shall pay to Landlord Sublessor rent in the amount of $284,150.00 ($25.00 per rentable square foot) annually payable without setoff or demand in monthly payments of $ 23,679.17 due on the first day of the month for which rent is applicable. Rent checks shall be made payable to Sublessor and delivered to the Sublessor's address set forth on the first page of this Sublease, or at such address as additional rent ("Additional Rent") at times hereinafter specified shall be designated by Sublessor or its designee. Additionally, Sublessee is responsible for all phone charges, purchase or lease of equipment, and all other costs and expenses incurred by Sublessee in its use of the Premises, except as otherwise set forth in this Lease (a) TenantSublease. Sublessee shall also be responsible for Sublessee's Share (as defined below) pro rata share of the amount by which the Operating Expenses (as that term is defined below), (bin the Master Lease) 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 obligations of 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 relating to the Landlord under this Lease (hereinafter individually and collectively referred to as "Rent") shall qualify as "rents from real property" within Premises exceed Operating Expenses for the meaning Operating Expense Base Year 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 qualifycalendar year 2005; provided, however, that any adjustments required notwithstanding the above, Sublessee shall also pay Sublessee's pro rata share of electricity costs and HVAC distribution which Sublessor must pay Landlord pursuant to the provisions of the Master Lease. Sublessee shall also be responsible for it's pro rata share of any increase in Taxes over the fiscal year 2005. Subject to the provisions of paragraph 16 of this Section 7.3 Sublease, the parties hereto agree that all charges billed by the Landlord to Sublessor 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 office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month accurate and shall be paid at the then-current rate for such fractional monthbinding upon Sublessee unless otherwise disputed by Sublessor.
Appears in 1 contract
Rent. 7.1 1.1 Tenant shall pay to Landlord the following amounts as Base Rent rent for the Premises:
(a) During the Lease Term, commencing Tenant shall pay to Landlord, as monthly rent, the base rent specified in the Basic Lease Information (the “Base Rent”).
(b) During each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share (as hereinafter defined) of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(c) During each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, Tenant’s Percentage Share of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year.
(d) During each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, the actual cost incurred by Landlord with respect to all electricity, chilled water, air conditioning, gas, fuel, steam, heat, light, power and other utilities consumed within the Premises, as more particularly described herein (all such costs payable by Tenant pursuant to this section 3.1(d) shall be referred to as “Tenant’s Monthly Utility Charge”, and all such amounts shall constitute rent hereunder).
(i) All electricity directly serving the Premises (“Direct Electrical Costs”) shall be metered or submetered and Tenant shall pay, as monthly rental, the actual cost (without mark up by Landlord) of all such Direct Electrical Costs either to Landlord as a reimbursement, or, at Landlord’s election, as a payment directly to the entity providing such electricity. Such payments to Landlord of Direct Electrical Costs shall be made within thirty (30) days of Landlord’s delivery of an invoice to Tenant therefor.
(ii) With respect to all utility costs for the Premises other than Direct Electrical Costs (collectively, “Other Utility Costs”), Landlord shall have the right, from 1131701.06/SF372493-00050/1-31-20/pwn/pwn -4- time to time, to equitably allocate some or all of such Other Utility Costs among different portions or occupants of the Building (“Cost Pools”), in Landlord’s reasonable discretion. Such Cost Pools may include, but shall not be limited to, office space tenants, residential space occupants, and retail space tenants of the Building. The utility costs within each such Cost Pool shall be allocated and charged to the tenants within such Cost Pool in an equitable manner (without markup by Landlord).
(e) Throughout the Lease Term, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money and charges are otherwise designated “additional rent.” As used in this Lease, “rent” shall mean and include all Base Rent, all additional rent and all other amounts payable by Tenant in accordance with this Lease.
1.2 The additional rent payable pursuant to sections 3.1(b), 3.1(c), and 3.1(d)(ii) hereof shall be calculated and paid in accordance with the following procedures:
(a) On or before the first day of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall give Tenant written notice of Landlord’s estimate of the amounts payable under sections 3.1(b), 3.1(c), and 3.1(d)(ii) hereof for the ensuing calendar year. On or before the first day of each month during such ensuing calendar year, Tenant shall pay to Landlord, as monthly rent, one-twelfth of such estimated amounts. If such notice is not given for any calendar year, Tenant shall continue to pay on the Term Commencement Datebasis of the prior calendar year’s estimate until the month after such notice is given. If at any time it appears to Landlord that the amounts payable under sections 3.1(b), 3.1(c), and 3.1(d)(ii) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to Tenant, revise its estimate for such calendar year. If Landlord delivers its estimate after the first day of a calendar year, or if Landlord revises its estimate for a calendar year, then subsequent payments by Tenant for such calendar year shall be based on such late or revised estimate, as the case may be, with an appropriate adjustment to the amount of such subsequent payments such that, prior to the end of such calendar year or portion thereof during the Lease Term, Tenant shall have paid Landlord’s entire estimate of the amounts payable under sections 3.1(b), 3.1(c), and 3.1(d)(ii) hereof for such calendar year.
(b) Within a reasonable time after the end of each calendar year, Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b), 3.1(c), and 3.1(d)(ii) hereof for such calendar year certified by Landlord. If such statement shows an amount owing by Tenant that is less than the estimated payments for such calendar year previously made by Tenant, Landlord shall credit the excess to the next succeeding monthly installments payable under sections 3.1(b), 3.1(c), and 3.1(d)(ii) hereof. If such statement shows an amount owing by Tenant that is more than the estimated payments for such calendar year previously made by Tenant, Tenant shall pay the deficiency to Landlord within thirty (30) days after delivery of such statement. Failure by Landlord to give any notice or statement to Tenant under this section 3.2 shall not waive Landlord’s right to receive, and Tenant’s obligation to pay, the sums amounts payable by Tenant under sections 3.1(b), 3.1(c), and 3.1(d)(ii) hereof. During the Lease Term, but in no event more often than once in any one (1) year period, Tenant or its authorized employee or representative shall have the right to inspect the books of Landlord relating to Operating Expenses and Property Taxes, after giving reasonable prior written notice to Landlord and during the business hours of Landlord at Landlord’s office in the Building or at such other location as Landlord may designate, for the purpose of verifying the information in such statement; provided that, if Tenant utilizes an independent accountant to perform such review, then such accountant shall be one of national standing which is reasonably acceptable to Landlord and is not compensated on a contingency basis; and provided further that Tenant shall have no right to inspect such books pertaining to any given period more than one hundred eighty (180) days after Landlord shall have delivered the written statement pertaining to such period. If ▇▇▇▇▇▇ wishes to dispute an amount shown on the annual statement, Tenant shall give Landlord written notice of such dispute within one hundred eighty (180) days after ▇▇▇▇▇▇’s receipt of the annual statement. If Tenant does not give Landlord such notice within such time, Tenant shall have waived its right to dispute the annual statement. Promptly after the receipt of 1131701.06/SF372493-00050/1-31-20/pwn/pwn -5- such written notice from Tenant, Landlord and Tenant shall endeavor in good faith to resolve such dispute. If such efforts do not succeed, ▇▇▇▇▇▇ shall have the right to cause a nationally recognized independent certified public accountant designated by Tenant, to be paid on an hourly and not a contingent fee basis, to audit the items questioned by Tenant in its original notice contesting the annual statement, provided that Tenant (i) notifies Landlord in writing of Tenant’s intention to exercise such audit right within thirty (30) days after the relevant initial written notice from Tenant to Landlord with respect to such dispute, (ii) actually begins such audit within thirty (30) days after the notice from Tenant to Landlord advising Landlord that Tenant will require an audit (provided that such 30-day period within which the audit must be commenced shall be extended by the length of any delay in the commencement of the audit that is caused by Landlord) and (iii) diligently pursues such audit to completion as quickly as reasonably possible. ▇▇▇▇▇▇▇▇ agrees to make available to ▇▇▇▇▇▇’s auditors, at Landlord’s office in San Francisco and/or at Landlord’s office in the Building (at Landlord’s sole option), the books and records relevant to the audit for review and copying, but such books and records may not be removed from Landlord’s offices. Tenant shall bear all costs of such audit, including Landlord’s actual copying costs and personnel costs, if any incurred in connection with such audit (provided that, prior to incurring any personnel costs in connection with any such audit, Landlord shall advise Tenant of Landlord’s anticipated personnel costs so that Tenant may, at Tenant’s option, modify Tenant’s activities with regard to such audit in order to preclude the need for Landlord to incur such personnel costs), except that, if the audit (as conducted and certified by the auditor) shows an aggregate overstatement of Operating Expenses of five (5%) or more, and Landlord’s auditors concur in such findings (or, in the absence of such concurrence, such overstatement is confirmed by a court of competent jurisdiction or such other dispute resolution mechanism as to which the parties mutually agree in writing), then Landlord shall bear all costs of the audit. If the agreed or confirmed audit shows an underpayment of Operating Expenses by ▇▇▇▇▇▇, Tenant shall pay to Landlord, within thirty (30) days after the audit is agreed to or confirmed, the amount owed to Landlord, and, if the agreed or confirmed audit shows an overpayment of Operating Expenses by ▇▇▇▇▇▇, Landlord shall reimburse Tenant for such overpayment within thirty (30) days after the audit is agreed to or confirmed. Notwithstanding anything to the contrary set forth above, ▇▇▇▇▇▇’s audit rights under this section 3.2(b) shall be conditioned upon (i) Tenant having paid the total amounts billed by Landlord under this Article 3 within the time stipulated herein for payment (including, without limitation, the contested amounts) and (ii) Tenant executing, prior to the commencement of the audit, a confidentiality agreement in Section 2.3form and substance reasonably satisfactory to Landlord in which Tenant shall agree to keep confidential, and not disclose to any other party, the results of any such audit or any action taken by Landlord in response thereto.
(c) If the Lease Term ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b), 3.1(c), and 3.1(d)(ii) hereof applicable to the calendar year in which the end of the term occurs shall be prorated on the basis which the number of days from the commencement of such calendar year to and including the date on which the end of the term occurs bears to three hundred sixty-five (365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) hereof to be performed after such termination.
1.3 Tenant shall pay all monthly installments of Base Rent shall be paid in equal and monthly installments as set forth of Landlord’s estimates of amounts payable under sections 3.1(b), 3.1(c), and 3.1(d)(ii) hereof (collectively, “Monthly Rent”) to Landlord, in Section 2.3advance, each in advance on or before 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 ("Additional Rent") 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 obligations of 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 abatementnotice, demand, deduction or offsetoffset except as otherwise expressly set forth in this Lease, in lawful money of the United States of America at America. Landlord instructs Tenant to pay all such Monthly Rent to the office of Landlord as set forth address specified therefor in Section 2.8 the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. In Landlord shall have the event the Lease Term right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect. If ▇▇▇▇▇▇’s obligation to pay Base Rent hereunder commences or ends on a day other than the first day of a calendar month, or if the Lease Term terminates on a day other than the last day of a calendar month, then the Base Rent payable for 1131701.06/SF372493-00050/1-31-20/pwn/pwn -6- such fraction of a partial month shall be appropriately prorated for such period on the basis of a thirty (30) day 30)-day month. Upon signing this Lease, Tenant shall pay to Landlord an amount equal to the Base Rent for the first full calendar month and of the Term in which monthly Base Rent is payable, which amount Landlord shall be paid at apply to the then-current rate Base Rent for such fractional first full calendar month.
