Common use of Base Rent and Additional Rent Clause in Contracts

Base Rent and Additional Rent. Tenant shall pay to Landlord Base Rent for (i) the Clean Room Expansion Space in the amount of $22.50 per square foot per annum, (ii) the Storage Expansion Space IV in the amount of $7.83 per square foot per annum, (iii) the Storage Expansion Space V in the amount of $7.83 per square foot per annum , and (iv) the Office Expansion Space II in the amount of $15.14 per square foot per annum, payable in equal monthly installments in accordance with the Lease. Tenant shall commence paying rent on the Clean Room Expansion Space on the earlier of (i) the date that is one hundred eighty (180) days after Landlord substantially completes the Landlord Expansion Space Work related to the Clean Room Expansion Space (the "Clean Room Expansion Space Rent Commencement Date") and (ii) the date that Tenant occupies the Clean Room Expansion Space. Depending upon the date to be utilized, the appropriate party shall provide written notice to the other party and the Clean Room Expansion Space Rent Commencement Date shall be established. Tenant shall commence paying rent on the Storage Expansion Space IV, the Storage Expansion Space V and the Office Expansion Space II on the earlier of (i) the date that Landlord substantially completes the Landlord Expansion Space Work related to the Storage Expansion Space IV and the Storage Expansion Space V (other than the installation of the acoustical drop ceiling described in Section 3(b)(iv) of Exhibit B attached hereto, which shall be performed by Landlord contemporaneously with the Initial Tenant Expansion Space Work) and (ii) the date that Tenant occupies the remaining Expansion Space (the "Remaining Expansion Space Rent Commencement Date"). Depending upon the date to be utilized, the appropriate party shall provide written notice to the other party and the Remaining Expansion Space Rent Commencement Date shall be established. Tenant shall pay to Landlord as additional rent for the Expansion Space the cost of utilities consumed therein, as set forth in the Lease. Any delay caused by or on behalf of Tenant shall not impact the Clean Room Expansion Space Rent Commencement Date or the Remaining Expansion Space Rent Commencement Date. 

Appears in 2 contracts

Samples: Twelfth Lease (Emagin Corp), Twelfth Lease (Emagin Corp)

