Rent. Commencing upon the Ground Lease Commencement Date, the initial rent for the Site (“Rent”) shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if any.
Appears in 2 contracts
Sources: Ground Lease Agreement (Venture Global, Inc.), Ground Lease Agreement (Venture Global, Inc.)
Rent. Commencing upon Tenant shall pay to Landlord, at Landlord's Address for Payment of Rent designated in the Ground Basic Lease Commencement DateInformation, or at such other address as Landlord may from time to time designate in writing to Tenant for the payment of Rent, the initial rent for Base Rent, without notice, demand, offset or deduction, in advance, on the Site first day of each calendar month. Landlord shall have no obligation to notify Tenant of any increase in Rent and Tenant's obligation to pay all Rent (“Rent”and any increases) when due shall not be [***] per annummodified or altered by such lack of notice from Landlord. It is intended that this Lease be a "triple net lease," and that the Rent to be paid hereunder by Tenant will be received by Landlord without any deduction or offset whatsoever by Tenant, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal foreseeable or unforeseeable. Except as expressly provided to the greater contrary in this Lease, Landlord shall not be required to make any expenditure, incur any obligation, or incur any liability of [***] any kind whatsoever in connection with this Lease or the CPI Percentage Increase (as defined below)ownership, but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafterconstruction, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day maintenance, operation or repair of the month and Premises or the Project Upon the execution of this Lease, Tenant shall be payable by the 15th day of that month, provided however, that: (a) pay to Landlord the first payment of Rent shall be due month's Base Rent. If the Term commences (or ends) on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first (or last) day of the a month, the first payment of Base Rent shall be in prorated on the basis of a prorated amount for thirty (30) day 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 and, together with the period of time between Base Rent, shall be due and payable to Landlord commencing on the Ground Lease Commencement Date Possession Date. The term "Rent" means the Base Rent and the next following first day of the month; and (b) the first payment of all Additional Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anypayable hereunder.
Appears in 2 contracts
Sources: Multi Tenant Industrial Triple Net Lease (Brooks Automation Inc), Multi Tenant Industrial Triple Net Lease (Brooks Automation Inc)
Rent. Commencing upon the Ground Lease Commencement Date, the initial rent for the Site (“Rent”) shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month; provided, provided however, that: (ax) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first day of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (by) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect in order to permit the Estimated Tenant to calculate the CPI Percentage Increase, if anyas set forth below; and (z) the last payment of Rent shall be in a prorated amount for the period of time between the immediately preceding first day of the month and the last day of the Term.
Appears in 2 contracts
Sources: Ground Lease Agreement (Venture Global, Inc.), Ground Lease Agreement (Venture Global, Inc.)
Rent. Commencing upon a. For the Ground first Lease Commencement Date, Year of 2012-2013 in the initial Initial Lease Term Tenant shall pay base rent in the annual sum of $134,991.96 as adjusted for 2012 by the Site (“Rent”) shall be [***] per annumCPI formula set forth above, payable in twelve equal installments of [***] per month, adjusted upward every five (5) years thereafter monthly amounts. Base Rent shall adjust annually for all Lease Years during the Initial Lease Term and during any Extended Term by a percentage equal pursuant to the greater of [***] or CPI formula set forth above. Rent shall commence February 1, 2012, (the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below“Rent Commencement Date”) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be payable in advance on the first day of each and every month over the Initial Lease Term and any Renewal Term as applicable.
b. Tenant shall pay said monthly rent in said amounts in advance commencing on the Rent Commencement Date, and on the first day of each and every month thereafter during the term of this Lease.
c. This is a Triple Net Lease. In addition to its monthly base rent payment, and except as otherwise expressly provided herein, Tenant shall pay its proportionate share of all real property taxes and assessments, insurance, common area maintenance and repair expenses associated with its tenancy and the property generally. Common area maintenance expenses include by way of example, but are not limited to: Parking lot and exterior building lighting, parking lot snow plowing/shoveling, lawn mowing/fertilization/aeration, tree and shrub trimming/fertilization/replacement, sprinkler system including well start-up, shut- down and repair, building exterior maintenance including painting, siding repair or replacement, parking lot seal coating, striping, parking sign repair or replacement, sidewalk and parking lot curb repair or replacement, roof and gutter repairs, and sewer line clean-out. Triple Net Expenses shall additionally include water, garbage, and recycling services common to the building. Tenant acknowledges that Landlord shall manage the building and property generally with respect to common area maintenance and repair issues, insurance and common utility issues, etc. and shall have sole authority in this regard, with such authority to be exercised in Landlord’s reasonable discretion. As used here, Tenant’s “proportionate share” shall be calculated with Tenant’s stipulated square footage of the footprint of the leased premises (15,505 rentable square feet) as the numerator and the total square footage of the building as the denominator. It is acknowledged that the amount assessed for common area maintenance and repair may change from time to time. Such variations of actual cost in relation to the actual amount of Triple Net fees paid by Tenant will be reviewed and accounted for by Landlord and reported to Tenant by April 30 of the following year. Based on Landlord’s annual review and accounting, any surplus or deficit of Tenant Triple Net payments paid in the prior year shall be credited or debited, respectively, to the Tenant by the 15th day Landlord. The Landlord shall set the new estimated Triple Net Expenses amount for the coming year based on anticipated costs, and Tenant shall agree to pay one-twelfth of that monthsuch annual prorata charges concurrently with the base rent. All of such additional charges shall be termed the “Triple Net Expenses.” Tenant shall remain liable to pay to Landlord upon demand any deficiency in the Triple Net Expenses as may be determined to exist by the Landlord’s end-of-year review and reconciliation of actual expenses, provided howevernotwithstanding the termination or expiration of the Lease prior to the date of such end-of-year review; and conversely, thatLandlord shall remain obligated to reimburse Tenant any sum as Tenant may have overpaid in Triple Net Expenses as may be determined by such end-of-year review, notwithstanding the termination or expiration of the Lease prior to such determination. Triple Net Expense Records: (a) Landlord will maintain appropriate and complete accounts, records, documents and other evidence showing and supporting all calculation of Triple Net Expenses. Landlord will allow access to Tenant, the Montana Legislative Auditor and/or the Montana Legislative Fiscal Analyst, or other designated persons to all records as may be necessary for audit purposes and to determine compliance with this Lease, on reasonable prior written notice. All records pertaining to Triple Net Expenses must be retained by the Landlord for a period of three years from the completion date. If any litigation, claim, or audit pertaining to this Lease is started before the expiration of the three year period, the records must be retained until the litigation, claim, or audit findings have been resolved.
d. Triple Net Expenses are estimated for the 2012 portion of the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first Year of the monthInitial Lease Term to be $1.95 per square foot per year ($30,234.75/yr for the leased premises), payable monthly with the first payment base rent in an amount of Rent $2,519.56. Triple Net Expenses shall be in effect and payable upon occupancy February 1, 2012, and continuing through the Initial Lease Term and Renewal Terms if applicable.
e. Tenant shall pay a prorated amount late fee of five percent (5%) of any base rent or Triple Net Expense payment that is not paid (regardless of delivery method) on or before the end of the business day (5:00 pm MST) on the tenth (10th) of each month.
f. The base rents shall increase or decrease pursuant to Paragraph 3 above for the period of time between one-year Renewal Terms (possible Lease Years 6, 7, and 8). For clarification, the Ground Lease Commencement Date and base rental amounts do not include the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will monthly triple net expense charges also to be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anymonthly described in Paragraph 4c-d above.
Appears in 2 contracts
Sources: Commercial Lease Agreement, Commercial Lease Agreement
Rent. Commencing upon the Ground Lease Commencement Date4.01. Tenant shall pay Landlord, the initial rent without any setoff or deduction, unless expressly set forth in this Lease, all Base Rent and Additional Rent due for the Site Term (collectively referred to as “Rent”), the parties acknowledging that this Lease expressly provides for the abatement of the Abated Base Rent as provided in Section 1.03 hereof. “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, 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 [***] per annum, due and payable in equal installments advance on the first day of [***] per montheach calendar month without notice or demand, adjusted upward every five (5) years thereafter during provided that the Initial Term and during any Extended Term by a percentage equal to installment of Base Rent for the greater first full calendar month of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafterTerm, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such the first monthly installment of Additional Rent will be due each month on the 1st day of the month for Expenses and Taxes, shall be payable upon the execution of this Lease by the 15th day of that month, provided however, that: (a) the first payment Tenant. All other items of Rent shall be due and payable by Tenant on or before 30 days after billing by Landlord. Rent shall be made payable to the Ground Lease Commencement Date andentity, if and sent to the Ground Lease Commencement Date is address, 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. If Tenant does not pay any Rent when due hereunder, Tenant shall pay Landlord an administration fee in the amount of $250.00, provided that Tenant shall be entitled to a date other grace period of up to 5 Business Days for the first 2 late payments of Rent in a calendar year. In addition, past due Rent shall accrue interest at 10% per annum, and Tenant shall pay Landlord a reasonable fee for any checks returned by Tenant’s bank for any reason. Landlord’s acceptance of less than the first of the month, the first payment correct amount of Rent shall be in considered a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day payment on account of the month; oldest obligation due from Tenant hereunder, then to any current Rent then due hereunder, notwithstanding any statement to the contrary contained on or accompanying any such payment from Tenant. Rent for any partial month during the Term shall be prorated. No endorsement or statement on a check or letter accompanying payment shall be considered an accord and (b) the first payment satisfaction. Except as specifically set forth in this Lease, Tenant’s covenant to pay Rent is independent of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyevery other covenant in this Lease.
Appears in 2 contracts
Sources: Office Lease Agreement (Akebia Therapeutics, Inc.), Office Lease Agreement (Akebia Therapeutics, Inc.)
Rent. Commencing upon the Ground Lease Commencement DateMinimum rent shall be Thirty Seven Thousand Two Hundred Sixteen Dollars and Sixty-Seven Cents (37,216.67) per month (“Minimum Rent”). Tenant shall pay to Landlord without previous demand thereof and without any abatement, reduction, setoff or deduction whatsoever, the initial rent for Minimum Rent (together with any applicable sales tax and local taxes if the Site (“Rent”) shall be [***] per annumsame are ever required by law), payable in equal monthly installments, in advance, on the first day of each and every calendar month throughout the Term of this Lease. The Minimum Rent shall commence to accrue on the Commencement Date. The first such monthly installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Minimum Rent shall be due and payable to Landlord no later than the Commencement Date and each subsequent monthly installment shall be due and payable to Landlord on the Ground Lease first day of each and every calendar month following the Commencement Date and, if during the Ground Lease Term hereof. If the Commencement Date is a date other than the first day of the month, the first payment of Minimum Rent shall be in a prorated amount and other charges for the period of time between commencing with and including the Ground Lease Commencement Date and through the next following first day of the month; following month shall be prorated at the rate of one-thirtieth (1/30) of the monthly Minimum Rent per day. In addition, Tenant shall pay as Additional Rent monthly payments of applicable taxes, assessments and insurance on the Premises. This amount will be 1/12 of the ▇▇▇▇ for annual real estate and assessment taxes and 1/12 of the annual ▇▇▇▇ on insurance. Estimated figures for taxes and insurance monthly rate will be produced within ten (b10) days after the signing of this Lease. Each year Landlord will produce any insurance, real estate tax and assessment bills to the Tenant to show how the estimated taxes and insurance were computed as Additional Rent. In the event of any overage or underage due to the actual amounts owed and the payments made based on the estimated amounts during any Lease year, Landlord shall reimburse to Tenant the amount of any overage paid by Tenant or Tenant shall pay to Landlord the amount of any underage due from Tenant in either case within thirty (30) days of the delivery of the bills to Tenant as herein provided.
2.1.1 There will be an increase in the Minimum Rent starting on the first payment anniversary of the lease if the Consumer Price Index increases over the immediately preceding year. Minimum Rent due upon specified in this lease shall be subject to increase in accordance with changes in the commencement Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) as promulgated by the Bureau of any new Adjustment Period Labor Statistics of the United States Department of Labor, using the year of the Commencement Date as a base of 100. On each anniversary date there will be owed and paid one month after a rent adjustment based on the commencement percentage increase in the Consumer Price Index from the immediately preceding year. If the Consumer Price Index goes down the rent will not change for that year. Consumer Price Index increases will apply on the anniversary date of each year of the Commencement Date. The percentage increase in the Consumer Price Index will increase the minimum rent for that Adjustment Period and year.
2.1.2 In the event that the Consumer Price Index ceases to incorporate significant number of items, or if a substantial change is made in the method of establishing such Consumer Price Index shall reflect be adjusted to the Estimated CPI Percentage Increasefigure that would have resulted had no change occurred in the manner of computing such Consumer Price Index, if anyor a successor or substitute index, is not available, a reliable governmental or other nonpartisan publication, evaluating the information for use in determining the Consumer Price Index, shall be used in lieu of such Consumer Price Index.
Appears in 2 contracts
Sources: Lease (Radiation Therapy Services Holdings, Inc.), Lease (Radiation Therapy Services Inc)
Rent. Commencing upon Tenant shall pay Rent to Landlord (or to such Person as Landlord may direct (in writing)) during the Ground Lease Commencement DateTerm, in lawful money of the initial rent United States of America which shall be legal tender for the Site (“Rent”) payment of public and private debts, without offset, abatement, demand or deduction, except as hereinafter expressly provided. All payments of Rent to Landlord shall be [***] per annum, payable made by wire transfer of immediately available federal funds or by other means acceptable to Landlord in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term its sole discretion. Base Rent and during Additional Debt Service Costs for any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter partial month shall be defined herein as an “Adjustment Period.” Any upward adjustment prorated on a per diem basis based on a CPI Percentage Increase 360 day year and twelve (as defined below12) thirty (30) day 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 Ground Lease shall hereinafter Paragraph may be referred to as a “CPI Adjustment.” Such off-set against Base Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that Tenant during such calendar month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if any.
Appears in 2 contracts
Sources: Property Lease Agreement (Provident Senior Living Trust), Property Lease Agreement (Brookdale Senior Living Inc.)
Rent. Commencing upon Tenant shall pay to Landlord as the Ground Lease Commencement Date, the initial base rent for the Site Premises (the “Base Rent”) the amount set forth in Section 1, subject to adjustment as hereinafter provided. Nothing contained herein shall be [***] per annumconstrued at any time so as to reduce the Base Rent payable hereunder below the amount set forth above. Base Rent shall be adjusted in accordance with the following provisions (any such adjustment is “Additional Rent”). Prior to January 1 of each year in the Term or as soon thereafter as reasonably possible, payable Landlord shall provide Tenant with Landlord’s good faith estimate (which Landlord may re-estimate at any time) of Operating Expenses and Taxes for the next calendar year in equal installments of [***] per monththe Term (each, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined belowan “Operating Period”), but in no event to exceed an adjustment during any Adjustment Period and commencing on January 1 of each Operating Period, one-twelfth (as defined below1/12) of greater than [***]. The period Tenant’s Pro-rata Share of time from the Ground Lease Commencement Date through the date five years thereafter, estimated Operating Expenses and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent Taxes will be due each month from Tenant as Tenant’s Additional Rent during such Operating Period. If Landlord’s statement is furnished after the start of an Operating Period, then Tenant shall continue to pay the monthly amount of its Additional Rent due for the prior Operating Period and on the 1st day next monthly Additional Rent payment date after Tenant receives Landlord’s statement, Tenant shall also pay any excess amounts allocable to the prior months in that Operating Period. As of the month and shall be payable by Effective Date of this Lease, Landlord’s estimate is that the 15th day of amount that month, provided however, that: (a) the first payment of Rent shall will be due on as Additional Rent hereunder for the Ground Lease year in which the Commencement Date and, if the Ground Lease Commencement Date is a date other than the first occurs will be $18.80 per RSF of the monthRentable Area of Premises per year. Until further written notice is forwarded from Landlord to Tenant in accordance with the provisions of this Lease, Tenant shall remit 1/12th of this amount to Landlord monthly as Additional Rent, to be paid at the first payment same time and in the same manner as Tenant’s monthly payments of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyBase Rent.
Appears in 2 contracts
Sources: Lease Agreement (Upland Software, Inc.), Lease Agreement (Upland Software, Inc.)
Rent. Commencing upon the Ground Lease Commencement Date, the initial rent for the Site (“Rent”) shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each Each five (5) year period thereafter following the Ground Lease Commencement Date shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if any.
Appears in 2 contracts
Sources: Ground Lease Agreement (Venture Global, Inc.), Ground Lease Agreement (Venture Global, Inc.)
Rent. Commencing upon the Ground Lease Commencement Date, the initial rent for the Site (“Rent”) Tenant shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal timely pay to the greater of [***] or the CPI Percentage Increase Landlord Rent (as defined belowin the Basic Lease Information), but including Base Rent and the amounts set forth in no event Exhibit B 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 accompanied by all applicable state and local rental, transaction privilege, sales or use taxes. The obligations of Tenant to exceed an adjustment during any Adjustment Period pay Base Rent (as defined belowin the Basic Lease Information) and other sums to Landlord and the obligations of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment Landlord under this Ground Lease shall hereinafter be referred to are independent obligations. Base Rent, adjusted as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and herein provided, shall be payable by monthly in advance. The monthly installment of Base Rent payable under this Lease for the 15th sixth (6th) full calendar month of the Term shall be payable contemporaneously with the execution of this Lease; thereafter, Base Rent shall be payable on or before the first (1st) day of that montheach month during the Term. The monthly Base Rent payable for the remainder of any calendar month in which the Rent Abatement expires shall equal the product of 1/365 (or in the event of a leap year, provided however1/366) of the annual Base Rent in effect during such month and the number of days remaining in such month after the expiration of the Rent Abatement, that: (a) the first payment of Rent and shall be due on the Ground Lease Commencement Date and, if date that the Ground Lease Commencement Date is a date other than Rent Abatement expires. Payments of Base Rent for any fractional calendar month at the first end of the month, the first payment of Rent Term shall be similarly prorated. Tenant shall pay Operating Costs, Taxes and Insurance (each as defined in a prorated amount for Exhibit B) at the period of same time between and in the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anysame manner as Base Rent.
Appears in 2 contracts
Sources: Office Lease Agreement (Dermavant Sciences LTD), Office Lease Agreement (Dermavant Sciences LTD)
Rent. Commencing upon (a) Tenant shall pay to Landlord as rental the Ground amount specified in the Basic Lease Commencement Date, Information as the initial rent Base Rent. Base Rent for the Site (“Rent”) first month shall be [***] per annum, payable upon Tena▇▇'▇ ▇xecution of this Lease and in equal installments advance on or before the first day of [***] per month, adjusted upward every five (5) years the first full calendar month following commencement of the term and of each successive calendar month thereafter during the Initial Term and during any Extended Term by a percentage equal to term. If the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based term commences on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first day of the month, the first a calendar month any excess payment of Base Rent shall be in a prorated amount for credited against the period last payment of time between the Ground Lease Commencement Date and the next following first day of the month; and Base Rent otherwise due.
(b) Tenant shall pay, as additional rent, all amounts of money required to be paid to Landlord by Tenant hereunder in addition to monthly rent, whether or not the first same be designated "additional rent."
(c) Tenant hereby acknowledges that late payment by Tenant to Landlord of Rent rent and other amounts due upon hereunder will cause Landlord to incur costs not contemplated by this Lease, the commencement exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges, and late charges which may be imposed on Landlord by the terms of any new Adjustment Period loan secured by the Building. Accordingly, if any installment of rent or any other sums due from Tenant shall not be received by Landlord on, or prior to, the date due, Tenant shall pay to Landlord a late charge equal to five percent (5%) of such overdue amount; provided, however, that no such late charge shall be payable if one time during any 12-month period Tenant does not pay any such sum when due but then pays such amount with in three business days following Land▇▇▇▇'▇ ▇otice. 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 Tena▇▇. ▇▇ceptance 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 under this Lease.
(d) Any amount payable by Tenant to Landlord, if not paid when due, shall bear interest from the date due until paid at the rate of 10% per annum or, if a higher rate is legally permissible, at the highest rate legally permitted, provided that interest shall not be owed and payable on late charges incurred by Tenant nor on any amounts upon which late charges are paid one month after by Tenant to the commencement extent such interest would cause the total interest to be in excess of that Adjustment Period and legally permitted. Payment of interest shall reflect not excuse or cure any default by Tenant under this Lease.
(e) All payments due from Tenant to Landlord hereunder shall be made to Landlord without deduction or offset in lawful money of the Estimated CPI Percentage IncreaseUnited States of America at the address for payment set forth in the Basic Lease Information, if anyor to such other person or at such other place as Landlord may from time to time designate by notice to Tenant.
Appears in 2 contracts
Sources: Net Office Tech Lease (Silicon Energy Corp), Net Office Tech Lease (Silicon Energy Corp)
Rent. (a) Tenant, in consideration of the leasing of the Premises to Tenant by Landlord, hereby covenants and agrees to pay to Landlord the following base rent (hereinafter called the “Base Rent”) as, when and in the manner herein provided and subject to the terms, provisions and conditions herein set forth: Commencing upon on the Ground Lease execution of this Lease, and during the Term of the Lease, including the Renewal Terms (if Tenant shall elect to extend the Initial Term), Tenant shall pay Base Rent as follows: Annual Base Rent from the Rent Commencement Date and for the first five years of the Initial Term shall be an amount equal to 8 1/2 % of appraised fair market value of the Land determined by taking the average of the values established by an MAI appraiser selected by Landlord, an MAI appraiser selected by Tenant, and an MAI appraiser selected by the other two MAI appraisers, each appraiser licensed in the State of Alabama and with local knowledge, such Base Rent to be paid in quarterly installments annually with one quarter of the annual payment due each quarter. Beginning with the sixth year from the Rent Commencement Date, the initial rent for the Site (“Rent”) shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward and every five (5) years thereafter during until termination of this Lease, the Initial Term and during any Extended Term by a percentage annual Base Rent will be adjusted to an amount equal to the greater product of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of annual Base Rent shall be due on paid during the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the immediately preceding five-year period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment Consumer Price Index (CPI) for the last month of the immediately preceding five-year period divided by the CPI for July 2006. However, the amount by which the annual Base Rent due upon the commencement of any new Adjustment Period will be owed adjusted at the beginning of every sixth year will be limited to the annual Base Rent for the immediately preceding five-year period multiplied by a minimum of 5.0% and a maximum of 7.5%. The CPI will be calculated using information from the U.S. city average CPI for all items, base period 1982-1984 = 100, series id CUUR0000SA0 (or equivalent series if the series id changes). Rent to be paid in quarterly installments with one quarter of the total annual payment due each quarter. For example, assume the annual Base Rent at the end of the fifth year was $82,000 per year, the CPI for July 2006 was 200, and the CPI for the last month after of the commencement fifth year was 212. The annual Base Rent for the next five years would be $86,920 ($82,000 multiplied by 212 divided by 200). If the CPI for the last month of the fifth year was 216, then the maximum increase of 7.5% would apply, such that Adjustment Period the annual Base Rent for the next five years would be $88,150 ($82,000 multiplied by 107.5%). Base Rent for the first five years of the First Renewal Term (if such option is exercised by Tenant) shall be an amount equal to 8 1/2% of appraised fair market value of the Land determined by taking the average of the values established by an MAI appraiser selected by Landlord, an MAI appraiser selected by Tenant, and an MAI appraiser selected by the other two MAI appraisers, each appraiser licensed in the State of Alabama and with local knowledge. Beginning with the sixth year of such Renewal Term, and every five years thereafter until termination of this Lease, the annual Base Rent will be adjusted to an amount equal to the product of (a) the annual Base Rent paid during the immediately preceding five-year period and (b) the CPI for the last month of the immediately preceding five-year period divided by the CPI for the last month of the Initial Term of this Lease. However, the amount by which the annual Base Rent will be adjusted at the beginning of every sixth year will be limited to the annual Base Rent for the immediately preceding five-year period multiplied by a minimum of 5.0% and a maximum of 7.5%. The CPI will be calculated using information from the U.S. city average CPI for all items, base period 1982-1984 = 100, series id CUUR0000SA0 (or equivalent series if the series id changes). Rent to be paid in quarterly installments with one quarter of the total annual payment due each quarter.
(b) All Base Rent shall reflect be payable in equal quarterly installments in advance on the Estimated CPI Percentage Increasefirst day of each quarter, if anywith the date of execution of this lease serving as day 1 of quarter 1 and each subsequent quarter beginning exactly three (3) months from the prior date.
(c) All payments of Base Rent or any other sums due hereunder shall be made to Landlord at the same address provided herein for notices to Landlord or to such other address as Landlord may direct by written notice to Tenant.
Appears in 2 contracts
Sources: Ground Lease (Campus Crest Communities, Inc.), Ground Lease (Campus Crest Communities, Inc.)
Rent. Commencing On the date that Tenant executes this Lease, Tenant shall deliver to Landlord the original executed Lease, the Advance Rent (which shall be applied against the Rent payable for the first month(s) Tenant is required to pay Rent), the Security Deposit, and all insurance certificates evidencing the insurance required to be obtained by Tenant under Section 12 and Exhibit B of this Lease. Tenant agrees to pay Landlord the Base Rent, without prior notice or demand, abatement, offset, deduction or claim, in advance at Landlord's Address on the Commencement Date and thereafter on the first (1st) day of each month throughout the balance of the Term of the Lease beginning the second (2nd) month of the Term of the Lease (provided, however, that Landlord has actually received the Advance Rent as provided herein). In addition to the Base Rent, Tenant shall pay Landlord in advance on the Commencement Date and thereafter on the first (1st) day of each month throughout the balance of the Term of this Lease, as Additional Rent, Tenant's Share of Operating Expenses, Tax Expenses, Common Area Utility Costs, and Utility Expenses. The term "Rent" whenever used herein refers to the aggregate of all these amounts. If Landlord permits Tenant to occupy the Premises without requiring Tenant to pay rental payments for a period of time, the waiver of the requirement to pay rental payments shall only apply to the waiver of the Base Rent. The Rent for any fractional part of a calendar month at the commencement or expiration or termination of the Lease Term shall be a prorated amount of the Rent for a full calendar month based upon a thirty (30) day month. To the Ground Lease extent not already paid as part of the Advance Rent any prorated Rent shall be paid on the Commencement Date, the initial rent and any prorated Rent for the Site (“Rent”) final calendar month hereof shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month paid on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) calendar month in which the first payment date of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyexpiration or termination occurs.
Appears in 2 contracts
Sources: Lease Agreement (Abaxis Inc), Lease Agreement (Abaxis Inc)
Rent. (a) Commencing upon on the Ground Lease Sublease Commencement Date, and during the initial remainder of the Sublease Term, Subtenant shall pay monthly base rent for the Site (“Base Rent”) shall be [***] to Sublandlord in the amounts set out hereinbelow: Years 1-3: $ per annum, month Year 4: $ per month Year 5: $ per month Base Rent is payable in equal installments advance on or before the first day of [***] per month, adjusted upward every five (5) years thereafter each month during the Initial Term Sublease Term. If Sublandlord is in default of the Prime Lease beyond the expiration of any applicable cure period as a result of Sublandlord’s failure to pay rent due to Prime Landlord under the Lease (and during provided such default is not the result of Subtenant’s failure to perform any Extended Term by a percentage equal to the greater of [***] its obligations under this Sublease or the CPI Percentage Increase (as defined belowPrime Lease), but in no event to exceed an adjustment during any Adjustment Period (Subtenant shall have the right, until such time as defined below) of greater than [***]. The period of time from Sublandlord’s default under the Ground Prime Lease Commencement Date through the date five years thereafteris cured, and each five (5) year period thereafter shall be defined herein so long as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment Subtenant is not in default of its own obligations under this Ground Lease shall hereinafter be referred Sublease beyond the expiration of any applicable cure period, to as a pay Base Rent due to Sublandlord hereunder directly to Prime Landlord (with such payment to Prime Landlord constituting payment to Sublandlord hereunder).
(b) As used in this Sublease, the term “CPI Adjustment.Additional Rent” Such means all charges, fees or other sums of money of any kind other than Base Rent will be due each month on which Subtenant is or becomes obligated to pay to Sublandlord under the 1st day terms of this Sublease or in connection with the month and shall be payable by the 15th day of that monthSubleased Premises. Unless otherwise expressly provided herein, provided however, that: (a) the first payment of Additional Rent shall be due on and payable within thirty (30) days from the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first Sublandlord notifies Subtenant in writing of the monthamount of such Additional Rent. As used in this Sublease, the first payment of term “Rent” includes Base Rent and Additional Rent, and all Rent shall be paid to Sublandlord, without notice, demand or setoff, at its address for Notice in a prorated amount for the period Section 17 of this Sublease, or such other address designated by Sublandlord from time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyto time.
Appears in 1 contract
Sources: Sublease Agreement
Rent. Commencing upon Tenant shall pay rent consisting of (i) Base Rent, and (ii) all other sums that become payable by Tenant under this Lease, whether to Landlord directly, or to a third party for the Ground Lease Commencement Datebenefit of Landlord and the Premises (“Additional Rent”). Base Rent and Additional Rent are referred to herein as “Rent.” All Rent shall be paid in advance on the first day of each month unless otherwise provided herein. Tenant shall pay to Landlord, with all Rent, the initial rent portion of any rent, transaction, privilege, business activity, or other tax now or hereafter imposed on any Rent that will be paid by Landlord attributable to such Rent. If any such tax is payable only above a certain level of total Project rents, then the amount payable by Tenant will be estimated by Landlord based on the ratio of Rents paid by Tenant divided by total anticipated rental from the Project for that year; Landlord shall reconcile the Site (“Rent”) estimated payments with the actual amount of total rental from the Project and the total of such tax paid by Landlord, and any adjustment payment or credit will be made, on the same basis as applies to Operating Expense reconciliations pursuant to Section 4 below. All Rent shall be [***] per annumpaid in lawful money of the United States to Landlord, payable at such place as Landlord shall designate by written notice to Tenant from time to time. Tenant shall pay all Rent promptly when due without notice or demand therefor and without any abatement, deduction or off set, for any reason whatsoever, except as may be expressly provided in equal installments this Lease. If the Tenant’s obligation to pay Base Rent does not commence on the first day of [***] per a calendar month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month does not expire on the 1st last day of the month and calendar month, the Base Rent payable by Tenant on the first fractional month, or the last fractional month, as the case may be, shall be payable by the 15th day of that prorated for said month, provided however, that: (a) . Base Rent for the first payment full calendar month of the Term for which Base Rent is payable shall be paid upon execution of this Lease, and Base Rent for any partial month at the beginning of the Term shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first Date. Tenant acknowledges that Tenant’s late payment of Rent due upon Landlord will cause Landlord to incur costs not contemplated by this Lease, the commencement exact amount of such cost being extremely difficult and impractical to ascertain. Therefore, if Landlord does not receive any Rent due from Tenant within five (5) days of when due more than once in any twelve (12) month period of the Term of this Lease, Tenant shall pay to Landlord an additional sum equal to five percent (5%) of the overdue amount, which late charge shall be due and payable on demand. The payment of late charges and the payment of interest are distinct and separate from one another in that the payment of interest is to compensate Landlord for the use of Landlord’s money by Tenant, while the payment of late charges is to compensate Landlord for the additional administrative expenses incurred by Landlord in handling and processing delinquent payments. By their execution of this Lease, Landlord and Tenant confirm that such late charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of any new Adjustment Period will such late payment, that the late charge is in addition to any and all remedies available to Landlord and that the assessment and/or collection of the late charge shall not be owed deemed a waiver by Landlord of such failure or of any other default under this Lease. Additionally, all such delinquent Rent, shall bear interest at the rate of five percent (5%) plus the Prime Rate (as hereinafter defined) per annum from the date due until paid; provided however, that the foregoing interest shall not apply to the first such late payment in any twelve (12) month period of the Term of this Lease until following written notice to Tenant and paid one month after the commencement expiration of that Adjustment Period and shall reflect the Estimated CPI Percentage Increasefive (5) days thereafter without cure, or, if anylower, the maximum interest rate permitted by law (as applicable, the “Default Rate”), from the date due until paid. For purposes hereof, the “Prime Rate” shall be the per annum interest rate publicly announced by Bank of America as its prime or base rate (or, if Bank of America ceases to exist or to announce a prime or base rate, the prime or base rate of another national banking association). If any payment of Rent is returned for insufficient funds, Landlord may require Tenant to pay all future payments by cashier’s check.
Appears in 1 contract
Rent. Commencing (a) Except as provided for in the “Rent Abatement” section, Tenant shall pay to Landlord Adjusted Rental, which is the sum of the monthly Basic Rental, the monthly Excess Operating Expenses and the monthly Excess Taxes (as defined in the Basic Lease Information), as estimated by Landlord from time to time, in monthly installments in advance on the first day of each month in lawful money of the United States to Landlord at its address set forth above (or such other address as Landlord shall designate in writing to Tenant) without notice or demand and without any abatement, deduction or set-off, for each month of the entire Term. One such monthly installment, shall be payable by Tenant to Landlord upon the Ground execution of this Lease. A like monthly installment shall be due and payable without demand beginning on the first day of the calendar month immediately following the month in which the Commencement Date occurs and continuing thereafter on or before the first day of each succeeding calendar month during the Lease Term. Rent for any fractional month at the beginning of the Lease Term shall be prorated based on one-three hundred sixty-fifth (1/365) of the current annual Adjusted Rental for each day of the partial month this Lease is in effect, and shall be due and payable on or before the first day of the calendar month immediately following the month in which the Commencement Date occurs.
(b) During the Term of this Lease, the Basic Rental shall be increased at the beginning of each lease year by $.50 per rental square foot. The dates described in this Section for computing the adjustment in Basic Rental are hereinafter sometimes referred to collectively as “Rental Adjustment Dates” and singularly as a “Rental Adjustment Date”. After each Rental Adjustment Date, the initial rent as increased shall be deemed the Basic Rental for all purposes of this Lease.
(c) If all of any sum due under this Lease is not received by its due date, then Tenant, to the Site extent permitted by law, shall pay, in addition to the sum owed, a late payment charge equal to five percent (5%) of the sum (or portion thereof) which is overdue. If a check remitted to pay any sum due to Landlord hereunder shall not be honored upon presentment for payment, then Tenant in addition to the amount owed, shall pay to Landlord on demand a fee of five percent (5%) of the amount owed. Following the dishonor of any check presented for payment, Landlord may require all further payments to be made hereunder to be made by certified check or money order. Also, if Landlord does not receive any Adjusted Rental within thirty (30) days after the due date thereof, or fails to pay any sum (other than Adjusted Rental) which at any time becomes due to Landlord under any provision of this Lease as and when the same becomes due hereunder, then, in either such event, Tenant shall pay Landlord interest on such overdue amounts from the due date thereof until paid at an annual rate (the “Past Due Rate”) which equals the lesser of (i) eighteen percent (18%) or (ii) the highest rate then permitted by law. The “Past Due Rate” will be applied after thirty (30) days on the unpaid sum but not the five percent (5%) late penalty fee. All late payment charges and fees for dishonored checks are to reimburse Landlord for additional costs and expenses which Landlord presently expects to incur in connection with the handling and processing of late or dishonored payments. Provision for such late charge, interest or fee for dishonor shall be in addition to all other rights and remedies available to Landlord hereunder or at law or in equity and shall not be construed as liquidated damages or limiting Landlord’s remedies in any manner.
(d) Tenant’s covenants and obligations to pay Adjusted Rental and all additional rental (collectively, the “Rent”) shall be [***] per annumhereunder are unconditional and independent of any other covenant or condition imposed on either Landlord or Tenant, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment whether under this Ground Lease shall hereinafter be referred to as a “CPI AdjustmentLease, at law or in equity.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if any.
