Expansion Space Rent Commencement Date is defined as the earlier to occur of: (x) the date on which Tenant substantially completes the Tenant Improvements (as such term is defined in Exhibit B hereto) and Tenant receives a temporary or permanent certificate of occupancy for the Expansion Space, and (y) the date that is 180 days after the Expansion Effective Date. Tenant shall promptly notify Landlord upon the occurrence of (x) above. Commencing on the Expansion Space Rent Commencement Date, Basic Rent with respect to the Expansion Space shall be payable as follows: Rental Period Annual Basic Rent Monthly Payment 1 - 6 $ 538,648.50 $ 44,887.38 7 - 11 $ 624,520.00 $ 52,043.33 For purposes hereof, an “Expansion Space Lease Year”shall mean a 12 month period beginning on the Expansion Space Rent Commencement Date, or any anniversary of the Expansion Space Rent Commencement Date, except that if the Expansion Space Rent Commencement Date does not fall on the first day of a calendar month, then the first Expansion Space Lease Year shall begin on the Expansion Space Rent Commencement Date, and end on the last day of the month containing the first anniversary of the Expansion Space Rent Commencement Date (and the Basic Rent for such first Expansion Space Lease Year shall be prorated to reflect the additional days included therein), and each succeeding Expansion Space Lease Year shall begin on the day following the last day of the prior Expansion Space Lease Year. From and after the Extension Date, the concept of a “Lease Year” (as defined in the Lease), insofar as it pertains to the Original Premises, will no longer be applicable.
Expansion Space Rent Commencement Date means the date when the construction of the Expansion Space is Substantially Completed in accordance with the final expansion plan, so that Tenant can lawfully occupy the Expansion Space as evidenced by the issuance of a Certificate of Occupancy by the applicable governing authority.
Expansion Space Rent Commencement Date shall be the earlier of: (i) the date Tenant conducts any business in the Expansion Space or any part thereof, or (ii) January 1, 2012; provided that Landlord delivers the Expansion Space to Tenant on or before January 1, 2012. If delivery of the Expansion Space occurs after January 1, 2012, then the Expansion Space Rent Commencement Date shall be the actual delivery date. Commencing on the Expansion Space Rent Commencement Date, Tenant shall pay Base Rent for the Expansion Space in the amount of $34.48 per rentable square foot of the Expansion Space per annum which Base Rent shall be payable in equal monthly installments on or before the first day of each calendar month during the Term. In no event shall Tenant’s mere occupancy of the Expansion Space for storage purposes or for Tenant’s construction or installation of Expansion Space Tenant Improvements, Alterations, Tenant Property or Removable Installations prior to January 1, 2012, cause the Expansion Space Rent Commencement Date to occur prior to January 1, 2012. On May 1, 2012, Base Rent for the Expansion Space shall be increased to $35.51 per rentable square foot of the Expansion Space per annum. Commencing on May 1, 2013, and continuing thereafter on May 1st of each year during the Base Tern (each, an “Expansion Space Adjustment Date”), Base Rent for the Expansion Space shall be increased by multiplying the Base Rent payable for the Expansion Space immediately before such Expansion Space Adjustment Date by the Rent Adjustment Percentage of 3% and adding the resulting amount to the Base Rent payable for the Expansion Space immediately before such Expansion Premises Adjustment Date.
Examples of Expansion Space Rent Commencement Date in a sentence
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Tenant shall commence payment of Expansion Rent and the Excess with respect to the Expansion Space to Landlord upon that date (the “ Expansion Space Rent Commencement Date ”) which is one hundred eighty (180) days after the Expansion Space Lease Commencement Date.
Effective as of the Expansion Space Rent Commencement Date, Tenant’s Share of Operating Expenses shall be adjusted to equal twenty-three percent (23.00%) and Tenant’s Share of Real Estate Tax Expenses shall be adjusted to equal twenty and ninety one hundredths percent (20.90%).
Commencing on the Second Expansion Space Rent Commencement Date (as hereinafter defined), through the Expiration Date, Annual Fixed Rent for the Second Expansion Space shall be equal to $169,687.50 (being the product of (i) $37.50 and (ii) the Rentable Floor Area of the Second Expansion Space), payable in the same manner and at the same times set forth in the Lease with respect to Annual Fixed Rent for the Existing Premises.
More Definitions of Expansion Space Rent Commencement Date
Expansion Space Rent Commencement Date means (i) the first day of the fifteenth (15th) full calendar month of the Lease, or (ii) such earlier date that Tenant specifies in its written notice of election, but not earlier than January 1, 2001, to take early possession of the Expansion Space pursuant to Paragraph 1.F below; provided, however, that if Tenant’s possession of the Expansion Space is delayed because tenant improvement work to be completed by Landlord in the Expansion Space is not substantially completed on or before the Expansion Space Rent Commencement Date, then the Expansion Rent Commencement Date shall be postponed until such substantial completion date, except that the Expansion Rent Commencement Date shall be accelerated by the number of days, if any, that such substantial completion is delayed by reason of Tenant Delays (as defined below).
Expansion Space Rent Commencement Date. With respect to any Expansion Space, the first to occur of (i) one hundred twenty (120) days following the Commencement Date of this Lease with respect to such Expansion Space or (ii) the date Tenant substantially completes all initial improvement work in such Expansion Space pursuant to mutually agreed upon improvement plans in accordance with the applicable provisions of Article 9 and Exhibit "D" to this Lease and Tenant first conducts its business in such Expansion Space.
Expansion Space Rent Commencement Date shall be the earlier to occur of (i) the date on which Tenant first conducts business in any portion of the Expansion Space, or (ii) ninety (90) days after the Expansion Space Inclusion Date. As of the Expansion Space Rent Commencement Date:
Expansion Space Rent Commencement Date is defined as the earlier to occur of: (x) the date on which Tenant substantially completes the Tenant Improvements (as such term is defined in Exhibit B hereto) and Tenant receives a temporary or permanent certificate of occupancy for the Expansion Space, and (y) the date that is 180 days after the Expansion Effective Date. Tenant shall promptly notify Landlord upon the occurrence of (x) above. Commencing on the Expansion Space Rent Commencement Date, Basic Rent with respect to the Expansion Space shall be payable as follows: Rental Period Annual Basic Rent Monthly Payment 1 - 6 $538,648.50 $44,887.38 7 – 11 $624,520.00 $52,043.33
Expansion Space Rent Commencement Date means (i) the First Expansion Space Rent Commencement Date, or (ii) the Second Expansion Space Rent Commencement Date, or (iii) the Third Expansion Space Rent Commencement Date, or (iv) the Fourth Expansion Space Rent Commencement Date.
Expansion Space Rent Commencement Date means the date that is ninety (90) days after the Expansion Space Commencement Date (i.e. if the Expansion Space Commencement Date occurs on January 1, 2007, the Expansion Space Rent Commencement Date shall occur on April 1, 2007).
Expansion Space Rent Commencement Date shall be the date upon which the Expansion Space is delivered to Tenant broom clean and free of all occupants with the Bel Power Space Environmental Work shown on Exhibit C complete.