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Base Rent and Additional Rent. Tenant shall pay to Landlord Base Rent rent for each Master Lease (i“Base Rent”) the Clean Room Expansion Space in the amount of $22.50 per square foot per annum, (ii) the Storage Expansion Space IV in the amount of $7.83 per square foot per annum, (iii) the Storage Expansion Space V in the amount of $7.83 per square foot per annum , and (iv) the Office Expansion Space II in the amount of $15.14 per square foot per annum, payable in equal monthly installments will be calculated in accordance with the Shopping Center pro forma attached hereto as Schedule I (the “Pro Forma”). For example, Base Rent for the Inline Master Lease will be at an annual rate of $30 per foot for the premises under the Inline Master Lease. Tenant shall Master Lease Rent will commence paying rent on the Clean Room Expansion Space on Closing Date. As premises are removed from a Master Lease in accordance with Section 3 above, Base Rent will be adjusted accordingly. In addition to Base Rent, Seller will pay all base rent due with respect to any Tenant Lease which has not yet started paying base rent as of the earlier Closing Date – such base rent to be paid under the applicable Master Lease (the “Additional Base Rent”). Additional Base Rent attributable to each such Tenant Lease will commence as of the Closing Date regardless of whether the tenant thereunder is entitled to free rent and shall be calculated in accordance with the annual base rent specified in such Tenant Lease. For example, if (ia) there is a Tenant Lease in the inline space that is not an Earn Out Lease as of the Closing Date and has not started paying base rent, then under the Inline Master Lease, Seller will Exhibit “H”- 2 pay Purchaser Additional Base Rent for such Tenant Lease until the rent commencement date (i.e., the date that is one hundred eighty all free rent periods have expired) under such Tenant Lease has occurred (180) days after Landlord substantially completes with Seller being obligated to resume payment of such Additional Base Rent under the Landlord Expansion Space Work related to the Clean Room Expansion Space (the "Clean Room Expansion Space Rent Commencement Date") and (ii) the date that Tenant occupies the Clean Room Expansion Space. Depending upon the date to be utilized, the appropriate party shall provide written notice to the other party and the Clean Room Expansion Space Rent Commencement Date shall be established. Tenant shall commence paying rent on the Storage Expansion Space IV, the Storage Expansion Space V and the Office Expansion Space II on the earlier of (i) the date that Landlord substantially completes the Landlord Expansion Space Work related to the Storage Expansion Space IV and the Storage Expansion Space V (other than the installation of the acoustical drop ceiling described in Section 3(b)(iv) of Exhibit B attached hereto, which shall be performed by Landlord contemporaneously with the Initial Tenant Expansion Space Work) and (ii) the date that Tenant occupies the remaining Expansion Space (the "Remaining Expansion Space Rent Commencement Date"). Depending upon the date to be utilized, the appropriate party shall provide written notice to the other party and the Remaining Expansion Space Rent Commencement Date shall be established. Tenant shall pay to Landlord as additional rent for the Expansion Space the cost of utilities consumed therein, as conditions set forth in Section 2 above); and (b) Seller elects to construct the Pad Site N Multi-Tenant Building, Seller will pay Purchaser Additional Base Rent with respect to that portion of the Pad Site N Multi-Tenant Building which was leased prior to commencement of construction until the rent commencement date (i.e., the date all free rent periods have expired) under such Tenant Lease has occurred (with Seller being obligated to resume payment of such Additional Base Rent under the conditions set forth in Section 2 above) and, as to the remaining portion of the Pad Site N Multi-Tenant Building, until the Earn Out Conditions with respect to such space have been satisfied. The term “base rent” is sometimes referred to as “minimum guaranteed rental” under a Tenant Lease. Any delay caused by or on behalf of Tenant shall not impact the Clean Room Expansion Space Rent Commencement Date or the Remaining Expansion Space Rent Commencement Date. .

Appears in 2 contracts

Samples: Agreement of Sale and Purchase, Agreement of Sale and Purchase (Stratus Properties Inc)

Base Rent and Additional Rent. During the Term (but subject to the following subparagraph of this Section 4.01 below), Tenant hereby covenants and agrees to pay to Landlord, without any setoff or deduction (except to the extent expressly set forth in this Lease), (a) all Base Rent (as provided in Section 1), (b) Tenant’s Proportionate Share of the Expense Excess and the Tax Excess (as provided in Exhibit B attached hereto), and (c) all other Additional Rent due for the Term (collectively referred to as “Rent”). “Additional Rent” means all sums (exclusive of Base Rent) that Tenant is required to pay to Landlord from time to time under this Lease. Notwithstanding the foregoing, provided that Tenant is not then in Default beyond any applicable notice and cure period under the Lease, Landlord agrees to waive payment of the monthly amounts of Base Rent for the applicable Phase Premises during the following periods (each, a “Rent Waiver Period”): (a) for the Initial Premises, for the period commencing on the Initial Premises Commencement Date and ending on the date immediately preceding the Initial Premises Rent Commencement Date set forth in Section 1, (b) for the Second Phase Premises, for the period commencing on the Second Phase Premises Commencement Date and ending on the date immediately preceding the Second Phase Premises Rent Commencement Date set forth in Section 1, (c) for the Third Phase Premises, for the period commencing on the Third Phase Premises Commencement Date and ending on the date immediately preceding the Third Phase Premises Rent Commencement Date set forth in Section 1, and (d) for the Fourth Phase Premises, for the period commencing on the Fourth Phase Premises Commencement Date and ending on the date immediately preceding the Fourth Phase Premises Rent Commencement Date set forth in Section 1. In the event that a Rent Waiver Period does not end on the last day of a calendar month, then on the first day of the calendar month in which such Rent Waiver Period expires, Tenant shall pay to Landlord Base Rent for (i) the Clean Room Expansion Space in the amount of $22.50 per square foot per annum, (ii) the Storage Expansion Space IV in Base Rent and Additional Rent for the amount of $7.83 per square foot per annum, (iii) the Storage Expansion Space V in the amount of $7.83 per square foot per annum , and (iv) the Office Expansion Space II in the amount of $15.14 per square foot per annum, payable in equal monthly installments in accordance with the Lease. Tenant shall commence paying rent on the Clean Room Expansion Space on the earlier of (i) the date that is one hundred eighty (180) days after Landlord substantially completes the Landlord Expansion Space Work related to the Clean Room Expansion Space (the "Clean Room Expansion Space Rent Commencement Date") and (ii) the date that Tenant occupies the Clean Room Expansion Space. Depending upon the date to be utilized, the appropriate party shall provide written notice to the other party and the Clean Room Expansion Space Rent Commencement Date shall be established. Tenant shall commence paying rent on the Storage Expansion Space IV, the Storage Expansion Space V and the Office Expansion Space II on the earlier of (i) the date that Landlord substantially completes the Landlord Expansion Space Work related to the Storage Expansion Space IV and the Storage Expansion Space V (other than the installation portion of the acoustical drop ceiling described in Section 3(b)(iv) calendar month that follows the last day of Exhibit B attached heretosuch Rent Waiver Period, which shall be performed by Landlord contemporaneously with the Initial Tenant Expansion Space Work) and (ii) the date that Tenant occupies the remaining Expansion Space (the "Remaining Expansion Space Rent Commencement Date"). Depending upon the date to be utilized, the appropriate party shall provide written notice to the other party and the Remaining Expansion Space Rent Commencement Date shall be established. Tenant shall pay to Landlord as additional rent for the Expansion Space the cost of utilities consumed therein, as set forth in the Lease. Any delay caused by or pro-rated on behalf of Tenant shall not impact the Clean Room Expansion Space Rent Commencement Date or the Remaining Expansion Space Rent Commencement Date. a per diem basis.