Appears in 1 contract
Rent. Commencing (a) Tenant shall pay to Landlord Adjusted Rental, which is the sum of the monthly Basic Rental, the monthly Excess Operating Expenses and the monthly Excess Taxes (as defined in the Basic Lease Information), as estimated by Landlord from time to time, in monthly installments in advance on the fifth day of each month in lawful money of the United States to Landlord at its address set forth above (or such other address as Landlord shall designate in writing to Tenant) without notice or demand and without any abatement, deduction or set-off, for each month of the entire Term. One such monthly installment, shall be payable by Tenant to Landlord upon the Ground execution of this Lease. A like monthly installment shall be due and payable without demand beginning on the first day of the calendar month immediately following the month in which the Commencement Date occurs and continuing thereafter on or before the first day of each succeeding calendar month during the Lease Term. Rent for any fractional month at the beginning of the Lease Term shall be prorated based on one-three hundred sixty-fifth (1/365) of the current annual Adjusted Rental for each day of the partial month this Lease is in effect, and shall be due and payable on or before the first day of the calendar month immediately following the month in which the Commencement Date occurs.
(b) During the Term of this Lease, the Basic Rental shall be increased at the beginning of each lease year as outlined above in the Basic Lease Terms. The dates described in this Section for computing the adjustment in Basic Rental are hereinafter sometimes referred to collectively as “Rental Adjustment Dates” and singularly as a “Rental Adjustment Date”. After each Rental Adjustment Date, the initial rent as increased shall be deemed the Basic Rental for all purposes of this Lease.
(c) If all of any sum due under this Lease is not received by its due date, then Tenant, to the Site extent permitted by law, shall pay, in addition to the sum owed, a late payment charge equal to five percent (5%) of the sum (or portion thereof) which is overdue. If a check remitted to pay any sum due to Landlord hereunder shall not be honored upon presentment for payment, then Tenant in addition to the amount owed, shall pay to Landlord on demand a fee of five percent (5%) of the amount owed. Following the dishonor of any check presented for payment, Landlord may require all further payments to be made hereunder to be made by certified check or money order. Also, if Landlord does not receive any Adjusted Rental within thirty (30) days after the due date thereof, or fails to pay any sum (other than Adjusted Rental) which at any time becomes due to Landlord under any provision of this Lease as and when the same becomes due hereunder, then, in either such event, Tenant shall pay Landlord interest on such overdue amounts from the due date thereof until paid at an annual rate (the “Past Due Rate”) which equals the lesser of (i) eighteen percent ( 18%) or (ii) the highest rate then permitted by law. All late payment charges and fees for dishonored checks are to reimburse Landlord for additional costs and expenses which Landlord presently expects to incur in connection with the handling and processing of late or dishonored payments. Provision for such late charge, interest or fee for dishonor shall be in addition to all other rights and remedies available to Landlord hereunder or at law or in equity and shall not be construed as liquidated damages or limiting Landlord's remedies in any manner.
(d) Tenant's covenants and obligations to pay Adjusted Rental and all additional rental (collectively, the “Rent”) shall be [***] per annumhereunder are unconditional and independent of any other covenant or condition imposed on either Landlord or Tenant, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment whether under this Ground Lease shall hereinafter be referred to as a “CPI AdjustmentLease, at law or in equity.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if any.
Appears in 1 contract
Rent. Commencing upon Throughout the Ground Lease Commencement Dateterm of this Lease, Tenant shall pay rent to Landlord in accordance with the initial following provisions:
(a) Tenant shall pay annual base rent for (the Site (“Base Rent”) in monthly installments in advance on or before the first day of each calendar month commencing the earlier of September 15, 2007 or the date of “Substantial Completion”, as defined in Exhibit B attached hereto (the “Rent Commencement Date”). If rent payments begin on a day other than the first day of a calendar month or the Term ends on a day other than the last day of a calendar month, then the monthly rent due hereunder for such calendar month will be appropriately prorated based on the actual number of calendar days in such calendar month and the rent for such month will be paid on or before the first day of the following calendar month. The monthly installments payable during the initial term of this Lease are set forth in Exhibit C hereto.
(b) Additional Rent (herein so called) shall be [***] per annumcalculated as provided in Exhibit D hereto, payable subject to Section 29 hereof. For each calendar year after the year in which the Commencement Date occurs, Landlord shall furnish Tenant a written estimate of Additional Rent for the applicable calendar year. Estimates of Additional Rent shall be made by Landlord on a reasonable basis determined by Landlord. For the calendar year 2007, Landlord estimates that the Additional Rent will be $4.00 a square foot for the base leased premises of 6,477 sq. ft. and $0.00 a square foot for balcony space of 815 sq. ft. Throughout the Term of this Lease, Tenant shall pay estimated Additional Rent in advance on or before the first day of each month in monthly installments equal to one-twelfth (1/12) of the estimated Additional Rent for the applicable calendar year. Pending receipt of Landlord’s written estimate of Additional Rent for any calendar year, monthly installments of [***] per monthestimated Additional Rent shall continue to be paid in the same amount as in the prior calendar year. By April 30 of each calendar year, adjusted upward every five Landlord shall deliver to Tenant a written statement reflecting any difference between estimated Additional Rent paid and actual Additional Rent accrued for the prior calendar year (5or, in the case of any partial calendar year in which the Term begins or ends, a prorated portion of such Additional Rent based upon actual days elapsed during that portion of the Term occurring in that calendar year). Tenant shall pay Landlord the total amount of any balance of Additional Rent due shown on such annual statement within thirty (30) years thereafter days after receipt of the statement; provided, however, the total amount of actual Additional Rent due and payable by Tenant for each calendar year shall not exceed 104% of the total actual Additional Rent due and payable for the then previous calendar year (or, if either such calendar year or the then prior calendar year is a partial calendar year, the average daily actual Additional Rent due and payable for such calendar year shall not exceed 104% of the average daily actual Additional Rent due and payable for such previous calendar year). Landlord shall refund any overpayment of Additional Rent by Tenant shown on such annual statement within thirty (30) days after delivery of the statement. Tenant may examine the accounting records supporting the amount of Additional Rent reflected on such annual statement within a sixty (60) day period after receipt of the statement, such examination to occur after reasonable advance written notice to Landlord during normal business hours at the Initial Term place where Landlord’s accounting records are normally kept.
(c) The installments of Base Rent and during Additional Rent for any Extended Term initial partial calendar month shall be prorated based on actual days elapsed and shall be paid in advance on the Commencement Date.
(d) Except as expressly provided to the contrary in this Lease, Installments of Base Rent and Additional Rent shall be payable without notice, demand, reduction, setoff, or other defense. Installments of Base Rent and Additional Rent and payment of other sums owing to Landlord pursuant to this Lease shall be made to Landlord at the address specified on the signature page, or at whatever other account or address that Landlord may designate from time to time by written notice to Tenant.
(e) If any installment of Base Rent or Additional Rent, or any other sum due and payable pursuant to this Lease, remains unpaid for more than fifteen (15) days after the date due, Tenant shall pay Landlord a percentage late payment charge equal to the greater of [***] or the CPI Percentage Increase (as defined belowi) Fifty and no/100 Dollars ($50.00), but in no event to exceed an adjustment during any Adjustment Period or (as defined belowii) five percent (5%) of greater than [***]the unpaid installment or other payment. The period of time from the Ground Lease Commencement Date through the date five years thereafterlate payment charge is intended to compensate Landlord for administrative expenses associated with responding to late payment, and each five shall not be considered liquidated damages or interest.
(5f) year period thereafter If any check tendered by or on behalf of Tenant in Payment of any sum due under this Lease is dishonored and returned to Landlord for any reason whatsoever, Tenant shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase charged the sum of Forty Dollars (as defined below$40.00) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due for each month on the 1st day of the month and such check, which amount shall be payable by as Rent, to defray the 15th day expense of that monthhandling, provided however, that: (a) the first payment of Rent processing and bookkeeping. Any such check shall be due on promptly replaced by Tenant with a check that is the Ground Lease Commencement Date anddirect obligation of a bank or savings and loan institution (certified check, if the Ground Lease Commencement Date is a date or other than the first check representing immediately available funds). The amount of the month, the first payment of Rent such replacement check shall be in a prorated the aggregate amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; payment tendered, plus the Forty Dollars ($40.00) check charge, and any applicable sales and other tax. If not paid by Tenant within ten (b10) days after notification to tenant of the first payment dishonored check, said Forty Dollars ($40.00) charge shall also be subject to said late charges. In the event two (2) or more checks tendered by or on behalf of Rent due upon Tenant are dishonored and returned to Landlord for any reason whatsoever during any twelve (12) month period, all future payments by Tenant to Landlord shall me made with checks that are the commencement direct obligation of a bank or savings and loan institution (certified check or other check representing immediately available funds).
(g) Landlord shall not be bound by any new Adjustment Period will be owed and notation on any check or letter, such as “paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyin Full”.
Appears in 1 contract
Sources: Office Lease Agreement (Franklin Financial Network Inc.)
Rent. Commencing upon the Ground Lease Commencement Date, the initial rent for the Site (“Rent”) shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) Tenant shall pay to Landlord throughout the term of this Lease Rent as specified in the Basic Lease Information, payable monthly in advance on or before the first payment day of each month during the term hereby demised in lawful money of the United States, without demand, deduction or offset whatsoever, to Landlord at the address specified in the Basic Lease Information or to such other firm or to such other place as Landlord may from time to time designate in writing. Net Rent shall be due is subject to adjustment as provided in the Basic Lease Information hereof, and Expense Stop Rent is subject to adjustment as provided in Paragraph 27 hereof. If this Lease commences on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date day other than the first day of a calendar month or ends on a day other than the last day of a calendar month, the first payment of monthly Rent for the fractional month shall be in a prorated amount for the period of time between the Ground Lease Commencement Date appropriately prorated. The term “Rent”, as used herein, means all Net Rent, Expense Stop Rent, Additional Rent and the next following first day of the month; and all other amounts payable hereunder from Tenant to Landlord.
(b) Tenant agrees that if Rent or any other payment due hereunder from Tenant to Landlord remains unpaid ten (10) days after said amount is due, the amount of such unpaid Rent or other payment shall be increased by a late charge to be paid to Landlord by Tenant in an amount equal to five percent (5%) of the amount of the delinquent Rent or other payment. The amount of the late charge to be paid to Landlord by Tenant for any month shall be computed on the aggregate amount of delinquent Rents and other payments, including all accrued late charges, then outstanding. Tenant agrees that such amount is a reasonable estimate of the loss and expense to be suffered by Landlord as a result of such late payment by Tenant and may be charged by Landlord to defray such loss and expense. The provisions of this paragraph in 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 paragraph in any way affect Landlord’s remedies pursuant to Paragraph 19 of this Lease in the event said Rent or other payment is unpaid after the date due. Notwithstanding the foregoing to the contrary, Tenant shall not be subject to late charges and interest set forth in this Section 4(b) for the first payment of two (2) times in each twelve month period for which Tenant fails to pay Rent within ten (10) days after its due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anydate.
Appears in 1 contract
Rent. Commencing upon (a) Tenant shall pay Landlord during each Lease Year the Ground Base Rent, in equal monthly installments in the amount of one-twelfth of the Base Rent on the Commencement Date and on the first day of each succeeding calendar month during the Term of this Lease; provided that the rent payable on the Commencement Date ------------- shall be prorated for the remaining days left in the calendar month in which the Commencement Date occurs. All payments of Base Rent shall be paid in advance, without notice, set-off or deduction, in lawful money of the United States, at the address of Landlord set forth in Section 40 of this Lease, or at such other place as Landlord may from time to time designate in writing. The amount of the Base Rent for each Lease Commencement DateYear after the first Lease Year shall be increased to an amount determined by multiplying the amount of the Base Rent in effect for the preceding Lease Year by an adjustment factor which factor shall be calculated in the following manner. Such adjustment shall be calculated by first determining the All Items Consumer Price Index for All Urban Consumers, CPI-U, Denver (1967 equals 100), as determined by the United States Department of Labor, Bureau of Labor Statistics as of both the latest date preceding the date of commencement of the preceding lease year and as of the latest date possible in the lease year just preceding the commencement of the next following lease year. Upon receipt of the second of such index figures, the initial rent for percentage of the Site increase, if any, of the second of such figures over the first, shall be calculated therefrom (“such percentage increases are herein referred to as the "Index Percentage Change"). An annual rental increase (herein referred to as Escalation Rent”) shall then be [***] per annum, payable computed by multiplying the Index Percentage Change times the last preceding Base Rent Annual rate as adjusted and set forth in equal installments Section 4. Tenant shall pay one-twelfth (1/12) of [***] per month, adjusted upward every five (5) years thereafter the resulting Escalation Rent each month during the Initial Term and during any Extended Term by a percentage equal ensuing lease year at the same time Tenant pays the Base Rent. Such payments shall commence on the first day of the month following Tenant's receipt of notice setting forth such increase, which notice shall be sent within sixty (60) days of the beginning of each new Lease Year. The first monthly rental payment which includes new Escalation Rent shall also include the Escalation Rent, if any, for each month in the then current lease year which elapsed prior to the greater Tenant's receipt of [***] or the CPI Landlord's notice. If there is no increase in Index Percentage Increase (as defined below)Change, there shall be no adjustment, but in no event to exceed an adjustment shall the Base Rent and Escalation Rent payable be less than the Base Rent and Escalation Rent paid during any Adjustment Period (as defined below) of greater than [***]the preceding lease year. The period Base Rent due hereunder shall be apportioned for any fractional calendar months at the beginning and end of time from the Ground Term of this Lease Commencement Date through and any renewals and extensions thereof.
(b) If the date five years thereafterindex specified in Section 4(a) above is discontinued in its current form, or if the basis on which it was calculated should be revised, an appropriate conversion of the revised index to a common base will be made upon conversion factors published by the Bureau of Labor Statistics or upon conversion factors otherwise made available.
(c) In addition to the Base Rent and the Escalation Rent, Tenant shall pay Landlord in monthly installments simultaneously with payments of the Base Rent, one-twelfth (1/12th) the Base Operating Cost times the Premises Rentable Area and 100% of the Operating Cost adjustment determined as set forth in Section 6, and each five (5) year period thereafter such other charges as are required by the terms of this Lease to be made by Tenant. Any such adjustment or change shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) deemed to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month additional rent and shall be payable by in the 15th day of that month, manner provided however, that: (a) for the first payment of Base Rent and shall be due on recoverable as Base Rent, and Landlord shall have all rights against Tenant for default in payment thereof as in the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first case of the month, the first payment arrears of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyBase Rent.
Appears in 1 contract
Rent. Commencing upon On the Ground Lease Commencement Datedate that Tenant executes this Lease, Tenant shall deliver to Landlord the original executed Lease, the initial rent Advance Rent (which shall be applied against the Rent payable for the Site first month(s) Tenant is required to pay Rent), the Security Deposit, and all insurance certificates evidencing the insurance required to be obtained by Tenant under Section 12 and Exhibit B of this Lease. Tenant agrees to pay Landlord the Base Rent, without prior notice or demand, abatement, offset, deduction or claim, in advance at Landlord’s Address commencing June 1, 2003 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, 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. The term “Rent”) ” whenever used herein refers to the aggregate of all these amounts. If Landlord permits Tenant to occupy the Premises without requiring Tenant to pay rental payments for a period of time, the waiver of the requirement to pay rental payments shall only apply to the waiver of the Base Rent. The Rent for any fractional part of a calendar month at the commencement or expiration or termination of the Lease Term shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day prorated amount of the Rent for a full calendar month and shall be payable by based upon a thirty (30) day month. To the 15th day extent not already paid as part of that month, provided however, that: (a) the first payment of Advance Rent any prorated Rent shall be due paid on June 1, 2003, and any prorated Rent for the final calendar month hereof shall be paid on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) calendar month in which the first payment date of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyexpiration or termination occurs.
Appears in 1 contract
Sources: Lease Agreement (Alphasmart Inc)
Rent. Commencing A. During each calendar year, or portion thereof, falling within the Lease Term, Tenant shall pay to Landlord the Base Rental. The Base Rental shall be payable in equal monthly installments during the Lease Term, commencing as of the Commencement Date. In the event the Commencement Date shall occur on other than the first day of a calendar month, the Base Rental, and if applicable, the Additional Base Rental, shall be pro-rated for such month based upon a thirty (30) day month. Tenant covenants and agrees to also pay during the Ground Lease Term as Additional Base Rental hereunder Tenant's Pro-Rata Share of Additional Base Rental. Prior to the first anniversary of the Commencement Date, and prior to January 1 of each subsequent calendar year during the initial Lease Term, or as soon thereafter as practical, Landlord shall provide to Tenant the reasonably estimated amount of Tenant's Pro-Rata Share of Additional Base Rental (the "Estimate") for the applicable calendar year. On or before the first day of each month during such calendar year, Tenant shall pay to Landlord, as Additional Base Rental, a monthly installment equal to one-twelfth of the Estimate. Landlord shall have the right from time to time during any such calendar year to revise the reasonable Estimate to be paid by Tenant for such year to reflect a new reasonable Estimate, and provide Tenant with a revised statement therefor, and thereafter the amount Tenant shall pay each month shall be based upon such revised Estimate. If Landlord does not provide Tenant with an Estimate by January 1 of any calendar year, Tenant shall continue to pay a monthly installment based on the previous year's Estimate until such time as Landlord provides Tenant with an Estimate for the current year. Upon receipt of such current year's Estimate, an adjustment shall be made for any month during the current year with respect to which Tenant paid monthly installments of Additional Base Rental based on the previous year's Estimate. Tenant shall pay Landlord any underpayment within ten (10) days after demand. Any overpayment shall, at Landlord's option, be refunded to Tenant within ten (10) days from the date determined by Landlord or credited against the installment of Additional Base Rental due for the months immediately following the furnishing of such estimate; provided that in the event Tenant shall then be in default hereunder, Landlord shall be entitled to apply any such overpayment on account of other sums then due to Landlord. Any amounts paid by Tenant based on any Estimate shall be subject to adjustment pursuant to the immediately following paragraph when actual Expenses are determined for such calendar year. As soon as is practical following the end of each calendar year during the Lease Term, Landlord shall furnish to Tenant a statement of Landlord's actual Basic Costs and the actual amount of Tenant's Pro-Rata Share of Additional Base Rental for the previous calendar year. If the amount of the Estimate actually paid by Tenant for the prior year is in excess of the amount of Tenant's Pro-Rata Share of Additional Base Rental for such prior year, then Landlord shall apply such overpayment against Additional Base Rental due or to become due hereunder, provided if the Lease Term expires prior to the determination of such overpayment, Landlord shall refund such overpayment to Tenant after first deducting the amount of any Rent due hereunder. Likewise, Tenant shall pay to Landlord, within ten (10) days after demand, any underpayment with respect to the prior year, whether or not the Lease has terminated prior to receipt by Tenant of a statement for such underpayment, it being understood that this clause shall survive the expiration of the Lease. Tenant's Pro Rata Share of Additional Base Rental for any partial calendar year shall be determined by multiplying the amount of Tenant's Pro Rata Share of Additional Base Rental for the full calendar year by a fraction, the numerator of which is the number of days during such calendar year falling within the Lease Term and the denominator of which is 365.
B. Basic Costs shall mean all costs and expenses paid or incurred in each calendar year in connection with operating, maintaining, repairing, managing and owning the Building and the Property, [except to the extent expressly limited below in the case of the items described in subsections (6) and (9) below] including, but not limited to, the following:
1. All labor costs for all persons performing services required or utilized in connection with the operation, repair, replacement and maintenance of and control of access to the Building and the Property, including but not limited to amounts incurred for wages, salaries and other compensation for services, payroll, social security, unemployment and other similar taxes, workers' compensation insurance, uniforms, training, disability benefits, pensions, hospitalization, retirement plans, group insurance or any other similar or like expenses or benefits.
2. All management fees, the cost of equipping and maintaining a management office at the Building, accounting services, legal fees not attributable to leasing and collection activity, and all other administrative costs relating to the Building and the Property. If management services are not provided by a third party, Landlord shall be entitled to a management fee comparable to that due and payable to third parties provided Landlord or management companies owned by, or management divisions of, Landlord perform actual management services of a comparable nature and type as normally would be performed by third parties with the understanding; however, that in the event Landlord or an entity owned or controlled by Landlord or parties owning no less than 51% of the ownership interests in Landlord shall receive such management fee, Landlord shall waive any general overhead of Landlord as to general management of the Building for which Landlord receives such management fee, including, overhead charges for services such as accounting, secretarial, bookkeeping, office rent for the Site (“Rent”) shall management office, office furniture, supplies and equipment.
3. All rental and/or purchase costs of materials, supplies, tools and equipment used in the operation, repair, replacement and maintenance and the control of access to the Building and the Property.
4. All amounts charged to Landlord by contractors and/or suppliers for services, replacement parts, components, materials, equipment and supplies furnished in connection with the operation, repair, maintenance, replacement of and control of access to any part of the Building, or the Property generally, including the heating, air conditioning, ventilating, plumbing, electrical, elevator and other systems and equipment. At Landlord's option, major repair items may be [***] per annum, payable in equal installments amortized over a period of [***] per month, adjusted upward every up to five (5) years thereafter during the Initial Term years.
5. All premiums and during any Extended Term deductibles paid by a percentage equal Landlord for fire and extended coverage insurance, earthquake and extended coverage insurance, liability and extended coverage insurance, rental loss insurance, elevator insurance, boiler insurance and other insurance customarily carried from time to time by landlords of comparable office buildings or required to be carried by Landlord's Mortgagee.
6. Charges for all utilities, including but not limited to water, electricity, gas and sewer, to the greater extent provided to the common areas of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month Building located on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyfloor.
Appears in 1 contract
Rent. Commencing upon the Ground Lease Commencement Date, the initial rent for the Site (“Rent”) shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during During the Initial Term and during any Extended Term by a percentage of this Lease, Tenant shall pay to Landlord at the address herein provided, the Rent as set out in Section 1.01 (E) above, in equal to monthly installments in advance, commencing on the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]Commencement Date. The period Rent provided for hereunder shall adjust on the first day of time from each Renewal Term (each a "Change Date") to reflect any change in the Ground Lease Commencement Date through cost of living during the date five years thereafter, and each previous five (5) year Initial Term or Renewal Term just ended, as applicable, based upon the Consumer Price Index, All Urban Consumers, U.S. City Average, all Items, base period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase 1982-84 (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day "Index"), published by the Bureau of Labor Statistics of the United States Department of Labor. As to the first Renewal Term, the index number for the month and of the Commencement Date shall be payable by the 15th day of that month, provided however, that: (a"Base Index Number" and as to each subsequent Renewal Term(s) the index number for the first payment month of Rent the Renewal Term just completed shall be due the "Base Index Number", as the case may be. The index number on each Change Date shall be the Ground Lease Commencement Date and"Current Index Number" for the Renewal Term which is commencing. The Base Index Number shall be subtracted from the Current Index Number, if and the Ground Lease Commencement Date is result obtained shall be converted to a date other than the first percentage of the monthBase Index Number. The Rent payable during any Renewal Term of this Lease shall then be increased or decreased by such percentage (the "Adjusted Rent"), as applicable, effective as of the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; applicable Renewal Period, and (b) the Adjusted Rent for any Renewal Term shall be payable in equal monthly installments, in the manner provided for under the terms of this Lease. Tenant shall continue payment of the rental rate in effect for the expiring period until notified in writing by Landlord of any change. Landlord shall provide to Tenant written notice of any rental adjustment, including a memorandum showing the calculations used by Landlord in determining the new monthly rental. On the first day of the calendar month immediately succeeding receipt of such notice, Tenant shall commence payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after monthly rental specified in the commencement of that Adjustment Period notice, and shall reflect also pay to Landlord, with respect to the Estimated CPI Percentage Increasemonth(s) already expired, the difference, if anyany of the required monthly rentals specified in the notice over the monthly amounts actually paid by Tenant. If publication of the Index shall be discontinued, the most comparable index published by any branch or department of the United States Government shall be substituted, and such adjustments in the method of computation shall be made as may be necessary to carry out the intent of this cost-of-living provision. It is the intention of Landlord and Tenant that the monthly rental shall be adjusted either upward or downward on each Change Date in the event of an increase or decrease in the Index or an equivalent increase or decrease in the event of reevaluation or revision of the Index. In the event that the Adjusted Rent for any Renewal Term is less than the Rent payable for the preceding Renewal Term, any credit for excess Rent paid by Tenant shall be applied as an offset against subsequent installments of Rent to come due under the terms of this Lease.
Appears in 1 contract
Rent. Commencing upon 7.1 Tenant shall pay to Landlord as Base Rent for the Ground Lease Premises, commencing on the Term Commencement Date, the initial rent 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 Term; provided that Base Rent for the Site Premises (excluding the Storage Area) shall be abated during the first four (4) months of the Term (the “Base Rent Abatement Period”). In the event the Term Commencement Date occurs on a day other than the first day of a calendar month, then monthly Base Rent payable on or before the first day of the last month of the Base Rent Abatement Period shall be a prorated amount based on the actual number of days in such calendar month following the expiration of the Base Rent Abatement Period. For purposes of clarity, Tenant shall be responsible for Base Rent for the Storage Space and for all other Rent due pursuant to the terms of this Lease during the Base Rent Abatement Period, except as otherwise expressly provided in Section 7.2 below.
7.2 In addition to Base Rent, Tenant shall pay to Landlord as additional rent (“Additional Rent”) shall be [***] per annum, payable at times hereinafter specified in equal installments this Lease (a) Tenant’s Adjusted Share (as defined below) of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase Operating Expenses (as defined below), but in no event to exceed an adjustment during any Adjustment Period (b) the Property Management Fee (as defined below), and (c) any other amounts that Tenant assumes or agrees to pay under the provisions of greater than [***]this Lease that are owed to Landlord, including any and all other sums that may become due by reason of any default of Tenant or failure on Tenant’s part to comply with the agreements, terms, covenants and conditions of this Lease to be performed by Tenant, after notice and the lapse of any applicable cure periods. The period Notwithstanding the foregoing, Tenant’s obligation to pay Tenant’s Adjusted Share of time from Operating Expenses shall be abated during the Ground Lease first two (2) months of the Term (the “Operating Expenses Abatement Period”). In the event the Term Commencement Date through occurs on a day other than the date five years thereafterfirst day of a calendar month, and each five (5) year period thereafter then Tenant’s Adjusted Share of Operating Expenses payable on or before the first day of the last month of the Operating Expenses Abatement Period shall be defined herein as an “Adjustment a prorated amount based on the actual number of days in such calendar month following the expiration of the Operating Expenses Abatement Period.
7.3 Base Rent and Additional Rent shall together be denominated “Rent.” Any upward adjustment based Except as otherwise expressly set forth in this Lease, Rent shall be paid to Landlord, without abatement, deduction or offset, in lawful money of the United States of America to the 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 Term commences on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease day other than the first day of a calendar month or the Term ends on a day other than the last day of a calendar month, then the Rent for such fraction of a month shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month prorated for such period on the 1st day basis of the number of days in the month and shall be payable 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 the 15th day of that month, provided however, that: (a) any Applicable Laws now or hereafter applicable to the first payment of Rent shall be due on the Ground Lease Commencement Date andPremises, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) any other restriction on Tenant’s use, (c) except as expressly provided herein, any casualty or taking or (d) any other occurrence. Tenant’s obligation to pay Rent with respect to any period or obligations arising, existing or pertaining to the first payment period prior to the date of Rent due upon the commencement expiration or earlier termination of the Term or this Lease shall survive any new Adjustment Period will be owed and paid one month after the commencement of such expiration or earlier termination; provided, however, that Adjustment Period and nothing in this sentence shall reflect the Estimated CPI Percentage Increase, if anyin any way affect Tenant’s obligations with respect to any other period.
Appears in 1 contract
Rent. Commencing upon The Tenant hereby covenants and agrees with the Ground Lease Commencement DateLandlord as follows:
3.1 That the Tenant shall pay to the Landlord during the Term (and any applicable renewal or extension thereof), without prior demand or any deduction or set off whatsoever, the initial rent for aggregate of the Site Basic Rent and the Additional Rent. The Tenant acknowledges and agrees that the Landlord shall have the right to require the Tenant to pay to the Landlord the amount of the Sales Taxes on any payments of Rent under this Lease and the Tenant covenants and agrees to pay to the Landlord the amount of the Sales Taxes on any payments of Rent under this Lease at the same time as the amounts, to which the Sales Taxes apply, are payable to the Landlord under this Lease, or upon demand at such other time or times as the Landlord may from time to time determine.
(“Rent”a) That payment of Rent shall be [***] per annum, payable made to the Landlord by the Tenant at the Landlord’s designated office or at such other place and to such other party as the Landlord may from time to time designate in writing. All payments of Rent shall be made in equal installments instalments on the first day of [***] per montheach month in advance.
(b) The Tenant shall pay the Leased Area Expenses, the Tenant’s Proportionate Share of Common Area Expenses and the Tenant’s Proportionate Share of the Municipal Taxes, monthly in accordance with the reasonable forward estimates thereof made by the Landlord and shall be adjusted upward every five (5) years thereafter at the end of each Lease Year on the basis of the actual Leased Area Expenses and Common Area Expenses experienced during the Initial Term Lease Year to which the adjustments relate, together with the final allocation of Municipal Taxes and during the final calculation of the management and administration fee, determined by the Landlord for such Lease Year. All other Additional Rent shall be paid by the Tenant monthly or as otherwise demanded by the Landlord.
(c) The failure of the Tenant to comply in any Extended Term by a percentage equal way with any of the provisions of this Article 3.2 shall be deemed to be an Event of Default under this Lease and, following expiry of the applicable cure period in Article 9.4, shall entitle the Landlord to exercise any and all remedies available to the greater Landlord under this Lease.
3.3 That if, at any time before or after the expiration or earlier termination of [***] the Term, the Landlord shall suffer or incur any damage, loss or expense for which the CPI Percentage Increase (as defined below)Tenant is liable hereunder by reason of any failure of the Tenant to observe or comply with any of the covenants or agreements of the Tenant herein contained, but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from or if the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter Landlord shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to make any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on for which the 1st day Tenant is liable hereunder, then in every such case the amount of the month and such damage, loss, expense or payment shall be payable by the 15th day Tenant to the Landlord on demand and the Landlord shall have the right at its option to add the cost or amount of that monthany such damage, loss, expense or payment to the Rent hereby reserved and any such amount shall thereupon immediately be due and payable as Rent and recoverable in the manner provided however, that: by Applicable Laws for the recovery of rent in arrears.
(a) The Tenant covenants and agrees that the first payment failure by the Tenant to pay to the Landlord the amount of any Sales Taxes owing by the Tenant to the Landlord when due hereunder shall constitute an Event of Default by the Tenant under this Lease and will entitle the Landlord to exercise any and all rights and remedies available to the Landlord for the recovery of Rent shall be due in arrears. The Tenant further covenants and agrees that if any of the Sales Taxes are amended in such a manner that it imposes any additional financial obligations on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the monthLandlord, the first payment of Rent Tenant shall be in a prorated amount forthwith pay to and reimburse the Landlord for the period of time between the Ground Lease Commencement Date all such additional financial obligations and the next following first day of Tenant agrees to execute such agreements and documents as the month; and Landlord may reasonably require in order to ensure that such additional financial obligations will be paid by the Tenant.
(b) Tenant may from time to time be provided with or request Additional Services from Landlord and Tenant shall pay to Landlord the first payment Landlord’s charge for such Additional Services plus ten percent (10%) of Rent due such charge to cover Landlord’s cost of administration, payable forthwith upon delivery of Landlord’s invoice therefor.
(c) If Landlord shall from time to time reasonably determine that the commencement use of any new Adjustment Period will be owed utility or service in the Premises is disproportionate to the use of other tenants operating during Standard Business Hours, then Landlord may separately charge Tenant as an Additional Service for the excess costs attributable to such disproportionate use calculated on a reasonable basis.
(d) Landlord may install and paid one month after maintain, at Tenant’s expense, metering devices for measuring the commencement use of that Adjustment Period any utility or service in the Premises. Tenant shall pay Landlord within thirty (30) days of receipt of any invoice for the cost of installation and shall reflect the Estimated CPI Percentage Increase, if anymaintenance of such device plus ten percent (10%) of such cost on account of Landlord’s overhead.
Appears in 1 contract
Sources: Lease (Zymeworks Inc.)
Rent. Commencing Except for any notice or demand expressly required in this Lease, Tenant must pay to Landlord without any notice, demand, setoff, or deduction, Base Rent and Tenant’s Pro Rata Share of Excess Basic Cost and Tenant’s Pro Rata Share of Electricity Cost, and all other components of Rent.
a. Unless otherwise expressly provided in this Lease, Base Rent, plus 1/12 Landlord’s estimate of Tenant’s Pro Rata Share of Excess Basic Cost and Tenant’s Pro Rata Share of Electricity Cost will be due and payable, in advance monthly installments on or before the 1st day of each calendar month. All components of Rent owed to Landlord will be prorated daily based on a 360-day year for any partial calendar month for which any Rent is due. Rent for any period during the Term which is less than a full month shall be a prorated portion of the monthly installment of Rent based upon the Ground Lease Commencement Datenumber of days in such month.
b. On or before April 1st of each calendar year after the Base Year Landlord shall issue a budget for total Electricity Costs and total Basic Costs for such calendar year, including Landlord’s estimate of Tenant’s Pro Rata Share of Excess Basic Cost and Tenant’s Pro Rata Share of Electricity Cost for that calendar year (the initial rent “Annual Budget & Estimate”). The Annual Budget & Estimate shall provide a budget for each component expense category comprising Basic Costs and Electricity Costs. Tenant shall pay as additional Rent during each calendar year Tenant’s Pro Rata Share of Excess Basic Cost and Tenant’s Pro Rata Share of Electricity Cost based on the Site (“Rent”) Annual Budget & Estimate. The Annual Budget & Estimate shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during binding upon Landlord and Tenant with respect to such calendar year until the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase Reconciliation Statement (as defined below) is provided to Tenant.
c. By May 30th of each calendar year Landlord will furnish Tenant a statement of actual Basic Costs and Electricity Costs for the prior calendar year (the “Reconciliation Statement”). If a Reconciliation Statement is not timely provided to Tenant, then in addition to all other remedies of Tenant under this Lease, Tenant may withhold monthly payments applicable to Tenant’s Pro Rata Share of Excess Basic Cost and Tenant’s Pro Rata Share of Electricity Cost until the date that is thirty (30) days after the date that the Reconciliation Statement is provided to Tenant. The Reconciliation Statement shall provide an accounting of actual expenses for each component category comprising Basic Costs and Electricity Costs in a form substantially similar to Exhibit H attached hereto. If no uncured Default then exists, Landlord will refund any overpayment to Tenant for the prior calendar year within twenty (20) days after the date the Reconciliation Statement is issued. In the event of a deficiency in payment of Tenant’s Pro Rata Share of Excess Basic Cost and Tenant’s Pro Rata Share of Electricity Cost for the prior year, Tenant will pay such deficiency to Landlord, as additional rent in one lump sum payment within thirty (30) days after receipt of the Reconciliation Statement.
d. During the Term, Tenant (or a third-party auditor engaged by Tenant) may review and audit, at Tenant’s sole cost and expense, the books and records supporting a Reconciliation Statement in an office of Landlord located in Dallas County, Texas, during normal business hours, upon giving Landlord fifteen (15) days advance written notice within one year after receipt of the subject Reconciliation Statement, but in no event more often than once in any one (1) year period, subject to exceed execution of a reasonable confidentiality agreement and provided that if Tenant utilizes an adjustment during independent accountant to perform such review it shall be one of national standing which is reasonably acceptable to Landlord, is not compensated on a contingency basis and is also subject to such confidentiality agreement. If Tenant fails to object to Landlord’s determination of Excess Basic Costs or Electricity Costs one year after receipt of same, or if any Adjustment Period such objection fails to state with specificity the reason for the objection, Tenant shall be deemed to have approved such determination and shall have no further right to object to or contest such determination. If such audit reveals that Tenant overpaid either Excess Basic Costs or Electricity Costs, Landlord shall reimburse the difference to Tenant within thirty (as defined below30) days of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafterwritten demand, and each five if such over payment revealed by the audit is in an amount of 5% or greater of the total of either Tenant’s Pro Rata Share of Excess Basic Costs or Tenant’s Pro Rata Share of Electricity Costs, then Landlord shall reimburse Tenant for is reasonable third-party cost incurred in connection with such audit.
e. At least two (52) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) Business Days prior to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st first day of the month and shall be payable by the 15th day of that each calendar month, provided however, that: (a) the first payment Landlord shall provide Tenant with a statement of all Rent shall be that is due and payable on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following such first day of the calendar month. If Tenant fails to pay (i) any monthly installment of Base Rent by the 5th Business Day of the month when due; and or (bii) any other component of Rent within 30 days after written demand or the due date specified in this Lease, Tenant must pay a 10% late fee on the delinquent amount, provided that such fee shall not apply to the first late payment, if any, each calendar year. If Tenant is twice in Default for a failure to timely pay Rent under this Lease (and each of such Defaults remainder uncured beyond all applicable periods of notice and cure), then Landlord will be entitled to require Tenant to pay Rent (as estimated by Landlord) quarterly, in advance, in readily available funds (e.g., in cash or by wire transfer, cashier’s check, or money order); provided that if Tenant timely pays all Rent in advance quarterly for a period of one calendar year, then may return to the payment of Rent of monthly installments. Landlord will apply all payments to fees, costs, interest, other sums due upon under the commencement of any new Adjustment Period will be owed Lease, and paid one month after then to the commencement of earliest accrued and unpaid Base Rent then outstanding in that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyorder.