Appears in 1 contract
Sources: Lease (Dexcom Inc)
Rent. 7.1 Tenant shall pay to Landlord as Base Monthly Rent for the Premisesand Additional Rent, commencing on the Term Commencement Date, the sums set forth in Section 2.3. Base Rent hereunder (collectively “Rent”) shall be paid in equal monthly installments as set forth in Section 2.3, each in 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 ("Additional Rent") 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 obligations of 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 to Landlord according to the instructions attached on Exhibit K, or at the office of Landlord as set forth in Section 2.8 such place or to such other person or at such other place agents as Landlord may from time to time designate to Tenant in writing. In the event the Lease Term commences or ends writing on a day other no less than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month days’ notice (provided that Tenant may make payments by electronic transfer in lawful money of the United States and in accordance with Landlord’s instructions, which will be provided to Tenant upon request), without any demand with respect to Monthly Rent and such Additional Rent payable monthly in regular installments and, except as otherwise expressly provided in this Lease, without any reduction, abatement, counterclaim, deduction or set-off whatsoever, at the times and in the manner hereinafter provided. Unpaid Rent which is not received within five (5) business days after the due date shall bear interest at the Default Rate (as defined in Section 28(h)) from the date due until paid. The payment of Rent hereunder is independent of each and every other covenant and agreement contained in this Lease. Except as otherwise expressly provided in this Lease, Tenant’s obligation to pay Rent hereunder shall be a separate and independent covenant, absolute, and unaffected for any reason whatsoever, including by any damage to or destruction of the Premises or any part thereof, any taking of the Premises or any part thereof or interest therein by condemnation or otherwise, any prohibition, limitation, restriction or prevention of Tenant’s use, occupancy or enjoyment of the Premises or any part thereof, the impossibility, impracticability or illegality of performance by ▇▇▇▇▇▇▇▇, Tenant or both, any action of any government authority, or any other cause whether similar to or dissimilar from the foregoing and whether or not Tenant shall have notice or knowledge thereof and whether or not such cause shall now be foreseeable. The parties intend that the obligations of Landlord and Tenant under this Lease shall be separate and independent covenants and agreements and shall be paid at the then-current rate for continue unaffected unless such fractional monthobligations have been modified or terminated pursuant to an express provision of this Lease.
Appears in 1 contract
Rent. 7.1 Tenant shall agrees to pay to Landlord as Base Rent for the Premises, commencing on the Term Commencement Date, the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in 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 ("Additional Rent") 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 obligations of 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 abatementdemand, deduction or offset, in lawful money together with all sales and use taxes levied upon the use and occupancy of the United States of America Premises, at the office address of Landlord as hereinabove set forth in Section 2.8 or to such other person 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 the execution hereof. All Rent is payable in advance, on the first day of each month and without demand, deduction or offset. If any monthly payment of Rent is not received by Landlord within seven (7) days from time designate the date it is due, a "late charge" of six percent (6%) of such payment shall be due Landlord as "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 Project Operating Expenses over the Base Year 2015.
B. Tenant’s “proportionate share” shall mean a proportion of the Project Area Operating Expenses, calculated by multiplying the total Project Area Operating Expenses by a fraction, the numerator of which shall be the number of square feet contained in writingthe 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 be ProRata. In the event the Lease Term commences or ends on a day other than the first day of a calendar monthchange in the leasable building space of the Project due to expansion, then the Rent for such fraction of a month reduction or otherwise, Tenant’s proportionate share shall be prorated for such period on adjusted accordingly upon written notice from Landlord to Tenant of the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional monthchange.
Appears in 1 contract
Sources: Lease (Procyon Corp)
Rent. 7.1 (a) Tenant shall pay to Landlord as rental the amount specified in the Basic Lease Information as the Base Rent for the PremisesRent, commencing on the Term Commencement Date, the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each payable in advance on the commencement of the term and on or before the first day of each and every successive calendar month during the Lease Termterm. 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.
7.2 In (b) Tenant shall pay, as additional rent, all amounts of money required to be paid to Landlord by Tenant hereunder in addition to Base Rentmonthly rent, commencing 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 contained shall be deemed to suspend or delay the 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 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 Term Commencement Dateterms of any trust deed covering the premises. Accordingly, if any installment of rent or any other sums due from Tenant shall not be received by Landlord when due, Tenant shall pay to Landlord as additional rent ("Additional Rent") at times hereinafter specified in this Lease (a) Tenant's Share (as defined below) a late charge equal to 6% 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 Landlordsuch overdue amount. Without limitation on other obligations of 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 The parties hereby agree that it 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 their intent legally permissible, at the highest rate legally permitted, provided that all Base Rent, Additional Rent and other rent and interest shall not be payable on late charges payable 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 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 hereunder 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, Landlord without abatement, deduction or offset, offset in lawful money of the United States of America at the office of Landlord as set forth in Section 2.8 Landlord's address for notices hereunder, or to such other person or at such other place as Landlord may from time to time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional monthwriting to Tenant.
Appears in 1 contract
Sources: Sublease (Depomed Inc)
Rent. 7.1 Tenant (a) Beginning on the Commencement Date, Sublessee covenants and agrees to pay Sublessor during the Term of this Sublease base rent (the “Base Rent”), without deduction or offset and without notice or demand, at the Sublessor’s address, as set forth in Paragraph 14 hereof, or to such other entity or at such other place as Sublessor may from time to time designate in writing as follows:
(b) In addition to Base Rent, in the event that, under any provision of the Lease, any additional rent or other charge shall be payable by Sublessor to Landlord because of extra services ordered by or activities undertaken by or on behalf of Sublessee with respect to the Sublet Premises (including but not limited to after hours HVAC costs or extra janitorial services) or on account of Sublessee’s default hereunder, then Sublessee shall pay to Landlord as Sublessor such additional rent or other charge on demand by Sublessor (collectively, the “Additional Rent”). The Base Rent and Additional Rent are collectively referred to hereinafter as the “Rent.” Sublessee hereby agrees that any and all such requests for extra services and/or activities for the Premisesbenefit of Sublessee shall be made by Sublessee in writing to Landlord, commencing on with a copy to Sublessor. In no event shall Sublessor be responsible for any matter associated with the provision, or lack of provision, of any such extra services or activities. Sublessor shall have the right to require that Sublessee provide a cash security deposit sufficient to cover the cost of such services prior to Landlord’s providing such services. Without limiting the foregoing: (i) Sublessee shall not otherwise be responsible for Sublessor’s “Pro Rata Percent” of “Operating Costs,” as these terms are defined in the Lease, including, without limitation, Sublessor’s pro rata share of taxes and operating expenses of the Building which Landlord pays during any calendar or fiscal year, any portion of which is applied to the Premises during the Term Commencement Datebecause of or in connection with the ownership, leasing, or operation of the sums set forth Premises; and (ii) the term “Additional Rent” as used in Section 2.3. Base this Paragraph 2(b) shall not be construed to include Sublessor’s “Pro Rata Percent” of “Operating Costs,” and Sublessor shall remain fully liable and responsible to Landlord under the Lease for these costs.
(c) The Rent shall be paid in equal monthly installments as set forth in Section 2.3advance, each in advance on the first day of each and every calendar month during the Lease Term.
7.2 In addition to Base Rent, commencing on throughout the Term Commencement Dateof this Sublease. If Sublessee fails to pay any installment of Rent within ten (10) days after same is due, Tenant such unpaid amount shall pay bear interest from the due date until paid in full at a rate equal to Landlord as additional rent ("Additional Rent") at times hereinafter specified in this Lease the lesser of: (a) Tenant's Share the highest rate announced from time to time as the prime interest rate by Citibank, N.A. plus three (as defined below3) of Operating Expenses (as defined below), percentage points; or (b) the Property Management Fee maximum legal rate allowed by law. If Sublessee makes two (as defined below2) and (c) any other amounts that Tenant expressly assumes or agrees consecutive payments of Base Rent which are returned to pay under the provisions of this Lease that are owed Sublessor by Sublessee’s financial institution for insufficient funds, Sublessor may require, by giving written notice to Landlord. Without limitation on other obligations of Tenant which survive the expiration of the Lease TermSublessee, 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 future payments 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 made in such manner as the Landlord may require so that it will so qualify; providedcashier’s check or by money order. The foregoing is in addition to any other remedies of Sublessor hereunder, however, that any adjustments required pursuant to this Section 7.3 shall be made so as to produce the equivalent (at law or 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 office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional monthequity.
Appears in 1 contract
Sources: Sublease (Itex Corp)
Rent. 7.1 Tenant (a) Commencing on the Rent Commencement Date, Subtenant shall pay to Landlord as Annual Base Rent for the PremisesRent, commencing on the Term Commencement Date, the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments of the Monthly Base Rent (collectively referred to herein as set forth in Section 2.3, each in advance " Base Rent") on the first day of each and every calendar month during the Lease TermSublease Term (partial months prorated).
7.2 In (b) Commencing on the Rent Commencement Date, and continuing thereafter throughout the Sublease Term, Subtenant shall pay to Sublandlord, in addition to Base Rent, commencing Additional Rent in equal monthly installments based on the Term Commencement Dateportion of the estimates of such charges provided under the Prime Lease and allocable to the Sublease Space, Tenant and otherwise adjusted and reconciled as and when provided in the Prime Lease. Subtenant shall pay all other sums that are due in accordance with this Sublease not later than five (5) business days prior to Landlord the time Sublandlord is obligated under the Prime Lease to make any such payment to Landlord. It is the intention of the parties that during the Sublease Term, Subtenant shall be responsible for all financial obligations due under the Prime Lease except for the payment of Annual Base Rent and except as additional rent ("Additional Rent") at times hereinafter specified otherwise expressly provided 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 Sublease.
(c) any other amounts that Tenant expressly assumes or agrees to pay under the provisions Any payment of this Lease that are owed to Landlord. Without limitation on other obligations of Tenant which survive the expiration Rent not paid within five (5) days of the Lease Term, the obligations due date shall be subject to a late charge of Tenant to pay Additional five percent (5%) of such payment. Any payment of Rent shall survive the expiration not paid within thirty (30) days of the Lease Termdue date also will bear interest at a per annum rate equal to the lesser of eighteen percent (18%) or the maximum legal rate.
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"d) shall qualify as "rents from real property" within the meaning All payments 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 made without demand (unless otherwise required in such manner as the Landlord may require so that it will so qualify; providedPrime Lease) deduction or setoff, however, that any adjustments required pursuant to this Section 7.3 and shall be made so as deemed to produce the equivalent (in economic terms) constitute Rent as payable prior to such adjustment. Rent shall be paid to Landlord, without abatement, deduction or offsetunder this Sublease, in lawful money of the United States States. All payments of America at the office of Landlord as set forth in Section 2.8 rent shall be paid to Sublandlord’s Rent Address or to such other person or at such other place as Landlord Sublandlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional month.