Appears in 2 contracts

Samples: Office Lease Agreement (Klaviyo, Inc.), Office Lease Agreement (Klaviyo, Inc.)

Base Rent and Additional Rent. As Base Rent and additional rent for the entire Term, including any subsequent Renewal Terms or Renewal Option Terms, the Tenant shall pay to the Landlord Base Rent at the address set forth in Section 1(a) above, or to such other person or at such other place as the Landlord may from time to time designate, without notice or previous demand therefore, and without set-off, deduction, counterclaim, abatement, reduction or defense, in currency or immediately-available funds which at the time of payment is legal tender for (i) the Clean Room Expansion Space public and private debts in the amount United States of $22.50 per square foot per annumAmerica, (ii) the Storage Expansion Space IV in the amount of $7.83 per square foot per annum, (iii) the Storage Expansion Space V in the amount of $7.83 per square foot per annum , and (iv) the Office Expansion Space II in the amount of $15.14 per square foot per annumentire applicable sum, payable in equal monthly installments in accordance with the Lease. Tenant shall commence paying rent on the Clean Room Expansion Space on the earlier of (i) the date that is one hundred eighty (180) days after Landlord substantially completes the Landlord Expansion Space Work related to the Clean Room Expansion Space (the "Clean Room Expansion Space Rent Commencement Date") and (ii) the date that Tenant occupies the Clean Room Expansion Space. Depending upon the date to be utilized, the appropriate party shall provide written notice to the other party and the Clean Room Expansion Space Rent Commencement Date shall be established. Tenant shall commence paying rent on the Storage Expansion Space IV, the Storage Expansion Space V and the Office Expansion Space II on the earlier of (i) the date that Landlord substantially completes the Landlord Expansion Space Work related to the Storage Expansion Space IV and the Storage Expansion Space V (other than the installation of the acoustical drop ceiling described in Section 3(b)(iv) of Exhibit B attached hereto, which shall be performed by Landlord contemporaneously with the Initial Tenant Expansion Space Work) and (ii) the date that Tenant occupies the remaining Expansion Space (the "Remaining Expansion Space Rent Commencement Date"). Depending upon the date to be utilized, the appropriate party shall provide written notice to the other party and the Remaining Expansion Space Rent Commencement Date shall be established. Tenant shall pay to Landlord as additional rent for the Expansion Space the cost of utilities consumed thereinmonthly, as set forth in Section 1 above in advance on the first day of each month during the Term of this Lease. Any delay caused by or on behalf , except the third month’s rent which shall be payable upon the execution of Tenant shall not impact this Lease (it being acknowledged that the Clean Room Expansion Space first sixty (60) days of Base Rent for the Initial Premises is fully abated following the Commencement Date and the first one hundred twenty (120) days Base Rent for the Subsequent Space is fully abated for the Subsequent Space following the Commencement Date for the final portion of the Subsequent Premises to be delivered by Landlord to Tenant so that Landlord has delivered the Entire Premises to Tenant. For the purpose of this Lease “Additional Rent” shall mean all sums, charges, or amounts of whatever nature (other than Annual Base Rent to be paid by Tenant to Landlord in accordance with the Remaining Expansion Space provisions of this Lease), including, without limitation, Tenant’s Share of Tax Rent, Expense Rent, fees and expenses incurred by Landlord as a result of instituting, prosecuting, or defending any action or proceeding that are payable under this Lease, whether or not such sums, charges, or amounts are referred to as “Additional Rent” and, except as otherwise set forth herein, are due ten (10) business days after invoicing. Landlord shall have the same remedies for default in the payment for Additional Rent Commencement Date. as for default in the payment of Base Rent, subject to Section 31.