Appears in 1 contract
Rent. Commencing upon 4.1 Tenant shall pay to Landlord the Ground Lease Annual Base Rent, as it may be adjusted pursuant to Section 3.2, commencing on the Commencement Date. The Annual Base Rent shall be paid in Monthly Installments of Base Rent. In addition to the Annual Base Rent, Tenant shall pay as Additional Rent (the initial rent for the Site (“Additional Rent”) certain charges designated in this Lease. The Annual and Monthly Base Rent are sometimes generically referred herein as the “Base Rent,” and the Base Rent and Additional Rent collectively the “Rent.”
4.2 Tenant shall pay Landlord the first Monthly Installment of Base Rent simultaneously with the execution and delivery of this Lease by Tenant. All other Rent will be paid to the order of Landlord, in advance, except as expressly set forth in Section 11.3, without any abatement, setoffs or deductions, on the first day of each and every calendar month (the “Rent Day”) at Landlord’s Office, or at such other place as Landlord may designate in writing. In the event the Commencement Date is other than the first day of a calendar month, the Rent for the partial first calendar month of the Term will be prorated on a daily basis based on the number of days in the month. Rent for such partial calendar month shall be [***] per annumpaid on the Commencement Date. Any Rent or other sums, if any, payable in equal installments of [***] per month, adjusted upward every by Tenant to Landlord under this Lease which are not paid within five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafterdays after they are due, and each any Rent or other sums received and accepted by Landlord more than five (5) year period thereafter shall days after they are due, will be defined herein as an “Adjustment Period.” Any upward adjustment based on subject to a CPI Percentage Increase late charge of five (as defined below5%) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” percent of the amount due. Such Rent late charges will be due each month and payable as Additional Rent on or before the 1st day next Rent Day.
4.3 Landlord and Tenant acknowledge and agree that the Base Rent due hereunder together with any adjustments thereto made during the Term of this Lease shall be absolutely net of all costs, expenses, taxes (real and personal), assessments and charges of every kind and nature whatsoever relating to the ownership, occupancy or use of the month Premises so that the rental together with any such adjustments constitute the minimum income realized by Landlord from the Premises. Tenant will indemnify and shall be payable by the 15th day of that monthhold harmless Landlord from and against such costs, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date expenses and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anycharges.
Appears in 1 contract
Rent. Commencing upon A. During each calendar year, or portion thereof, falling within the Ground Lease Commencement DateTerm, Tenant shall pay to Landlord as Additional Base Rental hereunder the initial rent sum of (1) Tenant's Pro Rata Share of the amount, if any, by which Taxes (hereinafter defined) for the Site applicable calendar year exceed Taxes for the Base Year plus (“Rent”2) Tenant's Pro Rata Share of the amount, if any, by which Expenses (hereinafter defined) for the applicable calendar year exceed Expenses for the Base Year. For purposes hereof, "Expenses" shall mean all Basic Costs with the exception of Taxes. Tenant's Pro Rata Share of increases in Taxes and Tenant's Pro Rata Share of increases in Expenses shall be [***] per annumcomputed separate and independent of each other prior to being added together to determine the "Excess". In the event that Taxes or Expenses, payable as the case may be, in equal installments any calendar year decrease below the amount of [***] per monthTaxes or Expenses for the Base Year, adjusted upward every five (5) years thereafter during Tenant's Pro Rata Share of Taxes or Expenses, as the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below)case may be, but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) for such calendar year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) deemed to be $0, it being understood that Tenant shall not be entitled to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on credit or offset if Taxes or Expenses decrease below the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated corresponding amount for the period of time between Base Year. Prior to the Ground Lease Commencement Date and prior to January 1 of each calendar year during the next following Lease Term, or as soon thereafter as practical, Landlord shall make a good faith estimate of the Excess for the applicable calendar year and Tenant's Pro Rata Share thereof. On or before the first day of each month during such calendar year, Tenant shall pay to Landlord, as Additional Base Rental, a monthly installment equal to one-twelfth of Tenant's Pro Rata Share of Landlord's estimate of the month; Excess. Landlord shall have the right from time to time during any such calendar year to revise the estimate of Basic Costs and the Excess for such year and provide Tenant with a revised statement therefor, and thereafter the amount Tenant shall pay each month shall be based upon such revised estimate. If Landlord does not provide Tenant with an estimate of the Basic Costs and the Excess by January 1 of any calendar year, Tenant shall continue to pay a monthly installment based on the previous year's estimate until such time as Landlord provides Tenant with an estimate of Basic Costs and the Excess for the current year. Upon receipt of such current year's estimate, an adjustment shall be made for any month during the current year with respect to which Tenant paid monthly installments of Additional Base Rental based on the previous year's estimate. Tenant shall pay Landlord for any underpayment within ten (b10) days after demand. Any overpayment shall, at Landlord's option, be refunded to Tenant or credited against the installment of Additional Base Rental due for the months immediately following the furnishing of such estimate. Any amounts paid by Tenant based on any estimate shall be subject to adjustment pursuant to the immediately following paragraph when actual Basic Costs are determined for such calendar year. As soon as is practical following the end of each calendar year during the Lease Term, Landlord shall furnish to Tenant a statement of Landlord's actual Basic Costs and the actual Excess for the previous calendar year. If the estimated Excess actually paid by Tenant for the prior year is in excess of Tenant's actual Pro Rata Share of the Excess for such prior year, then Landlord shall apply such overpayment against Additional Base Rental due or to become due hereunder, provided if the Lease Term expires prior to the determination of such overpayment, Landlord shall refund such overpayment to Tenant after first payment deducting the amount of any Rent due upon hereunder. Likewise, Tenant shall pay to Landlord, within ten (10) days after demand, any underpayment with respect to the commencement prior year, whether or not the Lease has terminated prior to receipt by Tenant of any new Adjustment Period will be owed and paid one month after a statement for such underpayment, it being understood that this clause shall survive the commencement expiration of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyLease.
Appears in 1 contract
Sources: Standard Form Office Lease (Ritz Interactive, Inc.)
Rent. Commencing upon the Ground Lease Commencement DateTenant covenants and agrees to pay to Landlord, the initial promptly when due, without notice or demand or deduction, abatement or set off of any amount for any reason whatsoever, as rent for the Site hereunder (“"Rent”) shall be [***] per annum"), payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term all Basic Rent and during any Extended Term by a percentage equal to the greater of [***] or the CPI all Percentage Increase Rent (as defined below), but in no event . All Rent to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter be paid by Tenant to Landlord shall be defined herein in lawful currency of the United States of America and shall be paid to Landlord at the address or into the account as an “Adjustment Periodmay be designated from time to time by Landlord ("Landlord's Address").” Any upward adjustment based on a CPI Percentage Increase
A. Basic rent for the Premises (as defined below"Basic Rent") to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will paid in monthly installments, each of which shall be due each month and payable in advance on the 1st first business day of the calendar month and in the amount specified in Exhibit A hereto.
B. In addition to the Basic Rent, Tenant shall also pay during the Term, without notice, demand, abatement, reduction or set off, additional percentage rent ("Percentage Rent") in accordance with the formulae for Percentage Rent set forth in Exhibit B hereto. Percentage Rent for each calendar month during the Term shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due in monthly installments on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first 20th day of the following calendar month; . Within 20 days after the end of each calendar month in the Term, Tenant shall deliver to Landlord a statement executed by Tenant accurately setting forth the amount of Gross Receipts for such month and (b) Tenant's calculation of the first payment Percentage Rent payable for such month, itemized in reasonable detail. Within 90 days after the end of each calendar year of the Term, Tenant shall furnish to Landlord a statement accurately showing Gross Receipts and Percentage Rents for such year itemized in reasonable detail, and shall contemporaneously therewith pay any Percentage Rent due upon and unpaid for such year, provided, however, that if Tenant has overpaid Percentage Rents during such year, Landlord shall, at its option, either refund such excess to Tenant or credit the commencement amount thereof to the next succeeding monthly, installments of any new Adjustment Period will be owed Percentage Rent payable by Tenant. With respect to the last Lease Year of the Term, such annual reconciliation and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increaseadjustment, if any, shall be made within 30 days. The provisions of this Section 3.B shall survive the end of the Term.
C. The term "Gross Receipts" with respect to any period shall:
Appears in 1 contract
Rent. Commencing upon (a) Tenant shall pay to Landlord an annual rental in the Ground Lease amount Dollars ($ ), (Rent), at the address set forth below. The first rental payment is prorated to the end of the current calendar year, shall be in the amount of ($ ) Dollars payble within within fifteen (15) days of the execution of this Agreement. Annual payments are due on or before the first (1st) day of January in each subsequent year. Rent shall be payable to Landlord at City of Longmont, ; Attention: .
(b) The Rent shall increase five percent (5%) on the first anniverary after the Term Commencement Date, Date and continuing annually on the initial rent for anniversary date of each year thereafter.
(c) In the Site event Tenant sublets or licenses space on or in the Tower Facilities to a third party collocator (“Collocator”), Tenant shall remit twenty-five percent (25%) of the rent or license fees collected by Tenant from such Collocator (the “Collocator Rent”) shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward every five to Landlord (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below“Landlord’s Revenue Share”), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Collocator Rent shall be due negotiated by and between Tenant and Collocator, on terms acceptable to Tenant, in Tenant’s sole discretion. In calculating the Ground Lease Commencement Date andamount of Landlord’s Revenue Share, Collocator Rent shall not include (i) any payment received by Tenant under the applicable sublease or license for reimbursement of operating expenses or construction costs relating to the Tower Facilities paid by Tenant or (ii) any other payment other than regular recurring rent or license fees. In the event Tenant sublets to more than one Collocator, Tenant shall be obligated to pay the Landlord’s Revenue Share for each Collocator. Tenant’s obligation to pay Landlord’s Revenue Share to Landlord shall expire or ▇▇▇▇▇, as applicable, at such time as the Collocator does not pay Collocator Rent to Tenant, and shall resume, as applicable, if and when the Ground Lease Commencement Date is a date other than Collocator resumes paying such recurring Collocator Rent and the first of the month, the first payment of Rent Landlord’s Revenue Share shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anypartial periods.
Appears in 1 contract
Sources: Tower Lease Agreement
Rent. Section 3.01. Commencing upon on the Ground Lease Commencement DateDate and continuing through April 30, the initial 1998 Tenant agrees to pay to Landlord annual rent ("Base Rent") for the Site (“Rent”) shall be [***] per annumuse of the Premises, in lawful money of the United States in the following amounts: Year 1: From May 1, 1997 through and including April 30, 1998 annual Base Rent of $30,948.00 payable in equal monthly installments of [***] per month$2,579.00. All installments of Base Rent shall be payable on the first day of each month in advance without setoffs or deductions. Rent for any period less than a full calendar month shall be prorated.
Section 3.02. In addition to Base Rent, adjusted upward every five Tenant shall pay as additional rent (5hereinafter called "Additional Rent")
(a) years thereafter during the Initial Term Tenant's Pro Rata Share (as hereinafter defined) of all real estate taxes and during assessments of any Extended Term by a percentage equal kind relating to the greater Property in excess of [***] or those which were assessed for the CPI Percentage Increase 1997 tax fiscal year ("Base Tax Year") and (b) a fixed fee as specified below for all Operating Costs (as defined belowhereinafter defined) incurred by the Landlord and attributable to Tenant's use of the Premises (collectively "Landlord's Expenses"). Tenant's yearly Pro Rata Share shall be 14.27%. Such Additional Rent shall be in the nature of Rent for purpose of determining Landlord's rights in respect thereto. As soon as reasonably practicable after Landlord's receipt of real estate tax and assessment bills for the Property each Lease year throughout the Term, but in no event Landlord shal-I deliver to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from Tenant each year a reasonably detailed statement setting forth the Ground Lease Commencement Date through real estate taxes and assessments due for the date five years thereafterBase Tax Year, the real estate taxes and assessments due for the current year, and each five (5) year period thereafter Tenant's Pro-Rata Share thereof. Tenant shall be defined herein as an “Adjustment Period.” Any upward adjustment based on pay such amount upon receipt of such statement. Tenant shall also pay Landlord a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” yearly fee of $1.00 per square foot for the Operating Costs associated with the Property. Such Rent will be due each month on the 1st day of the month and amount shall be payable by Tenant in twelve (12) equal monthly installments and shall be paid at the 15th day same time the Base Rent is paid. For the purpose of that monththis Lease, provided howeverthe term "Operating Costs" shall mean the following costs and expenses incurred by Landlord for the operation, thatmanagement and maintenance of the Property: insurance premiums and the reasonable expenses incurred in maintaining and repairing all plumbing, heating, air conditioning and electrical equipment, and managing, equipping, lighting, repairing, cleaning and maintaining, and the Common Areas, specifically including but not limited to landscaping, gardening, parking lot maintenance, line painting, traffic control, sanitary control, removal of snow, ice, trash, rubbish, and other refuse, and the cost of all personnel necessary to implement such services plus 15% of all costs to cover administrative costs relative to the operation of the Common Areas, but not financing costs nor the costs of any major repairs to or replacement of the Building, fixtures (aexcluding Tenant's fixtures but including all plumbing, heating, air conditioning and electrical equipment) Common Areas and Structural Components thereof. Such financing costs and the first payment costs of any major repairs or replacement shall be paid solely by Landlord.
Section 3.03. All payments of Rent required to be made hereunder shall be due on made payable to and sent to Landlord at the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be address set forth in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyArticle 25 hereof.
Appears in 1 contract
Sources: Lease Agreement (Mim Corp)
Rent. Commencing upon 3.01 Upon execution of this Lease, Tenant shall pay to Landlord the Ground Lease Commencement Date, the initial rent sum of $47,500.00 constituting Rent due and payable by Tenant for the Site first full calendar month of the Term for which Rent is payable hereunder. Tenant shall pay Landlord, without any setoff or deduction, all Base Rent and Additional Rent for the Term (collectively referred to as “Rent”) when due. “Additional Rent” means all sums (exclusive of Base Rent) that Tenant is required to pay Landlord under this Lease, including, without limitation, payments for insurance, repairs and parking lot maintenance/repair and Tenant’s Common Area Share and Tenant’s Building Share of Taxes and Operating Expenses. Tenant shall pay and be liable for all rental, sales and use taxes (but excluding income taxes), if any, imposed upon or measured by Rent. Base Rent and recurring monthly charges of estimated Additional Rent shall be [***] per annum, due and payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month advance on the 1st first day of the each calendar month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment without notice or demand. All other items of Rent shall be due and payable by Tenant on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first or before thirty (30) days after billing by Landlord. All Rent payable by Tenant hereunder shall be paid to Landlord in lawful money of the monthUnited States of America, by check or wire transfer made payable to the first payment entity constituting Landlord hereunder and sent to the lock box designated in Section 1.09 of the Basic Lease Information, or to such other location or address as Landlord may designate from time to time. Tenant shall pay Landlord an administration fee equal to five percent (5%) of all Rent past due beyond any applicable grace period. In addition, past due Rent shall accrue interest at twelve percent (12%) per annum (or the maximum rate legally permissible, whichever is less). Rent for any partial month during the Term shall be prorated. No endorsement or statement on a check or letter accompanying payment shall be considered an accord and satisfaction. Tenant’s covenant to pay Rent is independent of every other covenant in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anythis Lease.
Appears in 1 contract
Rent. Commencing upon (a) Tenant shall pay Landlord during each Lease Year the Ground Base Rent, in equal monthly installments in the amount of one-twelfth of the Base Rent on the Commencement Date and on the first day of each succeeding calendar month during the Term of this Lease. All payments of Base Rent shall be paid in advance, without notice, set-off or deduction, in lawful money of the United States, at the address of Landlord set forth in Section 40 of this Lease, or at such other place as Landlord may from time to time designate in writing. The amount of the Base Rent for each Lease Commencement DateYear after the current Lease Year shall be increased to an amount determined by multiplying the amount of the Base Rent in effect for the preceding Lease Year by an adjustment factor which factor shall be calculated in the following manner. Such adjustment shall be calculated by first determining the All Items Consumer Price Index for All Urban Consumers, CPI-U, Denver (1967 equals 100), as determined by the United States Department of Labor, Bureau of Labor Statistics as of both the latest date preceding the date of commencement of the preceding Lease Year and as of the latest date possible in the Lease Year just preceding the commencement of the next following Lease Year. Upon receipt of the second of such index figures, the initial rent for percentage of the Site increase, if any, of the second of such figures over the first, shall be calculated therefrom (such percentage increases are herein referred to as the “Index Percentage Change”). An annual rental increase (herein referred to as Escalation Rent”) shall then be [***] per annum, payable computed by multiplying the Index Percentage Change times the last preceding Base Rent Annual rate as adjusted and set forth in equal installments Section 4. Tenant shall pay one-twelfth (1/12) of [***] per month, adjusted upward every five (5) years thereafter the resulting Escalation Rent each month during the Initial Term and during any Extended Term by a percentage equal ensuing Lease Year at the same time Tenant pays the Base Rent. Such payments shall commence on the first day of the month following Tenant’s receipt of notice setting forth such increase, which notice shall be sent within sixty (60) days of the beginning of each new Lease Year. The first monthly rental payment which includes new Escalation Rent shall also include the Escalation Rent, if any, for each month in the then current Lease Year which elapsed prior to the greater Tenant’s receipt of [***] or the CPI Landlord’s notice. If there is no increase in Index Percentage Increase (as defined below)Change, there shall be no adjustment, but in no event to exceed an adjustment shall the Base Rent and Escalation Rent payable be less than the Base Rent and Escalation Rent paid during any Adjustment Period (as defined below) of greater than [***]the preceding Lease Year. The period Base Rent due hereunder shall be apportioned for any fractional calendar months at the beginning and end of time from the Ground Term of this Lease Commencement Date through and any renewals and extensions thereof.
(b) If the date five years thereafterindex specified in Section 4(a) above is discontinued in its current form, or if the basis on which it was calculated should be revised, an appropriate conversion of the revised index to a common base will be made upon conversion factors published by the Bureau of Labor Statistics or upon conversion factors otherwise made available.
(c) In addition to the Base Rent and the Escalation Rent, Tenant shall pay Landlord in monthly installments simultaneously with payments of the Base Rent, one-twelfth (1/12th) the Base Operating Cost times the Premises Rentable Area and 100% of the Operating Cost adjustment determined as set forth in Section 6, and each five (5) year period thereafter such other charges as are required by the terms of this Lease to be made by Tenant. Any such adjustment or change shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) deemed to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month additional rent and shall be payable by in the 15th day of that month, manner provided however, that: (a) for the first payment of Base Rent and shall be recoverable as Base Rent, and Landlord shall have all rights against Tenant for default in payment thereof as in the case of arrears of Base Rent.
(d) Landlord acknowledges that Tenant has paid all amounts under the original lease, as amended, that were due on and payable prior to the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a effective date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date this Amended and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyRestated Lease.
Appears in 1 contract
Rent. Commencing upon A. During each calendar year, or portion thereof, falling within the Ground Lease Commencement DateTerm, Tenant shall pay to Landlord as Additional Base Rental hereunder the initial rent sum of (1) Tenant's Pro Rata Share of the amount, if any, by which Taxes (hereinafter defined) for the Site applicable calendar year exceed the Tax Base Amount plus (“Rent”2) Tenant's Pro Rata Share of the amount, if any, by which Expenses for the applicable calendar year exceed the Expense Base Amount. Tenant's Pro Rata Share of increases in Taxes and Tenant's Pro Rata Share of increases in Expenses shall be [***] per annumcomputed separate and independent of each other prior to being added together to determine the "Excess". In the event that Taxes and/or Expenses, payable as the case may be, in any calendar year decrease below the amount of the Tax Base Amount or the Expense Base Amount, as applicable, Tenant's Pro Rata Share of Taxes and/or Tenant's Pro Rata Share of Expenses, as the case may be, for such calendar year shall be deemed to be $0, it being understood that Tenant shall not be entitled to any credit or offset if Taxes decrease below the Tax Base Amount or if Expenses decrease below the Expense Base Amount. Prior to January 1 of the calendar year immediately following the Base Year, and prior to January 1 of each subsequent calendar year during the Lease Term, or as soon thereafter as practical, Landlord shall make a good faith estimate of the Excess for the applicable calendar year and Tenant's Pro Rata Share thereof. On or before the first day of each month during such calendar year, Tenant shall pay to Landlord, as Additional Base Rental, a monthly installment equal to one-twelfth of Tenant's Pro Rata Share of Landlord's estimate of the Excess. Landlord shall have the right from time to time during any such calendar year to revise the estimate of Basic Costs and the Excess for such year and provide Tenant with a revised statement therefor, and thereafter the amount Tenant shall pay each month shall be based upon such revised estimate. If Landlord does not provide Tenant with an estimate of the Basic Costs and the Excess by January 1 of any calendar year, Tenant shall continue to pay a monthly installment based on the previous year's estimate until such time as Landlord provides Tenant with an estimate of Basic Costs and the Excess for the current year. Upon receipt of such current year's estimate, an adjustment shall be made for any month during the current year with respect to which Tenant paid monthly installments of [***] per monthAdditional Base Rental based on the previous year's estimate. Tenant shall pay Landlord for any underpayment within thirty (30) days after demand. Any overpayment shall, adjusted upward every five at Landlord's option, be refunded to Tenant within thirty (530) years thereafter days or credited against the next installments of Base Rental and Additional Base Rental due for the months immediately following the furnishing of such estimate. Any amounts paid by Tenant based on any estimate shall be subject to adjustment pursuant to the immediately following paragraph when actual Basic Costs are determined for such calendar year. As soon as is practical following the end of each calendar year during the Initial Term Lease Term, Landlord shall furnish to Tenant a statement of Landlord's actual Basic Costs and during the actual Excess for the previous calendar year. If, however, Landlord fails to furnish Tenant a statement of actual Basic Costs for a given calendar year within twelve (12) months after the end of said calendar year and such failure continues for an additional sixty (60) days after Landlord's receipt of a written request from Tenant that such statement of actual Basic Costs should be furnished (the "Request for Statement of Basic Costs"), and provided the Request for Statement of Basic Costs contains a statement that Landlord's failure to furnish such statement may prejudice Landlord's right to collect any Extended Term by a percentage equal underpayment of Basic Costs from Tenant as described in Section IV.A. of the Lease, then Landlord shall be deemed to have waived any rights to recover any underpayment of Basic Costs from Tenant applicable to said calendar year (except to the greater extent such underpayment is attributable to a default by Tenant in its obligation to make estimated payments of [***] or the CPI Percentage Increase (as defined belowBasic Costs). Further, but in no event shall the foregoing provision describing the time period during which Landlord is to exceed deliver the statement of actual Basic Costs in any manner limit or otherwise prejudice Landlord's right to modify such statement of actual costs after such time period if new, additional or different information relating to such statement of actual costs is discovered or otherwise determined. If the estimated Excess actually paid by Tenant for the prior year is in excess of Tenant's actual Pro Rata Share of the Excess for such prior year, then Landlord shall apply such overpayment against Base Rental and Additional Base Rental due or to become due hereunder, provided if the Lease Term expires prior to the determination of such overpayment, Landlord shall refund such overpayment to Tenant within thirty (30) days after first deducting the amount of any Rent due hereunder. Likewise, Tenant shall pay to Landlord, within ten (10) days after demand, any underpayment with respect to the prior year, whether or not the Lease has terminated prior to receipt by Tenant of a statement for such underpayment, it being understood that this clause shall survive the expiration of the Lease.
B. Basic Costs shall mean Taxes and all costs and expenses paid or incurred in each calendar year in connection with operating, maintaining, repairing, managing the Building and the Property, including, but not limited to, the following:
1. All labor costs for all persons performing services required or utilized in connection with the operation, repair, replacement and maintenance of and control of access to the Building and the Property, including but not limited to amounts incurred for wages, salaries and other compensation for services, payroll, social security, unemployment and other similar taxes, workers' compensation insurance, uniforms, training, disability benefits, pensions, hospitalization, retirement plans, group insurance or any other similar or like expenses or benefits.
2. All management fees (not to exceed, an adjustment during any Adjustment Period (as defined below) a per annum basis, 5% of greater than [***]. The period the gross receipts for the Building), the cost of time from equipping and maintaining a management office at the Ground Lease Commencement Date through the date five years thereafterBuilding, accounting services, legal fees not attributable to leasing and collection activity, and each five (5) year period thereafter all other administrative costs relating to the Building and the Property. If management services are not provided by a third party, Landlord shall be defined herein entitled to a management fee comparable to that due and payable to third parties provided Landlord or management companies owned by, or management divisions of, Landlord perform actual management services of a comparable nature and type as an “Adjustment Periodnormally would be performed by third parties.” Any upward adjustment based on
3. All rental and/or purchase costs of materials, supplies, tools and equipment used in the operation, repair, replacement (other than replacements deemed to be a CPI Percentage Increase (as defined belowcapital improvement under generally accepted accounting principles, in which event Section IV.B.11 below shall control with respect to such item) and maintenance and the control of access to the Building and the Property.
4. All amounts charged to Landlord by contractors and/or suppliers for services, replacement parts, components, materials, equipment and supplies furnished in connection with the operation, repair, maintenance, replacement of and control of access to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day part of the month Building, or the Property generally, including the heating, air conditioning, ventilating, plumbing, electrical, elevator and other systems and equipment.
5. All premiums and deductibles paid by Landlord for fire and extended coverage insurance, earthquake and extended coverage insurance, liability and extended coverage insurance, rental loss insurance, elevator insurance, boiler insurance and other insurance customarily carried from time to time by landlords of comparable office buildings in the Buckhead area of Atlanta, Georgia or required to be carried by Landlord's Mortgagee.
6. Charges for water, gas, steam and sewer, but excluding those charges for which Landlord is otherwise reimbursed by tenants, and charges for Electrical Costs. For purposes hereof, the term "Electrical Costs" shall be payable by the 15th day of that month, provided however, thatmean: (ai) all charges paid by Landlord for electricity supplied to the first payment Building, Property and Premises, regardless of Rent shall be due on whether such charges are characterized as distribution charges, transmission charges, generation charges, public good charges, disconnection charges, competitive transaction charges, stranded cost recoveries or otherwise; (ii) except to the Ground Lease Commencement Date andextent otherwise included in Basic Costs, if any costs incurred in connection with the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount energy management program for the period Building, Property and Premises, including any costs incurred for the replacement of time between the Ground Lease Commencement Date lights and ballasts and the next following first day purchase and installation of the monthsensors and other equipment that saves energy; and (biii) if and to the first payment extent permitted by law, a reasonable fee for the services provided by Landlord in connection with the selection of Rent due upon utility companies and the commencement negotiation and administration of any new Adjustment Period will contracts for the generation of electricity. Notwithstanding the foregoing, Electrical Costs shall be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if any.adjusted as follows:
Appears in 1 contract
Rent. Commencing upon In consideration of Landlord performing the Ground Expansion Area Improvements, the Expansion Area Costs (not to exceed the Maximum Costs) shall be amortized over a 15-year period (from the Completion Date) and included in the Rent due under the Lease Commencement (as set forth in Section 3(a) of the Lease) commencing as of the first day of the calendar month following the Completion Date (the "Revised Rent Date"). Landlord and Tenant have agreed to modify the Rent under the Lease, and hereby modify the Rent effective as of the Revised Rent Date, such that the monthly installments of Rent first coming due under the Lease as of the Revised Rent Date shall be increased by the sum of $10,894.00 to reflect the amortized Expansion Area Costs from the Completion Date through the expiration of the original Lease Term. Effective as of the Revised Rent Date, the initial rent for Rent amounts specified in Section 3(a) of the Site (“Rent”) Lease shall be [***] per annum, payable deleted and the Rent due for each Lease Year (or partial Lease Year) commencing on the Revised Rent Date and ending on the last day of the fifteenth (15th) Lease Year shall modified and amended by increasing the monthly amounts therein stated (and corresponding annual amounts due) by $10,894.00. Notwithstanding the foregoing or anything in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal this Amendment to the greater of [***] or contrary, not later than thirty (30) days after the CPI Percentage Increase (as defined below)Completion Date, but in no event later the Outside Completion Date, Landlord shall deliver to exceed an Tenant a complete and detailed explanation of all costs included in Expansion Area Costs, which shall include full and final unconditional lien waivers from all contractors, subcontractors and materialmen verifying all amounts contractually required to be paid thereto. In the event the actual Expansion Area Costs shall be less than the Maximum Costs as herein above set forth, the Rent adjustment during any Adjustment Period set forth above shall be modified (as defined belowretroactively) of greater than [***]. The period of time from to reflect the Ground Lease Commencement Date through the date five years thereafter, and each five (5) actual Expansion Area Costs amortized over a 15-year period thereafter and Tenant shall be defined herein as credited with an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) amount equal to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time difference between the Ground Lease Commencement Date Maximum Costs and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyactual Expansion Area Costs.
Appears in 1 contract
Sources: Lease (Shoe Carnival Inc)
Rent. Commencing upon Beginning on the Ground Lease Rent Commencement Date and continuing thereafter throughout the Term, Tenant will pay the Rent in monthly installments in advance, without demand, deduction or offset, in lawful money of the United States commencing on the Rent Commencement Date, and continuing on the initial rent first day of each and every month thereafter until the Termination Date. Rent payments for any fractional calendar month at the Site end, or the beginning of the term of the Lease, will be prorated. In the event Tenant fails to pay any installment of Rent hereunder within ten days of the due date of such installment, Tenant will pay to Landlord on demand a late charge in an amount equal to four percent (“4%) of such installment. The provision for such late charge will be in addition to all of Landlord’s other rights and remedies hereunder or at law and will not be construed as liquidated damages or as limiting Landlord’s remedies in any manner. Commencing with the second Lease Year hereunder, Base Annual Rent will increase on each anniversary of the Rent Commencement Date by the Base Annual Rent Escalation over the Base Annual Rent paid the previous Lease Year. Commencing January 1 of the year following the Commencement Date and continuing thereafter for each calendar year during the Term, Landlord will present to Tenant Tenant's Forecast Operating Expenses. Tenant will pay without deduction, offset, or counter claim, and otherwise in the same manner as Base Annual Rent on the first day of each calendar month during the Term, an amount equal to one twelfth (1/12) of Tenant’s Forecast Operating Expenses as Additional Rent”. From time to time during any calendar year, Landlord may revise Tenant’s Forecast Operating Expense and adjust Tenant’s monthly payments to reflect Landlord’s such revisions. Promptly after the full execution of this Lease (and delivery to Tenant of a copy thereof), Tenant shall pay Landlord the first month's Rent due hereunder. Notwithstanding the foregoing, and provided there is no default or event of default hereunder by Tenant, Base Annual Rent (but not Operating Expenses) shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward every abated hereunder for the first five (5) years thereafter during months after the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through (the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such "Rent Abatement"). Tenant will be due each month on the 1st day responsible for its Proportionate Share of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount Operating Expenses for the period of time between the Ground Lease Commencement Date Building as well as its utilities and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyjanitorial services.
Appears in 1 contract
Rent. Commencing Tenant shall pay to Landlord, as Base Rent for the Premises, the rental set forth in subparagraph D of Paragraph 1 hereof. Rent for the first month of the term hereof shall be prorated based upon the Ground number of days during said month that the Lease Commencement DateTerm was in effect. All other rent shall be payable on the first day of each calendar month during the term hereof. All such rent shall be paid in advance without notice, abatement, demand, deduction or offset at the office of the Landlord or to such other place as Landlord may designate in writing. It is the understanding of the parties that the Base Rent is to be absolutely “net” to the Landlord and, except as otherwise expressly provided herein, Tenant shall bear all costs and expenses of whatever kind relating to the Premises, the initial rent Building and the Premises’ pro rata share, if any, of the expenses of the Building Complex. Notwithstanding the foregoing, Base Rent shall ▇▇▇▇▇ for the Site first three (3) months of the Term (the “Abated Rent”) shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first day of a month the Abated Rent shall apply to the Base Rent as prorated for that month and the remaining days of the monthfirst month abatement shall be applied to reduce the payment due for the third month of the term so that Tenant has a total of three full months of Abated Rent. The abatement of Base Rent provided herein shall not relieve Tenant from the performance of Tenant’s other obligations under this Lease, including, without limation, the first payment obligation to pay on a timely basis Operating Expenses, as hereinafter defined, and all other additional rent and other obligations under this Lease, which shall become due and payable during the entire Term. In the event of Tenant’s default hereunder, the entire amount of the Abated Rent shall become immediately due and payable and Tenant shall, upon demand of Landlord, immediately pay to Landlord the amount of the Abated Rent. All amounts payable to Landlord under this Lease, including without limitation Base Rent, shall be paid by Tenant to Landlord at the address shown above, or such other place as Landlord may designate in writing from time to time. In the event Tenant shall fail to pay, when the same is due and payable, any installment of the Base Rent or any additional rent to be paid by Tenant to Landlord under the terms of this Lease, then at Landlord’s election to do so, such unpaid amounts shall bear interest from the due date thereof to the date of payment at the rate of two percent (2%) per annum in excess of the prime or base rate set by ▇▇ ▇▇▇▇▇▇ Chase Bank, or its successor, as such rate is increased or decreased, from time to time (the “Default Rate”). In any event, however, Tenant shall be charged a prorated amount service charge with respect to each monthly installment of rental not received by the due date for said installment. Such service charge shall reimburse Landlord for the period additional administrative expenses incurred by Landlord in connection with the collection of time between such late installment of monthly rental. The service charge shall be the Ground Lease Commencement Date greater of five percent (5%) of the amount over due or unpaid or Fifty and Dollars ($50.00) for any rental not paid by the next following first seventh (7th) day of the month; . Any interest and (b) service charge to be paid by Tenant pursuant to the first payment foregoing provisions shall be paid along with the next scheduled installment of Base Rent due upon the commencement of without any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyadditional notice whatsoever.