Appears in 1 contract
Rent. 7.1 (a) The Tenant shall pay to the Landlord as Base Rent for Rent, in legal tender, at the Premises, commencing on the Term Commencement Date, the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments Landlord’s office as set forth in Section 2.3Exhibit “B”, each or as directed from time to time by Landlord’s notice, the annual amount set forth in advance Exhibit “B” payable in equal monthly payments as set forth in Exhibit “B” promptly on the first day of each and every calendar month during of the Lease Term.
7.2 In addition to Base Rentterm, commencing 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 Term Commencement Datesame 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 — 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 as additional rent ("Additional Rent") at times hereinafter specified 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 in this Lease and shall be paid without deduction or set-off.
(b) It is understood that the Base Rent specified in Paragraph (a) Tenant's Share (as defined below) 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 defined below), 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 Management Fee including but not limited to the cost of water and power for heating, lighting, air conditioning and ventilating in the common areas;
(as defined belowiv) 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;
(cv) any other amounts that Tenant expressly assumes or agrees cost of management, not to pay under the provisions exceed five per cent (5%), of this Lease that are owed to Landlord. Without limitation on other obligations actual base rent received;
(vi) cost of Tenant which survive the expiration repairs and general maintenance of the Lease TermProperty (excluding repairs, the obligations alterations and general maintenance paid by proceeds of Tenant insurance or attributable solely to pay Additional Rent shall survive the expiration tenants of the Lease Term.Property other than Tenant);
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"vii) shall qualify as "rents from real property" within the meaning of Section 856(damortization (together with reasonable financing charges) of the Internal Revenue Code cost of 1986installation of capital investment items which are installed for the purpose of reducing operating expenses, as amendedpromoting safety, (complying with governmental requirements or maintaining the "Code") and the Department first class nature of the U.S. Treasury Regulations promulgated thereunder Property, other than capital items installed in connection with Lessor’s initial construction of the Property;
(viii) the "Regulations"). Should cost of all insurance on the Code 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 RegulationsProperty or by other subsequently created or otherwise, and any other taxes and assessments attributable to the Property or interpretations thereof its operation, excluding, however, federal and state taxes on income, death taxes, franchise taxes, and any taxes imposed or measured on or 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 income of Lessor from real property" for purposes of Section 856(d) the operation of the Code and Property or imposed in connection with any change of ownership of the Regulations promulgated thereunder, such Rent shall be adjusted in such manner as the Landlord may require so that it will so qualifyProperty; provided, however, that if at any adjustments required pursuant to time during the term of this Section 7.3 Lease, the present method of taxation or assessment shall be made 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 produce the equivalent (in economic terms) Rent as 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 prior if the Property were the only property of the Lessor subject to such adjustment. Rent shall be paid 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 agrees, at Landlord’s request, without abatementto pay, deduction or offsetas additional rent, Tenant’s Share due for the ensuing twelve (12) months, as estimated by Landlord from time to time, in lawful money twelve (12) monthly installments, each in an amount equal to 1/12th of the United States of America at the office of Tenant’s Share so estimated by Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends commencing on a day other than the first day of a calendar the month following the month, then in which Landlord notifies Tenant of the Rent 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 fraction twelve (12) month period, then Tenant shall pay to Landlord the amount of a month 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 prorated 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 period on statement shall not constitute a waiver by Landlord of its right to require an increase in Rent pursuant to the basis of a provisions hereof.
(D) Within thirty (30) day month and 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 Landlord may specify, 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 paid at 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 thenaudit 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 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 to Landlord pursuant to this Lease shall be deemed additional rent and, in the event of non-current rate payment thereof, Landlord shall have all the rights and remedies herein provided for such fractional monthin case of non-payment of Rent.
Appears in 1 contract
Sources: Office Lease (Alimera Sciences Inc)
Rent. 7.1 To the extent provided herein the rent payable by Tenant shall pay pursuant to Landlord as Base Rent for this Lease is intended to be absolutely net to Landlord, and all other charges and expenses imposed upon the PremisesDemised Premises incurred in connection with its use, commencing on the Term Commencement Dateoccupancy, the sums set forth in Section 2.3. Base Rent care, maintenance, operation and control shall be paid by Tenant, except as otherwise expressly provided herein.
(a) The rent reserved under this Lease for the Term hereof shall be and consist of (a) the Fixed Rent payable in equal monthly installments as set forth in Section 2.3, each in advance to be paid 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, (except that Tenant shall pay to Landlord as the first monthly installment upon signing this Lease); plus (b) such additional rent ("Additional Rent") at times hereinafter specified in this Lease (a) an amount equal to Tenant's Proportionate Share (as defined below) of Operating Excess Expenses (as such terms are defined below), (b) the Property Management Fee (as defined belowin Paragraph 3 of this Lease) and (c) all separate charges for services and utilities expressly provided in Paragraph 15 hereof, and 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 obligations of Tenant charges as shall become due and payable hereunder, 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 be payable to the Landlord under this Lease (as 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 all 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 LandlordLandlord at its office stated above, without abatement, deduction or offsetsuch other place as Landlord may designate, in lawful money of the United States of America at America; provided, however, that if the office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends Fixed Rent Commencement Date shall occur on a day date other than the first calendar day of a calendar month, then the rent for the partial month commencing on the Fixed Rent for such fraction of a month Commencement Date shall be prorated for such period appropriately pro-rated on the basis of the monthly rent payable during the first year of the Term.
(b) Tenant does hereby covenant and agree promptly to pay the Fixed Rent, Additional Rent and any other charges 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 and other charges payable hereunder, which are not due and payable on a thirty monthly basis during the Term, unless otherwise specified herein, shall be due and payable within twenty (3020) day month and days of delivery by Landlord to Tenant of notice to pay the same.
(c) In the event that any payment of Fixed Rent, Additional Rent or any other charges shall be paid after the due date for same provided herein, Tenant shall pay, together with such payment, the Late Charge. In addition, such unpaid amount shall bear interest until paid beginning on the due date at the then-current lesser of the prime rate for such fractional monthestablished by First Union National Bank or its successors plus five percent (5%) per annum or the maximum rate permitted by law.
Appears in 1 contract
Rent. 7.1 Tenant shall pay to Landlord as Base Rent for the Premises, commencing on the Term Commencement Date, the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in advance on the first day of each The Sublessee covenants 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 ("Additional Rent") 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 obligations of 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 RegulationsSublessor, 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 Sublessor 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 offsetwriting direct, in lawful money of Canada, without any claim, set-off, compensation or deduction whatsoever, the United States aggregate of America at the office following sums:
(a) dollars ($) being rent in respect of Landlord each year or part of a year of the Term as set forth out in Section 2.8 Schedule C and payable in advance on the date of this Sublease; and
(b) 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 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 other person 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, 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 entitle the Sublessor, at its option, to exercise any right or remedy available to it pursuant to this Sublease or at such other place as Landlord may from time designate law. The Sublessee will have no right to a refund of, and the Sublessor will not be liable to the Sublessee for refunding, any Rent in writing. In the event of the Lease Term commences or ends on a day other than the first day termination of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional monththis Sublease.
Appears in 1 contract
Sources: Sublease Agreement
Rent. 7.1 5.1. Monthly rent that the Tenant shall pay to the Landlord during the first Term of Lease within its meaning hereinabove shall be the monthly rent as Base Rent 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 Premisesparking spaces, commencing on 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 Commencement Dateof 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 sums Tenant shall furnish to the Landlord new checks in respect of the additional term, in accordance with the provisions set forth in Section 2.3hereinabove, otherwise its right to exercise the option shall expire.
5.4. Base Rent shall be paid in equal monthly installments as 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 rent for the entire Term of Lease and/or Option Term.
5.6. Without derogating from for any relief and/or remedy that Landlord may seek in accordance with the provisions set forth in Section 2.3, each this Agreement and/or in advance on accordance with the provisions set forth in any law then any default in 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 default and every calendar month during the Lease Termuntil payment is made.
7.2 In addition 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 Landlord shall not be obligated to Base Rentdeliver to the 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, commencing furnishing the checks shall not be deemed as payment however only 3 days after their cashing on the Term Commencement Date, Tenant shall pay to Landlord as additional rent ("Additional Rent") 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 dates designated for that Tenant expressly assumes or agrees to pay under the provisions of this Lease that are owed to Landlord. Without limitation on other obligations of 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 adjustmentpurpose. Rent shall be paid to Landlord, without abatement, deduction or offset, in lawful money the address of the United States of America at Landlord or shall be deposited in the office of Landlord as Landlord’s bank account in accordance with the instructions set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In by the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional monthLandlord.
Appears in 1 contract
Rent. 7.1 7.1. Tenant shall pay to Landlord as Base Rent for the Premises, commencing on February 1, 2019 (as the Term same may be extended as provided in Section 4.1, the “Rent Commencement Date”), the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in advance on the first day of each and every calendar month during the Lease Term.
7.2 7.2. In addition to Base Rent, commencing on the Term Commencement Date, Tenant shall pay to Landlord as additional rent ("“Additional Rent"”) at times hereinafter specified in this Lease (a) Tenant's ’s Adjusted Share (as defined below) of Building of Operating Expenses (as defined below), (b) Tenant’s Pro Rata Share of Lab Building of Operating Expenses, (c) the Property Management Fee (as defined below), (d) sums due for consulting services provided to Tenant by Landlord at Tenant’s request if those services exceed the customary tenant-servicing efforts of Landlord in Landlord’s reasonable discretion (Landlord shall have sole discretion with respect to the provision of such services, if any, and how those services will be billed to Tenant, including the use of a taxable subsidiary to provide such services and ▇▇▇▇ for the same); and (ce) 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 , including any and all other obligations sums that may become due by reason of any default of Tenant which survive or failure on Tenant’s part to comply with the expiration agreements, terms, covenants and conditions of this Lease to be performed by Tenant, after notice and the Lease Term, the obligations lapse of any applicable cure periods. Tenant to shall 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 with respect to the Landlord under this Lease (hereinafter individually and collectively referred entire Term after the Rent Commencement Date, including any extensions thereof or any holdover periods, regardless of whether Tenant is obligated 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 pay Base Rent with respect to any such period 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 qualifyportion thereof; provided, however, that notwithstanding anything set forth herein to the contrary, Tenant shall pay any adjustments required pursuant to this utility charges for the Premises that may be included in Additional Rent for the entire Term (any utilities paid directly by Tenant, including without limitation as described in Section 7.3 16.2 hereof, may not be included as Additional Rent).
7.3. Base Rent and Additional Rent shall together be made so as to produce the equivalent (in economic terms) Rent as payable prior to such adjustment. denominated “Rent.” Rent shall be paid to Landlord, without abatement, deduction or offset, except as otherwise expressly set forth in this Lease, in lawful money of the United States of America at the office of Landlord as set forth in Section 2.8 2.9 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day 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 otherwise affected by (a) any Applicable Laws now or hereafter applicable to the Premises, (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 rights now or hereafter existing to terminate or cancel this Lease or quit or surrender the Premises or any part thereof, or to assert any defense in the nature of constructive eviction to any action seeking to recover Rent. Tenant’s obligation to pay Rent with respect to any period or obligations arising, existing or pertaining to the period prior to the date of the expiration or earlier termination of the Term or this Lease shall 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 any other period.