Appears in 1 contract

Samples: Lease Agreement (Verde Clean Fuels, Inc.)

Base Rent and Additional Rent. Tenant (a) Commencing as of the 23rd Floor Sublease Commencement Date, Sublessee shall pay to Landlord Sublessor an annual base rent of Seven Hundred Twenty-Six Thousand Four Hundred Forty-Nine Dollars ($726,449.00) (“Base Rent”). The Base Rent for (i) the Clean Room Expansion Space in the amount of $22.50 per square foot per annumshall be paid without any prior demand therefor, (ii) the Storage Expansion Space IV in the amount of $7.83 per square foot per annum, (iii) the Storage Expansion Space V in the amount of $7.83 per square foot per annum , and (iv) the Office Expansion Space II in the amount of $15.14 per square foot per annum, payable in equal monthly installments of Sixty Thousand Five Hundred Thirty-Seven Dollars and Forty-Two Cents ($60,537.42) in accordance with the Lease. Tenant shall commence paying rent advance, on the Clean Room Expansion Space first day of each month during the 23rd Floor Sublease Term, without any abatement, deduction, counterclaim, setoff or defense whatsoever (except as may be expressly provided herein). If the 23rd Floor Sublease Commencement Date is not the first day of a calendar month, then the Base Rent shall be pro-rated for such partial calendar month and the balance of the first monthly installment of Base Rent theretofore paid shall be credited against the next monthly installment of Base Rent. The monthly installment of Base Rent payable on account of any partial calendar month during the earlier 23rd Floor Sublease Term, if any, shall be prorated. Notwithstanding the foregoing, provided Sublessee is not in default in the performance of any of the terms, covenants and conditions of this Sublease beyond applicable notice and cure periods, Sublessee shall receive an abatement of Base Rent for the first ninety (i) the date that is one hundred eighty (18090) days after Landlord substantially completes of the Landlord Expansion Space Work related 23rd Floor Sublease Term (the “Abatement Period”) but during the Abatement Period Sublessee shall otherwise be required to comply with all the other terms, covenants and conditions of this Sublease. The first month of Base Rent to be paid to the Clean Room Expansion Space (Sublessor upon Sublessee’s execution of this Sublease shall be applied to the "Clean Room Expansion Space Rent period following the Abatement Period. If Sublessor has received any Base Rent, additional rent, Operating Expenses, Air Condition Costs or A/C Payment payable for the 25th Floor Premises applicable to any period of time after the 23rd Floor Sublease Commencement Date") and (ii) the date that Tenant occupies the Clean Room Expansion Space. Depending upon the date , Sublessor shall credit such payment to be utilized, the appropriate party shall provide written notice to the other party and the Clean Room Expansion Space Sublessee’s next payment of Base Rent Commencement Date shall be established. Tenant shall commence paying rent on the Storage Expansion Space IV, the Storage Expansion Space V and the Office Expansion Space II on the earlier of (i) the date that Landlord substantially completes the Landlord Expansion Space Work related to the Storage Expansion Space IV and the Storage Expansion Space V (other than the installation of the acoustical drop ceiling described in Section 3(b)(iv) of Exhibit B attached hereto, which shall be performed by Landlord contemporaneously with the Initial Tenant Expansion Space Work) and (ii) the date that Tenant occupies the remaining Expansion Space (the "Remaining Expansion Space Rent Commencement Date"). Depending upon the date to be utilized, the appropriate party shall provide written notice to the other party and the Remaining Expansion Space Rent Commencement Date shall be established. Tenant shall pay to Landlord as additional rent due under this Sublease for the Expansion Space the cost of utilities consumed therein, as set forth in the Lease. Any delay caused by or on behalf of Tenant shall not impact the Clean Room Expansion Space Rent Commencement Date or the Remaining Expansion Space Rent Commencement Date. 23rd Floor Premises.