Appears in 1 contract
Sources: Lease Agreement (Somanetics Corp)
Rent. Commencing upon Lease section 4(B) is modified to provide that: For the Ground period of time commencing on Expansion Area Commencement Date and ending on the Lease Commencement Datetermination date, Lessee shall pay to Lessor (in addition to any and all other Rent due under the initial Lease) an additional minimum guaranteed base rent for the Site Expansion Area in the sum of twenty-two thousand four hundred and 00/100 dollars (“Rent”$22,400.00), such additional base rent payable in minimum monthly installments of one thousand six hundred and 00/100 dollars ($1,600. 00). Lease section 4(D) is modified to provide that: The additional monthly base rent for the Expansion Area shall be adjusted, if the date for possession of the Expansion Area given pursuant to Lease section 1.(A)3. above occurs on a day other than July 1, 2002. Said Monthly Rent for such partial month (regardless of the actual number of days such month actually has) shall be [***] due and payable/credited at the rate of fifty-two and 45/100 dollars ($52.45) per annumday, payable in equal installments for each day, after/until possession of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal Expansion Area is given to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]Lessee. The period of time Rent due/credited for such partial month shall be calculated from the Ground Lease Commencement Date through date of possession of Expansion Area until the date five years thereafter, and each five first (51/st/) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month immediately following such date of possession, payable in advance, as specified above. Notwithstanding the foregoing, Lessor shall grant to Lessee a "rent holiday" from the payment of one thousand six hundred and 00/100 dollars ($1,600.00) of the installment of Monthly Rent due only for the first (1st) full month of possession of Expansion Area (such period being hereinafter referred to as the "Expansion Area Free Rent Period"). During such Expansion Area Free Rent Period, all installments of Monthly Rent shall be payable by abated as stated above (such rental abatement being hereinafter referred to as the 15th day of that month"Expansion Area Free Rent Allowance"); provided, provided however, that: (ai) the first payment Expansion Area Free Rent Period and the granting of the Expansion Area Free Rent Allowance as provided hereunder shall be due on not affect the Ground Lease Expansion Area Commencement Date andas determined herein; ii) Lessee shall remain obligated during the Expansion Area Free Rent Period to pay all Additional Rent payable pursuant to this Lease and to perform all of Lessee's obligations under this Lease except as expressly aforesaid; and iii) in the event of any termination of this Lease by Lessor based upon a default hereunder by Lessee, if the Ground Lease Commencement Date is a date other than entire amount of Monthly Rent which would have otherwise been due and payable hereunder during the first Expansion Area Free Rent Period in the absence of the month, the first payment of Expansion Area Free Rent Allowance shall be in a prorated amount for the period of time between the Ground Lease Commencement Date immediately become due and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anypayable.
Appears in 1 contract
Sources: Lease Agreement (Inphonic Inc)
Rent. Commencing upon A. Subtenant shall pay to Sublandlord, in advance, in monthly installments, without withholding, offset or reduction (except as otherwise expressly provided herein), Basic Rent in the Ground Lease Commencement Date, the initial rent following amounts: (i) for the Site (“Rent”) shall be [***] period starting on the Commencement Date and ending on the day preceding the first anniversary thereof, $543,354.00 per annum, payable in equal monthly installments of [***] $45,279.50; and (ii) for the period starting on the first anniversary of the Commencement Date and ending on the Expiration Date, $559,335.00 per monthannum, adjusted upward every payable in monthly installments of $46,611.25. Subtenant shall be entitled to its pro rata share of any reduction or abatement of Basic Rent to the extent of any actual reduction or abatement of Base Rent allocable to the Subleased Premises received by Sublandlord under the terms of the Prime Lease. Basic Rent for any partial calendar months at the beginning or end of the Sublease Term shall be prorated on a daily basis. Subtenant acknowledges that Sublandlord’s payments of Fixed Rent for the Premises are paid to Prime Landlord on the first, day of each calendar month during the Term and Subtenant therefore covenants and agrees that its payments of Basic Rent hereunder shall be paid to Sublandlord at least five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal business days prior to the greater first of [***] each calendar month.
B. Subtenant hereby acknowledges that the Subleased Premises are separately metered for electricity. During the Sublease Term, Subtenant shall pay, directly to the appropriate utility provider, any and all costs of electricity utilized in the Subleased Premises and in support of any of Subtenant’s equipment, wherever located.
C. During the Sublease Term, in the event that Subtenant shall request any additional services or utilities to the CPI Percentage Increase Subleased Premises (as defined below)including, but in no event without limitation, for HVAC) for which an additional charge is imposed by Prime Landlord, Subtenant shall promptly pay such amount to exceed Prime Landlord; provided, however, that if Prime Landlord requires Sublandlord to pay for any such services for the benefit of Subtenant, then Subtenant shall reimburse Sublandlord for such costs within fifteen (15) days after Subtenant’s receipt of an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time invoice therefor from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment PeriodSublandlord.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be
D. All amounts payable by the 15th day of that month, provided however, that: (a) the first payment of Subtenant to Sublandlord pursuant to this Sublease in addition to Basic Rent shall be due on the Ground Lease Commencement Date deemed to be “Additional Rent” and, if in the Ground Lease Commencement Date is a date other than the first event of any non-payment thereof, Sublandlord shall have all of the monthrights and remedies provided herein (including, without limitation, those rights and remedies set forth in Article 8 of the first Prime Lease and incorporated herein by reference), at law or in equity for non-payment of rent. The obligation of Subtenant to pay to Sublandlord all amounts of Basic Rent and Additional Rent due hereunder, and under the Prime Lease as and to the extent incorporated herein and as modified hereby, shall be in a prorated amount for survive the period of time between the Ground Lease Commencement Date and the next following first day expiration of the month; and (b) the first payment Sublease Term or earlier termination of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anythis Sublease.
Appears in 1 contract
Sources: Sublease (Tokai Pharmaceuticals Inc)
Rent. Commencing upon On the Ground date that Tenant executes this Lease, Tenant shall deliver to Landlord the original executed Lease, the Advance Rent (which shall be applied against Rent payable for the first month(s) Tenant is required to pay Rent), the Security Deposit, and all insurance certificates required to be delivered under Sections 10 and 12 of this Lease. Tenant agrees to pay Landlord without prior notice or demand, abatement, offset, deduction or claim, in advance at Landlord’s Address for Rent, on the Lease Commencement Date, Date and thereafter on the initial rent for first (1st) day of each month throughout the Site Term (“Rent”i) shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward every five Base Rent and (5ii) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase as Additional Rent (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) Tenant’s Share of greater than [***]Operating Expenses, Tax Expenses, Common Area Utility Costs, and Utility Expenses. The period of time from term “Rent” means, collectively, Base Rent, Additional Rent and all other amounts due to Landlord pursuant to this Lease. If any rental payment date (including the Ground Lease Commencement Date through the date five years thereafter, and each five (5Date) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based falls on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first day of such month or if any rental payment is for a period which is shorter than one (1) month, then the rental for any such fractional month shall be a proportionate amount of a full calendar month’s rental based on the proportion that the number of days in such fractional month bears to the number of days in the calendar month during which the fractional month occurs. All other payments or adjustments required to be made under the terms of this Lease that require proration on a time basis shall be prorated in the same manner. Any prorated Rent for the first (1st) calendar month of the month, the first payment of Rent Term shall be in a paid on the Lease Commencement Date, and any prorated amount Rent for the period final calendar month of time between the Ground Lease Commencement Date and Term shall be paid on the next following first day of the month; and (b) calendar month in which the first payment date of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyexpiration or termination occurs.
Appears in 1 contract
Sources: Lease Agreement (Ambarella Inc)
Rent. (a) Commencing upon on the Ground Lease Rent Commencement Date, Tenant hereby agrees to pay the initial rent Base Rent for the Site lease and use of the Premises, in the amount set forth in the Basic Lease Information. Each successive twelve (“Rent”12) shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter month period during the Initial Term and during any Extended Term by a percentage equal to following the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than “Lease Year,” provided, however, that, if the Rent Commencement Date is not the first day of a calendar month, then the first Lease Year shall be extended to end on the last day of the month, calendar month in which the first payment anniversary of the Rent shall be in a prorated amount for the Commencement Date occurs. The period of time between the Ground Lease Commencement Date and the next following first day Rent Commencement Date is referred to herein as the “Build-Out Period”. If by reason of any other provision in the Lease, Tenant would otherwise be entitled to receive an abatement of Rent during a period coinciding with the Build-Out Period (e.g., by reason of a fire or casualty), then such abatement periods shall run consecutively and not concurrently so that Tenant would receive the benefit of the month; and full abatement otherwise provided for herein.
(b) Tenant shall also pay, as “Additional Rent” (i) commencing on the first Rent Commencement Date, Tenant’s Share of Operating Cost (as hereinafter defined), (ii) commencing on the Rent Commencement Date, Tenant’s Share of Taxes (as hereinafter defined), and (iii) all other sums of money as shall become due and payable by Tenant to Landlord under this Lease. Landlord shall have the same remedies for default in the payment of any Additional Rent due upon as are available to Landlord in the commencement case of any new Adjustment Period will default in the payment of Base Rent. The term “Rent” shall mean Base Rent and Additional Rent. Tenant shall pay all Rent and sums provided to be owed paid to Landlord hereunder at the times and paid one month after in the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anymanner herein provided.
Appears in 1 contract
Rent. Commencing upon (a) Tenant shall continue to pay Rent for the Ground Premises through November 30, 2025 in the same manner as set forth in the Lease Commencement Dateprior to this Fourteenth Amendment. Effective as of December 1, 2025 and continuing through the Expiration Date (as herein amended), Tenant shall pay Rent for the Premises in accordance with the following schedule: [***]=[CONFIDENTIAL PORTION HAS BEEN OMITTED BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED] ⁺Note: Tenant shall pay, in addition to Rent, all applicable sales, rent and use tax. *Note: Provided that no monetary Event of Default under the Lease beyond any applicable notice and cure period then exists, the initial rent for Rent due during December 2022, January 2023 and every subsequent December of the Site Term through December 2030 (the collective sum of [***], hereinafter referred to as the “Abated Rent”) shall be [***] per annumfully abated. Notwithstanding the foregoing, payable in equal installments of [***] per monthif, adjusted upward every five (5) years thereafter at any time during the Initial Term Extended Term, Tenant causes a monetary Event of Default under the Lease beyond any applicable notice and during any Extended Term by a percentage equal cure period, the unamortized portion of the Abated Rent shall immediately become due and payable to Landlord as Additional Rent under the greater of [***] or the CPI Percentage Increase (as defined below)Lease. If Tenant fails to timely pay to Landlord such Abated Rent, but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter Landlord shall be defined herein entitled to all rights and remedies available to Landlord under the Lease and at law and in equity. Tenant’s payment of such Abated Rent pursuant to this paragraph shall not, in any way, limit the rights and remedies available to Landlord under the Lease and at law and in equity as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustmentmonetary Event of Default.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if any.
Appears in 1 contract
Sources: Lease (Mesa Air Group Inc)
Rent. Commencing upon a. Tenant shall timely pay to Landlord the Ground Basic Rental and all additional sums to be paid by Tenant to Landlord under this Lease, including the amounts set forth in subparagraph b. below and Exhibit D, without deduction or set off, except as otherwise provided herein, at the address specified for Landlord in the Basic Lease Commencement DateInformation (or such other address as Landlord may from time to time designate in writing to Tenant). Basic Rental, the initial rent for the Site (“Rent”) adjusted as herein provided, shall be [***] per annum, payable monthly in equal installments advance. The first monthly installment of [***] per month, adjusted upward every five (5) years Basic Rental shall be payable on the Commencement Date and a like monthly installment of Basic Rental shall be due on the first day of the second full calendar month of the Term and continuing thereafter on the first day of each succeeding calendar month during the Initial Term and Term.
b. On the first day of each calendar month during any Extended Term by a percentage the Term, Tenant shall pay to Landlord an amount equal to the greater cost of [***] or all electricity used by the CPI Percentage Increase Premises (the "Electrical Costs") for the prior calendar month. Landlord will determine the amount of Tenant's consumption of electricity by a separate sub-meter in the Premises, installed, maintained, and read by Landlord, at Tenant's expense (provided, however, that the cost of installing and maintaining the software associated with the sub-metering will be at Landlord's expense). Until such time as defined below)Landlord is able to calculate the actual Electrical Costs based upon the reading of the sub-meter, but in no event more than three (3) calendar months, Tenant shall pay to exceed Landlord an adjustment during any Adjustment Period estimated amount of Electrical Costs equal to the product of (i) $2.25, multiplied by (ii) the rentable square feet in the Premises. As soon as defined belowpracticable, Landlord shall furnish to Tenant a statement (the "Initial Electrical Cost Statement") of greater Tenant's actual Electrical Costs for any calendar months where the estimate was used. If the Initial Electrical Cost Statement reveals that Tenant paid more for Electrical Costs than [***]was actually incurred for such calendar months, then Landlord shall promptly reimburse Tenant such excess, or Landlord will credit such excess against the next Rent payment due from Tenant; likewise, if Tenant paid less than the amount actually incurred for Electrical Costs, then Tenant shall promptly pay Landlord such deficiency. The period of time from Electrical Costs due for the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each last calendar month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent Term shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first within ten (10) days of the month, the first payment Tenant's receipt of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyan invoice therefor.
Appears in 1 contract
Sources: Office Lease Agreement (Summit Bancshares Inc /Tx/)
Rent. Commencing upon A. Tenant covenants to pay to Landlord during the Ground Lease Commencement DateTerm, without any setoff or deduction except as otherwise expressly provided herein, the initial rent for full amount of all Base Rent and Additional Rent due hereunder and the Site (full amount of all such other sums of money as shall become due under this Lease, all of which hereinafter may be collectively called “Rent”) .” In addition, Tenant shall promptly pay, as Additional Rent, all rent, sales and use taxes or other similar taxes, including, but not limited to, ad valorem or similar taxes, if any, levied or imposed on Landlord and/or Tenant in relation to the Building and/or Premises by any city, state, county or other governmental body having authority, such payments to be [***] per annum, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter addition to all other payments required to be paid to Landlord by Tenant under this Lease. Base Rent and Additional Rent for each calendar year or portion thereof during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below)Lease Term, but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due and payable in advance in monthly installments on the Ground first day of each calendar month during the Lease Commencement Date andTerm, if without demand. If the Ground Lease Commencement Date is Term commences on a date day other than the first day of a month or terminates on a day other than the last day of a month, then the installments of Base Rent and Additional Rent for such month or months shall be prorated, based on the number of days in such month. All amounts received by Landlord from Tenant hereunder shall be applied first payment of to the 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. To the extent allowed by law, all installments of Rent not paid when due shall bear interest at the Default Rate from the date due until paid, provided, Tenant shall be entitled to a prorated amount for the grace period of time between the Ground Lease Commencement Date and the next following first day of the month; and three (b3) days after notice from Landlord with respect to the first payment two (2) late payments in any calendar year. In addition, if Tenant fails to pay any installment of Base Rent and Additional Rent or any other item of Rent when due upon the commencement and payable hereunder, a “Late Charge” equal to five percent (5%) of any new Adjustment Period such unpaid amount will be owed due and paid one month payable immediately by Tenant to Landlord, provided, Tenant shall be entitled to a grace period of three (3) days after notice from Landlord with respect to the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyfirst two (2) late payments in any calendar year.
Appears in 1 contract
Rent. Commencing upon The Base Rental and Additional Rental under the Ground Primary Lease Commencement Date, is greater than the initial rent Base Rental and Additional Rental that is due under this Sublease. The parties agree that it is the Sublessor’s sole responsibly to pay the shortfall in Base Rental and Additional Rental to the Landlord and that Sublessor shall pay such shortfall timely as set forth in the Primary Lease. Sublessee shall not be in default of this Sublease or the Primary Lease as long as it pays direct to the Landlord the Base Rental and Additional Rental that is due for the Site (“Rent”Subleased Premises under this Sublease.
a) shall be [***] per annumDuring the period commencing upon Commencement Date and terminating with this Sublease, Sublessee covenants to pay to Landlord, without any demand or notice and without any offset or reduction whatsoever, a Base Rental, payable in equal installments of [***] per monthadvance, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal as specified in Exhibit C attached hereto. Sublessee shall pay all Base Rental monthly direct to Landlord without notice or demand to the greater below address or any other address which the Landlord notifies Sublessee of [***] in writing. Payable to: Sojourn Office, LLC Attn: Property Manager ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇. ▇▇▇▇▇ ▇▇▇ PMB 26 ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇
b) Sublessee shall pay Landlord at the address set forth in 4.a) above Additional Rental in the amount of any increases in operating expenses over base year 2019. Sublessee’s Additional Rental shall be based on the square footage of the Subleased Premises. Sublessor or Landlord shall deliver direct to Sublessee the CPI Percentage Increase (as defined below), but calculation of the amount due for Additional Rental using a base year of 2019 and the square footage of the Subleased Premises in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]accordance with the Primary Lease. The period shortfall of time from Additional Rental being paid by Sublessee under this Sublease, versus the Ground amount of Additional Rental due under the Primary Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Periodthe sole responsibility of Sublessor.” Any upward adjustment based on a CPI Percentage Increase (as defined below
c) to any Non-payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent or late payment of monthly rent will be due each month on the 1st day penalized and enforced in accordance with sections 3.7 and 3.8 of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyPrimary Lease.
Appears in 1 contract
Sources: Sublease Agreement (JetPay Corp)
Rent. Commencing upon 4.1 Tenant promises and agrees to pay Landlord at Landlord's address set forth in the Ground Lease Commencement DateLease, or such other address as Landlord may provide to Tenant, the initial Base Rental and all other rent charged under this Lease without deduction or set off, for each month of the Site (“Rent”) shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]entire Lease Term. The period first monthly installment of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and Base Rental shall be payable by Tenant to Landlord contemporaneously with the 15th day execution of that monththe Lease, provided howeverand thereafter, that: (a) a monthly installment of Base Rental, as may be adjusted in accordance with the first payment provisions of Rent the Lease, shall be due and payable, in advance, without notice or demand on or before the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of each succeeding calendar month during the month; Lease Term. The Base Rental for any fractional month at the beginning or end of the Lease Term shall be prorated.
4.2 The Base Rental is determined, in part, on Landlord's estimate of Basic Costs incurred by Landlord each year in connection with its ownership, operation and (b) management of the first Building. In the event that the Basic Costs increase, or are estimated by Landlord to increase, above the levels charged to Landlord on the Date of the Lease, Landlord shall charge to Tenant and Tenant agrees to pay as additional rental Tenant's Pro Rata Share of any such increases in Basic Costs in accordance with the provisions of Exhibit "C".
4.3 The Security Deposit shall be paid to Landlord contemporaneously with the execution of the Lease. Landlord shall hold the Security Deposit without liability for interest and as security for the performance by Tenant of Tenant's covenants and obligations under the Lease, it being expressly understood that such deposit shall not be considered an advance payment of Rent due upon rental or a measure of Landlord's damages in case of default by ▇▇▇▇▇▇. Upon the commencement occurrence of any new Adjustment Period Event of Default by ▇▇▇▇▇▇, Landlord may, from time to time, without prejudice to any other remedy, use the Security Deposit to the extent necessary to make good any arrearage of rent and any other damage, injury, expense or liability caused to Landlord by such Event of Default. Following any such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied in order to restore the Security Deposit to its original amount. If Tenant is not then in default of this Lease, any remaining balance of the Security Deposit shall be returned by Landlord to Tenant upon termination of the Lease. If Landlord transfers its interest in the Premises during the Lease Term, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of the Security Deposit.
4.4 Tenant hereby acknowledges that late payment to Landlord of rent due hereunder will cause Landlord to incur costs and inconvenience not contemplated by the Lease, the exact amount of which will be owed extremely difficult to ascertain. If any rent due from Tenant is not received by Landlord or Landlord's designated agent within ten (10) days after its due date, then Tenant shall pay to Landlord as a late charge ten percent (10%) of such overdue amount, plus any attorney's fees incurred by Landlord by reason of Tenant's failure to pay rent when due hereunder. The parties hereby agree that such late charges represent a fair and paid one month reasonable estimate of the cost that Landlord will incur by reason of Tenant's late payment. ▇▇▇▇▇▇▇▇'s acceptance of such late charges shall not constitute a waiver of ▇▇▇▇▇▇'s default with respect to such overdue amount or estop Landlord from exercising any of the other rights and remedies granted hereunder.
4.5 All payments required of Tenant under the Lease shall bear interest, beginning on the day after the commencement due date until paid at the lesser of that Adjustment Period twelve percent ( 12 %) per annum or the maximum lawful rate ("Default Interest"). In no event, however, shall the charges permitted under this paragraph or elsewhere in the Lease, to the extent the same are considered to be interest under applicable law, exceed the maximum lawful rate of interest.
4.6 No payment by Tenant or receipt by Landlord of a lesser amount than the rent due under this lease shall be deemed to be other than on account of the earliest rent due hereunder, nor shall any endorsement or statement on any check or any letter accompanying any check or payment as rent be deemed an accord and shall reflect satisfaction, and Landlord may accept such check or payment without prejudice to Landlord's right to recover the Estimated CPI Percentage Increase, if anybalance of such rent or to pursue any other remedy provided in this lease or at law or in equity.
Appears in 1 contract
Sources: Office Lease (Phymed Inc)
Rent. Commencing upon the Ground Lease Commencement Date, the initial rent Annual Gross Rent for the Site (“Rent”) Premises shall be [***] be: PHASE I: $16.25 per annumRSF PHASE II: $15.50 RSF for the first 18,047 RSF and $16.25 RSF for space in excess of 18,047 RSF. Tenant shall pay to Landlord such annual rental in monthly installments, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day upon occupancy of the month and shall Premises which is expected to be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date andJanuary 15, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount 1997 for the period of time between the Ground Lease Commencement Date and the next following first day of the month; Phase I and (b) for Phase II, April 1, 1997, or thirty (30) days from the date Attachmate vacates the Premises, which is expected to be March 1, 1997, with such sums payable on the first payment day of Rent each calendar month during the term hereof in advance, without prior notice or demand. If the Lease Term terminates on other than the last day of a month, then the rent due upon shall be prorated for such month and be paid in advance. All past due installments of rent and other sums due hereunder shall bear interest at the commencement rate of ten percent (10%) per annum from date due until paid. A ten (10) day grace period shall be allowed from the 1st through 10th of each month for monthly rental payments payable hereunder. No grace period shall be allowed for any other sums due. The base rental set forth above includes an allowance for building operating expenses through December 31, 1997. For subsequent years, Tenant shall be responsible for its Prorata share of any new Adjustment Period will increase in building operating expenses above the 1997 Base Year expenses. In such event, Tenant's rent payable shall be owed increased, beginning January 1998 and each successive year in accordance with the rent and operating expense escalations as set forth below, and Tenant's prorata amount of Landlord's operating expenses shall be paid one month after to Landlord as set forth below. Tenant's prorata amount shall be determined by multiplying the commencement total dollar amount of that Adjustment Period Landlord's rent and operating expense escalation obligations by a fraction, whereby the numerator of said fraction is the amount of square feet of the Premises, and the denominator is the amount of square feet of the Building. Initially, this fraction shall reflect be 17.0%. Landlord shall give Tenant written notification of Tenant's prorata share of Landlord's adjusted rents and/or operating expenses. If requested by Tenant, Landlord shall provide documentation outlining the Estimated CPI Percentage Increasenature of Tenant's adjustments and the Landlord's calculations used to determine them. Tenant shall make monthly rental payments and all other payments due hereunder payable to Equifax Inc. and mailed to Equifax Inc., if anyDrop 22, ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇.▇., ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇.
Appears in 1 contract
Sources: Office Lease (Radiant Systems Inc)
Rent. Commencing Subtenant shall pay to Sublandlord the Monthly Base Rent (pro rated in the case of any partial calendar month at the beginning or end of the Term, based upon the Ground Lease Commencement Dateactual number of days in the month), without deduction, offset, notice, or demand, at Sublandlord's Address, or at such other place as Sublandlord shall designate from time to time by notice to Subtenant. Monthly Base Rent shall be paid for each calendar month occurring during the term in advance two (2) business days prior to the first day of the calendar month to which such Monthly Base Rent is attributable, provided that the installment of Monthly Base Rent for the second full calendar month of the Sublease Term shall be payable upon the execution of this Sublease by Subtenant. Notwithstanding the foregoing, the initial rent Monthly Base Rent for the Site (“Rent”) April, 2002, February, 2003, March, 2003 and March, 2004 shall be [***] per annumabated. In addition, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term should more than 20 days elapse between Subtenant's application for a building permit for Subtenant's initial alterations and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through improvements and the date five years thereafterof issuance of the permit, and each five (5) year period thereafter should such delay result in the Subleased Premises not being ready for occupancy by April 1, 2002 because of such delay in issuing the building permit, then Subtenant shall be defined herein as an “Adjustment Period.” Any upward adjustment based entitled to one day without Monthly Base Rent starting on April 1, 2002 for every two days of such delay up to a CPI Percentage Increase (as defined below) maximum of seven days of free rent. All charges, costs, expenses and sums required to any payment be paid or borne by Subtenant under this Ground Lease Sublease in addition to Base Rent shall be deemed "Additional Rent," and Base Rent and Additional Rent shall hereinafter collectively be referred to as a “CPI Adjustment"Rent.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of " Subtenant's covenant to pay Rent shall be due independent of every other covenant in this Sublease. The Monthly Base Rent for the fourth year of the term commencing on April 1, 2005 shall be adjusted to the Ground Lease Commencement Date andthen Fair Market Base Rental as defined in Section 38(a) of the Master Lease; provided, however, if Fair Market Base Rental is $2.25 per RSF or less, the Ground Lease Commencement Date is a date other than Monthly Base Rent shall remain at $2.25 per RSF for the first fourth year of the monthTerm (i.e., the first payment of Rent shall be in a prorated amount for the twelve month period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment of Rent due upon commencing on April 1, 2005). Approximately 30 days prior to the commencement of such lease year, Landlord and Tenant shall endeavor to agree upon the Fair Market Base Rental. If they are unable to do so within such 30 days period, the Fair Market Base Rental shall be determined by three commercial real estate brokers — one selected by Sublandlord, one by Subtenant and one by the two brokers so selected. The Fair Market Base Rental shall be the average of the two closest amounts determined by the brokers. The brokers shall make their determination within 30 days of the selection of the third broker and any new Adjustment Period will rent adjustment shall be owed retroactive to April 1, 2005. Each party shall pay the fee of the broker which it selected and paid one month after half of the commencement fee of the third. On April 1, 2006 and April 1, 2007, the Monthly Base Rent for the succeeding year shall be increased (but not decreased) in accordance with the change in the cost of living according to the provision of Section 35 of the Master Lease with appropriate adjustment to the terms of that Adjustment Period section to correspond to the dates and time periods set forth in this paragraph. At no time shall reflect the Estimated CPI Percentage Increase, if anyMonthly Base Rent exceed that charged to Sublandlord under the Master Lease.
Appears in 1 contract
Rent. Commencing All Rent paid pursuant to the Leases for the month or other relevant period in which the Closing occurs shall be adjusted at Closing. No adjustment at Closing shall be made for delinquent rent which shall be handled under the provisions below. Purchaser shall receive a credit at Closing for all Rent paid to Seller prior to the Closing for periods after the month in which the Closing occurs.
(i) If, as of the Closing Date, there are any past due Fixed Rent owing by any Tenant, Purchaser shall use its commercially reasonable efforts to collect the same. Purchaser shall not be obligated to institute legal actions or proceedings against any Tenant to collect such past due Fixed Rent, but the Seller hereby waives any and all right to institute any legal actions or proceedings against such Tenant including any right to seek the eviction of such Tenant or the termination of a Lease.
(ii) Any Fixed Rent received (net of Purchaser’s reasonable costs of collection) after the Closing from any Tenant which owes Fixed Rent for the period prior to the Closing shall be applied in the following order of priority: (A) first, to Purchaser, until Fixed Rent for all current periods is paid in full, and (D) second, after Fixed Rent then due and payable for all post Closing periods are paid in full, to the Seller in payment of Fixed Rent for periods prior to the month immediately preceding the month in which the Closing occurs.
(iii) To the extent that any portion of the Overage Rent is required to be paid monthly or on another periodic basis, by Tenants on account of estimated amounts for the current period, and at the end of each calendar year (or, if applicable, at the end of each lease year or tax year, as the case may be), such estimated amounts are to be recalculated based upon the Ground Lease Commencement Dateactual expenses, taxes and other relevant factors for that calendar (lease or tax) year, with the initial rent appropriate adjustments being made with such Tenants, then such portion of the Overage Rent paid shall be prorated between Seller, on the one hand, and Purchaser, on the other hand, at the Closing, based on such estimated payments (i.e., with Seller entitled to retain all monthly and other periodic installments of such amounts paid with respect to periods prior to the calendar month or other relevant period in which the Closing Date occurs, Seller to pay to Purchaser at the Closing all monthly or other relevant period installments of such amounts paid with respect to periods following the calendar month or other relevant period in which the Closing occurs and Seller and Purchaser shall apportion all monthly installments of such amounts with respect to the calendar month in which the Closing occurs) and at the time(s) of final calculation and collection from (or refund to) Tenants of the amounts in reconciliation of actual Overage Rent for a period for which estimated amounts have been prorated, there shall be a reproration between Seller (on the one hand) and Purchaser (on the other hand), based upon their respective actual expenses, taxes and other relevant factors for that calendar (lease or tax) year, with the net credit resulting from such reproration being payable to the appropriate party.
(iv) As to Overage Rent in respect of an accounting period that shall have expired prior to the Closing, but which shall be paid after the Closing, Purchaser agrees that it will pay the entire amount over to the Seller upon receipt thereof, less Purchaser’s reasonable costs of collection reasonably allocable thereto. Purchaser agrees that it shall: (a) promptly render bills for any Overage Rent in respect of an accounting period that shall have expired prior to Closing but which shall be payable after the Closing, (b) ▇▇▇▇ Tenants who owe such Overage Rent attributable to an accounting period that shall have expired prior to the Closing, on a monthly basis for a period of six consecutive months, and (c) use commercially reasonable efforts in the collection of Overage Rent (Seller acknowledges that, as of the date hereof, Seller knows of no such past due Overage Rent); provided, however, that Purchaser shall have no obligation to commence any legal actions or proceedings to collect any such Overage Rent. Notwithstanding the foregoing, if Purchaser shall be unable to collect such Overage Rent despite using its commercially reasonable efforts to do so, Seller shall have the right to pursue Tenants to collect such delinquencies (including the prosecution of one or more lawsuits); provided, however, (i) Seller shall not be entitled to evict (by summary proceedings or otherwise) any such Tenant or to terminate such Tenant’s Lease, (ii) Seller shall not be entitled to institute any legal actions or proceedings against any such Tenant unless the amounts of the delinquency in controversy, in the aggregate, are equal to or greater than $100,000 and unless Seller shall have first given Purchaser thirty (30) days’ prior written notice of its intent to file such legal action or proceeding against the Tenant, (iii) Seller shall institute such legal actions or proceedings within one (1) year following the Closing, except that no such time limit shall apply to any actions or proceedings arising out of any audit of any Overage Rent by Shook Hardy, and (iv) Purchaser shall not be obligated hereunder to participate in or cooperate with Seller as to such suit. Notwithstanding anything to the contrary herein, no provision of this Agreement shall be construed as preventing or restricting Seller from filing a counterclaim against a Tenant in any suit or other proceeding brought by such Tenant against Seller or any of its affiliates. Seller shall furnish to Purchaser all information relating to the period prior to the Closing that is reasonably necessary for the Site billing of Overage Rent. Purchaser shall deliver to Seller, concurrently with the delivery to Tenants, copies of all statements relating to Overage Rent for periods prior to the Closing.
(“Rent”v) Any Rent received directly or indirectly by Seller or Purchaser following the Closing and which are the property of the other party, shall be [***] per annum, payable deemed held in equal installments of [***] per month, adjusted upward every trust and shall be paid to the other party within five (5) years thereafter during Business Days following receipt thereof. Upon either party’s request from time to time, the Initial Term other party shall provide the requesting party with an accounting (certified by the applicable party as being true and during any Extended Term correct) of all Rent received by a percentage equal it following Closing. Until such time as all amounts required to be paid to Seller by Purchaser pursuant to the greater of [***] or the CPI Percentage Increase (as defined below)aforesaid provisions shall have been paid in full, Seller may from time to time, but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater not more frequently than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafteronce each calendar month, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on request that Purchaser furnish Seller with a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day reasonably detailed accounting of the month and collection of all Rent. Within ten (10) Business Days of its receipt of such request, Purchaser shall be payable by furnish Seller with such accounting. Seller shall have the 15th day right from time to time following the Closing, on prior notice to Purchaser, to review Purchaser’s records with respect to the Premises to ascertain the accuracy of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anysuch accountings.
Appears in 1 contract
Sources: Sale Agreement (Hines Real Estate Investment Trust Inc)
Rent. Commencing upon The rent payable by Sub-subtenant for the Ground Lease Premises shall ---- consist of basic rental ("Basic Rent") plus certain additional rental ("Additional Rent"), all as provided below. Basic Rent, Additional Rent, and any other charges due under this Sub-sublease are hereinafter referred to collectively as "Rent."
(a) From the Commencement Date until the first anniversary of the Commencement Date, or if such date is not the initial rent for the Site (“Rent”) shall be [***] per annum, payable in equal installments first day of [***] per a calendar month, adjusted upward every five (5) years thereafter during until the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the calendar month in which such date occurs, Sub- subtenant shall pay to Sub-sublandlord in advance, on or before the first day of each month; and , without deduction or offset, monthly Basic Rent in the amount of $75,900.00 per month.
(b) From the first anniversary of the Commencement Date, or if such date is not the first day of a calendar month, from the first day of the calendar month in which such date occurs, until the termination of this Sublease, Sub-subtenant shall pay to Sub-sublandlord in advance, on or before the first day of each month, without deduction or offset, monthly Basic Rent in the amount of $80,500.00 per month.
(c) Sub-subtenant also shall pay, as Additional Rent, all additional rental amounts and such other charges as may be imposed by Sublandlord upon Sub-sublandlord under the Master Sublease.
(d) To the extent that Additional Rent due under the Master Sublease is on a monthly basis, such Additional Rent shall be paid to Sub-sublandlord as en Basic Rent is paid. All Rent shall be paid to Sub-sublandlord at the address specified for Sub-sublandlord below, or to such other person or to such other place as Sub-sublandlord may from time to time designate in writing. To the extent that Additional Rent is payable on an estimated basis pursuant to the Master Sublease, the Additional Rent due hereunder shall be adjusted between the parties (with appropriate reimbursements or additional payments) within twenty (20) days after the actual Additional Rent due under the Master Sublease has been determined and notice thereof has been delivered to Sub-subtenant.
(e) Sub-sublandlord shall pay all "Rent" and other monetary amounts required to be paid under the Master Sublease (collectively, "Underlying Rent") on or before the date such amounts become due and payable thereunder. If Sub-sublandlord fails to make any payment of Underlying Rent due upon as and when required under the commencement Master Sublease, Sub-subtenant shall have the right, but not the obligation, to make such payments on behalf of Sub-sublandlord, in which event Sub-subtenant shall have the right to offset any amounts so paid against Rent payable under this Sub-sublease.
(f) In the event of any new Adjustment Period will casualty or condemnation affecting the Premises, Rent payable by Sub-subtenant shall be owed proportionately abated, but only as to the portion of the Premises damaged or taken; and paid one month after only to the commencement of extent that Adjustment Period and Underlying Rent payable under the Master Sublease is abated. Sub- subtenant shall reflect have no right to terminate the Estimated CPI Percentage Increase, if anySub-sublease in connection with any casualty or condemnation except to the extent that the Master Sublease is also terminated as to the Premises or any portion thereof.
Appears in 1 contract
Rent. Commencing upon Throughout the Ground Lease Commencement Dateterm of this Lease, Tenant shall pay rent to Landlord in accordance with the initial following provisions: 1.
(a) Tenant shall pay minimum annual rent for (the Site "Minimum Rent") in monthly installments in advance on or before the first day of each calendar month as reflected in EXHIBIT D hereto.