Appears in 1 contract
Rent. 7.1 On the date that Tenant executes this Lease, Tenant shall pay deliver to Landlord as the original executed Lease, the 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, without prior notice or demand, or abatement, offset, deduction or claim, the Base Rent for the Premisesdescribed on Basic Lease Information Page, commencing on the Term Commencement Date, the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each payable in advance at Landlord's address shown on Page 1 on the first day of each and every calendar month during throughout the Lease Term.
7.2 term of the Lease. In addition to the Base RentRent set forth on Page 1, commencing Tenant shall pay Landlord in advance and on the Term Commencement Datefirst (1st) day of each month throughout the term of this Lease (including any extensions of such term), as Additional Rent Tenant's share, as set forth on Page 1, of Operating Expenses, Tax Expenses, Common Area Utility Costs, and Utility Expenses, and Administrative Expenses all in the manner as specified in Sections 6.1, 6.2, 6.3, 6.4 and 7 of this Lease, respectively. Additionally, Tenant shall pay to Landlord as additional rent ("Additional Rent") at times hereinafter specified in this Lease (a) TenantRent hereunder, immediately on Landlord's Share (as defined below) of Operating Expenses (as defined below)demand therefor, (b) the Property Management Fee (as defined below) any and (c) any other amounts that Tenant expressly assumes or agrees all costs and expenses incurred by Landlord to pay under enforce the provisions of this Lease that are owed Lease, including, but not limited to, costs associated with any proposed assignment or subletting of all or any portion of the Premises by Tenant, costs associated with the delivery of notices, delivery and recordation of notice(s) of default, attorneys' fees, expert fees, court costs and filing fees (collectively, the "Enforcement Expenses"). The term "Rent" whenever used herein refers to Landlordthe aggregate of all these amounts. Without limitation on 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 which survive hereunder, including, but not limited to paying to Landlord any and all amounts considered additional rent, such as Tenant's share of Operating Expenses, Tax Expenses, Common Area Utility Costs, and Utility Expenses, and Administrative Expenses. If, at any time, Tenant is in default of or otherwise breaches any term, condition or provision of this Lease, any such waiver by Landlord of Tenant's requirement to pay rental payments shall be null and void and Tenant shall immediately pay to Landlord all rental payments waived by Landlord. The Rent for any fractional part of a calendar month at the expiration commencement or termination 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 term 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 a prorated amount of the United States of America at the office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a full calendar month shall be prorated for such period on the basis of based upon a thirty (30) day month and month. The prorated Rent shall be paid at on the then-current rate for such fractional monthCommencement Date. The Termination Date of the Lease shall always be the last day of the calendar month in which the Lease Term commenced.
Appears in 1 contract
Sources: Lease Agreement (Natrol Inc)
Rent. 7.1 Tenant shall pay to Landlord the Base Rent, Real Property Taxes (as Base Rent for the Premisesherein defined) and Operating Expenses (as herein defined), commencing on the Term Commencement Datewithout, the sums except as otherwise set forth herein, notice, demand, offset or deduction, in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3advance, each in advance on the first day of each calendar month. All Rent and every calendar month during payments required to be paid by Tenant to Landlord shall be made by Tenant payable to the Lease Term.
7.2 In addition entity and sent to Base Rent, commencing on the Term Commencement Dateaddress Landlord designates and shall be made by good and sufficient check payable in United States of America currency or by other 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 as additional rent ("Additional the first month’s Base Rent") at times hereinafter specified in this Lease (a) Tenant's Share (as defined below) , the Security Amount, and the first monthly installment of estimated Operating Expenses (as defined below)i.e., (b$62,100.56) 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 obligations of 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"“Pre-Payment”). Should If 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 office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences (or ends ends) on a day date other than the first (or last) day of a calendar month, then the Base Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month month. All sums other than Base Rent which Tenant is obligated to pay under this Lease shall be deemed to be additional rent due hereunder (“Additional Rent”), whether or not such sums are designated Additional Rent. The term “Rent” means the Base Rent and all Additional Rent payable hereunder. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to ▇▇▇▇▇, reduce, or set-off any rent due hereunder except as may be expressly provided in this Lease. If Tenant is delinquent in any monthly installment of Base Rent or Additional Rent for more than five (5) days, Tenant 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 from the date such amount was due until paid in full at the lesser of (i) ten percent (10%) per annum; or (ii) at the maximum rate permitted by law (“Applicable Interest Rate”). The provision for such late charge shall be in addition to all of Landlord’s other rights and remedies hereunder or at law and shall not be paid at the then-current rate for such fractional monthconstrued as a penalty.
Appears in 1 contract
Sources: Multi Tenant Industrial Triple Net Lease (Farmmi, Inc.)
Rent. 7.1 Tenant 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 Landlord Tenant, as rent, base rent (the "BASE RENT") in accordance with the schedule set forth below as part of this subsection. Unless Tenant instructs Subtenant otherwise in writing, Subtenant shall make such payments in advance on or before the first (1st) day of the month. Subtenant shall make such payments without notice, demand, abatement, deduction, counterclaim, or setoff. BASE RENT SCHEDULE Notwithstanding the foregoing, Subtenant shall be entitled to an abatement of Base Rent for sixty (60) days following the Commencement Date.
b. Electrical service supplied to the Premises for normal office usage is included as part of Base Rent. In the event Subtenant shall use electricity in excess of normal office usage, as reasonably determined by Tenant, Subtenant shall pay to Tenant the cost of such excess service within thirty (30) days after Tenant has delivered to Subtenant an invoice therefor. As used in this subsection 5(b), "normal office usage" shall mean usage of electricity by Subtenant as the same occupant density as in Tenant's Premises and for office operations and equipment substantially similar to Tenant's office operations and equipment. Tenant may determine the amount of such additional consumption by a survey of standard or average tenant usage of electricity in the Tenant's Premises performed by a reputable consultant selected by Tenant and reasonably approved and paid for by Subtenant.
c. Under this Sublease, payments of Base Rent constitute payments of rent. Any other payments that are required to be paid by Subtenant to Tenant under this Sublease shall be deemed to be additional rent payable hereunder by Subtenant to Tenant, and shall, unless otherwise expressly provided in this Sublease, be due and payable on the later to occur of that date (i) which is ten (10) days after Subtenant's receipt of an invoice therefor from Tenant, or (ii) on which the next payment by Subtenant of Base Rent is due.
d. The late payment provisions of the Main Lease shall apply to any payments that are deemed hereunder to be rent and that arrive later than the last day on which rent may be paid by Tenant under the Main Lease without incurring a late payment penalty or other charge of any kind under the Main Lease.
e. Base Rent for the Premises, commencing on first month of the Term Commencement Date, the sums set forth in Section 2.3. Base Rent term shall be paid in equal monthly installments as set forth in Section 2.3, each in 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 ("Additional Rent") 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 upon execution of this Lease that are owed to LandlordSublease. Without limitation on other obligations If the term of 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 office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences Sublease begins or ends on a any day other than the first day of a calendar month, then all amounts to be paid by Subtenant to Tenant under this Sublease for the Rent for such fraction resulting fractions of a full calendar month shall be prorated for such period on the basis of a thirty (30) day month and per diem basis.
f. Except as otherwise expressly provided in this Sublease, all payments to be made by Subtenant pursuant to this Sublease shall be paid at the then-current rate for such fractional monthmade to Tenant in United States legal tender and addressed to Liberty Mutual Insurance Company, Attn: Senior Manager, Financial Analysis, Corporate Real Estate, Mail Stop 01F, ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇.
Appears in 1 contract
Rent. 7.1 Tenant shall pay to Landlord Landlord, rent for the Premises ("Base Rent") as follows: ANNUAL MONTHLY RENT PERIOD BASE RENT BASE RENT -------------------------------------------------------------------------- January 1, 1998 through March 31, 1999 $206,190.00 $17,182.50 All installments of Base Rent for the Premisesshall be payable in advance, commencing on the first (lst) day of each calendar month during the Term Commencement Date, hereof. Rent for any period less than a full calendar month shall be prorated based upon the sums set forth number of days during said month that the Lease Term was in Section 2.3effect. One monthly installment of Base Rent shall be due and payable on the date of execution of this Lease by Tenant. All Base Rent shall be paid in equal monthly installments as set forth in Section 2.3without notice, each in 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 ("Additional Rent") 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 obligations of 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 abatementdemand, deduction or offset, in lawful money of the United States of America at the office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In Tenant shall pay to Landlord as "Additional Rent" all other sums due under this Lease. Base Rent and Additional Rent may be referred to herein as "Rent". This Lease is considered a "modified gross lease" with the event "Base Year" Operating Expenses included in the Lease Term commences or ends on a day other than Base Rent. Increases in Operating Expenses, if any, subsequent to the first day of a calendar month, then the Rent for such fraction of a month Base Year shall be prorated for such period on passed-through to Tenant based upon "Tenant's Prorata Share" of the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional monthBuilding as more specifically described in Article 5 hereof.
Appears in 1 contract
Rent. 7.1 Tenant agrees to pay to Landlord at the office of the managing agent (the Manager) of the beneficiaries of Landlord (the "Beneficiaries), or at such other place designated by Landlord, without any prior demand therefor and without any deduction whatsoever, (except as herein permitted), base rent at the initial monthly rate specified in Subsection l.01H ("Monthly Base Rent). Monthly Base Rent is subject to adjustment pursuant to Sections 4.02 and 6.03, and as adjusted is hereinafter called "Adjusted Monthly Base Rent". Unless otherwise provided to the contrary in this Lease, Adjusted Monthly Base Rent shall be paid monthly in advance on the first day of each month of the Term. Tenant shall not be obligated to pay Rent for the first 3 months and 5 days of the term hereof with the obligation to commence the payment of Rent beginning on the sixth day of the fourth month of the term. The first installment of Rent shall be paid by Tenant to Landlord on the Commencement Date. Adjusted Monthly Base Rent shall be prorated f or partial months within the Term. All charges, costs and sums required to be paid by Tenant to Landlord under this Lease in addition to Adjusted Monthly Base Rent shall be deemed additional rent, and Adjusted Monthly Base Rent and additional rent shall hereinafter be collectively called "Rent." Tenant's covenant to pay Rent shall be independent of every other covenant in this Lease. Tenant shall pay a late charge for delinquent Rent in accordance with the provisions of Section 26.01. In addition to the Premises demised hereunder, during the term hereof and any option term, Landlord as hereby leases to Tenant and Tenant hereby accepts from Landlord space in the basement of the Building which: Ci) comprises 2,000 square feet; (ii) shall be used solely for purposes of storage in connection with Tenant's business within the Premises; and (iii) location shall be mutually agreed upon by Landlord and Tenant prior to the Commencement Date and enclosed by the Landlord, at its expense .("Original. Storage Space"). Tenant may, at its sole option, to be exercised by the 'delivery of a written notice to the Landlord at least 180 days prior to the expiration of the third year of the Term of this Lease, rent an additional 3,000 square feet in the basement for purposes of storage to be designated by Landlord at the time of the exercise of the option with the understanding that such space (the "Option Storage Space") need not be contiguous to the Original Storage Space. The Landlord will enclose the Original Storage Space and Option Storage Space, at its expense, and construct such demising walls and doors necessary in order for Tenant to secure its personal property therein. The annual rent for the Original Storage Space shall be $12,000.00 for the term and option terms, if any, payable in equal monthly installments at the time Monthly Base Rent is due under the terms of this Lease. The annual rent for the PremisesOption Storage Space for the term and option terms, if any, shall be a "Market Rent" which is defined herein as the bona fide annual rent per square foot of net rentable area being offered by Landlord to prospective tenants for space in the basement for a lease term commencing on or after the Term Commencement Date, date rent is to begin for the sums set forth in Section 2.3Option Storage Space ("Option Rent"). Base The annual Option Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in advance on payable at the first day time of each and every calendar month during the Lease Term.