Appears in 1 contract

Samples: Sublease and Termination of Prior Sublease (Primus Guaranty LTD)

Base Rent and Additional Rent. The Tenant shall pay to the Landlord base rent (“Base Rent”) as follows: Base Rent for (i) the Clean Room Expansion Space in the amount of $22.50 per square foot per annum, (ii) the Storage Expansion Space IV in the amount of $7.83 per square foot per annum, (iii) the Storage Expansion Space V in the amount of $7.83 per square foot per annum , and (iv) the Office Expansion Space II in the amount of $15.14 per square foot per annum, Annual Monthly 2008 $ 316,200.00 $ 26,350.00 2009 $ 322,524.00 $ 26,877.00 2010 $ 328,980.00 $ 27,415.00 First Renewal Term $ 335,556.00 $ 27,963.00 Second Renewal Term $ 342,264.00 $ 28,522.00 Base Rent is payable in equal monthly installments instalments payable the first day of each month during the Term, in accordance advance, together with Additional Rent as herein provided. All of the payments set out in this Lease shall constitute Base Rent or Additional Rent, and shall be deemed to be and shall be payable as rent, whether or not any such payment is payable to the Landlord or to a third party as provided below in this Article 2, and whether or not paid as reimbursement to the Landlord for expenses to which it has been put and entitled to be reimbursed as provided in this Lease. The Landlord has all the rights against the Tenant for default in payment of Additional Rent that is has against the Tenant for default in payment of Base Rent. As to Realty Taxes (defined below) or other Additional Rent payments that Landlord requests be paid directly by Tenant to the relevant payee, if the original invoice is not delivered directly to the Tenant by the relevant payee but is instead delivered to the Landlord, the Landlord must deliver the original invoice for the amount requested to so be paid promptly upon Landlord’s receipt thereof, and in any event, at least twenty (20) days prior to the date when the invoiced amount is due. In the event that the Landlord does not provide the Tenant with the Lease. original invoice in a timely fashion and as a result the Tenant shall commence paying rent on is not able to pay the Clean Room Expansion Space on the earlier of (i) invoice by the date that the invoiced amount is one hundred eighty (180) days after Landlord substantially completes due, then in such case the Landlord Expansion Space Work related to the Clean Room Expansion Space (the "Clean Room Expansion Space Rent Commencement Date") and (ii) the date that Tenant occupies the Clean Room Expansion Space. Depending upon the date to be utilized, the appropriate party shall provide written notice to the other party and the Clean Room Expansion Space Rent Commencement Date shall be established. Tenant shall commence paying rent on the Storage Expansion Space IV, the Storage Expansion Space V and the Office Expansion Space II on the earlier of (i) the date that Landlord substantially completes the Landlord Expansion Space Work related to the Storage Expansion Space IV and the Storage Expansion Space V (other than the installation of the acoustical drop ceiling described in Section 3(b)(iv) of Exhibit B attached hereto, which shall be performed by Landlord contemporaneously with the Initial Tenant Expansion Space Work) and (ii) the date that Tenant occupies the remaining Expansion Space (the "Remaining Expansion Space Rent Commencement Date"). Depending upon the date to be utilized, the appropriate party shall provide written notice to the other party and the Remaining Expansion Space Rent Commencement Date shall be established. Tenant shall pay to Landlord as additional rent for the Expansion Space the cost of utilities consumed therein, as set forth in the Lease. Any delay caused by or on behalf of Tenant shall not impact be liable or responsible for any late payment fees or penalties which may result from the Clean Room Expansion Space Rent Commencement Date or late payment by the Remaining Expansion Space Rent Commencement Date. Tenant of the invoiced amount, and the Landlord will pay the same.