(“Rent”b) Additional Rent (herein so called) shall be [***] per annumcalculated as provided in EXHIBIT E hereto. For each calendar year after the year in which the Commencement Date occurs, payable Landlord shall furnish Tenant a written estimate of Additional Rent for the applicable calendar year. Estimates of Additional Rent shall be made by Landlord on a reasonable basis determined by Landlord. Throughout the term of this Lease, Tenant shall pay estimated Additional Rent in advance on or before the first day of each month in monthly installments equal to one-twelfth (1/12) of the estimated Additional Rent for the applicable calendar year. Pending receipt of Landlord's written estimate of Additional Rent for any calendar year, monthly installments of [***] per monthestimated Additional Rent shall continue to be paid in the same amount as in the prior calendar year. By April 30 of each calendar year or as soon as possible thereafter, adjusted upward every five Landlord shall deliver to Tenant a written statement reflecting any difference between estimated Additional Rent paid and actual Additional Rent accrued for the prior calendar year (5) years thereafter or in the case of any partial calendar year in which the term of this Lease begins or ends, a prorated portion of such Additional Rent based on actual days elapsed during the Initial Term portion of term occurring in that calendar year). Tenant shall pay Landlord the total amount of any balance of Additional Rent due shown on such annual statement within thirty (30) days after receipt of the statement. Landlord shall refund any overpayment of Additional Rent by Tenant shown on such annual statement within thirty (30) days after delivery of the statement, or Landlord, at its option, may credit the amount of any such overpayment against the installment(s) of Minimum Rent and Additional Rent due for the remainder of the then current calendar year. Tenant may examine the accounting records supporting the amount of Additional Rent reflected on such annual statement within sixty (60) days after receipt of the statement, such examination to occur after reasonable advance written notice to Landlord during normal business hours at the place where Landlord's accounting records are normally kept.
(c) The installments of Minimum Rent and Additional Rent for any Extended Term initial partial calendar month shall be prorated based on actual days elapsed and shall be paid in advance on the Commencement Date.
(d) Except as expressly provided to the contrary in this Lease, installments of Minimum Rent and Additional Rent shall be payable without notice, demand, reduction, setoff, or other defense. Installments of Minimum Rent and Additional Rent and payments of other sums owing to Landlord pursuant to this Lease shall be made to Landlord at ▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, or at whatever other account or address that Landlord may designate from time to time by written notice to Tenant.
(e) If any installment of Minimum Rent or Additional Rent, or any other sum due and payable pursuant to this Lease, remains unpaid for more than ten (10) days after the date due, Tenant shall pay Landlord a percentage late payment charge equal to the greater of [***] or the CPI Percentage Increase (as defined belowi) Fifty and No/100 Dollars ($50.00), but in no event to exceed an adjustment during any Adjustment Period or (as defined belowii) five percent (5%) of greater than [***]the unpaid installment or other payment. The period late payment charge is intended to compensate Landlord for administrative expenses associated with responding to late payment, and shall not be considered liquidated damages or interest. All rent and other sums of time whatever nature owed by Tenant to Landlord under this Lease that remain unpaid for more than ten (10) days shall bear interest from the Ground date due until paid at the lesser of (iii) five percent (2.5%) in excess of the prime or general reference rate of interest of Bank of America of North Carolina, N.A. (or its successors) in effect from time to time, or (iv) the maximum interest rate per annum allowed by law.
(f) Tenant has paid to Landlord upon signing this Lease Commencement Date through AN AMOUNT EQUAL TO THE FIRST MONTH'S RENT ($---) (the date five years thereafter"Deposit") as security for Tenant's performance of all obligations hereunder. The Deposit may be held in whatever lawful manner Landlord may choose, and each five (5) year period thereafter Landlord shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) entitled to any payment under this Ground Lease shall hereinafter be referred to interest as a “CPI Adjustment.” Such Rent will be due each month it may accrue on the 1st day Deposit. In the Event of Default by Tenant, Landlord may, at its option, apply all or any part of the month Deposit on account of any rent or other sums owing by Tenant, and thereupon Tenant shall be payable immediately redeposit with Landlord the amount so applied in order that Landlord will always have the full Deposit on hand throughout the term of this Lease. The Deposit shall never constitute liquidated damages in the Event of Default by the 15th day Tenant. Upon full payment and performance of that monththis Lease by Tenant (including without limitation, provided however, that: (a) the first final payment of any Additional Rent owed by Tenant), Landlord shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first refund to Tenant any balance of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of Deposit remaining after deducting any new Adjustment Period will be rent or other sums owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyby Tenant pursuant to this Lease.
Appears in 1 contract
Sources: Office Lease Agreement (Pinnacle Financial Partners Inc)
Rent. Commencing On the date that Tenant executes this Lease, Tenant shall deliver to Landlord the original executed Lease, the Security Deposit, and all insurance certificates evidencing the insurance required to be obtained by Tenant under Section 12 and Exhibit B of this Lease. Tenant agrees to pay Landlord the Base Rent, without prior notice or demand, abatement, offset, deduction or claim, in advance at Landlord’s Address 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, 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. The term “Rent” whenever used herein refers to the aggregate of all the amounts. If Landlord permits Tenant to occupy the Premises without requiring Tenant to pay rental payments for a period of time, the waiver of the requirement to pay rental payments shall only apply to the waiver of the Base Rent. The Rent for any fractional part of a calendar month at the commencement or expiration or termination of the Lease Term shall be a prorated amount of the Rent for a full calendar month based upon a thirty (30) day month. Any prorated Rent shall be paid on the Ground Lease Commencement Date, the initial rent and any prorated Rent for the Site (“Rent”) final calendar month hereof shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month paid on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) calendar month in which the first payment date of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyexpiration or termination occurs.
Appears in 1 contract
Rent. Commencing Subtenant agrees to pay all rents and other charges owed to Sublandlord pursuant to this Sublease to Sublandlord at its notice address as set forth in Paragraph 3(b) hereof, Attention: Accounting Department. Subtenant agrees to pay all sales, rental and/or transaction privilege taxes on the rents and charges (except for Sublandlord's income or similar tax) now or hereafter imposed by any taxing authority upon the Ground Lease Commencement Date, the initial rent for the Site (“Rent”) Sublandlord's receipt of Base Rent from Subtenant pursuant to this Sublease. Any charges due and payable under this Section 7 or as elsewhere provided in this Sublease which are not Base Rent payments shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal considered additional rent. Notwithstanding anything to the greater of [***] contrary contained herein or in the CPI Percentage Increase Master Lease, Sublandlord shall pay all Operating Expenses (as defined belowin the Master Lease) with respect to the Premises for, through and including calendar year 2001. Commencing January 1, 2002, Subtenant shall pay its Percentage Share, as defined in Section 3 (1), but of Building Operating Expenses in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day excess of the month and shall be payable by the 15th day actual Building Operating Expenses for calendar year 2001. If Sublandlord provides Subtenant with written notice of that monthan estimate, provided howevercalculated using commercially reasonable judgment, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated such amount for the period upcoming calendar year, Subtenant shall pay 1/12th of such amount each month at the same time between Subtenant pays its Base Rent. Within ninety (90) days following the Ground Lease Commencement Date expiration of each such calendar year, Sublandlord shall provide Subtenant with a reconciliation of actual Building Operating Expenses as compared to the estimated Building Operating Expenses and the next following first day 2001 base year Building Operating Expenses. In the event Subtenant made an overpayment, Sublandlord shall promptly refund Subtenant such amount. In the event of an underpayment, Subtenant shall pay such discrepancy by the month; and later of (bi) thirty (30) days after reconciliation thereof, or (ii) the first payment of Rent next due upon the commencement of date for Base Rent. Sublandlord agrees to deliver any new Adjustment Period will be owed and paid one month all estimates and statements regarding Operating Expenses received from Master Landlord within two (2) days after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anySublandlord's receipt thereof.
Appears in 1 contract
Rent. Commencing upon with the Ground Lease Rent Commencement DateDate as defined below, and thereafter during the initial term of this Agreement, Tenant shall pay to Landlord annual rent for the Site (“Rent”) shall be [***] per annumdescribed below, payable in equal monthly installments (the “Rent”). All of [***] per month, adjusted upward every the Rent amounts shall be paid by the Tenanton or before the first day of each month in advance. The Rent during the first year of any Renewal Term shall increase by 3% from year five (5) years thereafter during of the Initial Term prior term; and during any Extended Term thereafter, the rate shall increase by 3% each year. Year 1 Monthly Rent: Year 2 Monthly Rent: Year 3 Monthly Rent: Year 4 Monthly Rent: Year 5 Monthly Rent: Payment of Rent by Tenant to Landlord shall commence on the day(i) the Tenant’s cafe at the Leased Premises opens for business, or (ii) the Specified Opening Date, as mutually agreed to by the Parties if such date differs from subsection (i), whichever is sooner (the “Rent Commencement Date”) . In the event of a percentage equal Delay Period as described in Section 2, the Tenant’s obligation to pay Rent pursuant to the greater Rent Commencement Date shall be tolled until such time as Tenant opens for business, defined as the date that Tenant operates and conducts its business pursuant to the Permitted Purpose, as described in Section 5. Such a date will be formalized with an inspection by the Property Management Department to ensure the leased premises are in acceptable condition for operation, and by the passing of [***] or the CPI Percentage Increase (as defined below), but in no event required Health Inspections and issuance of Health Permits. Any installment of Rent accruing hereunder and/or other moneys payable hereunder by Tenant to exceed an adjustment during any Adjustment Period (as defined below) Landlord which are hereby deemed Additional Rent if not paid within seven days of greater than [***]. The period of time when due shall bear interest from the Ground Lease Commencement Date through date when the date five years thereafter, same shall have become due and each payable until the same shall be paid at an annual rate of five (5%) year period thereafter percent in excess of the prime rate from time to time of the Bank of America (the "Default Rate"). All payments of Rent and Additional Rent and other sums to be made to Landlord under this Lease shall be defined herein made at such place and in such a manner as an “Adjustment Period.” Any upward adjustment based Landlord shall designate in writing from time to time. The Landlord reserves the right to request that Tent pay the Rent with a certified bank check or wire transfer.. Landlord’s acceptance of less than the correct amount of Rent, Additional Rent, or other amount due hereunder shall not relieve Tenant of its obligation to pay any other monies due to Landlord. No endorsement or statement on a CPI Percentage Increase (as defined below) to any check or a statement in a letter accompanying a check or payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that monthconsidered an accord and satisfaction, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of Landlord may accept the month; and (b) check or payment without prejudice to the first payment of Rent due upon Landlord’s right to recover the commencement of any new Adjustment Period will be owed and paid one month after balance or to pursue other remedies available to the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyLandlord.
Appears in 1 contract
Sources: Lease Agreement
Rent. Commencing upon Tenant shall pay to Landlord as Base Rent for the Ground Lease Premises and, to the extent Tenant is subject to payment of sales tax on rentals of real property, all applicable Florida sales or use tax levied on Base Rent, commencing on the date that is six (6) full calendar months after the Term Commencement Date (the “Rent Commencement Date”). Base Rent shall be paid in equal monthly installments as set forth in Section 2.3, subject to the initial rental adjustments provided in this Article 8, in advance on the first day of each and every calendar month during the Term. If the Rent Commencement Date is on a day other than the first day of a calendar month, or if the last day of the Term, whether by expiration or termination, is on a day other than the last day of a calendar month, then the Base Rent for such fractional month shall be prorated on the basis of the number of days in the month of occupancy, and shall continue to be due and payable on the Rent Commencement Date or the first day of the last month of the Term, as applicable. In addition to Base Rent, commencing January 1, 2022, Tenant shall pay to Landlord as additional rent for the Site (“Additional Rent”) shall be [***] per annumat times thereafter (a) Tenant’s Pro Rata Share of the amount by which Operating Expenses, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below, exceeds the Operating Expenses for calendar year 2021 (the “Base Year”)(or with respect to real estate taxes, the year in which the Building and improvements on the property have been fully assessed)(“Operating Expense Increase”), and (b) any other amounts that Tenant assumes or agrees to pay under the provisions of this Lease that are owed to Landlord, including any and all other sums that may become due by reason of any default of Tenant or failure on Tenant’s part to comply with the agreements, terms, covenants and conditions of this Lease to be performed by ▇▇▇▇▇▇, after notice and the lapse of any applicable cure periods. In the event the Building is less than 95% occupied during the Base Year, the Operating Expenses for such year shall be extrapolated upward to reflect a 95% occupancy level. In addition to Base Rent and Additional Rent, commencing on the Rent Commencement Date and continuing through the initial Term of this Lease (but in no event not any Option Term(s)), Tenant shall pay to exceed an adjustment during any Adjustment Period Landlord the monthly sum of $ (as defined below) of greater than [***]the “Capital Rent”). The period Capital Rent is being paid to Landlord to compensate Landlord for the cost to construct and install specific upgrades to the Building and/or Premises made at the request of time Tenant, and that the Landlord has determined to be in excess of improvements typically provided in a Class A office building in the Tampa, Florida market, all as more fully detailed on Exhibit L, Upgrades, attached hereto and incorporated herein by reference. The amount of Capital Rent allocated to each upgrade is listed on Exhibit L. To the extent certain upgrades are actually paid for from the Ground Lease Commencement Date through TI Allowance, the date five years thereafterupgrades are eliminated or reduced, and each five (5) year period thereafter or the cost for any upgrades are paid directly by the tenant, then the amount of the Capital Rent shall be defined herein as an adjusted downward by the allocable sum using the same formula set forth on Exhibit L. Base Rent, Additional Rent and Capital Rent shall together be denominated “Adjustment PeriodRent.” Any upward adjustment based Rent shall be paid to Landlord, without abatement, deduction or offset, in lawful money of the United States of America to the address set forth 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 Term commences or ends on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease day other than the first day of a calendar month, then the Rent for such fraction of a month shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month prorated for such period on the 1st day basis of the number of days in the month and shall be payable paid at the then-current rate for such fractional month. Tenant’s obligation to pay Rent shall not be discharged or otherwise affected by the 15th day of that month, provided however, that: (a) any Applicable Laws now or hereafter applicable to the first payment of Rent shall be due on the Ground Lease Commencement Date andPremises, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) any other restriction on Tenant’s use, (c) except as expressly provided herein, any casualty or taking, or (d) any other occurrence. Tenant’s obligation to pay Rent with respect to any period or obligations arising, existing or pertaining to the first payment period prior to the date of Rent due upon the commencement expiration or earlier termination of the Term or this Lease shall survive any new Adjustment Period will be owed and paid one month after the commencement of such expiration or earlier termination; provided, however, that Adjustment Period and nothing in this sentence shall reflect the Estimated CPI Percentage Increase, if anyin any way affect Tenant’s obligations with respect to any other period.
Appears in 1 contract
Sources: Lease
Rent. Commencing upon During the Ground Lease Commencement DateTerm, the initial rent for the Site (“Rent”) Tenant shall be [***] per annumpay Landlord, payable in equal monthly installments of [***] per 1/12th, annual Base Rent and Estimated Expenses, without notice, demand, abatement, offset or deduction except as otherwise expressly provided herein, in advance, on the first day of each calendar month, adjusted upward every five (5) years thereafter during in accordance with the Initial Term and during any Extended Term by a percentage equal to the greater terms of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]this Lease. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment All other items of Rent shall be due and payable by Tenant on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of or before 30 days after billing by Landlord. All Rent shall be made by Tenant payable to the entity and sent to the address 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. Base Rent, Real Property Taxes and Operating Expenses shall be appropriately prorated on a prorated amount per diem basis for any partial month during the period Term. The obligation of time between the Ground Lease Commencement Date Tenant to pay Base Rent and other sums to Landlord and the next following first day obligations of Landlord under this Lease are independent obligations, except as otherwise expressly provided herein. If this Lease or Tenant’s right to possess the Premises is terminated on account of a monetary Event of Default by Tenant or material non-monetary Event of Default by Tenant, then (in addition to all other rights and remedies available to Landlord) Landlord shall be entitled to recover from Tenant that amount that is equal to the product of the monthsum of all abated Base Rent, Real Property Taxes and Operating Expenses multiplied by a fraction, the numerator of which is the difference between 162 and the number of months in the Term that Tenant has paid monthly installments of Base Rent, Real Property Taxes and Operating Expenses, in full, to Landlord and the denominator of which is 162; provided, however, to the extent Landlord otherwise recovers Rent hereunder it shall not recover any such amount. Landlord’s management fee shall not be reduced on account of any abatement in Base Rent, Real Property Taxes and Operating Expenses, and any such abatement shall be disregarded for purposes of calculating any management fee based on a percentage of rental revenues. If Tenant is delinquent in the payment of any Rent for more than 5 days, then Tenant shall pay to Landlord on demand a late charge equal to 3% of such delinquent sum (b) provided that such charge shall not be due with respect to the first three late payments in any 12 consecutive month period, unless Landlord fails to receive such late payment within 5 days after Tenant’s receipt of Rent written notice from Landlord that such payment has not been received) and such delinquent sum shall also bear interest from the date such amount was due upon until paid in full at the commencement of Applicable Interest Rate. Tenant shall pay Landlord on demand for any new Adjustment Period will be owed cost incurred by Landlord and charged by its bank in connection with any check presented by Tenant which is not paid one month after by the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anybank due to insufficient funds.
Appears in 1 contract
Sources: Single Tenant Triple Net Lease (Prelude Therapeutics Inc)
Rent. Commencing upon (A) The minimum annual rent (“Basic Annual Rent”) payable hereunder for the Ground first year of the term of this Lease shall be determined in accordance with the following formula: Total Cost of Building Shell for the Demised Premises (including land, but excluding 1.1 times construction period interest on land if drawn by the borrower) × Mortgage Constant (as defined in Landlord’s Amended and Restated Limited Partnership Agreement) on the Permanent Financing for the Demised Premises × 1.1 Plus (+)
1.1 × Construction Period Interest on Land × Mortgage Constant on the Permanent Financing for the Demised Premises = Base Annual Rent For purposes of calculating the “Total Cost of Building Shell” the definition of Building Shell set forth in Exhibit B attached hereto shall be used. Basic Annual Rent shall be payable monthly, in advance, in installments of one-twelfth of Basic Annual Rent, with the first such monthly installment being due and payable on the Lease Commencement Date (as hereinafter defined) and the remaining monthly installments being due and payable on the first day of each calendar month following the Lease Commencement Date. Notwithstanding the foregoing, if the initial rent for the Site (“Rent”) shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through falls on a day other than the date five years thereafterfirst day of a calendar month, and each five (5) year then the first monthly installment of Basic Annual Rent, which shall cover the period thereafter from the Lease Commencement Date to the last day of the calendar month during which the Lease Commencement Date occurs, shall be defined herein as an “Adjustment Period.” Any upward adjustment based adjusted on a CPI Percentage Increase (per diem basis. Basic Annual Rent shall be adjusted each year following the first Lease year as defined below) provided in Paragraph 5 hereof. Any sums owing to any payment under Landlord from Tenant pursuant to the terms of this Ground Lease other than Basic Annual Rent, including, but not limited to, Operating Expenses and Real Estate Taxes shall be additional rent and may hereinafter be referred to as a “CPI AdjustmentAdditional Rent”.” Such
(B) All monthly installments of Basic Annual Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Additional Rent shall be due on and payable without notice or demand and shall not be subject to any deduction, set-off or counterclaim by Tenant. If Landlord shall at any time accept an installment of Basic Annual Rent after the Ground Lease Commencement Date andsame shall become due and payable, if such acceptance shall not excuse a delay upon subsequent occasions, or constitute, or be construed as, a waiver of any of Landlord’s rights hereunder arising from such late payment.
(D) It is the Ground Lease Commencement Date is intent of Landlord and Tenant that this shall be a date other than “triple net” lease and Landlord shall not have any obligation with respect to operating and capital expenses and costs, including, but not limited to, insurance and real estate taxes incurred in connection with the first operation and maintenance of the monthDemised Premises, the first payment of Rent shall be in a prorated amount Tenant agreeing to bear sole responsibility for the period of time between the Ground Lease Commencement Date all such costs, expenses and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anytaxes.
Appears in 1 contract
Rent. Commencing upon a. During each year of the Ground Lease Term, the Tenant agrees to pay to the Landlord, without demand or set off, in lawful money of the United States, at the address specified in this Lease, or at such other location as the Landlord may hereafter designate in writing, Base Rent for the Premises in the amount of One Dollar ($1.00) per annum.
b. The annual Base Rent shall be paid in full in advance. The first payment of Base Rent shall be due and payable on or before the Commencement Date. Each subsequent annual payment of Base Rent shall be due and payable in advance on each anniversary date of the Commencement Date.
c. The Base Rent (if any), the initial rent for the Site (“Rent”) shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase Additional Rent (as defined below), but and all other sums payable under the Lease shall be paid without notice, demand, counterclaim, set off, deduction, or defense and without abatement, suspension, diminution, or reduction, and the obligations and liabilities of the Tenant under the Lease shall in no event to exceed an adjustment during way be released, discharged, or otherwise affected by reason of any Adjustment Period occurrence whatsoever, except as otherwise expressly provided in this Lease.
d. During the Term of this Lease, the Tenant shall also pay as additional rent ("Additional Rent") all sums, Impositions (as defined in Section 7 below) ), costs, expenses, and other payments that the Tenant is required to pay, either to the Landlord or to others, under the terms of greater than [***]this Lease. In the event of any non-payment of Additional Rent, the Landlord shall have all rights and remedies provided for in this Lease for the non-payment of Base Rent. The period of time from Base Rent and the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter Additional Rent shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter sometimes be referred to together in this Lease as a the “CPI AdjustmentRent”.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if any.
Appears in 1 contract
Sources: Ground Lease
Rent. Commencing upon the Ground Lease Commencement Date(a) Tenant shall pay to Landlord (or to Lender, the initial if directed by Landlord or Lender), as minimum annual rent for the Site Leased Premises during the Term, the amounts calculated pursuant to the provision under the heading “Basic Rent” in Exhibit B attached hereto (“Basic Rent”), commencing on the Commencement Date for the succeeding, prorated month, and continuing regularly on the first (1st) calendar day of each month thereafter during the Term, in advance (the said days being called the “Basic Rent Payment Dates”). Tenant shall pay the Basic Rent at Landlord's address set forth in Paragraph 22 below, or at such other place as Landlord or Lender from time to time may designate to Tenant in writing, in funds which at the time of such payment shall be [***] per annumlegal tender for the payment of public or private debts in the United States of America and if required by Lender by wire transfer in immediately available federal funds to such account in such bank as Lender shall designate, from time to time.
(b) Tenant shall pay and discharge before the imposition of any fine, lien, interest or penalty may be added thereto for late payment thereof, as Additional Rent, all other amounts 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 by the party to whom such payment is due for nonpayment or late payment thereof. The first monthly installment of Tenant's Forecast Additional Rent shall be due and payable on or before the Commencement Date; thereafter, monthly installments of Tenant's Forecast Additional Rent shall be due and payable in advance on the first day of each succeeding calendar month during the Term. Tenant's Lease Agreement for Forest Park Medical Center at Southlake Additional Rent Adjustment shall be due and payable as follows: For each calendar year during the Term, Landlord shall present to Tenant on or prior to December 15 of each year (or as soon as possible thereafter or for the calendar year in which the Commencement Date occurs, prior to the Commencement Date) a statement of Tenant's Forecast Additional Rent for the ensuing year (or portion thereof). If Landlord fails to promptly present to Tenant such statement, Tenant shall continue to pay Tenant's Forecast Additional Rent based upon the most recent prior statement presented by Landlord to Tenant until such statement is presented. By April 1 of each calendar year, or as soon thereafter as practicable, Landlord shall provide Tenant a statement (the “Additional Rent Statement”) prepared by Landlord comparing Tenant's Forecast Additional Rent with Tenant's Additional Rent. If Tenant's Forecast Additional Rent exceeds Tenant's Additional Rent for the subject year, Landlord shall pay Tenant (in the form of a credit against Rent next due or, if this Lease has then expired or terminated, in the form of Landlord's check within thirty (30) days after delivery to Tenant of the Additional Rent Statement) an amount equal installments to such excess (but only to the extent the excess was actually paid by Tenant). If Tenant's Additional Rent exceeds Tenant's Forecast Additional Rent for the subject year, Tenant hereby agrees to pay Landlord, within thirty (30) days of [***] per monthreceipt of the Additional Rent Statement, adjusted upward every an amount equal to such difference (“Tenant's Additional Rent Adjustment”).
(c) In the event of any failure by Tenant to pay or discharge any of the foregoing, Landlord shall have all rights, powers and remedies provided herein, by law or otherwise, in the event of nonpayment of Basic Rent.
(d) Tenant hereby acknowledges that the late payment of Basic Rent will cause Landlord to incur costs not contemplated under this Lease, the exact amount of which would be difficult to ascertain. Such costs may include processing and accounting charges and late charges which may be imposed on Landlord by the terms of any Loan and other expenses of a similar or dissimilar nature. Accordingly, if any installment of Basic Rent is not paid within five (5) years thereafter during days after written notice is given by Landlord or Lender (or Lender's servicer or other designee of Lender) to Tenant that the Initial Term and during any Extended Term by same is overdue, Tenant shall pay to Landlord or Lender, as the case may be, on demand, as Additional Rent, a percentage late charge equal to five percent (5%) (the greater “Late Charge”) of [***] or the CPI Percentage Increase (as defined below)such overdue installment of Basic Rent, but in no event to exceed an adjustment during more than the maximum amount allowed by Law. Landlord may accept any Adjustment Period (as defined below) partial payment of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) Basic Rent or Additional Rent without prejudice to any payment under of Landlord's rights or remedies.
(e) Landlord and Tenant agree that this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in true lease and does not represent a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and financing arrangement. Each party shall reflect the Estimated CPI Percentage Increasetransactions represented by this Lease in all applicable books, if anyrecords, and reports (including, without limitation, income tax filings) in a manner consistent with “true lease” treatment rather than “financing” treatment.
Appears in 1 contract
Sources: Lease Agreement (Griffin-American Healthcare REIT III, Inc.)
Rent. Commencing upon 3.1 Tenant shall pay to Landlord the Ground Lease Commencement Date, the initial following amounts as rent for the Site Premises:
(a) During the term of this Lease, Tenant shall pay to Landlord, as base monthly rent, the amounts of monthly rent specified in the Basic Lease Information (the “Triple Net Base Rental Rates”).
(b) During the term of 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 in such calendar year or part thereof.
(c) During the term of this Lease, Tenant shall pay to Landlord, as additional monthly rent, Tenant’s Percentage Share of all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such calendar year or part thereof.
(d) 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 and 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.
3.2 The additional monthly rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be [***] per annumcalculated and paid in accordance with the following procedures:
(a) On or before the first day of each calendar year during the term of this Lease, 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) and 3.1(c) 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 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 year’s estimate until the month after such notice is given and subsequent payments by Tenant shall be based on Landlord’s estimate contained in equal installments such notice. If at any time it appears to Landlord that the amounts payable under sections 3.1(b) and 3.1(c) 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 year, and subsequent payments by Tenant for such year shall be based on such revised estimate.
(b) Within a reasonable time after the end of [***] per montheach calendar year, adjusted upward every Landlord shall give Tenant a written statement of the amounts payable under sections 3.1(b) and 3.1(c) 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, within thirty (30) days after the delivery of such statement, refund Tenant the amount of such excess. 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. During the term of this Lease 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 reasonably designate, for the purpose of verifying the information in such statement; provided, however, that if Tenant utilizes an independent accountant to perform such review it shall be one of national standing which is reasonably acceptable to Landlord and is not compensated on a contingency basis. 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) and 3.1(c) hereof.
(c) If the term of this Lease ends on a day other than the last day of a calendar year, the amounts payable by Tenant under sections 3.1(b) and 3.1(c) 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 (5365). Termination of this Lease shall not affect the obligations of Landlord and Tenant pursuant to section 3.2(b) years thereafter during hereof to be performed after such termination.
(d) Notwithstanding the Initial Term and during any Extended Term by a percentage equal to the greater foregoing provisions of [***] or the CPI Percentage Increase (as defined below)this Section 3.2, but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from shall the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be amount payable by Tenant for Operating Expenses and Property Taxes in any year during the 15th day term of that month, provided however, that: this Lease exceed by more than four percent (a4%) the first payment of Rent amount payable by Tenant for Operating Expenses and Property Taxes in the immediately preceding year. Notwithstanding the foregoing, this provision 3.2(d) shall be due expire January 9, 2008.
3.3 Tenant shall pay all monthly rent to Landlord, in advance, on or before the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of each and every calendar month during the month; and (b) term of this Lease, without notice, demand, deduction or offset, in lawful money of the first payment United States of Rent due upon America. Landlord instructs Tenant to pay all such monthly rent to the commencement of any new Adjustment Period will be owed and paid one month after address specified in the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage IncreaseBasic Lease Information, if anyor to such other person or at such other place as Landlord may from time to time designate in writing.
Appears in 1 contract
Sources: Office Lease (PeopleSupport, Inc.)
Rent. Commencing upon On the Ground 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 specified in the Basic Lease Information, payable in advance at Landlord's address specified in the Basic Lease Information on the Commencement Date and thereafter on the first (1st) day of each month throughout the balance of the Term of the Lease and Tenant agrees and acknowledges that Tenant shall commence paying Rent on the Commencement Date, regardless of whether or not the initial rent Tenant Improvements are completed as of the Commencement Date. 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. The term "Rent" whenever used herein refers to the aggregate of all these amounts. If Landlord permits Tenant to occupy the Premises without requiring Tenant to pay rental payments for a period of time, the Site (“Rent”) waiver of the requirement to pay rental payments shall only apply to waiver of the Base Rent and Tenant shall otherwise perform all other obligations of Tenant required hereunder. The Rent for any fractional part of a calendar month at the commencement or termination of the Lease term shall be [***] per annum, payable in equal installments a prorated amount of [***] per the Rent for a full calendar month based upon a thirty (30) day month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of prorated Rent shall be due paid on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) calendar month in which the first payment date of Rent due upon termination occurs, as the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anycase may be.
Appears in 1 contract
Sources: Lease Agreement (Phase Metrics Inc)
Rent. Commencing upon Beginning on the Ground Lease Rent Commencement Date and continuing thereafter throughout the Term, Tenant will pay the Rent in monthly installments in advance, without demand, deduction or offset, in lawful money of the United States commencing on the Rent Commencement Date, and continuing on the initial rent first day of each and every month thereafter until the Termination Date. Rent payments for any fractional calendar month at the Site end, or the beginning of the term of the Lease, will be prorated. In the event Tenant fails to pay any installment of Rent hereunder within ten days of the due date of such installment, Tenant will pay to Landlord on demand a late charge in an amount equal to four percent (“4%) of such installment. The provision for such late charge will be in addition to all of Landlord’s other rights and remedies hereunder or at law and will not be construed as liquidated damages or as limiting Landlord’s remedies in any manner. Commencing with the second Lease Year hereunder, Base Annual Rent will increase on each anniversary of the Rent Commencement Date by the Base Annual Rent Escalation over the Base Annual Rent paid the previous Lease Year. Commencing January 1 of the year following the Commencement Date and continuing thereafter for each calendar year during the Term, Landlord will present to Tenant Tenant’s Forecast Operating Expenses. Tenant will pay without deduction, offset, or counter claim, and otherwise in the same manner as Base Annual Rent on the first day of each calendar month during the Term, an amount equal to one twelfth (1/12) of Tenant’s Forecast Operating Expenses as Additional Rent”. From time to time during any calendar year, Landlord may revise Tenant’s Forecast Operating Expense and adjust Tenant’s monthly payments to reflect Landlord’s such revisions. Promptly after the full execution of this Lease (and delivery to Tenant of a copy thereof), Tenant shall pay Landlord the first month’s Rent due hereunder. Notwithstanding the foregoing, and provided there is no default or event of default hereunder by Tenant, Base Annual Rent (but not Operating Expenses) shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward every abated hereunder for the first five (5) years thereafter during months after the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through (the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent Abatement”). Tenant will be due each month on the 1st day responsible for its Proportionate Share of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount Operating Expenses for the period of time between the Ground Lease Commencement Date Building as well as its utilities and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyjanitorial services.
Appears in 1 contract
Rent. Commencing upon A. Tenant shall pay to Landlord, throughout the Ground Lease Commencement DateTerm, the initial rent for the Site (“Rent”) shall be [***] per annumBase Rental, payable in equal monthly installments on the first day of [***] per each calendar month, adjusted upward every five (5) years thereafter without demand, notice or offset. In addition, during each calendar year, or portion thereof, falling within the Initial Term and during any Extended Term by a percentage equal Lease Term, Tenant shall pay to the greater Landlord as Additional Base Rental hereunder Tenant's Pro Rata Share of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period Basic Costs (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between applicable calendar year. Prior to the Ground Lease Commencement Date and prior to January 1 of each calendar year during the next following Lease Term, or as soon thereafter as practical, Landlord shall make a good faith estimate of Basic Costs for the applicable calendar year and Tenant's Pro Rata Share thereof. On or before the first day of each month during such calendar year, Tenant shall pay to Landlord, as Additional Base Rental, a monthly installment equal to one-twelfth of Tenant's Pro Rata Share of Landlord's estimate of Basic Costs. Landlord shall have the month; right from time to time during any such calendar year, if it reasonably believes the costs will vary by more than five percent (5%), to revise the estimate of Basic Costs for such year and provide Tenant with a revised statement therefor, and thereafter the amount Tenant shall pay each month shall be based upon such revised estimate. If Landlord does not provide Tenant with an estimate of the Basic Costs by January 1 of any calendar year, Tenant shall continue to pay a monthly installment based on the previous year's estimate until such time as Landlord provides Tenant with an estimate of Basic Costs for the current year. Upon receipt of such current year's estimate, an adjustment shall be made for any month during the current year with respect to which Tenant paid monthly installments of Additional Base Rental based on the previous year's estimate. Tenant shall pay to Landlord for any underpayment within ten (b10) days after demand. Any overpayment shall, at Landlord's option, be refunded to Tenant or credited against the next due installment or installments of Base Rental due for the months immediately following the furnishing of such estimate. Any amounts paid by Tenant based on any estimate shall be subject to adjustment pursuant to tile immediately following paragraph when actual Basic Costs are determined for such calendar year. As soon as is practical following the end of each calendar year during the Lease Term, Landlord shall furnish to Tenant a statement of Landlord's actual Basic Costs for the previous calendar year. If the amount of estimated Basic Costs actually paid by Tenant for the prior year is in excess of Tenant's actual Pro Rata Share of Basic Costs for such prior year, then Landlord shall apply such overpayment against Base Rental next due or to become due hereunder, provided if the Lease Term expires prior to the determination of such overpayment, Landlord shall within ten (10) days following such termination, refund such overpayment to Tenant after first payment deducting the amount of any Rent due upon hereunder. Likewise, Tenant shall pay to Landlord, within ten (10) days after demand, any underpayment with respect to the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if any.prior year,
Appears in 1 contract
Sources: Lease Agreement (Bsquare Corp /Wa)
Rent. Commencing upon the Ground (a) The rent reserved under this Lease Commencement Date, the initial rent for the Site Term hereof shall be and consist of: (i) the Fixed Rent payable in equal monthly installments in advance on the first day of each and every calendar month during the Term (except that Tenant shall pay to Landlord one (1) monthly installment of Fixed Rent on the execution of this Lease, which installment shall be applied to the Monthly Fixed Rent due and payable under this Lease); plus (ii) such additional rent (“Additional Rent”) shall be [***] per annum, payable in an amount equal installments to Tenant’s Proportionate Share of [***] per month, adjusted upward every five increases in Operating Expenses and Real Estate Taxes (5as such terms are defined in Paragraph 3 of this Lease) years thereafter during over the Initial Term Year Operating Expenses and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase Initial Year Real Estate Taxes (as such terms are defined belowin Paragraph 3 of this Lease), but as the case may be, as described in no event Paragraph 3 of this Lease, all charges for services and utilities pursuant to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafterParagraph 15 hereof, and each five (5) year period thereafter any other charges or amounts that shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to become due and payable hereunder, including, without limitation, the reasonable expenses incurred by Landlord in the enforcement against Tenant or any payment party taking by or through Tenant of any of the agreements, covenants, and obligations under this Ground Lease shall hereinafter be referred and including reasonable legal fees and/or post-judgment collection fees that may accrue in the event suit against Tenant or any party taking by or through Tenant for rent or dispossess proceedings are necessary to as a “CPI Adjustment.” Such Rent will be due each month on obtain the 1st day possession of the month and Demised Premises or to collect the rent, all of which Additional Rent shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent as hereinafter provided. All rent shall be due on paid to Landlord at its office stated above or such other place Landlord may designate in writing. If the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is shall occur on a date other than the first day of a calendar month, or the Expiration Date or other termination date of this Lease shall occur on a day other than the last day of a calendar month, the first rent for the partial month commencing on the Commencement Date or ending on the Expiration Date shall be appropriately pro-rated on the basis of the pro rata portion of the calendar month during which such payment is to be made.