7.2 In addition to with Monthly Base Rent, commencing . In no event shall rent payable for the Original Storage Space and Option Storage Space have an effect on the Term Commencement Date, Tenant shall pay to Landlord as additional rent ("Additional Rent") 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 be adjusted by Section 4.02 of this Lease that are owed to Landlord. Without limitation on other obligations of Tenant which survive the expiration of the Lease Term, the obligations of Tenant to pay Additional Rent shall survive the expiration of the Lease TermLease.
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 office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional month.
Appears in 1 contract
Sources: Office Lease (Ismie Holdings Inc)
Rent. 7.1 Tenant A. Unless otherwise specified on Schedule 1, the rent (“Rent”), shall pay be an amount equal to Landlord as Base Rent the Basic Allowance for Housing (“BAH”) at the applicable BAH rate for the service member Tenant’s duty station and military grade [which shall include any Owner provided utilities] OR [minus the utility allowance for the Premises, commencing as 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 [Insert Name of Installation] (the “Installation”) where the Premises are located, BAH shall be determined in accordance with Service policy applicable to such Tenant2. Rent shall be payable in arrears (i.e., each Rent payment pays Rent for the previous month) in monthly installments. Rent is due on the Term Commencement Datecalendar 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 Tenant’s BAH, 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 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.
(1) If the Premises is occupied by two or more married Tenants, both of whom are active duty service members, the sums Rent will be the equivalent BAH rate for the highest ranking Tenant, at the With Dependents rate, for the Installation as set forth out in Section 2.3Box 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 the Installation, and is single or not accompanied by family members, the Rent will be equal to the Tenant’s housing allowance at the “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. Base 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 in equal monthly installments as set forth in Section 2.3, each in 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 through ("Additional Rent"i) at times hereinafter specified in this Lease Unit Diary Entry Electronic Funds Transfer (aUDEFT) Tenant's Share (as defined below) of Operating Expenses (as defined belowMarine Corps), (bii) the Property Management Fee Military Assistance Company (as defined belowMAC) and [▇▇▇▇] (cNavy/Air Force/Army), or (iii) 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 obligations of Tenant which survive the expiration of the Lease TermPeopleSoft (Coast Guard), 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 if applicable (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 1986each, as amendedapplicable, (the "Code") and the Department of the U.S. Treasury Regulations promulgated thereunder (the "Regulations"a “Rent Payment Service Option”). Should the Code or the RegulationsIf a Rent Payment Service Option is not applicable, 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 LandlordOwner or its designated agent by payroll allotment/deduction (the “Allotment”). Rent and all other charges owed by ▇▇▇▇▇▇ and not paid by a Rent Payment Service Option or Allotment will be payable by another means reasonably directed by Owner, without abatementwhich at Owner’s option may include personal check, deduction certified check, money order, automated clearing house or offsetthrough other payment methods (e.g. online/website, in lawful money of the United States of America at the office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord smart device application) which alternate means may be changed from time designate in writingto time with 30 days written notice to Tenant and each of which may be subject to applicable service charges. In Owner will apply payments to any previously owed Rental amounts prior to current Rents or as otherwise required by applicable law.
C. After the event the Lease Term commences or ends on a day other than the first day of a calendar monthPremises is vacated, then the Rent for such fraction of a month shall any refund due to Tenant will be prorated for such period on the basis of a made within thirty (30) day calendar days of Owner’s or Community Manager’s receipt of the Allotment applicable to month and shall of move-out or within the time period required by applicable law.
▇. ▇▇▇▇▇▇ will not be paid at the then-current rate for such fractional monthrequired to pay a security deposit .
Appears in 1 contract
Sources: Lease Agreement
Rent. 7.1 On the date that Tenant executes this Lease, Tenant shall pay deliver to Landlord as the original executed Lease, the Base Rent (which shall be applied against the Base Rent payable for the Premisesfirst month Tenant is required to pay Base Rent), the Security Deposit, if any, and all insurance certificates evidencing the insurance required to be obtained by Tenant under SECTION 12 of this Lease. Tenant agrees to pay Landlord, without prior notice or demand, or abatement, offset, deduction or claim, the Base Rent described in the Basic Lease Information, payable in advance at Landlord's address specified in the Basic Lease Information on the first (1st) day of each month commencing on January 1, 1999 (the "Rent Commencement Date") and continuing throughout the balance of the Term Commencement Dateof the Lease. Commencing January 1, 2000, the sums set forth in Section 2.3. Base Rent shall increase annually by four percent (4%) per annum. It is intended by Landlord and Tenant that this Lease be a "triple net lease." Costs and expenses incurred by Landlord on behalf of Tenant and all other sums, charges, costs and expenses specified in this Lease other than Base Rent are to be paid in equal monthly installments as set forth in Section 2.3, each in 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, by Tenant shall pay to Landlord as additional rent (collectively, "Additional Rent") at times hereinafter specified in this Lease (a) Tenant). Tenant shall also pay to Landlord as Additional Rent hereunder, immediately on Landlord's Share (as defined below) of Operating Expenses (as defined below)demand therefor, (b) the Property Management Fee (as defined below) any and (c) any other amounts that Tenant expressly assumes or agrees all costs and expenses incurred by Landlord to pay under enforce the provisions of this Lease that are owed 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 (collectively, the "Enforcement Expenses"). The term "Rent" whenever used herein refers to Landlordthe aggregate of all these amounts. Without limitation on 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 which survive required hereunder. The Rent for any fractional part of a calendar month at the expiration commencement or termination 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 term 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 a prorated amount of the United States of America at the office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a full calendar month shall be prorated for such period on the basis of based upon a thirty (30) day month and month. The prorated Rent shall be paid at on the then-current rate for Commencement Date and the first day of the calendar month in which the date of termination occurs, as the case may be. 8 Subject to SECTION 2.4, all Rent other than Base Rent shall be due and owing on the Commencement Date notwithstanding any delay on Tenant's part to obtain permits and complete construction of the Tenant Improvements (described below and in EXHIBIT B attached hereto), whether or not such fractional monthdelay is due to factors within Tenant's control. Tenant expressly agrees and acknowledges that subject to SECTION 2.4, all Rent other than Base Rent shall be due and payable beginning on the Commencement Date whether or not Tenant has commenced operations in the Premises and Tenant accepts the risk of any such delays.
Appears in 1 contract
Sources: Lease Agreement (New Ico Global Communications Holdings LTD)
Rent. 7.1 Tenant shall pay to Landlord as Base Rent for the Premises, commencing (a) Commencing on the Term Commencement Date, the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in advance on the first day of each Date and every calendar month during the Lease Term.
7.2 In addition to Base Rent, commencing on the Term Commencement Dateof this Lease, Tenant shall pay to Landlord as additional rent ("Additional Rent") 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 obligations of 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 States, at the office of Landlord as Landlord's address set forth in Section 2.8 above or at such other place or to such other person or at such other place as Landlord may from time designate to time may designate, the rental provided for in writingExhibit C attached hereto and by reference made a part hereof which is then applicable (such rental being herein called "Basic Rent"). Basic Rent shall be payable by Tenant in installments in the amounts provided for in Exhibit C and be due and payable on the first day of the month in the months provided for in Exhibit C (herein called "Payment Dates").
(b) All sums, liabilities, obligations and other amounts which Tenant is required to pay or discharge pursuant to this Lease in addition to Basic Rent [other than any amount payable as liquidated damages pursuant to Section 19(b)(ii)(B)], as defined herein, together with any interest, penalty, or other sum which may be added for late payment thereof, shall constitute additional rent hereunder (herein called "Additional Rent"). In the event of any failure on the Lease Term commences part of Tenant to pay or ends discharge any of the foregoing, after notice as provided in Section 19(a)(i)(A), Landlord shall have all rights, powers and remedies provided for herein (or by law or equity or otherwise) in the case of nonpayment of Basic Rent. Tenant may pay Additional Rent directly to the person entitled thereto as long as Tenant is not in default hereunder, beyond the applicable cure period. Tenant will pay to Landlord, on a demand, interest at the rate of twelve percent (12%) per annum on (i) overdue installments of Basic Rent, from the seventh (7th) day other than after the first day Payment Date, until the date on which such installment of a calendar monthrent is paid, then the Rent for such fraction of a month and (ii) any amounts which Landlord shall have paid and which shall be prorated for such period on payable by Tenant as Additional Rent, from the basis date of a thirty (30) day month and shall be paid at the then-current rate for such fractional monthpayment thereof by Landlord until repaid to Landlord by Tenant. The security deposit has been intentionally deleted from this Lease.
Appears in 1 contract
Sources: Lease Agreement (Guitar Center Inc)
Rent. 7.1 Tenant shall pay to Landlord as Base Rent for the Premises, commencing
4.1. Beginning on the Term Commencement Date, Effective Date and continuing through the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in advance on the first day of each and every calendar month during the Lease Initial Term.
7.2 In addition to Base Rent, commencing on the Term Commencement Date, Tenant shall pay to Landlord the following amounts as additional rent ("Additional the “Initial Rent") at times hereinafter specified in this Lease ”): (a) Tenant's Share a sum per month to pay (1) amounts, including those already incurred by Landlord prior to the Effective Date evidenced by written invoices and approved by Landlord, incurred in the planning or design of the Project including without limitation, architects’, engineers’, planners’, attorneys’ and other professionals’ fees, (2) costs related to developing the Final Construction Drawings; (3) 20% of such invoiced amounts paid to Landlord to reimburse Landlord’s staff time (including staffing the Design Committee and coordinating work of the architects, engineers and other professionals), administrative costs and overhead, not to exceed
4.2. a. Beginning on the Commencement Date and continuing during the Term, Tenant shall pay to Landlord rent in the amount per month that will match the amortization schedule for the Bonds (corresponding to the Bond Term as defined belowabove) of Operating Expenses (as defined below)provided by the USDA, (b) or as provided by bond counsel on the Property Management Fee (as defined below) Bonds based on the Bond Term and (c) any the interest rate and other amounts that Tenant expressly assumes or agrees to pay under information provided by the provisions of this Lease that are owed to Landlord. Without limitation on other obligations of Tenant which survive the expiration USDA in its approval of the Lease Termfinancing, or as otherwise provided by bond counsel if the Bonds are not issued pursuant to the USDA rural development program (“Base Rent”). In no event shall the amount of the Base Rent payable on any date be less than, or exceed, the obligations aggregate amount of principal, interest, reserve replenishment, indemnity, fees, costs and expenses required to be paid or prepaid on such date with respect to the Bonds, according to their tenor or as otherwise specified in the Bond Resolution. The obligation of Tenant to pay Additional Base Rent shall survive commence on the expiration Commencement Date. To secure the performance of the Lease Term.