Appears in 1 contract

Samples: Asset Purchase Agreement (Caraustar Industries Inc)

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Base Rent and Additional Rent. Tenant shall pay to Landlord Base Rent rent for each Master Lease (i“Base Rent”) the Clean Room Expansion Space in the amount of $22.50 per square foot per annum, (ii) the Storage Expansion Space IV in the amount of $7.83 per square foot per annum, (iii) the Storage Expansion Space V in the amount of $7.83 per square foot per annum , and (iv) the Office Expansion Space II in the amount of $15.14 per square foot per annum, payable in equal monthly installments will be calculated in accordance with the Shopping Center pro forma attached hereto as Schedule I (the “Pro Forma”). For example, Base Rent for the Inline Master Lease will be at an annual rate of $30 per foot for the premises under the Inline Master Lease. Tenant shall Master Lease Rent will commence paying rent on the Clean Room Expansion Space on Closing Date. As premises are removed from a Master Lease in accordance with Section 3 above, Base Rent will be adjusted accordingly. In addition to Base Rent, Seller will pay all base rent due with respect to any Tenant Lease which has not yet started paying base rent as of the earlier Closing Date – such base rent to be paid under the applicable Exhibit “H” - 2 Master Lease (the “Additional Base Rent”). Additional Base Rent attributable to each such Tenant Lease will commence as of the Closing Date regardless of whether the tenant thereunder is entitled to free rent and shall be calculated in accordance with the annual base rent specified in such Tenant Lease. For example, if (ia) there is a Tenant Lease in the inline space that is not an Earn Out Lease as of the Closing Date and has not started paying base rent, then under the Inline Master Lease, Seller will pay Purchaser Additional Base Rent for such Tenant Lease until the rent commencement date (i.e., the date that is one hundred eighty all free rent periods have expired) under such Tenant Lease has occurred (180) days after Landlord substantially completes with Seller being obligated to resume payment of such Additional Base Rent under the Landlord Expansion Space Work related to the Clean Room Expansion Space (the "Clean Room Expansion Space Rent Commencement Date") and (ii) the date that Tenant occupies the Clean Room Expansion Space. Depending upon the date to be utilized, the appropriate party shall provide written notice to the other party and the Clean Room Expansion Space Rent Commencement Date shall be established. Tenant shall commence paying rent on the Storage Expansion Space IV, the Storage Expansion Space V and the Office Expansion Space II on the earlier of (i) the date that Landlord substantially completes the Landlord Expansion Space Work related to the Storage Expansion Space IV and the Storage Expansion Space V (other than the installation of the acoustical drop ceiling described in Section 3(b)(iv) of Exhibit B attached hereto, which shall be performed by Landlord contemporaneously with the Initial Tenant Expansion Space Work) and (ii) the date that Tenant occupies the remaining Expansion Space (the "Remaining Expansion Space Rent Commencement Date"). Depending upon the date to be utilized, the appropriate party shall provide written notice to the other party and the Remaining Expansion Space Rent Commencement Date shall be established. Tenant shall pay to Landlord as additional rent for the Expansion Space the cost of utilities consumed therein, as conditions set forth in Section 2 above); and (b) Seller elects to construct the Pad Site N Multi-Tenant Building, Seller will pay Purchaser Additional Base Rent with respect to that portion of the Pad Site N Multi-Tenant Building which was leased prior to commencement of construction until the rent commencement date (i.e., the date all free rent periods have expired) under such Tenant Lease has occurred (with Seller being obligated to resume payment of such Additional Base Rent under the conditions set forth in Section 2 above) and, as to the remaining portion of the Pad Site N Multi-Tenant Building, until the Earn Out Conditions with respect to such space have been satisfied. The term “base rent” is sometimes referred to as “minimum guaranteed rental” under a Tenant Lease. Any delay caused by or on behalf of Tenant shall not impact the Clean Room Expansion Space Rent Commencement Date or the Remaining Expansion Space Rent Commencement Date. .