(b) Tenant does hereby covenant and agree to pay promptly the Fixed Rent and Additional Rent herein reserved as and when the same shall become due and payable, without demand therefor and without any set-off, recoupment, or deduction whatsoever, except as may be otherwise expressly set forth in this Lease. 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 (20) days of delivery by Landlord to Tenant of notice to pay the same together with reasonable supporting backup documentation therefor.
(c) In the event any payment of Fixed Rent or Additional Rent shall be in a prorated amount paid after the due date for the same as provided herein, Tenant shall pay, together with such payment, the Late Charge.
(d) Provided that Tenant is not then, or at any other time, in default of this Lease beyond the expiration of any grace or cure period expressly provided for in this Lease and this Lease be and remains in full force and effect, Tenant shall be entitled to a one-time credit against the Monthly Fixed Rent payments (but not any Additional Rent, electricity charges or any other charges or payments due hereunder, which such Additional Rent, electricity charges and other charges and payments shall be due and payable commencing on the Commencement Date) payable by Tenant under this Lease during the following Lease Months only and in the following amounts only: 1 $ 11,285.17 2 $ 11,285.17 3 $ 11,285.17 4 $ 11,285.17 (collectively, the “Rent Abatement”). In the event that on the date any such Rent Abatement is to be applied Tenant is in default of time between this Lease beyond the Ground expiration of any grace or cure period expressly provided for in this Lease such that this Lease has been terminated or Tenant’s right to possession of the Demised Premises has been terminated, then the Rent Abatement theretofore applied against Fixed Rent or thereafter to be applied against Fixed Rent shall be entirely forfeited, and the equivalent amount of any such Rent Abatement theretofore applied to the Fixed Rent shall be immediately remitted by Tenant to Landlord as Additional Rent. The “Rent Commencement Date” is the Commencement Date. Except as may be expressly described hereinabove or anywhere else in this Lease, there shall be no abatements of Fixed Rent during the Term. If the Commencement Date is not the first day of a month, the Fixed Rent for the fractional portion of the month preceding the first (1st) full calendar month of the Term shall be calculated on a pro-rata basis, based on the Fixed Rent payable during the first (1st) month of the Term, beginning with and including the next following Commencement Date through the last day of that month, using the actual number of days in that month and Fixed Rent for said fractional period shall be payable on or before the first day of the month; first (1st) full calendar month of the Term (and (b) anything stated herein to the first payment of contrary notwithstanding, Fixed Rent due upon the commencement of any new Adjustment Period will for said fractional period shall not be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyabated hereunder).
Appears in 1 contract
Rent. Commencing upon Tenant shall pay to Landlord as rental for the Ground Lease Commencement Dateuse and occupancy of the premises, at the times and in the manner hereinafter provided, the initial following sums of money:
(a) Tenant shall pay to Landlord [applicable sales taxes and]* minimum rent for in the Site (“Rent”) shall be [***] amount specified in the Basic Lease Information per annumyear, payable in equal monthly installments in advance on the commencement of [***] per month, adjusted upward the term hereof and on or before the first day of each and every five (5) years thereafter successive calendar month during the Initial Term and during any Extended Term by a percentage equal to term hereof. If the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based term commences on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first day of the a calendar month, the first payment of Rent rent shall be in appropriately prorated on the basis of a prorated amount for 30-day month.
(b) Effective as of the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) each Lease Year following the first payment Lease year, the minimum rent set forth in the Basic Lease Information shall be adjusted upward in direct proportion to any increase in the Consumer Price Index measured from the month in which this Lease is dated to the month immediately preceding the Lease Year for which the adjustment is to be made. As used herein, the term "Consumer Price Index" shall mean the Consumer Price Index for All Urban Consumers, all items, U.S. City Average (1967 equals 100), published by the Bureau of Rent due upon Labor Statistics of the United States Department of Labor. In the event that the Bureau of Labor Statistics should cease to publish said Consumer Price Index, Landlord shall have the exclusive right to choose and apply any similar authoritative Consumer Price Index published by any other branch or department of the U.S. Government. In any event, the base used by the new Consumer Price Index shall be approximately reconciled to the 1967 equals 100 base Consumer Price Index. In the event the Consumer Price Index for the month preceding any Lease Year is not available on the commencement date of such Lease Year, Tenant shall continue to pay the minimum rent than in effect until such time as such Consumer Price Index is available; Tenant shall pay to Landlord the full amount of any new Adjustment Period will be owed difference between the minimum rental paid during such interim period and paid one month after the commencement actual adjusted minimum rental at the time of that Adjustment Period the next monthly rental payment following notice from Landlord of the adjustment of minimum rental. */For use in Florida and shall reflect the Estimated CPI Percentage Increase, if anyArizona only.
Appears in 1 contract
Sources: Office/Warehouse/Showroom Lease (Musicmaker Com Inc)
Rent. Commencing upon A. During each calendar year, or portion thereof, falling within the Ground Lease Commencement DateTerm, Tenant shall pay to Landlord as Additional Base Rental hereunder the initial rent sum of (1) Tenant's Pro Rata Share of the amount, if any, by which Taxes (hereinafter defined) for the Site applicable calendar year (“Rent”determined in accordance with Section I.B.1. above) exceed Taxes for the Base Year plus (2) Tenant's Pro Rata Share of the amount, if any, by which Expenses (hereinafter defined) for the applicable calendar year exceed Expenses for the Base Year. For purposes hereof, "Expenses" shall mean all Basic Costs with the exception of Taxes. Tenant's Pro Rata Share of increases in Taxes and Tenant's Pro Rata Share of increases in Expenses shall be [***] per annumcomputed separately and independently of each other prior to being added together to determine the "Excess." In the event that Taxes and/or Expenses, payable as the case may be, in equal installments any calendar year decrease below the amount of [***] per monthTaxes or Expenses for the Base Year, adjusted upward every five (5) years thereafter during Tenant's Pro Rata Share of Taxes and/or Expenses, as the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below)case may be, but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) for such calendar year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) deemed to be $0, it being understood that Tenant shall not be entitled to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on credit or offset if Taxes and/or Expenses decrease below the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated corresponding amount for the period Base Year. Prior to January 1, 2000 and prior to January 1 of time between each calendar year during the Ground Lease Commencement Date Term, or as soon thereafter as practical, Landlord shall make a good faith estimate of the Excess for the applicable calendar year and Tenant's Pro Rata Share thereof. On or before the next following first day of each month during such calendar year, Tenant shall pay to Landlord, as Additional Base Rental, a monthly installment equal to one-twelfth of Tenant's Pro Rata Share of Landlord's estimate of the month; Excess. Landlord shall have the right from time to time during any such calendar year (but not more than once in any calendar year) to revise the estimate of Basic Costs and (b) the Excess for such year and provide Tenant with a revised statement therefor, and thereafter the amount Tenant shall pay each month shall be based upon such revised estimate. If Landlord does not provide Tenant with an estimate of the Basic Costs and the Excess by July 1 of any calendar year, Tenant shall continue to pay a monthly installment based on the previous year's estimate until such time as Landlord provides Tenant with an estimate of Basic Costs and the Excess for the current year. Upon receipt of such current year's estimate, an adjustment shall be made for any month As soon as is practical following the end of each calendar year during the Lease Term, Landlord shall furnish to Tenant a statement of Landlord's actual Basic Costs and the actual Excess for the previous calendar year. If the estimated Excess actually paid by Tenant for the prior year is in excess of Tenant's actual Pro Rata Share of the Excess for such prior year, then Landlord shall apply such overpayment against Base Rental and Additional Base Rental due or to become due hereunder, provided if the Lease Term expires prior to the determination of such overpayment, Landlord, simultaneously with the delivery of such statement to Tenant, shall refund such overpayment to Tenant after first payment deducting the amount of any Rent due upon hereunder. Likewise, Tenant shall pay to Landlord, within thirty (30) days after demand, any underpayment with respect to the commencement prior calendar year, whether or not the Lease has terminated prior to receipt by Tenant of any new Adjustment Period will be owed and paid one month after a statement for such underpayment, it being understood that this clause shall survive the commencement expiration of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyLease.
Appears in 1 contract
Sources: Office Lease (Trenwick Group Inc)
Rent. Commencing upon (a) Tenant shall pay to Landlord as rental the Ground amount specified in the Basic Lease Commencement Date, Information as the initial rent for the Site (“Base Rent”) shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Base Rent will be due each month on the 1st day of the month and shall be payable by upon Tenant's execution of this Lease and in advance on or before the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the first full calendar month following commencement of the term and of each successive calendar month thereafter during the term. Base Rent for any partial month at the beginning or end of the Term shall be appropriately prorated based on the actual number of days in the month; and .
(b) Tenant shall pay, as additional rent, all amounts of money required to be paid to Landlord by Tenant hereunder in addition to monthly rent, whether or not the first same be designated "additional rent."
(c) Tenant hereby acknowledges that late payment by Tenant to Landlord of Rent rent and other amounts due upon hereunder will cause Landlord to incur costs not contemplated by this Lease, the commencement exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges, and late charges which may be imposed on Landlord by the terms of any new Adjustment Period loan secured by the Building. Accordingly, if any installment of rent or any other sums due from Tenant shall not be received by Landlord within ten (10) days following the date due, Tenant shall pay to Landlord a late charge equal to 10 percent (10%) 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 with respect to such overdue amount, nor prevent Landlord from exercising any of the other rights and remedies granted hereunder.
(d) Any amount due to Landlord, if not paid when due, shall bear interest from the date due until paid at the rate of 10% per annum or, if a higher rate is legally permissible, at the highest rate legally permitted, provided that interest shall not be owed and payable on late charges incurred by Tenant nor on any amounts upon which late charges are paid one month after by Tenant to the commencement extent such interest would cause the total interest to be in excess of that Adjustment Period and legally permitted. Payment of interest shall reflect not excuse or cure any default hereunder by Tenant.
(e) All payments due from Tenant to Landlord hereunder shall be made to Landlord without deduction or offset in lawful money of the Estimated CPI Percentage IncreaseUnited States of America at the address for payment set forth in the Basic Lease Information, if anyor to such other person or at such other place as Landlord may from time to time designate by notice to Tenant.
Appears in 1 contract
Sources: Office Lease (Iown Holdings Inc)
Rent. Commencing upon the Ground Lease Commencement Date4.01 Tenant shall pay Landlord, the initial rent without any setoff or deduction, unless expressly set forth in this Lease, all Base Rent and Additional Rent due for the Site Term (collectively referred to as “Rent”) ). “Additional Rent” means Tax and Expenses and payments by Tenant of any non-separately metered utilities that Tenant is required to pay Landlord under this Lease. Tenant shall pay and be liable for all rental, 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 [***] per annum, due and payable in equal installments advance on the first day of [***] per montheach calendar month without notice or demand, adjusted upward every five (5) years thereafter during provided that the Initial Term and during any Extended Term by a percentage equal to installment of Base Rent for Lease Month 7 of the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafterTerm, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such the first monthly installment of Additional Rent will be due each month on the 1st day of the month for Expenses and Taxes, shall be payable upon the execution of this Lease by the 15th day of that month, provided however, that: (a) the first payment Tenant. All other items of Rent shall be due and payable by Tenant on or before thirty (30) days after billing by Landlord. Rent shall be made payable to the Ground Lease Commencement Date andentity, if and sent to the Ground Lease Commencement Date is address, Landlord designates and shall be made by good and sufficient check 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 ten (10) days for the first (1st) late payment of Rent in a calendar year. In addition, past due Rent shall accrue interest at twelve percent (12%) per annum from the due date other until actually paid. Landlord’s acceptance of less than the first of the month, the first payment correct amount of Rent shall be in considered a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day payment on account of the month; earliest Rent due. Rent for any partial month during the Term shall be prorated. No endorsement or statement on a check or letter accompanying payment shall be considered an accord and (b) the first payment satisfaction. Tenant’s covenant to pay Rent is independent of Rent due upon the commencement every other covenant in this Lease. Tenant shall pay Tenant’s Pro Rata Share of any new Adjustment Period will be owed Taxes and paid one month after the commencement Tenant's Pro Rata Share of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyExpenses in accordance with Exhibit B of this Lease.
Appears in 1 contract
Rent. Commencing (a) Subtenant shall pay to Sublandlord during the Sublease Term fixed rent (“Sublease Base Rent”) for the Subleased Premises at the rate of $541,280 per annum ($45,106.67 per month) from the Sublease Commencement Date through and including the Sublease Expiration Date.
(b) The first monthly installment of Sublease Base Rent in the amount of $45,106.67 shall be due and payable by Subtenant upon execution of this Sublease. If the Ground Lease Sublease Commencement Date occurs on the first day of a calendar month, then such payment shall be credited by Sublandlord to the first monthly installment of Sublease Base Rent payable under this Sublease. If the Sublease Commencement Date is not the first day of a calendar month, then on the Commencement Date, the initial rent Subtenant shall pay to Sublandlord Sublease Base Rent for the Site (“Rent”) shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Sublease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st last day of the month in which the Sublease Commencement Date occurs, and the payment made by Subtenant upon the execution and of this Sublease shall be credited against the second monthly installment of Sublease Base Rent payable under this Sublease.
(c) With respect to the Subleased Premises, during the Sublease Term, Subtenant shall pay to Sublandlord as Sublease Additional Rent (as hereinafter defined) any items specified in the Lease to be additional rent and any other sums of money, costs, charges, adjustments, increases, rent or additional rent payable by Sublandlord to Landlord under the 15th day of that monthLease attributable to the Subleased Premises or the use and occupancy thereof by Subtenant, provided howeverprovided, that: , for the purposes of calculating the amount of Sublease Additional Rent payable by Subtenant to Sublandlord in respect of Taxes and Operating Expenses, (a1) the first payment of Rent “Tenant’s Proportionate Share” shall be due on deemed to be 2.37493% (subject to adjustment in the Ground Lease Commencement Date and, if event of any reduction in the Ground Lease Commencement Date is a date other than the first size of the month, Building or the first payment Subleased Premises as a result of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the monthcasualty or condemnation); and (b2) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if any.“
Appears in 1 contract
Rent. Commencing upon A. During each calendar year (excluding the Ground Base Year), or portion thereof, falling within the Lease Commencement DateTerm, Tenant shall pay to Landlord as Additional Base Rental hereunder Tenant's Pro Rata Share of the initial rent amount, if any, by which Basic Costs for the Site applicable calendar year exceed the Basic Costs for the Base Year (“Rent”) the "Excess"). In the event that Basic Costs in any calendar year decrease below the amount of Basic Costs for the Base Year, Tenant's Pro Rata Share of Basic Costs for such calendar year shall be [***] per annumdeemed to be $0, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter it being understood that Tenant shall not be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) entitled to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on credit or offset if Basic Costs decrease below the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated corresponding amount for the period Base Year. Prior to January 1, 1997 and prior to January 1 of time between each subsequent calendar year during the Ground Lease Commencement Date and Term, or as soon thereafter as practical, Landlord shall make a good faith estimate of the next following Excess for the applicable calendar year. On or before the first day of each month during such calendar year, Tenant shall pay to Landlord, as Additional Base Rental, a monthly installment equal to one-twelfth of Tenant's Pro Rata Share of Landlord's estimate of the month; Excess. Landlord shall have the right from time to time during any such calendar year to revise the estimate of the Excess for such year and provide Tenant with a revised statement therefor, and thereafter the amount Tenant shall pay each month shall be based upon such revised estimate. If Landlord does not provide Tenant with an estimate of the Excess by January 1 of any calendar year, Tenant shall continue to pay a monthly installment based on the previous year's estimate until such time as Landlord provides Tenant with an estimate of the Excess for the current year. Upon receipt of such current year's estimate, an adjustment shall be made for any month during the current year with respect to which Tenant paid monthly installments of Additional Base Rental based on the previous year's estimate of the Excess. Tenant shall pay Landlord for any underpayment within thirty (b30) days after demand. Any overpayment shall be credited against the installment of Base Rental and Additional Base Rental due for the months immediately following the furnishing of such estimate. Any amounts paid by Tenant based on Landlord's estimate of the Excess shall be subject to adjustment pursuant to the immediately following paragraph when actual Basic Costs are determined for such calendar year. As soon as is practical following the end of each calendar year during the Lease Term, Landlord shall furnish to Tenant a statement of Landlord's actual Basic Costs and the actual Excess for such previous calendar year, provided that Landlord shall use good faith efforts to provide Tenant with such statement on or before April 15th of each such calendar year. If the estimated Excess actually paid by Tenant for the prior year is in excess of Tenant's actual Pro Rata Share of the Excess for such prior year, then Landlord shall apply such overpayment against Base Rental and Additional Base Rental due or to become due hereunder, provided if the Lease Term expires prior to the determination of such overpayment, Landlord shall refund such overpayment to Tenant after first payment deducting the amount of any Rent due upon hereunder. Likewise, Tenant shall pay to Landlord, within thirty (30) days after demand, any underpayment with respect to the commencement prior year, whether or not the Lease has terminated prior to receipt by Tenant of any new Adjustment Period will a statement for such underpayment, it being understood that this clause shall survive the expiration of the Lease. Within sixty (60) days after written request from Tenant from time to time (but not more than one time per year), Landlord shall provide Tenant with a detailed statement containing a breakdown of the various categories of Expenses for the Base Year and the calendar year for which Landlord's statement is being issued, provided that Landlord shall not be owed and paid one month required to provide Tenant with a detailed statement for the Base Year more than three (3) years after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyCommencement Date.
Appears in 1 contract
Sources: Lease (First Capital Income Properties LTD Series Xi)
Rent. Commencing upon Tenant shall pay to Landlord as the Ground Lease Commencement Date, the initial base rent for the Site Premises (the “Base Rent”) the amount set forth in Section 1, subject to adjustment as hereinafter provided. Nothing contained herein shall be [***] construed at any time so as to reduce the Base Rent payable hereunder below the amount set forth above. Base Rent shall be adjusted in accordance with the following provisions (any such adjustment hereinafter the “Base Rent Adjustment”). Base Rent includes a component attributable to Operating Expenses (defined below) per annumsquare foot of Rentable Area in the Premises for the Base Year as specified in Section 1(“Base Operating Expenses”). Prior to January 1 of each year in the Term, payable Landlord shall provide Tenant with an estimate of Operating Expenses for the next calendar year in equal installments the Term (each, an “Operating Period”). If Operating Expenses per square foot of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and Rentable Area during any Extended Term Operating Period, as estimated by a percentage Landlord, exceed Base Operating Expenses, Tenant shall pay Base Rent for such Operating Period equal to the greater Base Rent set forth above adjusted upward by an amount equal to the product of [***] or (i) the CPI Percentage Increase difference between Operating Expenses for such Operating Period and the Base Operating Expenses, multiplied by (as defined belowii) the Pro-rata Share. Landlord shall, within one hundred twenty (120) days after the end of each Operating Period, furnish Tenant with a statement of the Operating Expenses during such year and a computation of the Base Rent Adjustment (“Expense Statement”). Failure of Landlord to provide such statement within said time period shall not be a waiver of Landlord's right to collect any Base Rent Adjustment. If such statement shows that the actual amount Tenant owes is more than the estimated Base Rent Adjustment paid by Tenant, but in no event to exceed an adjustment during any Adjustment Period Tenant shall pay the difference within thirty (as defined below30) days after delivery of greater the Expense Statement. If the Expense Statement shows that Tenant paid more than [***]the actual amount owed, Tenant shall receive a credit therefor. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter credit shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) applied to any payment under future monthly payments attributable to Base Rent Adjustment, or if this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and has expired, such amount shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyrefunded to Tenant.
Appears in 1 contract
Sources: Lease Agreement (Hyperdynamics Corp)
Rent. Commencing upon A. During each calendar year, or portion thereof, falling within the Ground Lease Commencement DateTerm, Tenant shall pay to Landlord as Additional Base Rental hereunder the initial rent sum of (1) Tenant's Pro Rata Share of the amount, if any, by which Taxes (hereinafter defined) for the Site applicable calendar year exceed Taxes for the Base Year plus (“Rent”2) Tenant's Pro Rata Share of the amount, if any, by which Expenses (hereinafter defined) for the applicable calendar year exceed Expenses for the Base Year. For purposes hereof, "Expenses" shall mean all Basic Costs with the exception of Taxes. Tenant's Pro Rata Share of increases in Taxes and Tenant's Pro Rata Share of increases in Expenses shall be [***] per annumcomputed separate and independent of each other prior to being added together to determine the "Excess." In the event that Taxes and/or Expenses, payable as the case may be, in equal installments any calendar year decrease below the amount of [***] per monthTaxes or Expenses for the Base Year, adjusted upward every five (5) years thereafter during Tenant's Pro Rata Share of Taxes and/or Expenses, as the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below)case may be, but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) for such calendar year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) deemed to be $0, it being understood that Tenant shall not be entitled to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on credit or offset if Taxes and/or Expenses decrease below the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated corresponding amount for the period of time between Base Year. Prior to the Ground Lease Commencement Date and prior to January 1 of each calendar year during the next following Lease Term, or as soon thereafter as practical, Landlord shall make a good faith estimate of the Excess for the applicable calendar year and Tenant's Pro Rata Share thereof. On or before the first day of each month during such calendar year, Tenant shall pay to Landlord, as Additional Base Rental, a monthly installment equal to one-twelfth of Tenant's Pro Rata Share of Landlord's As soon as is practical following the month; end of each calendar year during the Lease Term, Landlord shall furnish to Tenant a statement of Landlord's actual Basic Costs and (b) the actual Excess for the previous calendar year. If the estimated Excess actually paid by Tenant for the prior year is in excess of Tenant's actual Pro Rata Share of the Excess for such prior year, then Landlord shall apply such overpayment against Additional Base Rental due or to become due hereunder, provided if the Lease Term expires prior to the determination of such overpayment, Landlord shall refund such overpayment to Tenant after first payment deducting the amount of any Rent due upon hereunder. Likewise, Tenant shall pay to Landlord, on demand, any underpayment with respect to the commencement prior year, whether or not the Lease has terminated prior to receipt by Tenant of any new Adjustment Period will be owed and paid one month after a statement for such underpayment, it being understood that this clause shall survive the commencement expiration of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyLease.
Appears in 1 contract
Sources: Office Lease (Bsquare Corp /Wa)
Rent. Commencing upon Throughout the Ground Lease Commencement Dateterm of this Lease, Tenant shall pay rent to Landlord in accordance with the initial following provisions:
(a) Tenant shall pay annual base rent for (the Site (“Base Rent”) in monthly installments in advance on or before the first day of each calendar month commencing the earlier of September 15, 2007 or the date of “Substantial Completion”, as defined in Exhibit B attached hereto (the “Rent Commencement Date”). If rent payments begin on a day other than the first day of a calendar month or the Term ends on a day other than the last day of a calendar month, then the monthly rent due hereunder for such calendar month will be appropriately prorated based on the actual number of calendar days in such calendar month and the rent for such month will be paid on or before the first day of the following calendar month. The monthly installments payable during the initial term of this Lease are set forth in Exhibit C hereto.
(b) Additional Rent (herein so called) shall be [***] per annumcalculated as provided in Exhibit D hereto, payable subject to Section 29 hereof. For each calendar year after the year in which the Commencement Date occurs, Landlord shall furnish Tenant a written estimate of Additional Rent for the applicable calendar year. Estimates of Additional Rent shall be made by Landlord on a reasonable basis determined by Landlord. For the calendar year 2007, Landlord estimates that the Additional Rent will be $4.00 a square foot for the Premises. Throughout the Term of this Lease, Tenant shall pay estimated Additional Rent in advance on or before the first day of each month in monthly installments equal to one-twelfth (1/12) of the estimated Additional Rent for the applicable calendar year. Pending receipt of Landlord’s written estimate of Additional Rent for any calendar year, monthly installments of [***] per monthestimated Additional Rent shall continue to be paid in the same amount as in the prior calendar year. By April 30 of each calendar year, adjusted upward every five Landlord shall deliver to Tenant a written statement reflecting any difference between estimated Additional Rent paid and actual Additional Rent accrued for the prior calendar year (5or, in the case of any partial calendar year in which the Term begins or ends, a prorated portion of such Additional Rent based upon actual days elapsed during that portion of the Term occurring in that calendar year). Tenant shall pay Landlord the total amount of any balance of Additional Rent due shown on such annual statement within thirty (30) years thereafter days after receipt of the statement; provided, however, the total amount of actual Additional Rent due and payable by Tenant for each calendar year shall not exceed 104% of the total actual Additional Rent due and payable for the then previous calendar year (or, if either such calendar year or the then prior calendar year is a partial calendar year, the average daily actual Additional Rent due and payable for such calendar year shall not exceed 104% of the average daily actual Additional Rent due and payable for such previous calendar year). Landlord shall refund any overpayment of Additional Rent by Tenant shown on such annual statement within thirty (30) days after delivery of the statement. Tenant may examine the accounting records supporting the amount of Additional Rent reflected on such annual statement within a sixty (60) day period after receipt of the statement, such examination to occur after reasonable advance written notice to Landlord during normal business hours at the Initial Term place where Landlord’s accounting records are normally kept.
(c) The installments of Base Rent and during Additional Rent for any Extended Term initial partial calendar month shall be prorated based on actual days elapsed and shall be paid in advance on the Commencement Date.
(d) Except as expressly provided to the contrary in this Lease, Installments of Base Rent and Additional Rent shall be payable without notice, demand, reduction, setoff, or other defense. Installments of Base Rent and Additional Rent and payment of other sums owing to Landlord pursuant to this Lease shall be made to Landlord at the address specified on the signature page, or at whatever other account or address that Landlord may designate from time to time by written notice to Tenant.
(e) If any installment of Base Rent or Additional Rent, or any other sum due and payable pursuant to this Lease, remains unpaid for more than fifteen (15) days after the date due, Tenant shall pay Landlord a percentage late payment charge equal to the greater of [***] or the CPI Percentage Increase (as defined belowi) Fifty and no/100 Dollars ($50.00), but in no event to exceed an adjustment during any Adjustment Period or (as defined belowii) five percent (5%) of greater than [***]the unpaid installment or other payment. The period of time from the Ground Lease Commencement Date through the date five years thereafterlate payment charge is intended to compensate Landlord for administrative expenses associated with responding to late payment, and each five shall not be considered liquidated damages or interest.
(5f) year period thereafter If any check tendered by or on behalf of Tenant in Payment of any sum due under this Lease is dishonored and returned to Landlord for any reason whatsoever, Tenant shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase charged the sum of Forty Dollars (as defined below$40.00) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due for each month on the 1st day of the month and such check, which amount shall be payable by as Rent, to defray the 15th day expense of that monthhandling, provided however, that: (a) the first payment of Rent processing and bookkeeping. Any such check shall be due on promptly replaced by Tenant with a check that is the Ground Lease Commencement Date anddirect obligation of a bank or savings and loan institution (certified check, if the Ground Lease Commencement Date is a date or other than the first check representing immediately available funds). The amount of the month, the first payment of Rent such replacement check shall be in a prorated the aggregate amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; payment tendered, plus the Forty Dollars ($40.00) check charge, and any applicable sales and other tax. If not paid by Tenant within ten (b10) days after notification to tenant of the first payment dishonored check, said Forty Dollars ($40.00) charge shall also be subject to said late charges. In the event two (2) or more checks tendered by or on behalf of Rent due upon Tenant are dishonored and returned to Landlord for any reason whatsoever during any twelve (12) month period, all future payments by Tenant to Landlord shall me made with checks that are the commencement direct obligation of a bank or savings and loan institution (certified check or other check representing immediately available funds).
(g) Landlord shall not be bound by any new Adjustment Period will be owed and notation on any check or letter, such as “paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyin Full”.
Appears in 1 contract
Sources: Office Lease Agreement (Franklin Financial Network Inc.)
Rent. Commencing upon the Ground Lease Commencement Date4.01 Tenant shall pay Landlord, the initial rent without any setoff or deduction, unless expressly set forth in this Lease, all Base Rent and Additional Rent due for the Site Term (collectively referred to as “Rent”). “Additional Rent” means all sums (exclusive of Base Rent) that Tenant is required to pay Landlord under this Lease. Tenant shall pay and be liable for all rental, 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 [***] per annum, due and payable in equal installments advance on the first day of [***] per montheach calendar month without notice or demand, adjusted upward every five (5) years thereafter during provided that the Initial Term and during any Extended Term by a percentage equal to installment of Base Rent for the greater third full calendar month of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafterTerm, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such the first monthly installment of Additional Rent will be due each month on the 1st day of the month for Expenses and Taxes, shall be payable upon the execution of this Lease by the 15th day of that month, provided however, that: (a) the first payment Tenant. All other items of Rent shall be due and payable by Tenant on or before 30 days after billing by Landlord. Rent shall be made payable to the Ground Lease Commencement Date andentity, if and sent to the Ground Lease Commencement Date is address, Landlord designates and shall be made by good and sufficient check or by other means acceptable to Landlord. If Tenant does not pay any Rent when due hereunder, Tenant shall pay Landlord an administration fee in the amount of $250.00, provided that Tenant shall be entitled to a date other grace period of up to 5 days for the first 2 late payments of Rent in a calendar year. In addition, past due Rent shall accrue interest at 12% per annum, and Tenant shall pay Landlord a reasonable fee for any checks returned by Tenant’s bank for any reason. Landlord’s acceptance of less than the first of the month, the first payment correct amount of Rent shall be in considered a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day payment on account of the month; oldest obligation due from Tenant hereunder, then to any current Rent then due hereunder, notwithstanding any statement to the contrary contained on or accompanying any such payment from Tenant. Rent for any partial month during the Term shall be prorated. No endorsement or statement on a check or letter accompanying payment shall be considered an accord and (b) the first payment satisfaction. Tenant’s covenant to pay Rent is independent of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyevery other covenant in this Lease.
Appears in 1 contract
Rent. Commencing upon (a) Notwithstanding anything in the Ground Lease Commencement Dateto the contrary, the initial rent parties acknowledge and agree that Minimum Rent for the Site (“Rent”) period commencing January 1, 2000 through December 31, 2000 shall be [***] per annumthe sum of $28,028,177.
(b) Minimum Rent for the period commencing January 1, 2001 through December 31, 2001 shall be reduced to the extent required so that in no event shall the Minimum Rent exceed an amount equal to 66.4% of the excess of $146,000,000 over the Encumbered Lease Rental Amount. Notwithstanding anything in Section 3.1(b) of the Lease to the contrary, during such Lease Year, Tenant shall have no obligation whatsoever to pay Percentage Rent under the Lease.
(c) Minimum Rent for the period commencing January 1, 2002 through December 31, 2002 shall be reduced to the extent required so that in no event shall the Minimum Rent exceed an amount equal to 66.4% of the excess of $150,000,000 over the Encumbered Lease Rental Amount. Notwithstanding anything in Section 3.1(b) of the Lease to the contrary, during such Lease Year Tenant shall have no obligation to pay Percentage Rent under the Lease until such time as the aggregate amount of Percentage Rent payable for such Lease Year, pursuant to the terms of the Lease and each of the Other Leases as in equal installments effect immediately prior to the date hereof, shall exceed $43,500,000 (such amount, the "2002 Percentage Rent Threshold"). Once the 2002 Percentage Rent Threshold is achieved, Tenant shall pay 66.4% of [***] per the aggregate Percentage Rent that would otherwise have been payable under the Lease and each of the Related Leases, as in effect immediately prior to the date hereof, in excess of the 2002 Percentage Rent Threshold.
(d) For Lease Years 2001 and 2002, Tenant shall estimate (i) the Minimum Rent for such Lease Year, (ii) the "Minimum Rent" under the Related Leases for such Lease Year, (iii) the Encumbered Lease Rental Amount for such Lease Year, (iv) the portions of such Encumbered Lease Rental Amount (on a month-by-month basis) that Landlord will recognize as income under GAAP and (v) the percentage of Tenant's EBITDA for such Lease Year that will accrue in each month of such Lease Year (each such percentage, adjusted upward every five the "Monthly X plus the portion of the Encumbered Lease Rental Amount installment for such month that Landlord will recognize as income under GAAP during such month ---------------------------------------------------------- Minimum Rent hereunder, plus the "Minimum Rent" under the Related Leases, plus the Encumbered Lease Rental = Monthly EBITDA Amount, in each case estimated for such Lease Year Percentage
(5e) years thereafter during Not later than sixty (60) days after the Initial Term end of each of the Lease Years described in clauses (b) and during any Extended Term (c) above, Landlord and Tenant shall jointly determine the amount of Minimum Rent actually payable by Tenant with respect to such prior Lease Year. To the extent such joint determination discloses a percentage deficiency in the amount of Minimum Rent actually paid by Tenant with respect to the applicable Lease Year, Tenant shall promptly, and in all events within ten (10) Business Days of such determination, pay the Landlord the amount of such deficiency. To the extent such joint determination discloses an overpayment of Minimum Rent by Tenant with respect to the applicable Lease Year, then (provided no Event of Default has occurred and is continuing) Landlord shall grant Tenant a credit equal to the greater amount of [***] or such overpayment against the CPI Percentage Increase (as defined below), but Rent next coming due in no event to exceed an adjustment during any Adjustment Period (as defined below) the amount of greater than [***]. The period of time such difference together with interest at the Interest Rate accruing from the Ground Lease Commencement Date through date of payment by Tenant until the date five years thereafter, and each five (5) year period thereafter such credit is applied. Adjustments to Percentage Rent payable during the Lease Year occurring in 2002 shall continue to be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be payable governed by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if any.Section 3.1(b)
Appears in 1 contract
Rent. Commencing upon A. During each calendar year, or portion thereof, falling within the Ground Lease Commencement DateTerm, the initial rent for the Site (“Rent”) Tenant shall be [***] per annum, payable in equal installments pay to Landlord as Additional Base Rental hereunder Tenant's Pro Rata Share of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period Basic Costs (as defined below) for the applicable calendar year. Prior to the Commencement Date and prior to January 1 of greater than [***]each calendar year during the Lease Term, or as soon thereafter as practical, Landlord shall make a good faith estimate of Basic Costs for the applicable calendar year and Tenant's Pro Rata Share thereof. The On or before the first day of each month during such calendar year, Tenant shall pay to Landlord, as Additional Base Rental, a monthly installment equal to one-twelfth of Tenant's Pro Rata Share of Landlord's estimate of Basic Costs. Landlord shall have the right from time to time during any such calendar year to revise the estimate of Basic Costs for such year and provide Tenant with a revised statement therefor, and thereafter the amount Tenant shall pay each month shall be based upon such revised estimate. If Landlord does not provide Tenant with an estimate of the Basic Costs by January 1 of any calendar year, Tenant shall continue to pay a monthly installment based on the previous year's estimate until such time as Landlord provides Tenant with an estimate of Basic Costs for the current year. Upon receipt of such current year's estimate, an adjustment shall be made for any month during the current year with respect to which Tenant paid monthly installments of Additional Base Rental based on the previous year's estimate. Tenant shall pay to Landlord for any underpayment within ten (10) days after demand. Any overpayment shall, at Landlord's option, be refunded to Tenant or credited against the installment of Additional Base Rental due for the months immediately following the furnishing of such estimate. Any amounts paid by Tenant based on any estimate shall be subject to adjustment pursuant to the immediately following paragraph when actual Basic Costs are determined for such calendar year. As soon as is practical following the end of each calendar year during the Lease Term, Landlord shall furnish to Tenant a statement of Landlord's actual Basic Costs for the previous calendar year. If the amount of estimated Basic Costs actually paid by Tenant for the prior year is in excess of Tenant's actual Pro Rata Share of Basic Costs for such prior year, then Landlord shall apply such overpayment against Additional Base Rental due or to become due hereunder, provided if the Lease Term expires prior to the determination of such overpayment, Landlord shall refund such overpayment to Tenant after first deducting the amount of any Rent due hereunder. Likewise, Tenant shall pay to Landlord, within ten (10) days after demand, any underpayment with respect to the prior year, whether or not the Lease has terminated prior to receipt by Tenant of a statement for such underpayment, it being understood that this clause shall survive the expiration of the Lease.