7.3 Landlord and Tenant hereby agree that it is their intent that all its obligation to pay Base Rent, Additional Tenant shall deposit with the Landlord, the Base Rent at least two (2) days before each Base Rent payment date. The Base Rent and other rent and charges payable to the Landlord under this Lease (hereinafter individually and collectively Initial Rent are also 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 collectively hereinafter 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 office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional month“Rent”.
Appears in 1 contract
Sources: Building Lease Agreement
Rent. 7.1 Tenant shall The Sublessee covenants and agrees to pay to Landlord the Sublessor, or as Base 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) Prepaid Rent for of dollars ($) being rent in respect of each year or part of a year of the Premises, commencing Term as set out in Schedule C and payable in advance on the Term Commencement Date, the sums set forth in Section 2.3. Base date of this Sublease;
(b) Monthly Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in advance of dollars ($) per month payable on the first day of each 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 every calendar month 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 Lease Term.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
7.2 In addition to Base Rent, commencing on the Term Commencement Date, Tenant shall pay to Landlord as additional rent ("Additional Rent") 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 obligations of 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 which shall be adjusted in such manner payable as the Landlord may require so that it will so qualify; provided, however, that any adjustments and when required pursuant to the terms and conditions of this Section 7.3 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 “GST/HST”). 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/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 being subject to GST/HST, the Sublessee will pay the to the Sublessor such GST/HST amounts, when due, as Additional Rent. Any purported set off, withholding or deduction of Rent by the Sublessee shall be made so as deemed to produce be a breach of this Sublease, and entitle the equivalent (Sublessor, at its option, to exercise any right or remedy available to it pursuant to this Sublease or at law. The Sublessee will have no right to a refund of, and the Sublessor will not be liable to the Sublessee for refunding, any Rent in economic terms) Rent as payable prior to such adjustment. Rent shall be paid to Landlord, without abatement, deduction or offset, in lawful money the event of the United States termination of America at the office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional monththis Sublease.
Appears in 1 contract
Sources: Sublease Agreement
Rent. 7.1 Tenant shall pay to Landlord as Base may collect Rent for directly from the Premisesassignees, commencing on the Term Commencement Datesubtenants, the sums set forth in Section 2.3. Base Rent or other transferees; but no Transfer shall be paid in equal monthly installments as set forth in Section 2.3a deemed a waiver of Landlord’s rights under this Article or the acceptance of the proposed assignee, each in advance on subtenant occupant or transferee, or a release of Tenant from the first day further performance of each and every calendar month during the Lease Term.
7.2 In addition to Base Rent, commencing on the Term Commencement Datecovenants obligating Tenant under this Lease. Notwithstanding any Transfer, Tenant shall pay to remain fully and primarily liable under this Lease and shall not be released from performing any of the terms, covenants and conditions of this Lease. In the event of any assignment or sublease (other than the OCOM Sublease), Landlord shall receive as additional rent hereunder fifty percent ("Additional Rent"50%) at times hereinafter specified in this Lease (a) of Tenant's Share ’s Excess Consideration (as defined below) of Operating Expenses (as defined below)derived from such assignment or sublease. If Tenant shall elect to assign or sublet, (b) the Property Management Fee (as defined below) Tenant shall use reasonable and (c) good faith efforts to secure consideration from any other amounts that Tenant expressly assumes such assignee or agrees subtenant which would be generally equivalent to pay under the provisions of this Lease that are owed to Landlord. Without limitation on other then-current market rent, but in no event shall Tenant’s monetary obligations of 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 office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. this Lease, be reduced.
(a) In the event the Lease Term commences or ends on of a day sublease other than the first day OCOM Sublease, “Excess Consideration” shall mean all rent, additional rent or other consideration actually received by Tenant from such subtenant and/or actually paid by such subtenant on behalf of Tenant in connection with the subletting in excess of the rent, additional rent and other sums payable by Tenant under this Lease during the term of the sublease on a calendar monthper square foot basis if less than all of the Premises is subleased, then less marketing costs, attorneys’ fees and brokerage commissions, if any, reasonably incurred by Tenant to procure the Rent sublease, and the cost of any alterations made by Tenant specifically for the benefit of such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional monthsubtenant.
Appears in 1 contract
Rent. 7.1 Tenant (a) During the Sublease Term, Subtenant shall pay to Landlord as Sublandl- ord monthly rent ("Monthly Rent"), in advance, in the amounts set forth below; PROVIDED, HOWEVER, that in no event shall the Monthly Rent exceed the Base Rent for paid by Sublandlord to Master Landlord under the PremisesMaster Lease: Monthly Rent Per Rentable Square Foot Monthly Installment Period $.75 of Rent ------ ------- Commencement Date $18,000.00 through March 31, commencing on 2000 April 1, 2000 $.84 $20,160.00 through December 1, 2000 In addition to Monthly Rent, Subtenant shall pay to Sublandlord Subtenant's share of Facility Operating Expenses in accordance with the Term Commencement Dateterms of Section 9 below ("Additional Rent," and together with Monthly Rent, the sums collectively, "Rent").
(b) Subtenant's obligation to pay Rent and other amounts due hereun- der is independent of any other covenant in this Sublease. Except as otherwise set forth in Section 2.3. Base the Master Lease, Rent shall be paid in equal monthly installments as paid, without notice, directly to Sublandlord at the address set forth in Section 2.3Paragraph 15 below.
(c) Monthly Rent shall be payable to Sublandlord, each in advance advance, without prior notice, demand or offset, on or before the first day of each and every calendar month during the Lease Term.
7.2 In addition to Base Rent, commencing on term hereof. To the Term Commencement Date, Tenant shall pay to Landlord as additional rent ("Additional Rent") 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 extent that Tenant expressly assumes or agrees to pay under the provisions of this Lease that are owed to Landlord. Without limitation on other obligations of 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 billed from time to the Landlord under this Lease (hereinafter individually and collectively referred time 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 Sublandlord 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 thereunderMaster Landlord, 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. Additional Rent shall be paid by Subtenant to LandlordSublandlord within 10 days after Subtenant's receipt of an invoice therefor. To the extent that Additional Rent is payable on an estimated basis pursuant to the Master Lease, without abatement, deduction or offset, in lawful money the estimated amounts of the United States of America at the office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Additional Rent for such fraction of a month due hereunder shall be prorated for such period on the basis of a thirty (30) day month paid to Sublandlord as and when Monthly Rent is paid and shall be paid at adjusted between the then-current rate for such fractional monthparties (with appropriate reimbursements or additional payments) when the actual Additional Rent due under the Master Lease has been determined.
Appears in 1 contract
Sources: Asset Purchase Agreement (Sbe Inc)
Rent. 7.1 3.1 Tenant shall pay to Landlord the following amounts as Base Rent rent for the Premises:
(a) During the Term, commencing on Tenant shall pay to Landlord, as base monthly rent, the amount of monthly rent specified in the Basic Lease Information (the "Base Rent").
(b) During the Term Commencement Dateof this Lease, Tenant shall pay to Landlord, as additional monthly rent, Tenant's Percentage Share (as hereinafter defined) of all Operating Expenses (as hereinafter defined) paid or incurred by Landlord during the sums set forth Term and ▇▇▇▇▇▇'s Percentage Share of all Property Taxes (as hereinafter defined) paid or incurred by Landlord during the Term as more particularly described in Section 2.3Article 4 below.
(c) Throughout the Term of this Lease, Tenant shall pay, as additional rent, all other amounts of money and charges required to be paid by Tenant under this Lease, whether or not such amounts of money or charges are designated "additional rent." As used in this Lease, "rent" shall mean and include all Base Rent, additional monthly rent and additional rent payable by Tenant in accordance with this Lease. Landlord will have the same remedies for a default in the payment of additional rent as for a default in the payment of Base Rent.
3.2 Tenant shall pay all Base Rent shall be paid and additional monthly rent under Section 3.1 above to Landlord, in equal monthly installments as set forth in Section 2.3advance, each in advance on or before the first day of each and every calendar month during the Term of this Lease, provided that the installment of Base Rent for the first full calendar month of the Term, and the first monthly installment of additional monthly rent, shall be payable upon the execution of this Lease Term.
7.2 In addition to Base Rent, commencing on the Term Commencement Date, by Tenant. Tenant shall pay all rent to Landlord as additional rent ("Additional Rent") at times hereinafter specified in this Lease (a) Tenant's Share (as defined below) of Operating Expenses (as defined below)without notice, (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 obligations of 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 abatementdemand, deduction or offset, in lawful money of the United States of America America, at the office address of Landlord as set forth specified in Section 2.8 the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional month.
Appears in 1 contract
Sources: Office Lease (Aptimus Inc)
Rent. 7.1 Tenant Rent and other payments payable by tenants, licensees, concessionaires, and other persons using or occupying the Real Property or any part thereof under a Lease or otherwise, if any, for or in connection with such use or occupancy, including, without limitation, fixed monthly rentals, additional rentals, percentage rentals, escalation rentals, retroactive rentals, operating cost pass-throughs, common area maintenance charges, HVAC charges, payments of taxes and insurance expenses, promotional/marketing charges, construction receivables and other sums and charges payable by the tenants under the Leases (collectively, “Rent”) shall pay be prorated as of the Closing such that Seller will be entitled to Landlord Rent attributable to periods prior to the Closing and Purchaser will be entitled to Rent attributable to periods from and after the Closing, all as Base more particularly set forth below:
(a) All Rent for collected by Seller under the Premises, commencing on Leases prior to Closing (“Current Rent”) shall be prorated as of the Term Commencement Closing Date.
(b) All Rent other than Current Rent (“Rent Arrears”) shall not be prorated at Closing. In the event that either Purchaser or Seller receives Rent from a tenant after the Closing Date, the sums set forth in Section 2.3. Base such Rent shall be applied in the following order of priority (after deduction of actual out-of-pocket costs of collection paid in equal monthly installments as set forth in Section 2.3, each in advance on the first day of each and every calendar month during the Lease Term.
7.2 In addition by Purchaser to Base Rent, commencing on the Term Commencement Date, Tenant shall pay to Landlord as additional rent ("Additional Rent") at times hereinafter specified in this Lease third parties): (a) Tenant's Share first to current rent due to Purchaser, (b) second to delinquent rent due to Purchaser, and (c) thereafter to Rent Arrears due to Seller from such tenant. Any sums owed to Seller pursuant to the foregoing shall be paid by Purchaser within thirty (30) days following receipt by Purchaser. Purchaser shall pursue all Rent Arrears in the ordinary course of business and shall have the right to negotiate settlements with tenants who have Rent Arrears as it may determine in good faith; provided that, at its sole cost and expense (x) Seller shall have the unrestricted right to pursue collection from any tenant not in possession of its space as of the Closing Date in Seller’s sole discretion including, without limitation, initiating and prosecuting a lawsuit against the applicable tenant, and (y) in the event that after Closing Purchaser evicts or otherwise terminates the possession of any tenant with Rent Arrears, if Purchaser has neither released the tenant nor pursued eviction to judgment, Seller shall have the unrestricted right to pursue collection from such tenant in Seller’s sole discretion including, without limitation, initiating and prosecuting a lawsuit against the applicable tenant. Should Seller take the action permitted in either item (x) or (y), Purchaser shall be relieved of and shall have no obligation to pursue the applicable Rent Arrears.