Appears in 1 contract

Samples: Agreement of Sale and Purchase (Stratus Properties Inc)

Base Rent and Additional Rent. Tenant (a) Commencing on the tenth (10th) month anniversary of the Commencement Date (the “Rent Commencement Date”) Sublessee covenants to pay Sublessor, at the office of Sublessor, or at such other place as Sublessor may from time to time designate in writing, a fixed annual rental (“Base Rent”) as specified in Schedule 1 annexed hereto and made a part hereof. Each monthly installment of Base Rent shall be due on the first day of each month during the Term without any set-off or deduction of any kind whatsoever, except as may be expressly provided herein. Notwithstanding the foregoing, Sublessor may, in accordance with the provisions of Section 3.06 of the Prime Lease, as incorporated herein, require the Base Rent to be paid by a wire transfer to an account at a bank specified in a written notice to Sublessee. Any sum due hereunder to Sublessor which is not Base Rent is referred to as “Additional Rent”. (b) Sublessee shall pay to Landlord Base Sublessor, as Additional Rent for hereunder (i) the Clean Room Expansion Space Sublessee’s Proportionate Share (defined below) of “Tenant’s Proportionate Share” (as defined in the Prime Lease) of increases in Taxes (as defined in Section 19.02A of the Prime Lease) in accordance with Article 19 of the Prime Lease except that for purposes of this Sublease, all references in the Prime Lease to “Base Tax Amount” shall mean an amount of $22.50 per square foot per annumequal to the Taxes for the Premises for the July 1, 2009 to June 30, 2010 fiscal tax year, (ii) the Storage Expansion Space IV Sublessee’s Proportionate Share of Tenant’s Proportionate Share of increases in the Operating Expenses (as defined in Section 19.02E of the Prime Lease) in accordance with Article 19 of the Prime Lease except that for purposes of this Sublease, all references in the Prime Lease to “Base Operating Amount” shall mean an amount of $7.83 per square foot per annumequal to Operating Expenses under the Prime Lease for calendar year 2010, (iii) the Storage Expansion Space V in the amount of $7.83 per square foot per annum , and one-hundred percent (iv) the Office Expansion Space II in the amount of $15.14 per square foot per annum, payable in equal monthly installments in accordance with the Lease. Tenant shall commence paying rent on the Clean Room Expansion Space on the earlier of (i) the date that is one hundred eighty (180) days after Landlord substantially completes the Landlord Expansion Space Work related to the Clean Room Expansion Space (the "Clean Room Expansion Space Rent Commencement Date") and (ii) the date that Tenant occupies the Clean Room Expansion Space. Depending upon the date to be utilized, the appropriate party shall provide written notice to the other party and the Clean Room Expansion Space Rent Commencement Date shall be established. Tenant shall commence paying rent on the Storage Expansion Space IV, the Storage Expansion Space V and the Office Expansion Space II on the earlier of (i) the date that Landlord substantially completes the Landlord Expansion Space Work related to the Storage Expansion Space IV and the Storage Expansion Space V (other than the installation of the acoustical drop ceiling described in Section 3(b)(iv100%) of Exhibit B attached hereto, which shall be performed any Additional Rent payable by Landlord contemporaneously with the Initial Tenant Expansion Space Work) and (ii) the date that Tenant occupies the remaining Expansion Space (the "Remaining Expansion Space Rent Commencement Date"). Depending upon the date to be utilized, the appropriate party shall provide written notice to the other party and the Remaining Expansion Space Rent Commencement Date shall be established. Tenant shall pay to Landlord as additional rent for the Expansion Space the cost of utilities consumed therein, as set forth in the Lease. Any delay caused by or on behalf of Tenant shall not impact the Clean Room Expansion Space Rent Commencement Date or the Remaining Expansion Space Rent Commencement Date. Sublessor to