B. Basic Costs shall mean all costs and expenses paid or incurred in each calendar year in connection with operating, maintaining, repairing, managing and owning the Building and the Property, including, but not limited to, the following:
1. All labor costs for all persons performing services required or utilized in connection with the operation, repair, replacement and maintenance of and control of access to the Building and the Property, including but not limited to amounts incurred for wages, salaries and other compensation for services, payroll, social security, unemployment and other similar taxes, workers' compensation insurance, uniforms, training, disability benefits, pensions, hospitalization, retirement plans, group insurance or any other similar or like expenses or benefits.
2. All management fees, the cost of equipping and maintaining a management office at the Building, accounting services, legal fees not attributable to leasing and collection activity, and all other administrative costs relating to the Building and the Property. If management services are not provided by a third party, Landlord shall be entitled to a management fee comparable to that due and payable to third parties provided Landlord or management companies owned by, or management divisions of, Landlord perform actual management services of a comparable nature and type as normally would be performed by third parties.
3. All rental and/or purchase costs of materials, supplies, tools and equipment used in the operation, repair, replacement and maintenance and the control of access to the Building and the Property.
4. All amounts charged to Landlord by contractors and/or suppliers for services, replacement parts, components, materials, equipment and supplies furnished in connection with the operation, repair, maintenance, replacement of and control of access to any part of the Building, or the Property generally, including the heating, air conditioning, ventilating, plumbing, electrical, elevator and other systems and equipment. At Landlord's option, major repair items may be amortized over a period of time from the Ground Lease Commencement Date through the date five years thereafter, and each up to five (5) year period thereafter years.
5. All premiums and deductibles paid by Landlord for fire and extended coverage insurance, earthquake and extended coverage insurance, liability and extended coverage insurance, rental loss insurance, elevator insurance, boiler insurance and other insurance customarily carried from time to time by landlords of comparable office buildings or required to be carried by Landlord's Mortgagee.
6. Charges for water, gas, steam and sewer, but excluding those charges for which Landlord is otherwise reimbursed by tenants, and charges for Electrical Costs. For purposes hereof, the term "Electrical Costs" shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, thatmean: (ai) all charges paid by Landlord for electricity supplied to the first payment Building, Property and Premises, regardless of Rent shall be due on whether such charges are characterized as distribution charges, transmission charges, generation charges, public good charges, disconnection charges, competitive transaction charges, stranded cost recoveries or otherwise; (ii) except to the Ground Lease Commencement Date andextent otherwise included in Basic Costs, if any costs incurred in connection with the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount energy management program for the period Building, Property and Premises, including any costs incurred for the replacement of time between the Ground Lease Commencement Date lights and ballasts and the next following first day purchase and installation of the monthsensors and other energy saving equipment; and (biii) if and to the first payment extent permitted by law, a reasonable fee for the services provided by Landlord in connection with the selection of Rent due upon utility companies and the commencement negotiation and administration of any new Adjustment Period will contracts for the generation of electricity. Notwithstanding the foregoing, Electrical Costs shall be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if any.adjusted as follows:
Appears in 1 contract
Sources: Office Lease (Aht Corp)
Rent. Commencing upon A. Subtenant covenants and agrees to pay to Sublandlord, in lawful money of the Ground Lease United States during the term hereof fixed rent (“Fixed Rent”) of $218,529.00 per month or $2,622,348.00 per annum commencing on that date which shall be six (6) months following the Commencement Date (the “Rent Commencement Date”) through the Expiration Date. Subtenant shall pay the first monthly installment of Fixed Rent payable under this Sublease on or before the Rent Commencement Date.
B. In addition to the Fixed Rent, Subtenant covenants and agrees to pay, from and after, the Rent Commencement Date, the initial following amounts as additional rent under this Sublease (“Additional Rent”). Except for the Site (“Rent”) shall be [***] per annumOperating Expense Escalation Payment, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and which amount shall be payable monthly in the same manner as Fixed Rent is paid, Sublandlord shall ▇▇▇▇ Subtenant for each item of Additional Rent promptly after the amount becomes known and Subtenant shall pay each amount so billed within twenty (20) days after being billed therefor. The Additional Rent items to be paid by Subtenant are as follows:
(i) Operating Expense Escalation. Commencing twelve (12) months following the 15th day Rent Commencement Date, Subtenant shall pay Sublandlord an Operating Expense Escalation equal to two and one half percent (2.5%) per annum of the prior year’s Fixed Rent in lieu of any other payment on account of escalations in operating expenses for the Building, the Prime Lease Premises or the Premises, pursuant to the Prime Lease or otherwise (the “Operating Expense Escalation Payment”). For purposes of illustration, the Fixed Rent plus Operating Expense Escalation commencing twelve (12) months following the Rent Commencement Date shall be as follows on a monthly and annual basis (it being understood that month, provided however, that: (ai) the first payment dates set forth below are based upon a Rent Commencement Date of November 1, 2007 and in the event that the Rent Commencement Date varies from that date, the dates set forth below shall vary accordingly) and (ii) if the final period is less than twelve (12) months, then the per annum sum of Fixed Rent plus Operating Expense Escalation for such period shall be due on the Ground Lease Commencement prorated). November 1, 2007 – October 31, 2008 $ 218,529.00/month $ 2,622,348.00/annum November 1, 2008 – October 31, 2009 $ 223,992.23/month $ 2,687,906.76/annum November 1, 2009 – October 31, 2010 $ 229,592.04/month $ 2,755,104.48/annum November 1, 2010 – October 31, 2011 $ 235,331.84/month $ 2,823,982.08/annum November 1, 2011 – October 31, 2012 $ 241,215.14/month $ 2,894,581.68/annum November 1, 2012 – October 31, 2013 $ 247,245.52/month $ 2,966,946.24/annum November 1, 2013 – October 31, 2014 $ 253,426.66/month $ 3,041,119.92/annum November 1, 2014 – Expiration Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one $ 259,762.33/month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if any.$ 3,117,147.96/annum
Appears in 1 contract
Sources: Sublease Agreement
Rent. Commencing upon Prior to the Ground Lease Commencement Datecommencement of each Renewal Term, Landlord shall have the initial rent for option to obtain an independent valuation of the Site to determine the fair market value (the “RentAppraisal Option”) ). Landlord shall provide Tenant written notice of its intent to exercise the Appraisal Option at least six months’ prior to the commencement of the following Renewal Term. In the event Landlord exercises the Appraisal Option, an appraisal of the Site shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term made by a percentage equal professional independent real estate appraiser selected by Landlord. Landlord and Tenant will share equally in the cost of the appraisal. Landlord may, in its discretion, elect to make use of the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to appraised value as a “CPI Adjustment.” Such monthly Rent will be due each month on the 1st day amount, in lieu of the month and shall be payable by the 15th day of that monthexisting Fees-based Rent structure, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment of Rent due effective upon the commencement of the following renewal term (“Rent Conversion Date”). Tenant shall have no further obligation to pay Landlord any new Adjustment Period will portion of Fees under the Lease or the Agreement in the event Landlord elects to make use of the appraised value as a monthly Rent amount. In no event shall the rent amount be owed more than fifteen percent (15%) of the Fees-based Rent amount paid for the previous year. Commencing on the first anniversary of the Rent Conversion Date, and paid one month after on the commencement anniversary of that date each year thereafter (the “Adjustment Period Date”), the monthly rent shall increase based on the Consumer Price Index published by the Bureau of Labor and Statistics of the United States Department of Labor for all Urban Consumers, US City Average (“CPI-U”) indicator and shall reflect be determined by dividing the Estimated CPI Percentage IncreaseCPI-U indicator, if anypublished three (3) months prior to the Adjustment Date, by the CPI-U indicator published one (1) year and three (3) months prior to the Adjustment Date, and multiplying the resultant number by the amount of the most recent rent. In no event shall the increase in Rent calculated for any one (1) year period exceed 5% of the most recent Rent.
Appears in 1 contract
Sources: Ground Lease Agreement
Rent. Commencing upon Notwithstanding anything to the Ground contrary in the Lease Commencement (including any Prior Amendments), effective as of the Effective Date, the initial rent for following shall apply:
(a) For the Site (“Rent”) shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Effective Date through the date five years thereafterexpiration of the Lease Year expiring July 31, 2007, Lessee shall pay as monthly “Minimum Rent” for each Facility the amounts allocated to and set forth opposite such Facility on Exhibit B attached hereto and incorporated herein by this reference. Lessor and Lessee acknowledge that with respect to all Facilities (other than the Atlanta Facility, the Dallas Facility and the Greenfield Facility), the amounts allocated for monthly Minimum Rent and set forth on such Exhibit B represent an agreed upon restatement and reallocation of the Allocated Minimum Rent with respect to such Facilities which would have otherwise been applicable for the balance of the current Lease Year for such Facilities, but for this Amendment. To the extent that Lessee has paid monthly Minimum Rent for such Facilities (i.e., other than the Atlanta Facility, the Dallas Facility and the Greenfield Facility) in advance for the current month in which the Effective Date occurs, Lessor shall credit such advance monthly Minimum Rent payment against such restated and reallocated amounts for such Facilities for the month in which the Effective Date occurs. With respect to each of the Atlanta Facility, the Dallas Facility and the Greenfield Facility, the first installment of monthly Minimum Rent for such Facilities shall be paid on the Commencement Date therefor (prorated for any partial month in which the Effective Date occurs).
(b) Commencing August 1, 2007, and upon the expiration of each five Lease Year therafter during the applicable Fixed Term and upon the expiration of the first (51st) year period Lease Year of each Extended Term and continuing upon the expiration of each Lease Year thereafter of each such Extended Term, the then current monthly Allocated Minimum Rent for each Facility for such Lease Year shall be defined herein adjusted in accordance with the provisions of Section 3.1(c) of the Original Lease.
(c) The monthly “Minimum Rent” payable during the first (1st) Lease Year of each Extended Term, if any, for each Facility shall be determined and payable in accordance with the provisions of Section 3.1(b) of the Original Lease.
(d) Except as an “Adjustment Periodprovided herein, all Minimum Rent shall continue to be paid as and when due and in the manner provided in Section 3.1 of the Original Lease. In addition to Minimum Rent, Lessee shall pay and discharge all Additional Charges and other Rent payable with respect to the Facilities in the manner and in the amounts set forth in or determined by the Lease, as hereby amended.” Any upward adjustment based on a CPI Percentage Increase
(as defined belowe) to any payment under this Ground The provisions of Section 3.1(d) of the Original Lease shall hereinafter be referred have no further force and effect, and Lessor and Lessee acknowledge and agree that there is currently no unpaid Deferred Rent.
(f) In addition to as the Minimum Rent and Additional Charges, Lessee shall pay to Lessor upon the Commencement Date for the Atlanta Facility, the Dallas Facility and the Greenfield Facility, a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first one-time payment of “Supplemental Rent” with respect to the Atlanta Facility, the Dallas Facility and the Greenfield Facility in the total amount of Thirteen Million One Hundred Ten Thousand Dollars ($13,110,000.00) (the “Supplemental Rent”). Such Supplemental Rent shall be due on deemed fully earned by Lessor as of the Ground Lease Commencement Date andwith respect to the Atlanta Facility, if the Ground Lease Commencement Date is a date other than Dallas Facility and the first Greenfield Facility, and shall not be subject to any proration, adjustment or credit, notwithstanding the expiration or early termination of the monthLease, the first payment as hereby amended, with respect to any of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anysuch Facilities.
Appears in 1 contract
Rent. Commencing upon Tenant shall pay to Landlord as the Ground Lease Commencement Date, the initial rent Base Rent for the Site Premises the amount set forth in Section 1(i), subject to adjustment as hereinafter provided. Nothing contained herein shall be construed at any time so as to reduce the Base Rent payable hereunder below the amount set forth above. Base Rent shall be adjusted in accordance with the following provisions (any such adjustment is “Additional Rent”). Prior to January 1 of each year in the Term or as soon thereafter as reasonably possible, Landlord shall provide Tenant with an estimate (which Landlord may re-estimate at any time) shall be [***] per annumof Operating Expenses and Taxes for the next calendar year in the Term (each, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined belowan “Operating Period”), but in no event to exceed an adjustment during any Adjustment Period and commencing on January 1 of each Operating Period, one-twelfth (as defined below1/12) of greater than [***]. The period Tenant’s Pro-rata Share of time from the Ground Lease Commencement Date through the date five years thereafter, estimated Operating Expenses and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent Taxes will be due each month from Tenant as Tenant’s Additional Rent during such Operating Period. If Landlord’s statement is furnished after the start of an Operating Period, then Tenant shall continue to pay the monthly amount of its Additional Rent due for the prior Operating Period and on the 1st day next monthly Additional Rent payment date after Tenant receives Landlord’s statement, Tenant shall also pay any excess amounts allocable to the prior months in that Operating Period. As of the month and shall be payable by Effective Date of this Lease, Landlord's estimate is that the 15th day of amount that month, provided however, that: (a) the first payment of Rent shall will be due on as Additional Rent hereunder for the Ground Lease year in which the Commencement Date and, if the Ground Lease Commencement Date is a date other than the first occurs will be $12.41 per RSF of the monthRentable Area of Premises per year. Until further written notice is forwarded from Landlord to Tenant in accordance with the provisions of this Lease, Tenant shall remit 1/12th of this amount to Landlord monthly as Additional Rent, to be paid at the first payment same time and in the same manner as Tenant’s monthly payments of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyBase Rent.
Appears in 1 contract
Sources: Commercial Lease Agreement (Moleculin Biotech, Inc.)
Rent. Commencing upon At any time after receipt by Sublandlord of any statement for any Article 4 Rent, or if Sublandlord is at any time obligated to pay any Article 4 Rent, Sublandlord shall promptly deliver to Subtenant a detailed statement with respect to the Ground Lease Commencement payment of the Article 4 Subtenant's Proportionate Share of the Article 4 Rent (which may be Overlandlord's statement together with all back-up and other documentation which Overlandlord has provided) and, within twenty (20) days after delivery of such statement, Subtenant shall pay to Sublandlord Sublease Additional Charges as determined as aforesaid in this Section 4. If an annual Escalation Statement is furnished by Overlandlord to Sublandlord which shows that there has been an overpayment by Subtenant of Article 4 Rent or if Overlandlord shall notify Sublandlord that Sublandlord is entitled to a credit against subsequent Rent due to a refund of Article 4 Rent as to which Subtenant paid Article 4 Rent, and if Overlandlord shall actually give Sublandlord credit therefor under the Overlease, Sublandlord shall permit Subtenant to credit the amount o▇ ▇▇▇▇ ▇▇erpayment (with interest thereon at the Interest Rate from the time paid if the amount of the overpayment was more than 5% of the Article 4 Rent in question) or Subtenant's portion of such tax refund credit against the next subsequent Sublease Rent payments under this Sublease. After the termination of this Sublease and the payment to Sublandlord of the balance, if any, of all Sublease Rent due hereunder, Sublandlord shall promptly pay to Subtenant the amount of any such credit not previously applied by Subtenant. In the event that any Article 4 Rent is due under the Overlease with respect to any period that includes any period that f▇▇▇▇▇▇ ▇▇e Sublease Expiration Date, the initial rent for the Site (“Rent”) shall be [***] per annum, payable in equal installments Subtenant's obligations hereunder on account of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of such Article 4 Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyappropriately prorated.
Appears in 1 contract
Rent. Commencing upon (a) In consideration for any sublease of the Ground Lease Commencement Date, Subleased Premises as contemplated by Section 3.1 or if Intermeccanica and ElectraMeccanica enter into a lease agreement with the initial rent Landlord for the Site Leased Premises as contemplated by paragraph (“Rent”b) of the fourth recital to this Agreement, ElectraMeccanica shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal pay to Intermeccanica or to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event Landlord directly an amount equivalent to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day 50% of the lease costs associated with the Leased Premises pursuant to the applicable lease, which costs include any strata fees, property taxes, utility fees and other charges associated with occupancy of the Leased Premises, up to a maximum amount of $4,000 per month and or $48,000 per year. Subject to the applicable lease agreement with the Landlord, these amounts shall be payable by ElectraMeccanica to Intermeccanica or the 15th day of that monthLandlord in equal monthly instalments, provided however, that: (a) with the first payment of Rent shall be installment commencing on the Occupancy Date and each successive instalment being due on the Ground Lease Commencement Date anddate which is one (1) calendar month from the previous payment. In the event that Intermeccanica properly incurs expenses pursuant to the applicable lease agreement with the Landlord and which exceed the monthly installment amount, if Intermeccanica shall notify ElectraMeccanica of these amounts and ElectraMeccanica shall promptly provide payment therefor. Intermeccanica shall promptly provide ElectraMeccanica with copies of all relevant statements with respect to the Ground Lease Commencement Date is a date other than additional lease costs, together with the first statement or statements, with appropriate computations, of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increasesuch amounts, if any.
(b) ElectraMeccanica will also pay to Intermeccanica 25% of the lease costs associated with the Existing Premises pursuant to the applicable lease, which costs include any strata fees, property taxes, utility fees and other charges associated with occupancy of the Existing Premises. These amounts shall be payable by ElectraMeccanica to Intermeccanica in equal monthly instalments, with the first installment commencing on August 1, 2015 and each successive instalment being due on the date which is one (1) calendar month from the previous payment.
Appears in 1 contract
Sources: Joint Operating Agreement (Electrameccanica Vehicles Corp.)
Rent. Commencing upon a. Tenant shall timely pay to Landlord the Ground Basic Rental and all additional sums to be paid by Tenant to Landlord under this Lease, including the amounts set forth in subparagraph b. below and Exhibit D, without deduction or set off, at the address specified for Landlord in the Basic Lease Commencement Date, the initial rent for the Site Information (“Rent”) shall be [***] per annum, payable or such other address as Landlord may from time to time designate in equal installments of [***] per monthwriting to Tenant). Basic Rental, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below)herein provided, but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day monthly in advance. The first monthly installment of that monthBasic Rental shall be payable on February 1, provided however2010, that: (a) the first payment and a like monthly installment of Rent Basic Rental shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; second full calendar month of the Term and continuing thereafter on the first day of each succeeding calendar month during the Term. Rent (bi.e., Basic Rental and all additional sums to be paid by Tenant to Landlord under this Lease, including the amounts set forth in subparagraph b. below and Exhibit D) for any fractional month at the beginning of the Term shall be prorated based on 1/365 of the current annual Rent for each day of the partial month this Lease is in effect, and shall be due on the Commencement Date. b. Tenant shall pay to Landlord an amount equal to the product of (i) the first payment cost of Rent due all electricity used by the Building ("Electrical Costs"), multiplied by (ii) Tenant's Proportionate Share, effective upon the commencement Commencement Date of any new Adjustment Period will the Lease, even if no Basic Rental is due. Such amount shall be owed and paid one month after payable monthly based on Landlord's estimate of the commencement of that Adjustment Period amount due for each month, and shall reflect be due on the Estimated CPI Percentage IncreaseCommencement Date and on the first day of each calendar month thereafter. Tenant shall pay to Landlord an estimated amount of Electrical Costs equal to the product of (i) $2.25 multiplied by (ii) the rentable square feet in the Premises ($2,216.63 per month). No less than annually, Landlord shall furnish to Tenant a statement of Landlord's actual Electrical Costs (the "Annual Cost Statement") for the previous year adjusted as provided herein. If the Annual Cost Statement reveals that Tenant paid more for Electrical Costs than Tenant's Proportionate Share of Electrical Costs in the year for which such statement was prepared, then Landlord shall promptly reimburse Tenant such excess; likewise, if anyTenant paid less than Tenant's Proportionate Share of Electrical Costs, then Tenant shall promptly pay Landlord such deficiency. With respect to any calendar year or partial calendar year in which the Building is not occupied to the extent of ninety-five percent (95%) of the rentable area thereof, the Electrical Costs for such period shall, for the purposes hereof, be increased to the amount which would have been incurred had the Building been occupied to the extent of ninety-five percent (95%) of the rentable area thereof.
Appears in 1 contract
Rent. 4.1 Tenant shall pay, as rent for the Leased Premises, the following:
(a) During the first year of the Term, an annual base rent for the Leased Premises, excluding the basement, of $13.00 per square foot, for an aggregate annual base rent of $1,072,760.00 (“Above-Ground Base Rent”), payable monthly in the sum of $89,396.66. In addition, during the first through the fifth year of the Term, Tenant shall pay an annual base rent of $6.00 per square foot for basement space for annual base rent of $127,200.00 (“Base Basement Rent”, and together with the Above-Ground Base Rent, the “Base Rent”) based upon an occupancy of 21,200 square feet, payable monthly in the sum of $10,600.
(b) Commencing upon on the first anniversary of the Lease Commencement date, and on every anniversary date of the Commencement Date thereafter, the Above-Ground Base Rent shall be increased by 3%. Commencing on the sixth anniversary of the Lease Commencement Date, and on every anniversary date of the initial rent for Commencement Date thereafter, Tenant shall pay Base Basement Rent, based upon an escalation from the Site Commencement Date at the rate of 3% per year. For avoidance of doubt, annual Base Basement Rent during the sixth Lease year shall be $6.96 per square foot. Thereafter the Base Basement Rent shall continue to escalate by 3% on each anniversary of the Commencement Date.
4.2 Tenant shall also pay the following which shall be referred to herein as “Additional Rent”:
(a) Common Area Expenses as hereafter defined in paragraph 8.1.
(b) Any other charges as provided in this Lease. The Base Rent and Additional Rent shall be referred to hereafter as “Rent”) .
4.3 Tenant covenants to pay the Rent in lawful money of the United States which shall be [***] per annumlegal tender for the payment of all debts, payable in equal installments public and private, at the time of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]payment. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter Such Rent shall be defined herein paid to Landlord via wire transfer or other electronic transfer to an account provided by Landlord, or at such other place or means as an “Adjustment PeriodLandlord may, from time to time, designate by notice to Tenant.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such
4.4 The Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment of Rent due upon the commencement Tenant without any set-off or deduction of any new Adjustment Period will be owed kind or nature whatsoever and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anywithout notice or demand.
Appears in 1 contract
Rent. Commencing upon the Ground Lease Commencement Date, the initial Annual rent for the Site (“Rent”) shall be [***] as follows:
(i) Lease Year 1: $528,679.50 per annumyear ($23.50 per rentable square foot), payable in equal monthly installments of [***] $44,056.63.
(ii) Lease Year 2: $539,928.00 per monthyear ($24.00 per rentable square foot), adjusted upward every five payable in monthly installments of $44,994.00. Subtenant covenants and agrees to pay to Sublandlord the rent at YSM Facilities, Yale University, P.▇. ▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇, or at such other place as 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 any portion of a month shall be pro-rated. Annual rent shall be payable in monthly installments on the first day of each month in advance. All amounts (5other than annual rent) years thereafter during payable to Sublandlord by Subtenant under this Sublease shall be deemed additional rent and Sublandlord shall have the Initial Term same rights and during 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 (as defined below) for any Extended Term by a percentage equal and all payments owed to the greater of [***] or the CPI Percentage Increase Landlord (as defined below), but in and Subtenant shall have no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to 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 Ground Lease Sublease as set forth above, Subtenant shall hereinafter be referred pay to as a “CPI Adjustment.” Such Rent will be due each month on Sublandlord, the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: following:
(a) A pro rata percentage of all Operating Expenses (as hereinafter defined) during the first payment term of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date this Sublease. The pro rata percentage applicable to this Sublease is a date other than the first four and thirty-four one hundredths percent (4.34%) of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and Building.
(b) the first payment A pro rata percentage of Rent due all Real Estate Taxes levied upon the commencement Building, applicable to and due and payable during the term of any new Adjustment Period will be owed this Sublease. The pro rata percentage applicable to this Sublease is four and paid thirty-four one month after hundredths percent (4.34%) of the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyBuilding.
Appears in 1 contract
Rent. Commencing upon the Ground Lease Commencement Date, the initial rent The Rent due for the Site (entire Lease Term is $ . Rent shall also include any other charges identified in this Lease as “Rent” or “Additional Rent”) shall be [***] per annum, . Rent and Additional Rent is payable in equal installments one of [***] per monththe following payment options: If Rent is not paid in accordance with the terms set forth above, adjusted upward every Landlord will commence with the removal of the Tenant. Rent is due on the specified dates in the amounts shown above. Any Rent received more than five (5) years thereafter during days after the Initial Term and during any Extended Term by due date shown above (the 1st of every month for the monthly option) is subject to a percentage equal to the greater of [***] or the CPI Percentage Increase Fifty Dollar (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below$50.00) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter late fee which shall be defined herein due as an “Adjustment Period.” Any upward adjustment based Additional Rent. Tenant’s right of possession and all of Landlord’s obligations are expressly contingent on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first prompt payment of Rent shall be due and use of the Premises by Tenant is granted only on the Ground Lease Commencement Date andcondition that Rent is paid on time. If Tenant fails to pay Rent or Additional Rent due under this Lease, if Landlord will give Tenant a fourteen (14) day notice to pay or vacate Premises (excluding weekends and holidays). Should Tenant fail to pay in full, Landlord will refer the Ground Lease Commencement Date is a date other than the first of the month, the first matter to an attorney to proceed with eviction. Landlord will not accept partial payment of Rent or Additional Rent. Should Tenant elect to vacate the Apartment, Tenant continues to remain liable for all Rent and charges due through the balance of the Lease Term. Tenant is responsible to pay all court costs and attorney’s fees in an eviction suit, or for any other legal action commenced by Landlord for the enforcement of the terms and conditions of this Lease. Owed rent will be sent to Collections and a 30% Collections Fee will be assessed. Payments shall be in a prorated amount for applied first to any unsatisfied charges, late fees, repairs, or other fees owed by Tenant, and then to Additional Rent that is owed, then to Rent. Rent payments will be applied to the period of time between the Ground earliest date owing. This Lease Commencement Date and the next following first day does not automatically renew upon expiration of the month; Lease Term designated. In order for Current Tenants to remain in their current room, they must contact the Management office and (b) the submit a Lease renewal form. Apartments are filled on a first payment of Rent due upon the commencement of come basis. Current Tenants must reserve early or risk losing their current room assignment. Landlord may accept or deny any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anysuch renewal request at its sole discretion.
Appears in 1 contract
Sources: Lease Agreement
Rent. Commencing upon A. During each calendar year, or portion thereof, falling within the Ground Lease Commencement DateTerm, Tenant shall pay to Landlord as Additional Base Rental hereunder the initial rent sum of (1) Tenant's Pro Rata Share of the amount, if any, by which Taxes (hereinafter defined) for the Site applicable calendar year exceed the Tax Base Amount plus (“Rent”2) Tenant's Pro Rata Share of the amount, if any, by which Expenses for the applicable calendar year exceed the Expense Base Amount. Tenant's Pro Rata Share of increases in Taxes and Tenant's Pro Rata Share of increases in Expenses shall be [***] per annumcomputed separate and independent of each other prior to being added together to determine the "Excess". In the event that Taxes and/or Expenses, payable as the case may be, in any calendar year decrease below the amount of the Tax Base Amount or the Expense Base Amount, as applicable, Tenant's Pro Rata Share of Taxes and/or Tenant's Pro Rata Share of Expenses, as the case may be, for such calendar year shall be deemed to be $0, it being understood that Tenant shall not be entitled to any credit or offset if Taxes decrease below the Tax Base Amount or if Expenses decrease below the Expense Base Amount. Prior to January 1 of the calendar year immediately following the Base Year, and prior to January 1 of each subsequent calendar year during the Lease Term, or as soon thereafter as practical, Landlord shall make a good faith estimate of the Excess for the applicable calendar year and Tenant's Pro Rata Share thereof. On or before the first day of each month during such calendar year, Tenant shall pay to Landlord, as Additional Base Rental, a monthly installment equal to one-twelfth of Tenant's Pro Rata Share of Landlord's estimate of the Excess. Landlord shall have the right from time to time during any such calendar year to revise the estimate of Basic Costs and the Excess for such year and provide Tenant with a revised statement therefor, and thereafter the amount Tenant shall pay each month shall be based upon such revised estimate. If Landlord does not provide Tenant with an estimate of the Basic Costs and the Excess by January 1 of any calendar year, Tenant shall continue to pay a monthly installment based on the previous year's estimate until such time as Landlord provides Tenant with an estimate of Basic Costs and the Excess for the current year. Upon receipt of such current year's estimate, an adjustment shall be made for any month during the current year with respect to which Tenant paid monthly installments of [***] per monthAdditional Base Rental based on the previous year's estimate. Tenant shall pay Landlord for any underpayment within thirty (30) days after demand. Any overpayment shall, adjusted upward every five at Landlord's option, be refunded to Tenant within thirty (530) years thereafter days or credited against the next installments of Base Rental and Additional Base Rental due for the months immediately following the furnishing of such estimate. Any amounts paid by Tenant based on any estimate shall be subject to adjustment pursuant to the immediately following paragraph when actual Basic Costs are determined for such calendar year. As soon as is practical following the end of each calendar year during the Initial Term Lease Term, Landlord shall furnish to Tenant a statement of Landlord's actual Basic Costs and during the actual Excess for the previous calendar year. If, however, Landlord fails to furnish Tenant a statement of actual Basic Costs for a given calendar year within twelve (12) months after the end of said calendar year and such failure continues for an additional sixty (60) days after Landlord's receipt of a written request from Tenant that such statement of actual Basic Costs should be furnished (the "Request for Statement of Basic Costs"), and provided the Request for Statement of Basic Costs contains a statement that Landlord's failure to furnish such statement may prejudice Landlord's right to collect any Extended Term by a percentage equal underpayment of Basic Costs from Tenant as described in Section IV.A. of the Lease, then Landlord shall be deemed to have waived any rights to recover any underpayment of Basic Costs from Tenant applicable to said calendar year (except to the greater extent such underpayment is attributable to a default by Tenant in its obligation to make estimated payments of [***] or the CPI Percentage Increase (as defined belowBasic Costs). Further, but in no event shall the foregoing provision describing the time period during which Landlord is to exceed deliver the statement of actual Basic Costs in any manner limit or otherwise prejudice Landlord's right to modify such statement of actual costs after such time period if new, additional or different information relating to such statement of actual costs is discovered or otherwise determined. If the estimated Excess actually paid by Tenant for the prior year is in excess of Tenant's actual Pro Rata Share of the Excess for such prior year, then Landlord shall apply such overpayment against Base Rental and Additional Base Rental due or to become due hereunder, provided if the Lease Term expires prior to the determination of such overpayment, Landlord shall refund such overpayment to Tenant within thirty (30) days after first deducting the amount of any Rent due hereunder. Likewise, Tenant shall pay to Landlord, within ten (10) days after demand, any underpayment with respect to the prior year, whether or not the Lease has terminated prior to receipt by Tenant of a statement for such underpayment, it being understood that this clause shall survive the expiration of the Lease.
B. Basic Costs shall mean Taxes and all costs and expenses paid or incurred in each calendar year in connection with operating, maintaining, repairing, managing the Building and the Property, including, but not limited to, the following:
1. All labor costs for all persons performing services required or utilized in connection with the operation, repair, replacement and maintenance of and control of access to the Building and the Property, including but not limited to amounts incurred for wages, salaries and other compensation for services, payroll, social security, unemployment and other similar taxes, workers' compensation insurance, uniforms, training, disability benefits, pensions, hospitalization, retirement plans, group insurance or any other similar or like expenses or benefits.
2. All management fees (not to exceed, an adjustment during any Adjustment Period (as defined below) a per annum basis, 5% of greater than [***]. The period the gross receipts for the Building), the cost of time from equipping and maintaining a management office at the Ground Lease Commencement Date through the date five years thereafterBuilding, accounting services, legal fees not attributable to leasing and collection activity, and each five (5) year period thereafter all other administrative costs relating to the Building and the Property. If management services are not provided by a third party, Landlord shall be defined herein entitled to a management fee comparable to that due and payable to third parties provided Landlord or management companies owned by, or management divisions of, Landlord perform actual management services of a comparable nature and type as an “Adjustment Periodnormally would be performed by third parties.” Any upward adjustment based on
3. All rental and/or purchase costs of materials, supplies, tools and equipment used in the operation, repair, replacement (other than replacements deemed to be a CPI Percentage Increase (as defined belowcapital improvement under generally accepted accounting principles, in which event Section IV.B.11 below shall control with respect to such item) and maintenance and the control of access to the Building and the Property.
4. All amounts charged to Landlord by contractors and/or suppliers for services, replacement parts, components, materials, equipment and supplies furnished in connection with the operation, repair, maintenance, replacement of and control of access to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day part of the month Building, or the Property generally, including the heating, air conditioning, ventilating, plumbing, electrical, elevator and other systems and equipment.
5. All premiums and deductibles paid by Landlord for fire and extended coverage insurance, earthquake and extended coverage insurance, liability and extended coverage insurance, rental loss insurance, elevator insurance, boiler insurance and other insurance customarily carried from time to time by landlords of comparable office buildings in the Buckhead area of Atlanta, Georgia or required to be carried by Landlord's Mortgagee.
6. Charges for water, gas, steam and sewer, but excluding those charges for which Landlord is otherwise reimbursed by tenants, and charges for Electrical Costs. For purposes hereof, the term "Electrical Costs" shall mean: (i) all charges paid by Landlord for electricity supplied to the Building, Property and Premises, regardless of whether such charges are characterized as distribution charges, transmission charges, generation charges, public good charges, disconnection charges, competitive transaction charges, stranded cost recoveries or otherwise; (ii) except to the extent otherwise included in Basic Costs, any costs incurred in connection with the energy management program for the Building, Property and Premises, including any costs incurred for the replacement of lights and ballasts and the purchase and installation of sensors and other equipment that saves energy; and (iii) if and to the extent permitted by law, a reasonable fee for the services provided by Landlord in connection with the selection of utility companies and the negotiation and administration of contracts for the generation of electricity. Notwithstanding the foregoing, Electrical Costs shall be payable by the 15th day of that month, provided however, thatadjusted as follows: (a) the first payment of Rent any amounts received by Landlord as reimbursement for above standard electrical consumption shall be due on the Ground Lease Commencement Date anddeducted from Electrical Costs, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment cost of Rent due upon electricity incurred in providing overtime HVAC to specific tenants shall be deducted from Electrical Costs, it being agreed that the commencement electrical component of any new Adjustment Period will overtime HVAC Costs shall be owed calculated as a reasonable percentage of the total HVAC costs charged to such tenants, and paid one month after (c) if Tenant is billed directly for the commencement cost of that Adjustment Period electricity to the Premises as a separate charge in addition to Base Rental and Basic Costs, the cost of electricity to individual tenant spaces in the Building shall reflect the Estimated CPI Percentage Increase, if anybe deducted from Electrical Costs.