(c) Percentage rent or overage rent (referred to herein as “Percentage Rent”) collected under the Leases prior to the Closing shall be prorated between Purchaser and Seller at Closing based on Percentage Rents which were due and payable for the periods prior to and after the Closing Date. As soon as reasonably possible after the end of the year in which the Closing occurs, the Percentage Rent shall be re-prorated on a Lease by Lease basis with Seller entitled to the portion of total Percentage Rent due under each Lease for the Lease Year (as defined below) of Operating Expenses in which the Closing occurs (as defined below), (bthe “Subject Lease Year”) based on 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 obligations of Tenant which survive the expiration portion of the Subject Lease Term, Year occurring prior to the obligations Closing Date and Purchaser entitled to the portion of Tenant to pay Additional total Percentage Rent shall survive due under each Lease for the expiration Subject Lease Year based on the portion of the Subject Lease Term.
7.3 Landlord Year occurring from and Tenant hereby agree that it is their intent that all Base Rent, Additional Rent and other rent and charges payable to after 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 qualifyClosing Date; provided, however, that any adjustments required pursuant to this Section 7.3 there shall be made so as to produce the equivalent (in economic terms) no proration of any delinquent rent Percentage Rent as payable prior to until such adjustment. Percentage Rent is collected and all such collections shall be paid to Landlord, without abatement, deduction or offset, Seller and Purchaser in lawful money the order for payment of the United States of America at the office of Landlord as delinquent Rent set forth in Section 2.8 or 4.5(b) above. As used herein, the term “Lease Year” means the twelve (12) month period (or, as to tenants for which the Closing occurs during a partial Lease Year, such other person or at such other place applicable shorter period) as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the to which annual Percentage Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional monthis owed under each Lease.
Appears in 1 contract
Sources: Purchase and Sale Agreement (Pebblebrook Hotel Trust)
Rent. 7.1 Tenant shall pay to Landlord as Base Rent for the Premises, commencing on the Term Commencement Date, the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, each in advance on the first day of each All rent 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 ("Additional Rent") 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 paid by the tenants under the provisions of this Lease that are owed to Landlord. Without limitation on other obligations of Tenant which survive the expiration of the Lease TermLeases (collectively, 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") ), for the month of Closing shall qualify be prorated as "rents from real property" within the meaning of Section 856(d) of the Internal Revenue Code Closing Date based on the respective number of 1986, as amended, days of ownership of Seller and Purchaser for such month (with Purchaser being deemed the "Code") and owner on the Department of the U.S. Treasury Regulations promulgated thereunder (the "Regulations"Closing Date). 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 (i) neither Purchaser nor Seller shall receive credit at Closing for any adjustments required pursuant Rent that is past due (the "Past Due Rent"), and (ii) Seller shall be entitled to all Basic Rent payable under the RR Sublease for periods prior to July 1, 2013 and shall receive a credit at Closing in the amount of any such Basic Rent that is not yet due and payable. Following the Closing, if Purchaser or Seller receives any payment from any tenant for which Past Due Rent is outstanding, such payment shall be distributed in the following order of priority unless otherwise specifically designated by the tenant paying such Past Due Rent: (a) for the rooftop cell tenants: first, on a prorated basis to Purchaser and Seller for Rent due and payable by such tenant under its Lease accruing in the month in which the Closing Date occurs; next, to Purchaser for Rent due and payable by such tenant under its Lease accruing after the month in which the Closing Date occurs; and then, after payment in full of all such amounts then due and payable to Purchaser from such tenant, to Seller to the extent of all Past Due Rent owed by such tenant, together with interest and late charges, if applicable; and (b) for Tenant: first, to Seller to the extent of all Past Due Rent owed by Tenant (together with interest and late charges, if applicable) attributable to the period prior to July 1, 2013 for which Seller did not receive a credit at Closing; and then, to Purchaser. If any Past Due Rent is not paid to Seller within (60) days after Closing, Seller shall have the right to attempt to effect collection by litigation or otherwise so long as Seller does not take any action to terminate the tenant's lease or right to possession and so long as such Past Due Rent collected by Seller is distributed in accordance with this Section 7.3 5.2. Purchaser shall cooperate with Seller in its efforts to collect Past Due Rent but shall not be made so as required to produce take any action against any tenant to terminate the equivalent (in economic terms) Rent as payable prior tenant's lease or right to such adjustmentpossession. Rent The provisions of this Section 5.2 shall be paid to Landlord, without abatement, deduction or offset, in lawful money of survive the United States of America at the office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional monthClosing.
Appears in 1 contract
Sources: Purchase and Sale Agreement (American Realty Capital Trust IV, Inc.)
Rent. 7.1 (a) Tenant shall pay a base rent of $10.00 per annum (the “Base Rent”) to Landlord as Base Rent for annually in advance. The first annual installment thereof in the Premises, commencing amount of $10.00 shall be payable on the Term Commencement Date, the sums set forth in Section 2.3. and each subsequent installment of Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, payable on each in advance on anniversary of the first day of each and every calendar month Commencement Date occurring during the Lease Term.
7.2 In addition (b) This Lease is intended to be an absolute net lease such that this Lease shall yield all Base Rent, commencing on the Term Commencement DateRent payable hereunder as an absolutely net return to Landlord. Accordingly, Tenant shall pay to Landlord 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 ("Additional Rent"the “Adjacent Parcel”) at times hereinafter specified 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 this Lease (a) the event the taxes attributable to such land are increased due to the value of any improvements on the Adjacent Parcel, Tenant's Share (as defined below) ’s share of Operating Expenses (as defined belowsuch 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), (b) the Property Management Fee (as defined below) and .
(c) any other amounts that Tenant expressly All costs and expenses which ▇▇▇▇▇▇ assumes or agrees to pay under the provisions of and any other sum payable by Tenant pursuant to this Lease that are owed to Landlord. Without limitation on other obligations of Tenant which survive the expiration of the Lease Termshall be deemed additional rent (“Additional Rent”), the obligations of Tenant to pay whether or not so designated herein (Base Rent and 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 are sometimes collectively referred to herein as "the “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. The Rent shall be paid to Landlord, without abatement, deduction or offset, in lawful money of the United States of America at to the office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time to time designate in writing. In , without any prior notice or demand therefor and without deduction or offset.
(d) If any Rent is not paid within ten (10) days after notice that the event same is delinquent, Tenant shall pay Landlord a late charge of five percent (5%) of the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional monthamount due.
Appears in 1 contract
Sources: Lease
Rent. 7.1 Tenant (a) Subtenant shall pay to Landlord as Sublandlord, throughout the Sublease Term, 57.33% of the "Fixed Rent" per annum provided to be paid with respect to the Additional Space pursuant to the Amendment (the "Base Rent for the Premises, commencing on the Term Commencement Date, the sums set forth in Section 2.3Rent"). The Base Rent shall be paid payable by Subtenant to Sublandlord, in advance, in equal consecutive monthly installments as set forth in Section 2.3, each in advance which are due and payable on or before the date that is five (5) business days preceding the first day of each and every calendar month during the Lease Sublease Term.
7.2 In addition to Base Rent, commencing on the Term Commencement Date, Tenant (b) Subtenant shall also pay to Landlord Sublandlord, throughout the Sublease Term as additional rent ("Additional Rent") at times hereinafter specified in this Lease (a) Tenant's Share (as defined below) of Operating Expenses (as defined below), all additional rent and other charges 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 (bi) 57.33% of the Property Management Fee amounts set forth in the Amendment, and (as defined belowii) 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 are payable by Sublandlord pursuant to the Lease. Appropriate prorations shall be made with respect to any partial calendar years included in the Sublease Term. Sublandlord shall notify Subtenant of any 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 other amounts 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 any 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 Tenant expressly assumes or agrees to pay under Subtenant shall not be responsible for the provisions payment of this Lease any tax levied on Sublandlord that are owed to Landlord. Without limitation on other obligations is in the nature of Tenant which survive the expiration of the Lease Term, the obligations of Tenant to pay Additional Rent shall survive the expiration of the Lease Terman income tax.
7.3 Landlord and Tenant hereby agree that it is their intent that all (d) The Base Rent, Additional Rent and other rent and all charges payable to the Landlord due by Subtenant under subparagraph (c) of this Lease (hereinafter individually and Article "3" are collectively referred to in this Sublease 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 office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional month.
Appears in 1 contract
Rent. 7.1 Tenant shall pay to Landlord as Base Rent for the Premises, commencing on the Term Commencement Date, the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, (a) During each in 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 DateFiscal Year, Tenant shall pay to Landlord as additional rent ("the Base Rent and Additional Rent") at times hereinafter specified Rent in accordance with the terms of this Lease (a) Tenant's Share (as defined below) of Operating Expenses (as defined below), Lease.
(b) For so long as an Affiliate of Landlord owns, directly or indirectly, an equity interest in Tenant, Tenant shall pay to Landlord the Property Management Fee (as defined below) Base Rent and Additional Rent out of Income After Debt Service, to the extent of Available Cash, in accordance with the priority of distribution set forth in Section 18.4 of the Partnership Agreement for the applicable Fiscal Year. To the extent that there is insufficient Income After Debt Service to pay to Landlord all or any portion of Base Rent or Additional Rent for a Fiscal Year, such Base Rent or Additional Rent or portion thereof shall not be deemed earned or payable with respect to such Fiscal Year, and shall not be curried forward to any subsequent Fiscal Year.
