Examples of Fourth Renewal Term in a sentence
Base Rent for the Fourth Renewal Term and the Fifth Renewal Term, if applicable, shall be the fair market value base rent as negotiated in the future by Landlord and Tenant.
Tenant acknowledges that if Tenant does not elect to exercise its options to extend the Term of the Master Lease for the Fourth Renewal Term or the Fifth Renewal Term, Landlord will need to sell the Leased Properties or find a new operator to lease the Leased Properties.
Pursuant to the Fifth Amendment, the Fourth Renewal Term expires on June 30, 2017.
As of the Fourth Renewal Term Commencement Date, Tenant’s Base Year for the Existing Premises and the Second Expansion Premises shall be adjusted to 2012.
Upon execution of this Fifth Amendment to Office Building Lease, Tenant shall deposit with Landlord the additional sum of Two Thousand, Nine Hundred Eight-Four and 15/100 Dollars ($2,984.15), so that such sum, together with the original Security Deposit, shall equal the Base Rent due for the last month of the Fourth Renewal Term and such original Security Deposit together with the additional amount shall be considered the “Security Deposit” and shall be subject to Article 5 of the Original Lease.
As provided in the 5th Amendment, Tenant may elect hereafter to further extend the Term of the Master Lease for the Fourth Renewal Term and the Fifth Renewal Term.
As of the Fourth Renewal Term Commencement Date, Tenant’s Percentage Share shall be adjusted upwards to 40.84%, to take into account the leasing of the Third Expansion Premises to Tenant.
Additionally, Tenant shall have the option to renew the Master Lease for three (3) further five-year terms commencing January 1, 2022 (the "Third Renewal Term"), January 1, 2027 (the "Fourth Renewal Term"), and January 1, 2032 (the "Fifth Renewal Term") for the Base Rent as described in Section 2.01.01(b).
Effective on July 1, 2013, Section 3 of the Lease entitled “Base Rent” shall be amended to provide that cumulative Base Rent during the Fourth Renewal Term shall be $26,081.15, to be payable in equal monthly installments of $4,346.86 in accordance with the Lease.
Landlord and Tenant acknowledge and agree that Landlord’s consent to the extension of the Lease for the Fourth Renewal Term is specific and exclusive to this Fourth Amendment and that Tenant’s lone Extension Option under the Lease was previously exercised by Tenant under the First Amendment and that Tenant has no further options to extend the Term of the Lease unless otherwise agreed in writing by Landlord.