Appears in 1 contract
Sources: Office Lease (Viewlocity Inc)
Rent. Commencing upon A. During each calendar year, or portion thereof, falling within the Ground Lease Commencement DateTerm, Tenant shall pay to Landlord as Additional Base Rental hereunder the initial rent sum of (1) Tenant's Pro Rata Share of the amount, if any, by which Taxes (hereinafter defined) for the Site applicable calendar year exceed Taxes for the Base Year plus (“Rent”2) Tenant's Pro Rata Share of the amount, if any, by which Expenses (hereinafter defined) for the applicable calendar year exceed Expenses for the Base Year. For purposes hereof, "Expenses" shall mean all Basic Costs with the exception of Taxes. Tenant's Pro Rata Share of increases in Taxes and Tenant's Pro Rata Share of increases in Expenses shall be [***] per annumcomputed separate and independent of each other prior to being added together to determine the "Excess". In the event that Taxes and/or Expenses, payable as the case may be, in equal installments any calendar year decrease below the amount of [***] per monthTaxes or Expenses for the Base Year, adjusted upward every five (5) years thereafter during Tenant's Pro Rata Share of Taxes and/or Expenses, as the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below)case may be, but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) for such calendar year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) deemed to be $0, it being understood that Tenant shall not be entitled to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on credit or offset if Taxes and/or Expenses decrease below the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated corresponding amount for the period of time between Base Year. Prior to the Ground Lease Commencement Date and prior to January 1 of each calendar year during the next following Lease Term, or as soon thereafter as practical, Landlord shall make a good faith estimate of the Excess for the applicable calendar year and Tenant's Pro Rata Share thereof. On or before the first day of each month during such calendar year, Tenant shall pay to Landlord, as Additional Base Rental, a monthly installment equal to one-twelfth of Tenant's Pro Rata Share of Landlord's estimate of the month; Excess. Landlord shall have the right from time to time during any such calendar year to revise the estimate of Basic Costs and the Excess for such year and provide Tenant with a revised statement therefor, and thereafter the amount Tenant shall pay each month shall be based upon such revised estimate. If Landlord does not provide Tenant with an estimate of the Basic Costs and the Excess by January 1 of any calendar year, Tenant shall continue to pay a monthly installment based on the previous year's estimate until such time as Landlord provides Tenant with an estimate of Basic Costs and the Excess for the current year. Upon receipt of such current year's estimate, an adjustment shall be made for any month during the current year with respect to which Tenant paid monthly installments of Additional Base Rental based on the previous year's estimate. Tenant shall pay Landlord for any underpayment within ten (b10) days after demand. Any overpayment shall, at Landlord's option, be refunded to Tenant or credited against the installment of Additional Base Rental due for the months immediately following the furnishing of such estimate. Any amounts paid by Tenant based on any estimate shall be subject to adjustment pursuant to the immediately following paragraph when actual Basic Costs are determined for such calendar year. As soon as is practical following the end of each calendar year during the Lease Term, Landlord shall furnish to Tenant a statement of Landlord's actual Basic Costs and the actual Excess for the previous calendar year. If the estimated Excess actually paid by Tenant for the prior year is in excess of Tenant's actual Pro Rata Share of the Excess for such prior year, then Landlord shall apply such overpayment against Additional Base Rental due or to become due hereunder, provided if the Lease Term expires prior to the determination of such overpayment, Landlord shall refund such overpayment to Tenant after first payment deducting the amount of any Rent due upon hereunder. Likewise, Tenant shall pay to Landlord, within ten (10) days after demand, any underpayment with respect to the commencement prior year, whether or not the Lease has terminated prior to receipt by Tenant of any new Adjustment Period will be owed and paid one month after a statement for such underpayment, it being understood that this clause shall survive the commencement expiration of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyLease.
Appears in 1 contract
Rent. Commencing upon 3.1 Tenant shall pay to Landlord the Ground Lease Commencement Date, the initial following amounts as rent for the Site (“Rent”) shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: Premises:
(a) During the Lease Term, 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 Insurance Costs (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 Allowance Rent, if any, as provided in Exhibit B attached hereto.
(e) During each calendar year or part thereof during the Lease Term, Tenant shall pay to Landlord, as additional rent, the Management Fee (as hereinafter defined).
(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. 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) and 3.1(c) 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).
3.2 Tenant shall pay all monthly installments of (a) Base Rent, (b) monthly installments of the Management Fee, (c) monthly installments of Landlord's estimates of amounts payable under sections 3.1(b) and 3.1(c) hereof, (d) monthly installments of the Allowance Rent (if applicable), and (e) monthly installments of amounts payable, if any, by Tenant pursuant to section 10.1 below on account of Capital Repairs or section 14.2 below on account of Capital Expenditures (collectively, "Monthly Rent") to Landlord, in advance, on or before the first payment day of each and every calendar month during the Lease Term, without notice, demand, deduction or offset, in lawful money of the United States of America. Landlord instructs Tenant to pay all such Monthly Rent to the address specified therefor in the Basic Lease Information, or to such other person or at such other place as Landlord may from time to time designate in writing. Landlord shall be due have the 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 on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date 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 partial month shall be appropriately prorated on the basis of a thirty (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 of the Term in which monthly Base Rent is payable, which amount Landlord shall apply to the Base Rent for such first full calendar month, the first payment of Rent .
3.3 The additional rent payable pursuant to sections 3.1(b) and 3.1(c) hereof shall be calculated and paid in a prorated amount for accordance with the period of time between following methods: On or before the Ground Lease Commencement Date and the next following first day of each calendar year during the month; Lease Term, or as soon thereafter as practicable, Landlord shall deliver to Tenant Landlord's reasonable estimate of Insurance Costs and Property Taxes, which it anticipates will be paid or incurred for the ensuing calendar year, and Tenant shall pay to Landlord an amount equal to the estimated amount of such expenses for such year in equal monthly installments during such year with the installments of Base Rent. Landlord reserves the right to revise such estimate from time to time (but not more than once per calendar year). In addition, on or before the first day of each calendar year during the Lease Term, Landlord shall deliver to Tenant an invoice for the monthly amount of the Management Fee required to be paid by Tenant pursuant to this Lease for the ensuing calendar year, and Tenant shall pay to Landlord the Management Fee for such year in equal monthly installments during such year with the installments of Base Rent.
3.4 Landlord shall furnish to Tenant within four months following the end of the applicable calendar or fiscal year, as the case may be, a statement setting forth (i) the amount of such expenses paid or incurred during the just ended calendar year, and (bii) the first amount that ▇▇▇▇▇▇ has paid to Landlord for credit against such expenses for such period. If Tenant shall have paid more than its obligation for such expenses for the stated period, Landlord shall, at its election, either (i) credit the amount of such overpayment toward the next ensuing payment or payments of Monthly Rent that would otherwise be due or (ii) refund in cash to Tenant the amount of such overpayment. If such year-end statement shall show that Tenant did not pay its obligation for such expenses in full, then Tenant shall pay to Landlord the amount of such underpayment within thirty (30) days from Landlord's billing of same to Tenant. Tenant may, at Tenant's sole cost and expense, cause an audit of Landlord's books and records to determine the accuracy of Landlord's ▇▇▇▇▇▇▇▇ for Insurance Costs and Property Taxes under this Lease, provided Tenant completes (and delivers to Landlord the written results of) such audit within one hundred twenty (120) days after ▇▇▇▇▇▇'s receipt of the year-end statement described above setting forth the annual reconciliation of Insurance Costs and Property Taxes, and provided further that the person or entity performing such audit is not compensated on any type of contingent basis. If such audit reveals that the actual Insurance Costs and Property Taxes for any given year were less than the amount that Tenant paid for Insurance Costs and Property Taxes for any such year, then unless Landlord contests such audit results as provided below, Landlord shall credit the excess to Tenant's next payment of Monthly Rent due upon and Landlord shall pay the commencement cost of Tenant's audit. If such audit reveals that the actual Insurance Costs and Property Taxes for any new Adjustment Period will given year were more than the amount that Tenant paid for Insurance Costs and Property Taxes for any such year, Tenant shall pay such amount to Landlord within thirty (30) days after completion of the audit. Landlord shall have the right to contest the results of ▇▇▇▇▇▇'s audit and thereafter promptly have an audit performed ("Landlord's Audit") by a certified public accounting firm selected by Landlord and acceptable to Tenant in Tenant's reasonable discretion. In such case, the results of ▇▇▇▇▇▇▇▇'s audit shall be owed binding and paid one month after conclusive on Landlord and Tenant, and any resulting overpayment or underpayment shall be handled as provided above. Tenant shall pay the commencement cost of that Adjustment Period and ▇▇▇▇▇▇▇▇'s Audit unless Landlord's Audit confirms the accuracy of the audit performed by ▇▇▇▇▇▇, in which case Landlord shall reflect pay the Estimated CPI Percentage Increase, if any.cost of Landlord's Audit. The provisions of this section shall survive the expiration or sooner termination of this Lease. ARTICLE 4
Appears in 1 contract
Sources: Lease (Gigamon Inc.)
Rent. Commencing On the date that Tenant executes this Lease, Tenant shall deliver to Landlord the original executed Lease, the Advance Rent (which shall be applied against the Rent payable for Month 6 of the Lease Term that Tenant is required to pay Rent), the Security Deposit, and all insurance certificates evidencing the insurance required to be obtained by Tenant under Section 12 of this Lease. ▇▇▇▇▇▇ agrees to pay Landlord the Base Rent, without prior notice or demand, abatement, offset, deduction or claim, in advance at Landlord's Address 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, 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. The term "Rent" whenever used herein refers to the aggregate of all these amounts. If Landlord permits Tenant to occupy the Premises without requiring Tenant to pay rental payments for a period of time, the waiver of the requirement to pay rental payments shall only apply to the waiver of the Base Rent. The Rent for any fractional part of a calendar month at the commencement or expiration or termination of the Lease Term shall be a prorated amount of the Rent for a full calendar month based upon a thirty (30) day month. To the Ground Lease extent not already paid as part of the Advance Rent any prorated Rent shall be paid on the Commencement Date, the initial rent and any prorated Rent for the Site (“Rent”) final calendar month hereof shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month paid on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) calendar month in which the first payment date of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyexpiration or termination occurs.
Appears in 1 contract
Rent. Commencing upon Tenant shall pay to Landlord, or with Landlord’s consent directly to Primary Landlord, as the Ground Lease Commencement Date, the initial base rent for the Site Premises (the “Base Rent”) the amount set in Section 1(i), subject to adjustment as hereinafter provided. Nothing contained herein shall be [***] construed at any time so as to reduce the Base Rent payable hereunder below the amount set forth above. Base Rent shall be adjusted in accordance with the following provisions (any such adjustment hereinafter the “Base Rent Adjustment”). Base Rent includes a 2008 base year attributable to Base Operating Expenses as specified in Section 1(h) (“Base Operating Expenses”). In the event actual Operating Expenses are below Base Operating Expenses, Tenant shall not be entitled to any credit or offset in any manner. Upon receipt of Primary Landlord’s estimate, Landlord shall provide Tenant with an estimate of Operating Expenses for the 2009 calendar year and each subsequent calendar year in the Term (each, an “Operating Period”). If Operating Expenses (exclusive of Taxes) per annum, payable in equal installments square foot of [***] per month, adjusted upward every five (5) years thereafter Rentable Area of the Premises during the Initial Term and during any Extended Term 2009 Operating Period or each subsequent Operating Period, as estimated by a percentage Primary Landlord, exceed Base Operating Expenses (exclusive of Taxes), Tenant shall pay Base Rent for such Operating Period equal to the greater Base Rent set forth above adjusted upward by an amount equal to the product of [***] or (i) the CPI Percentage Increase difference between Operating Expenses per square foot of Rentable Area of the Premises for such Operating Period and the Base Operating Expenses, multiplied by (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined belowii) the Rentable Area of greater than [***]the Premises. The period Base Rent Adjustment for 2009 shall not exceed 105% of time from the Ground Lease Commencement Date through Base Operating Expenses. Thereafter, the date five years thereafterBase Rent Adjustment shall not exceed 105% of the prior year’s Operating Expenses. This annual 5% limitation shall not apply to insurance or utilities. Landlord shall pay any Base Rent Adjustment attributable to Taxes and any special assessments paid in lieu of taxes that are in excess of the 2008 base year attributable to Taxes. Landlord shall, within thirty (30) days after receipt by Primary Landlord, furnish Tenant with a statement of the Base Operating Expenses and Operating Expenses during each five (5) year period thereafter shall be defined herein subsequent Operating Period as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to well as a “CPI Adjustment.” Such Rent will be due each month on the 1st day computation of the month and Base Rent Adjustment each as received by Landlord without adjustment of any type (“Expense Statement”). Except as provided herein, failure of Landlord to provide such statement within said time period shall not be payable by a waiver of Landlord’s right to collect any Base Rent Adjustment. If such statement shows that the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date actual amount Tenant owes is a date other more than the first estimated Base Rent Adjustment paid by Tenant, Tenant shall pay the difference within thirty (30) days after delivery of the monthExpense Statement. If the Expense Statement shows that Tenant paid more than the actual amount owed, the first payment of Rent Tenant shall be in receive a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day credit therefor within thirty (30) days after delivery of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyExpense Statement.
Appears in 1 contract
Sources: Sublease Agreement (GTX Inc /De/)
Rent. Commencing upon Tenant shall pay to Landlord in lawful United States currency the Ground Lease Commencement Date, the initial rent Base Rent. The Base Rent for the Site (“Rent”) each Period shall be [***] per annum, payable in equal installments monthly installments, due on the first day of [***] per each calendar month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below)in advance, but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day legal tender of the month and shall be payable by the 15th day United States of that monthAmerica, provided howeverwithout abatement, that: (a) the first payment demand, deduction or offset whatsoever. One full monthly installment of Base Rent shall be due and payable on the Ground Lease Effective Date and shall be applied to the first month's Base Rent, and a like monthly installment of Base Rent shall be due and payable on or before the first day of each calendar month following the first calendar month after the Commencement Date andduring the Lease Term hereof (provided, that if the Ground Lease Commencement Date is should be a date other than the first day of the a calendar month, the monthly Base Rent installment paid on the date of execution of this Lease by Tenant shall be prorated to the first payment calendar month, and the excess shall be applied as a credit against the next monthly Base Rent installment). Unless otherwise expressly provided, all monetary obligations of Tenant to Landlord under this Lease, of any type or nature, other than Base Rent, shall be denominated as Additional Rent. Except as otherwise provided, all Additional Rent shall be due and payable within ten (10) days from Tenant’s receipt of an invoice from Landlord setting forth such costs. Tenant shall pay monthly to Landlord any sales, use, or other tax (excluding state and federal income tax) now or hereafter imposed on any Rent due under this Lease so long as such taxes are itemized in a prorated amount for the period invoices presented by Landlord to Tenant. All Rent shall be paid to Landlord without demand, setoff, or deduction whatsoever, except as specifically provided in this Lease, at Landlord’ address as set forth in Section 28.1 of time between the Ground Lease Commencement Date and the next following first day this Lease, or at such other place as Landlord shall designate in writing to Tenant. Tenant’s obligations to pay Rent are covenants independent of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyLandlord’s obligations under this Lease.
Appears in 1 contract
Rent. Commencing upon 3.1. Tenant shall pay to Landlord the Ground Lease Commencement Date, the initial following amounts as rent for the Site Premises:
(a) During the term of this Lease, Tenant shall pay to Landlord, as base monthly rent, the amount of monthly rent specified in the Basic Lease Information (the “Base Rent”). The date on which Tenant’s obligation to pay Base Rent commences is referred to as the “Rent Commencement Date”. OP&F-Lionbridge/Office Lease 2
(b) During each calendar year or part thereof during the term of this Lease subsequent to the base expense calendar year specified in the Basic Lease Information (the “Base Expense Year”), Tenant shall pay to Landlord, as additional monthly rent, Tenant’s Percentage Share (as hereinafter defined) of the total dollar increase, if any, in all Operating Expenses (as hereinafter defined) paid or incurred by Landlord in such calendar year or part thereof over the Operating Expenses paid or incurred by Landlord in the Base Expense Year.
(c) During each tax year (July 1 through June 30) or part thereof during the term of this Lease subsequent to the base tax year ending June 30 of the year specified in the Basic Lease Information (the “Base Tax Year”), Tenant shall pay to Landlord, as additional monthly rent, Tenant’s Percentage Share of the total dollar increase, if any, in all Property Taxes (as hereinafter defined) paid or incurred by Landlord in such tax year or part thereof over the Property Taxes paid or incurred by Landlord in the Base Tax Year.
(d) From and after execution of this Lease (whether accruing prior to or after commencement of 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 Base Rent, additional monthly rent and additional rent payable by Tenant in accordance with this Lease.
3.2. The additional monthly rent payable pursuant to Sections 3.1 (b) and 3.1(c) 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 term of this Lease other than during the Base Expense Year and the Base Tax Year, or as soon thereafter as practicable, Landlord shall give Tenant written notice of ▇▇▇▇▇▇▇▇’s estimate of the amounts payable under Sections 3.1(b) and 3.1(c) 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 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 year’s estimate until the month after such notice is given, and subsequent payments by Tenant shall be based on Landlord’s current estimate. If at any time it appears to Landlord that the amounts payable under Sections 3.1 (b) and 3.1(c) hereof for the current calendar year will vary from Landlord’s estimate, Landlord may, by giving written notice to ▇▇▇▇▇▇, revise Landlord’s estimate for such year, and subsequent payments by Tenant for such year shall be based on such revised estimate.
(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) and 3.1(c) 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) and 3.1(c) 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. Tenant or ▇▇▇▇▇▇’s authorized agent or representative shall have the right to inspect the books of Landlord relating to Operating Expenses and Property Taxes, after giving reasonable prior OP&F-Lionbridge/Office Lease 3 written notice to Landlord within ninety (90) days of Landlord’s statement, 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. ▇▇▇▇▇▇▇▇’s statement shall be deemed final and binding on Tenant, absent such a request by ▇▇▇▇▇▇. If Tenant shall have availed itself of its right to inspect the books and records, and whether or not Tenant disputes the accuracy of the information set forth in such books and records, Tenant shall nevertheless pay the amount set forth in Landlord’s statement and continue to pay the amounts required by the provisions of this Article 3, pending resolution of said dispute. Any default in the payment of such charges by Tenant shall be deemed an Event of Default under this Lease. If and to the extent Tenant disputes the accuracy of Landlord’s books and records, such claim shall be based on an inspection conducted by an independent certified public accountancy firm engaged by ▇▇▇▇▇▇ (and not compensated on a contingency basis) reasonably acceptable to Landlord. If ▇▇▇▇▇▇’s dispute is resolved in favor of Tenant and it is determined that ▇▇▇▇▇▇▇▇’s statement overstated Operating Expenses and Property Taxes for the year in question by five percent (5%) or more, Landlord shall reimburse Tenant for the reasonable costs of ▇▇▇▇▇▇’s accountant in performing the inspection provided for in this paragraph.
(c) Failure by Landlord to give any notice or statement to Tenant under Section 3.2(b) shall not waive Landlord’s right to receive, or Tenant’s obligation to pay, the amounts payable by Tenant under Section 3.1(b) and 3.1(c) hereof. If the term of this Lease ends on a day other than the last day of a calendar year, the amounts payable by Tenant under Sections 3.1(b) and 3.1(c) hereof applicable to the calendar year in which such term ends shall be prorated according to the ratio which the number of days in such calendar year to and including the end of the term 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 Base Rent and additional monthly rent under Section 3.1 hereof to Landlord, in advance, on or before the first day of each and every calendar month during the term of this Lease, except that Base Rent for the first full calendar month of the term of this Lease (the “First Month”) shall be [***] per annum, payable in equal installments paid upon execution of [***] per this Lease. If the Rent Commencement Date occurs on any day other than the first day of a calendar month, adjusted upward every five (5) years thereafter during Base Rent for the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Rent Commencement Date through the date five years thereafterend of said calendar month shall be due and payable on the Rent Commencement Date, and each five (5) year period thereafter the Base Rent payable upon execution of this Lease shall be defined herein credited against the Base Rent due for the First Month as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (of the first day of the First Month. Tenant shall pay all rent to Landlord without notice, demand, deduction or offset, in lawful money of the United States of America, at the address of Landlord specified in the Basic Lease Information, or to such other person or at such other place as defined below) Landlord may from time to any payment under this Ground Lease shall hereinafter be referred to time designate in writing. If the Commencement Date as a “CPI Adjustment.” Such Rent will be due each month on determined in accordance with Section 2.1 hereof is not the 1st first day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Expiration Date is a date other than not the first last day of the month, then the first payment of Rent rent for the fractional month shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyappropriately prorated.
Appears in 1 contract
Rent. Commencing upon Subtenant shall pay to Manor Care under the Ground Master Lease Commencement Date, the initial rent for the Site ----- Demised Premises an amount equal to 1/12th of the Annual Base Rent (“Rent”as hereinafter defined) in advance, without demand, deduction, counterclaim or offset, and without relief from valuation and appraisement laws or any other deduction for any reason whatsoever, on or before the first day of each and every calendar month during the terms of this Sublease; provided, however, that if the Commencement Date shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first day of the calendar month or the expiration date shall be a day other than the last day of the calendar month, the monthly rental installment for such first payment or last fractional month shall be prorated on the basis of the number of days during the month this Sublease was in effect in relation to the total number of days in such month. Annual Base Rent for each Lease Year shall be calculated in accordance with the following formula: Annual Base Rent = (Sublessor and Manor Care Occupancy Percentage) x (Operating Expenses-Third Party Rental Income) Capitalized terms shall have the meanings given to them in the Master Lease. At Manor Care's sole discretion, at any time and from time to time during the term of this Sublease upon written notice to Subtenant, Manor Care may elect that instead of using the aforesaid formula to calculate Annual Base Rent, Annual Base Rent shall be the number of square feet of space in a prorated amount the Demised Premises times the "Alternate Rent" as hereinafter defined. The Alternate Rent shall be the annual fair market rental value per square foot for the period of time between premises in their "as is" condition for the Ground remaining Lease Commencement Date Term, as reasonably determined by lessor based on quoted rental rates at comparable office buildings in the Silver Spring, Maryland area. Should Manor Care so elect, the parties will enter into an amendment to this Sublease establishing the new Annual Base Rent and providing that Subtenant shall pay its pro rata share (based on the next following first day ratio of the month; number of square feet in the Demised Premises to the number of square feet in the Property) of increases in real estate taxes and operating expenses over a base year, with the terms "real estate taxes", "operating expenses," and "base year" being defined consistent with the definitions of such terms in leases of space in the Complex (bas defined in the Master Lease) to tenants unrelated to the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyManor Care.
Appears in 1 contract
Rent. Commencing upon the Ground Lease Commencement Date, the initial rent a. Except for the Site Landlord credits to Tenant contemplated by section 4.b. of this Lease, Tenant shall pay to Landlord, without deduction, setoff, prior notice, or demand, one twelfth of the Base Rent (the “Base Monthly Rent”) shall be [***] per annum), payable in equal installments advance on the first day of [***] per month, adjusted upward every five (5) years thereafter each calendar month during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]Lease Term. The period obligations of time from Tenant to pay Base Monthly Rent and other sums to Landlord and the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment obligations of Landlord under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month are independent obligations. If the Lease Term commences on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first day of the a calendar month, the first payment of Base Monthly Rent for that month shall be in prorated on a prorated amount for per diem basis and be paid to Landlord on or before the period of time between Commencement Date.
b. Tenant shall pay as additional rent each year the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increaseamount, if any., by which the Tenant’s Proportionate Share of Operating Costs during each Operating Year of the Lease Term exceed base rent One Hundred Fifty Five Thousand Eight Hundred Eighty Three Dollars and 12/100ths ($155,883.12) dollars (“Operating Cost Rent”). Tenant’s Proportionate Share of Operating Costs is fraction (30.28%) percent. Landlord may make a good faith estimate of the Operating Cost Rent to be due by Tenant for any Operating Year or part thereof during the Lease Term. During each Operating Year or partial Operating Year of the Lease Term after the initial Operating Year, Tenant shall pay to Landlord, in advance concurrently with each monthly installment of Base Monthly Rent, an amount equal to the estimated Operating Cost Rent for such Operating Year divided by twelve. Landlord estimates that the Operating Cost Rent for the full initial Operating Year of this Lease is zero ($0.0). From time to time, Landlord may estimate and re-estimate the Operating Cost Rent to be due by ▇▇▇▇▇▇ and deliver a copy of the estimate or re-estimate to Tenant. Thereafter, the monthly installments of Operating Cost Rent payable by Tenant shall be appropriately adjusted in accordance with the estimations so that, by the end of the Operating Year in question, Tenant shall have paid all of the Operating Cost Rent as estimated by Landlord. Any amounts paid based on such an estimate shall be subject to adjustment as herein provided when actual Operating Costs are available for each Operating Year. By May 1 of each Operating Year, or as soon thereafter as practicable, Landlord shall furnish to Tenant a statement of the actual Operating Costs for the previous year (the “Operating Costs Statement”). If ▇▇▇▇▇▇’s payments of estimated Operating Cost Rent for the year covered by the Operating Costs Statement exceed ▇▇▇▇▇▇’s Proportionate Share of such items as indicated in the Operating Costs Statement, then Landlord shall promptly credit or reimburse Tenant for such excess; likewise, if ▇▇▇▇▇▇’s estimated payments of Operating Costs for such
Appears in 1 contract
Sources: Lease Agreement
Rent. Commencing upon On the Ground Lease Commencement Datedate that Tenant executes this Lease, Tenant shall deliver to Landlord the original executed Lease, the initial rent Advance Rent (which shall be applied against the Rent payable for the Site first month(s) Tenant is required to pay Rent), and the Security Deposit. On or prior to the Commencement Date or any early occupancy pursuant to the terms of the Lease, Tenant shall deliver to Landlord all insurance certificates evidencing the insurance required to be obtained by Tenant under Section 12 of this Lease. Tenant agrees to pay Landlord the Base Rent, without prior notice or demand, abatement, offset; deduction or claim, in advance at Landlord’s Address on the Commencement Date (except to the extent covered by the Advance Rent) 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, Tenant shall pay Landlord, as Additional Rent, Tenant’s Share of Operating Expenses, Tax Expenses, Common Area Utility Costs, and Utility Expenses. The term “Rent”) ” whenever used herein refers to the aggregate of all these amounts. The Rent for any fractional part of a calendar month at the commencement or expiration or termination of the Lease Term shall be [***] per annum, payable in equal installments a prorated amount of [***] per the Rent for a full calendar month based upon a thirty (30) day month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of prorated Rent shall be due paid on the Ground Lease Commencement Date and, if (except to the Ground Lease Commencement Date is a date other than extent covered by the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date Advance Rent) and the next following first day of the month; and (b) calendar month in which the first payment date of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyexpiration or termination occurs.
Appears in 1 contract
Rent. Commencing upon On the Ground Lease 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) and the Security Deposit. At least ten (10) days prior to the Commencement Date, Tenant shall deliver to Landlord all insurance certificates evidencing the initial rent for 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 Site (“Rent”) shall be [***] per annumBase Rent specified in the Basic Lease Information, payable in equal installments advance at Landlord’s address specified in the Basic Lease Information on the Rent Commencement Date and thereafter on the first (1st) day of [***] per month, adjusted upward every five (5) years thereafter during each month throughout the Initial balance of the Term and during any Extended Term by a percentage equal of the Lease. In addition to the greater 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 [***] or each month throughout the CPI Percentage Increase (balance of the Term of this Lease, as defined below)Additional Rent, but in no event to exceed an adjustment during any Adjustment Period (as defined below) Tenant’s Share of greater than [***]Operating Expenses, Tax Expenses, Common Area Utility Costs, and Utility Expenses. The term “Rent” whenever used herein refers to the aggregate of all these amounts. If Landlord permits Tenant to occupy the Premises without requiring Tenant to pay rental payments for a period of time from time, the Ground waiver of the requirement to pay rental payments shall only apply to waiver of the Base Rent and Tenant shall otherwise perform all other obligations of Tenant required hereunder. The Rent for any fractional part of a calendar month at the commencement or termination of the Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter term shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day prorated amount of the Rent for a full calendar month and shall be payable by the 15th based upon a thirty (30) day of that month, provided however, that: (a) the first payment of . The prorated Rent shall be due paid on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) calendar month in which the first payment date of Rent due upon termination occurs, as the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anycase may be.
Appears in 1 contract
Sources: Lease Agreement (Synplicity Inc)
Rent. Commencing upon Rent shall be prorated for the Ground Lease Commencement Datemonth in which the Closing Date occurs, the initial with Seller entitled to receive rent for the Site (“Rent”) shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during the Initial Term and during any Extended Term by a percentage equal period prior to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereafterClosing Date, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) with Purchaser entitled to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent shall be due on the Ground Lease Commencement Date and, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount receive rent for the period from and after the Closing Date. No rent proration shall be made for rents other than rents which have been received by either Seller or Purchaser; no credit proration shall be made at any time for rents which have accrued but which have not been paid in cash. Seller's remedies for rent unpaid at the time of time between Closing are stated in Section 6.4.3. below. Rents which have been received by Seller for the Ground Lease Commencement Date month in which the Closing occurs will be considered prepaid rent for the portion of that month occurring from and after the next following first day Closing, and Purchaser shall receive credit for prepaid rents hereunder.
6.4.2.1. Seller shall be entitled to fixed, minimum and base rents for the period prior to the Closing Date. Seller shall be entitled to retain payments it has received from Tenant, or for which it has billed Tenant, for heat, electricity and real estate taxes, for the month in which Closing occurs. Purchaser and Seller will prorate these items as provided in Sections 6.4.1. and 6.4.6.
6.4.2.2. Overage rents ("OVERAGE RENTS") to be prorated hereunder shall include consumer price index, escalation payments and other similar rental payments in excess of fixed, minimum and base rents under the Leases, whether finally determined before or after the expiration of the month; fiscal years under the Leases. Charges ("CHARGES") to be prorated hereunder shall include maintenance charges, taxes, operating expenses and (b) similar expenses to the first extent Tenant under Lease pays monthly estimates with an adjustment at the end of each fiscal year applicable to Charges. Overage Rents and Charges shall be separately prorated under each Lease on the basis of the fiscal year set forth in each Lease for the payment of Overage Rents and Charges. All interim Overage Rent due upon and Charges payments made before the commencement of any new Adjustment Period will Closing Date shall be owed retained by Seller until year-end adjustment and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if any.determination
Appears in 1 contract
Rent. Commencing upon A. Tenant shall pay to the Ground Lease Commencement Date, Department rent in the initial rent for the Site amount of $xxx.xx per year (“Rent”) shall be [***] per annum, payable in equal installments of [***] per month, adjusted upward every five (5) years thereafter during ). Rent for the Initial Term and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground First Lease Commencement Date through the date five years thereafter, and each five (5) year period thereafter shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) to any payment under this Ground Lease shall hereinafter be referred to as a “CPI Adjustment.” Such Rent will be due each month on the 1st day of the month and shall be payable by the 15th day of that month, provided however, that: (a) the first payment of Rent Year shall be due on the Ground Effective Date of this Lease Commencement Date andand for every year thereafter on January 1st of each Lease Year.
B. All Rent shall be paid by check made payable to "Treasurer, if State of New Jersey" and delivered to: Department of Environmental Protection Natural & Historic Resources Office of Leases & Concessions Mail Code 501-04C ▇▇ ▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇ If any check for payment is returned to the Ground Lease Commencement Date is a date other than the first of the monthDepartment, the first all future payments shall be made by certified check or money order.
C. Any payment of Rent not made on or before the dates provided in Subparagraph A of this Paragraph shall be in considered past due. All past due amounts shall be assessed a prorated monthly penalty of five percent (5%) of the total amount due calculated on the tenth (10th) day of each month after the due date and shall increase every thirty (30) days thereafter.
D. The cost of enforcing Tenant's compliance with this Lease shall be “Additional Rent.” If the Department incurs any expense, including reasonable attorney's fees, due to the material breach of this Lease by Tenant or Tenant's failure to perform any obligation of Tenant hereunder, Tenant shall be liable for the period payment of time between the Ground Lease Commencement Date such expense as Additional Rent added to and made a part of the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement Department notifies Tenant of that Adjustment Period and such Additional Rent. Nonpayment of Additional Rent provides the Department the same rights against Tenant as if Tenant fails to pay Rent.
E. If this Lease is renewed pursuant to Subparagraph 2B herein, the Rent shall be increased to reflect the Estimated CPI Percentage Increasecurrent fair market value of the Premises as determined by changes in the USDA Soil Rental Rates or value of similar real estate rentals. However, if anythe USDA Soil Rental Rates and value of similar real estate rentals decreased or remained stable, the Rent shall not decrease.
Appears in 1 contract
Sources: Lease Agreement
Rent. Commencing upon (a) From and after the Ground Lease Sublease Commencement Date, Subtenant shall pay to Sublandlord the initial base rent for the Site specified in subsection (b) below (“Base Rent”). Base Rent and all other items of additional rent, charges and expenses payable by Subtenant hereunder (all of the foregoing except for Base Rent deemed, collectively, “Additional Rent”) shall be [***] per annum, payable in equal installments paid to Sublandlord on the first day of [***] per each calendar month, adjusted upward every five (5without deduction, abatement, counterclaim or setoff of any amount for any reason whatsoever. Rent shall be paid to Sublandlord in lawful money of the United States at its address set forth above, or to such other person, or at such other address, as Sublandlord may from time to time designate by notice to Subtenant. Any payment by Subtenant or receipt by Sublandlord of an amount less than the amount stipulated hereunder for any portion of Rent shall be deemed a payment on account of such amount(s) years thereafter during the Initial Term payable. An endorsement or statement by Subtenant on any check or letter shall not be deemed to create an accord and during any Extended Term by a percentage equal to the greater of [***] or the CPI Percentage Increase (as defined below), but in no event to exceed an adjustment during any Adjustment Period (as defined below) of greater than [***]. The period of time from the Ground Lease Commencement Date through the date five years thereaftersatisfaction, and each five Sublandlord may accept any such check or payment without prejudice to Sublandlord’s right to recover the balance due or to pursue any other remedy available to it. Any provision in the Prime Lease referring to “Rent” or “rent” (5or words of similar meaning) year period thereafter incorporated herein by reference shall be defined herein as an “Adjustment Period.” Any upward adjustment based on a CPI Percentage Increase (as defined below) deemed to any payment refer to all items of Base Rent and Additional Rent due under this Ground Lease Sublease. Base Rent and Additional Rent shall hereinafter be referred to as a “CPI AdjustmentRent”.” Such
(b) Base Rent will shall consist of the following amounts, and shall be due each month paid by Subtenant to Sublandlord as herein provided: payable as $5,000.00 per month.
(c) Notwithstanding subsection (b) above, Subtenant’s obligation to pay Rent shall commence on the 1st day Sublease Commencement Date, subject to any abatement of Rent pursuant to Paragraph 1.(b) above. The Rent payable for the calendar month in which the Sublease Commencement Date occurs shall be prorated to reflect the number of days of Subtenant’s occupancy during such calendar month and shall be payable by on the 15th day Sublease Commencement Date.
(d) Rent payable hereunder shall be prorated on a daily basis in the case of that any period of less than a full calendar year or, in the case of any monthly installment, any period less than a full calendar month. Subtenant shall pay all commercial rent or occupancy taxes imposed in connection with this Sublease, provided however, that: (a) the first Subleased Premises or the payment of Rent shall be due on the Ground Lease Commencement Date andhereunder, if the Ground Lease Commencement Date is a date other than the first of the month, the first payment of Rent shall be in a prorated amount for the period of time between the Ground Lease Commencement Date and the next following first day of the month; and (b) the first payment of Rent due upon the commencement of any new Adjustment Period will be owed and paid one month after the commencement of that Adjustment Period and shall reflect the Estimated CPI Percentage Increase, if anyapplicable.
Appears in 1 contract
Sources: Sublease (Fox Factory Holding Corp)