Second Lease Year definition

Second Lease Year means the period between the end of the First Lease Year and the last day of the current calendar year.
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Examples of Second Lease Year in a sentence

  • Commencing on the first day of the Second Lease Year and on the first day of each successive Lease Year thereafter, so long as Tenant is not in default-hereunder, the amount of the Letter of Credit shall be automatically reduced for such Lease Year by the amount necessary to result in the proportionate reduction (assuming a level annual reduction) of the Letter of Credit over the remaining balance of the Term.

  • For the Second Lease Year, and each Lease Year thereafter, the annual Base Rent due and payable shall increase by an amount equal to One and 13/100 Percent (1.13%) of the Base Rent payable for the immediately prior Lease Year.

  • Effective as of the date hereof, in Paragraph 63 of the Lease, the table setting forth the Monthly Deck Rent is deleted and the following table substituted therefor: Period Monthly Deck Rent First Lease Year $ 8,333.33 Second Lease Year $ 8,583.33 Third Lease Year $ 8,840.83 Fourth Lease Year $ 9,106.06 Fifth Lease Year $ 9,379.24 Sixth Lease Year $ 9,660.62 5.

  • For example, when calculating the rent for the Third Lease Year of the Initial Term one would compute the percentage increase occurring in the index between the first (1st.) day of the First Lease Year and the last day of the Second Lease Year (or the respective dates closest to those days) increased by one hundred (100) percentage points.

  • Commencing as of the first (1st) day of the Second Lease Year, and continuing thereafter on or before the first day of each calendar month during the Lease term, Tenant shall pay to Landlord, as monthly rent for the Premises, the Monthly Rent specified in Paragraph 2 above.

  • First Lease Year $5,000.00 Second Lease Year $25,000.00 Third Lease Year $50,000.00 Fourth Lease Year $75,000.00 Fifth Lease Year and thereafter $100,000.00 All work expenditures made by Lessee during any Lease Year in excess of the work commitment expenditures required for such Lease Year shall be credited, as far as they will go, against work commitment requirements for any subsequent Lease Year.

  • First Lease Year $ 369,005.00 $ 30,750.42 Second Lease Year $ 381,170.00 $ 31,764.17 This Lease is intended to be a triple net lease, and as such LESSEE shall also be responsible for payment of its pro rata share of Operating Expenses (see Section 3 herein), real estate taxes (see Section 4 herein) and utilities (see Section 7 herein), all in accordance with the terms and conditions herein.

  • Effective XXX for the Second Lease Year and for each consecutive Lease Year thereafter, including during the First Renewal Term and the Second Renewal Term, the annual Rent and the monthly installment thereof shall be increased by three (3.00%) percent of the Rent payable in the previous Lease Year.

  • If Tenant has not exercised the Expansion Option for (or otherwise expanded the Premises by) a minimum of 50,000 rentable square feet of space by the end of the Second Lease Year, the Expansion Option for the space on the fifth (5th) floor of the Building described in clause (iii) of the first grammatical paragraph of Paragraph 58.a. above, shall be reduced to 30,000 rentable square feet of space (which reduced Expansion Increment on the fifth (5th) floor would be as outlined on attached Exhibit K).

  • First Lease Year $ 502,084.00 $ 41,840.33 Second Lease Year $ 513,495.00 $ 42,791.25 Third Lease Year $ 524,906.00 $ 43,742.17 This Lease is intended to be a triple net lease, and as such LESSEE shall also be responsible for payment of its pro rata share of Operating Expenses (see Section 3 herein), real estate taxes (see Section 4 herein) and utilities (see Section 7 herein).

Related to Second Lease Year

  • Lease Year means each consecutive twelve-month period beginning with the Commencement Date, except that if the Commencement Date is not the first day of a calendar month, then the first Lease Year shall be the period from the Commencement Date through the final day of the twelve months after the first day of the following month, and each subsequent Lease Year shall be the twelve months following the prior Lease Year.

  • Base Year means the period set forth in Section 5 of the Summary.

  • Lease Term means the term of this Lease which shall commence on the Commencement Date and continue for the period specified in Section J of the Summary.

  • Minimum Rent means Fifty Million Thirty-Three Thousand Nine Hundred Seventy-Six and 00/100ths Dollars ($50,033,976.00), subject to adjustment as provided in Section 3.1.1(b).

  • Expansion Space means any space in the Building which, at any time during the Lease Term, is occupied by a Person other than Landlord under a written lease with Landlord, and the term “Tenant’s Expansion Space” means Expansion Space which Tenant has elected to lease as provided in this paragraph. Landlord agrees to notify Tenant promptly after Landlord learns that any Expansion Space is or will become available. Subject to the prior rights of other tenants to whom Landlord has granted substantially similar rights, Tenant has the option to lease any Expansion Space which Landlord notifies Tenant is or will become available. If Tenant gives Landlord notice of its exercise of this option within thirty (30) days after notification from Landlord of the availability of the Expansion Space and if no Event of Default exists when Tenant’s notice is given, this Lease will be deemed to be amended to include Tenant’s Expansion Space as part of the Premises for the remainder of the Lease Term upon all of the same terms contained in this Lease except that (i) the Rentable Area of the Premises will be amended to include Tenant’s Expansion Space; (ii) Tenant’s Share will be increased to include the rentable area of Tenant’s Expansion Space; (iii) the Term Commencement Date with respect to Tenant’s Expansion Space will be the earlier of sixty (60) days after the date on which Tenant’s Expansion Space becomes vacant and ready for occupancy (provided that date is at least sixty (60) days after Tenant exercises its option to lease the Expansion Space), or the date on which the Expansion Space is first occupied by Tenant; (iv) if Tenant’s Expansion Space contains a rentable area of 10,000 square feet or more, and if there are less than three (3) Lease Years remaining in the Lease Term, the Lease Term will be extended to include three (3) full years from the Term Commencement Date with respect to Tenant’s Expansion Space; and (v) subject to adjustment during each Fixed Rental Period as provided in Exhibit E, Basic Rent for each year of the remaining Lease Term (as it may be extended) will be the greater of (a) the Basic Rent last paid by the Person most recently occupying Tenant’s Expansion Space or (b) Market Rent determined as provided in the Rent Rider attached as Exhibit E. If Tenant exercises this option, Tenant’s Expansion Space will be leased to Tenant in its “as is” condition and Tenant will, at its expense and in compliance with the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this option.