(c) If an Affiliate of Landlord does not own, directly or indirectly, an equity interest in Tenant, Tenant shall pay to Landlord the Base Rent and Additional Rent out of Income After Debt Service, to the extent of Available Cash, in accordance with the priority of distributions and the other provisions set forth in Schedule 4.1 hereto for the applicable Fiscal Year, except that the amount of debt service that shall be deducted when computing Income After Debt Service and the amount of Capital Investment for each Partner used for calculating the Priority Returns before any other amounts that Tenant expressly assumes or agrees to pay under the provisions payment of this Lease that are owed to Landlord. Without limitation on other obligations of Tenant which survive the expiration of the Lease Term, the obligations of Tenant to pay Additional Rent shall survive each be determined as follows:
(A) the expiration ratio of secured debt to Non-Affiliated Lenders to total capital contributions plus secured debt to Non-Affiliated Lenders and loans provided by the Partners shall be determined on the last day 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 most recently completed Fiscal Year prior to the date on which an Affiliate of 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" owned, directly or indirectly, an equity interest in Tenant;
(B) on each date on which Income After Debt Service is determined for purposes of Section 856(ddistributions in accordance with Schedule 4.1 hereto, a deemed amount of secured debt and a deemed amount of capital contributions shall be determined by adding together the actual amount of secured debt to Non-Affiliated Lenders, the actual amount of loans provided by Partners and the actual amount of capital contributions (collectively, “Total Financing”), in each case as of such date, and then multiplying such Total Financing by the ratio determined pursuant to (A) above;
(C) the amount of deemed debt service to be used solely for purposes of determining Income After Debt Service shall then be calculated by multiplying the then existing interest rate of the actual secured debt to Non-Affiliated Lenders by the deemed amount of such secured debt determined pursuant to (B) above, which amount shall not exceed one hundred ten (110%) percent of the interest payments paid during the most recently completed Fiscal Year prior to the date on which an Affiliate of Landlord no longer owned, directly or indirectly, an equity interest in Tenant; and
(D) the amount of deemed capital contributions to be used solely for purposes of calculating the priority return on Capital Investment for each Partner set forth in subparagraph (a)(v) of the Code and the Regulations promulgated thereunder, such Schedule 4.1 before any payment of Additional Rent shall be adjusted in such manner Total Financing minus the deemed amount of secured debt determined pursuant to (B) above. To the extent that there is insufficient Income After Debt Service (as the Landlord may require so that it will so qualify; provided, however, that any adjustments required determined pursuant to this Section 7.3 4.1(c)) to pay to Landlord all or any portion of the Base Rent or Additional Rent for a Fiscal Year, such Base Rent and such Additional Rent or portion thereof shall not be made so as to produce the equivalent (in economic terms) Rent as deemed earned or payable prior with respect to such adjustment. Rent shall be paid to LandlordFiscal Year, without abatement, deduction or offset, in lawful money of the United States of America at the office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall not be paid at the then-current rate for such fractional monthcarried forward to any subsequent Fiscal Year.
Appears in 1 contract
Rent. 7.1 Tenant The Lessee shall pay to Landlord as Base Rent for in the Premises, commencing on amounts and at the Term Commencement Date, the sums times set forth in Section 2.3Exhibit B. The Lessee agrees and acknowledges that Exhibit B may be amended at any time:
(i) to reamortize the Principal Component in the event 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 is appropriate, CoLT will mail to the Lessee a revised Exhibit B (identified by date or other means), by first class mail, postage prepaid. Said amendment will become effective and will for all purposes become a part of this Lease and will reflect Base Rent shall to be paid by the Lessee for subsequent periods (unless Exhibit B is further amended as provided in equal monthly installments as this Section) upon the earlier of the acknowledgment thereof by the Lessee or automatically on the next payment date set forth in Section 2.3the revised Exhibit B. The Lessee will pay Additional Rent within fifteen (15) days after a written request therefor is mailed to 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 payment of any amounts due hereunder or to cure any Event of Default hereunder, each in advance the Lessee shall immediately reimburse the Lessor therefore with interest accrued on such amount at the Late Payment Rate. Amounts due pursuant to 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 day to the Interest Component of each and every calendar month during the Lease Term.
7.2 In addition to Base Rent, commencing on (ii) second to the Term Commencement DatePrincipal Component of Base Rent, Tenant shall pay (iii) third to Landlord as additional rent ("Additional Rent") 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 (civ) any other amounts that Tenant expressly assumes or agrees fourth to pay under the provisions components of this Lease Base Rent that are owed not Interest Component or Principal Component. This Lease will be deemed and construed to Landlord. Without limitation on other obligations of Tenant which survive be a "net lease," and the expiration of Lessee will pay absolutely net during the Lease Term, the obligations Lease Payments and all other payments required hereunder, free of Tenant to pay Additional Rent shall survive the expiration of the Lease Term.
7.3 Landlord any deductions, 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 offsetset-off (other than credits against Lease Payments expressly provided for in this Lease). Notwithstanding any dispute between Lessee and Lessor or a dispute between Lessee and any Project related vendors, in lawful money Lessee shall make all Lease Payments when due and shall not withhold any Lease Payments pending final resolution of such dispute nor shall 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 United States of America Disbursing Agent at the office of Landlord as place set forth in Section 2.8 or to such other person Exhibit B or at such other place as Landlord the Disbursing Agent may from time to time designate in writing. In the event the Lease Term commences or ends on a day other than the first day of a calendar month, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional month.
Appears in 1 contract
Sources: Lease Agreement
Rent. 7.1 Tenant Unless otherwise agreed to by an addendum to this Agreement, the monthly rental rate shall pay equal the Basic Allowance for Housing (with dependents) rate (“BAH”), for the senior service member resident at the Premises provided however, that if Resident is not assigned to Fort Leavenworth and if Resident's BAH is lower than the BAH that would be provided to a Service Member of Resident's equivalent rank assigned to Fort Leavenworth, the monthly rental rate hereunder shall equal the higher BAH as calculated for a Service Member of Resident's equivalent rank assigned to Fort Leavenworth. Resident certifies to Landlord as Base Rent for that he or she is the senior service member resident at the Premises and Resident agrees that, if any other resident of the Premises becomes the senior service member resident at the Premises, commencing he or she will cause such senior service member to sign this Agreement (or its equivalent in use at such time) and become the “Resident” under this Agreement. Rent will be increased/decreased when increases/reductions occur to the BAH of the Resident, and the Resident shall notify the Landlord of any increases or decreases in the BAH of the Resident other than general increases or decreases effecting all members of the applicable service branch. Payment will be made through an allotment/deduction from the Resident's pay account to the Landlord. Payment is due on the Term Commencement Datefirst day of the month for the previous month's rent (payment in arrears). Because an allotment can only be for a full month, Resident shall pay pro-rated rent in the sums set forth in Section 2.3amount of $ (amount) for the period of (date) to (date) at the time of signing this Agreement. Base Rent Credit cards and post dated checks are accepted by Landlord for pro-rated rent payments. Notwithstanding the foregoing, if Resident does not qualify for BAH at the "with dependents" rate for any reason, Resident shall be paid in equal monthly installments personally responsible to pay to FLFHC II, as set forth in Section 2.3, each in advance additional rent due and payable hereunder on the first day of each month, an amount equal to the difference between the amount of Resident's actual BAH and every calendar month during the Lease Term.
7.2 In addition amount of BAH Resident would have received if he/she qualified for the “with dependents” BAH rate. For Residents who are Army, Navy or Air Force service members, by signing this Agreement, authorization is given by the Resident to Base Rentthe Landlord (or its BAH collection agent) to initiate, commencing on maintain and stop an allotment equal to the Term Commencement Date, Tenant shall pay to Landlord as additional rent ("Additional Rent") 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 obligations of 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 BAH payable to the Landlord under this Lease (hereinafter individually Landlord. Residents who are Marine and collectively referred Coast Guard service members will be required to as "Rent") shall qualify as "rents from real property" within sign a copy of DD Form 2558 Authorization to Start, Stop or Change an allotment in order to have their allotments started, and will be required to sign a new copy of DD Form 2558 to change their allotment each time adjustments are made to 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 Resident’s BAH by the Internal Revenue Service contained applicable service branch due to a change in revenue rulings rank, number of dependents, periodic increases 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 thereunderreasons. In either case, 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 allotment shall be made so as to produce effective the equivalent first full month after the effectiveness of this Agreement (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 office of Landlord as set forth in Section 2.8 or to such other person or at such other place as Landlord may from time designate in writing. In the event the Lease Term commences or ends first month if this Agreement becomes effective on a day other than the first day of a calendar month). All payments received from Resident shall first be applied to outstanding charges other than rent, and then to monthly rent. Spouses of Residents must possess a Special Power of Attorney to sign this Agreement and authorize the Rent for such fraction initiation of a month shall be prorated for such period the required BAH allotment on behalf of Resident. Resident's failure to pay rent on time or premature discontinuation of Resident's BAH allotment may result in the basis termination of a thirty (30this Agreement by FLFHC II and, if necessary, the eviction of Resident and any other occupant(s) day month and shall be paid at from the then-current rate for such fractional monthPremises.
Appears in 1 contract
Sources: Resident Occupancy Agreement
Rent. 7.1 Tenant shall (a) Subtenant covenants and agrees to pay to Landlord Sublandlord rent (herein referred to as Base Rent the "Fixed Rent") for the PremisesSublet Premises at the rate of (i) $925,000.00 per annum, commencing on the Term Commencement Date, the sums set forth in Section 2.3. Base Rent shall be paid in equal monthly installments as set forth of $77,083.00, from June 1, 1999 through December 31, 2002, and (ii) $1,017,500.00 per annum, in Section 2.3equal monthly installments of $84,791.67, each from January 1, 2003through September 30, 2006. Fixed Rent shall be payable in advance on the first day of each calendar month. Fixed Rent 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 ("Additional Rent") 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 all other amounts that Tenant expressly assumes or agrees payable by Subtenant to pay Sublandlord under the provisions of this Lease that are owed to Landlord. Without limitation on other obligations of 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 Sublease (hereinafter individually and collectively herein referred to as the "RentADDITIONAL RENT") shall qualify be paid promptly when due, without notice or demand therefor, and without deduction, abatement, counterclaim or setoff of any amount or for any reason whatsoever except as "rents from real property" within the meaning of Section 856(d) of the Internal Revenue Code of 1986, as amended, (the "Code") may be otherwise provided herein. Fixed Rent 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. Additional Rent shall be paid to Landlord, without abatement, deduction or offset, Sublandlord in lawful money of the United States of America at the office address of Landlord as Sublandlord set forth in Section 2.8 Article 17 of this Sublease or to such other person or at such other place address as Landlord Sublandlord may from time to time designate by notice to Subtenant as provided for herein. No payment by Subtenant or receipt by Sublandlord of any lesser amount than the amount stipulated to be paid hereunder shall be deemed other than on account of the earliest stipulated Fixed Rent or Additional Rent nor shall any endorsement or statement on any check or letter be deemed an accord and satisfaction, and Sublandlord may accept any check or payment without prejudice to Sublandlord's right to recover the balance due or to pursue any other remedy available to Sublandlord. Any provision in writingthe Main Lease referring to fixed rent or additional rent incorporated herein by reference shall be deemed to refer to the Fixed Rent and Additional Rent due under this Sublease.
(b) 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. In 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, 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 fees other than Fixed Rent which Subtenant assumes or agrees to pay pursuant to this Sublease (including, without limitation, all costs, expenses and fees payable by Sublandlord as tenant under the Main Lease which are payable hereunder by Subtenant by their incorporation herein by reference to the Main Lease) shall be deemed Additional Rent and, in the event of non-payment, Sublandlord shall have all the Lease Term commences rights and remedies provided for in the case of non-payment of Fixed Rent.
(e) Subtenant shall pay, on or ends on a day other than before the first day 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 the occupancy or use of a calendar monththe Sublet Premises or the payment of Fixed Rent or Additional Rent by Subtenant to Sublandlord, then the Rent for such fraction of a month shall be prorated for such period on the basis of a thirty (30) day month and shall be paid at the then-current rate for such fractional monthwhich is attributable to this Sublease.
Appears in 1 contract