Appears in 1 contract

Samples: Agreement of Sublease Agreement

Base Rent and Additional Rent. Commencing on the Lease Commencement Date and on the first day of each month throughout the Lease Term, Tenant shall pay, in advance: (i) Base Rent at the rates set forth in the Basic Terms (“Base Rent”) (ii) all Additional Rent as set forth herein, and (iii) any tax or license fee measured by Rent receivable by Landlord (if any); provided, however, Tenant shall pay the first month’s installment of Rent upon Tenant’s execution of this Lease as a condition precedent to Landlord delivering possession of the Premises to the Tenant. The term “Rent” means Base Rent for (i) the Clean Room Expansion Space and Additional Rent. “Additional Rent” includes “Tax Rent” and “Operating Expense Rent” as defined in the amount of $22.50 per square foot per annum, (ii) the Storage Expansion Space IV in the amount of $7.83 per square foot per annum, (iii) the Storage Expansion Space V in the amount of $7.83 per square foot per annum Articles 7 and 8 below respectively, and (iv) the Office Expansion Space II all other payments required to be made by Tenant to Landlord hereunder. All Rent shall be due and payable without any notice, demand, offset, credit, deduction or abatement, except as expressly provided in the amount of $15.14 per square foot per annum, payable in equal monthly installments in accordance with the this Lease. Tenant shall commence paying rent on the Clean Room Expansion Space on the earlier of (i) the date that The obligation to pay Rent is one hundred eighty (180) days after Landlord substantially completes the Landlord Expansion Space Work related to the Clean Room Expansion Space (the "Clean Room Expansion Space Rent Commencement Date") and (ii) the date that Tenant occupies the Clean Room Expansion Space. Depending upon the date to be utilizedan independent, the appropriate party shall provide written notice to the other party and the Clean Room Expansion Space Rent Commencement Date shall be established. Tenant shall commence paying rent on the Storage Expansion Space IV, the Storage Expansion Space V and the Office Expansion Space II on the earlier of (i) the date that Landlord substantially completes the Landlord Expansion Space Work related to the Storage Expansion Space IV and the Storage Expansion Space V (other than the installation of the acoustical drop ceiling described in Section 3(b)(iv) of Exhibit B attached hereto, which shall be performed by Landlord contemporaneously with the Initial Tenant Expansion Space Work) and (ii) the date that Tenant occupies the remaining Expansion Space (the "Remaining Expansion Space Rent Commencement Date"). Depending upon the date to be utilized, the appropriate party shall provide written notice to the other party and the Remaining Expansion Space Rent Commencement Date shall be establishedunconditional covenant. Tenant shall pay Landlord a late charge equal to ten percent (10%) of the amount of any Rent not paid within ten (10) days after the date when due plus interest at eight percent (8%) per annum (the “Default Rate”), from the date past due until paid, plus any reasonable attorney’s fees or other collection costs incurred by Landlord as additional rent for collection of the Expansion Space same; except that no such late charge or interest shall be due with respect to the cost first instance of utilities consumed thereina delinquent payment of Rent until five (5) business days after written notice thereof from Landlord to Tenant. The parties agree that this late charge represents a fair and reasonable estimate of the costs that will be incurred and that this sum is reasonable under the circumstances existing at the time this Lease is entered. If the interest rate specified in this Lease is higher than the rate permitted by law, as set forth in the Lease. Any delay caused interest rate is hereby decreased to the maximum legal interest rate permitted by or on behalf of Tenant shall not impact the Clean Room Expansion Space Rent Commencement Date or the Remaining Expansion Space Rent Commencement Date. law.

Appears in 1 contract

Samples: Lease (Design Therapeutics, Inc.)

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