Common use of Annual Minimum Rent Clause in Contracts

Annual Minimum Rent. (a) For each year during the initial ten (10) years of the term of the Lease (i.e., through June 30, 2006), annual minimum rent shall be $140,652 per year, payable $11,721 per month. (b) Provided that Tenant completes its improvements (except for punch list items which do not prevent Tenant from operating) and opens for business on or before October 1, 1996 (subject to delays by reason of Acts of God, the negligence of Landlord or unreasonable delays by Landlord in reviewing Tenant's plans and specifications or other cause beyond the control of Tenant, provided that Tenant shall promptly notify Landlord in writing of such delays and shall use due diligence to overcome such delays as expeditiously as possible), and further provided that Tenant has met the requirements of Exhibit F, Section 6 as to the cost of tenant improvements, and further provided that Tenant is not in default beyond applicable cure periods of any of the covenants, terms and conditions of the Lease to be performed by Tena▇▇, ▇▇nant shall have a credit of $250,000 against the annual minimum rent next coming due hereunder. (See also Exhibit F, Section 69.) (c) For the five (5) years beginning on July 1, 2006 and ending June 30, 2011, annual minimum rent for each year during the first five (5) year extended term shall be $187,536 per year, payable $15,628 per month. (d) If Tenant effectively exercises the first option to extend the term of the Lease for an additional period of five (5) years beginning on July 1, 2011, annual minimum rent for each year during the first five (5) year extended term shall be $203,164 per year, payable $16,930 per month. (e) If Tenant effectively exercises the second option to extend the term of the Lease for an additional period of five (5) years beginning on July 1, 2016, annual minimum rent for each year during the second five (5) year extended term shall be $234,420 per year, payable $19,535 per month.

Annual Minimum Rent. (a) For each year during the initial ten (10) years of the term of the Lease (i.e., through June 30May 31, 2006), annual minimum rent shall be $140,652 126,000 per year, payable $11,721 10,500 per month. (b) Provided that Tenant completes its improvements (except for punch list items which do not prevent Tenant from operating) and opens for business on or before October August 1, 1996 (subject to 6 delays by reason of Acts of God, the negligence of Landlord or unreasonable delays by Landlord in reviewing Tenant's plans and specifications or other cause beyond the control of Tenant, provided that Tenant shall promptly notify Landlord in writing of such delays and shall use due diligence to overcome such delays as expeditiously as possible), and further provided that Tenant has met the requirements of Exhibit F, Section 6 as to the cost of tenant improvements, and further provided that Tenant is not in default beyond applicable cure periods of any of the covenants, terms and conditions of the Lease to be performed by Tena▇▇, ▇▇nant shall have a credit of $250,000 against the annual minimum rent next coming due hereunder. (See also Exhibit F, Section 69.) (c) For the five (5) years beginning on July June 1, 2006 and ending June 30May 31, 2011, annual minimum rent for each year during the first five (5) year extended term shall be $187,536 168,000 per year, payable $15,628 14,000 per month. (d) If Tenant effectively exercises the first option to extend the term of the Lease for an additional period of five (5) years beginning on July June 1, 2011, annual minimum rent for each year during the first five (5) year extended term shall be $203,164 182,000 per year, payable $16,930 15,167 per month. (e) If Tenant effectively exercises the second option to extend the term of the Lease for an additional period of five (5) years beginning on July June 1, 2016, annual minimum rent for each year during the second five (5) year extended term shall be $234,420 210,000 per year, payable $19,535 17,500 per month.

Annual Minimum Rent. (a) For each year during the initial ten (10) years of the term of the Lease (i.e., through June 30, 2006), annual minimum rent shall be $140,652 129,960 per year, payable $11,721 10,830 per month. (b) Provided that Tenant completes its improvements (except for punch list items which do not prevent Tenant from operating) and opens for business on or before October September 1, 1996 (subject to delays by reason of Acts of God, the negligence of Landlord or unreasonable delays by Landlord in reviewing Tenant's plans and specifications or other cause beyond the control of Tenant, provided that Tenant shall promptly notify Landlord in writing of such delays and shall use due diligence to overcome such delays as expeditiously as possible), and further provided that Tenant has met the requirements of Exhibit F, Section 6 as to the cost of tenant improvements, and further provided that Tenant is not in default beyond applicable cure periods of any of the covenants, terms and conditions of the Lease to be performed by Tena▇▇, ▇▇nant shall have a credit of $250,000 against the annual minimum rent next coming due hereunder. (See also Exhibit F, Section 69.) (c) For the five (5) years beginning on July 1, 2006 and ending June 30, 2011, annual minimum rent for each year during the first five (5) year extended term shall be $187,536 173,280 per year, payable $15,628 14,440 per month. (d) If Tenant effectively exercises the first option to extend the term of the Lease for an additional period of five (5) years beginning on July 1, 2011, annual minimum rent for each year during the first five (5) year extended term shall be $203,164 187,720 per year, payable $16,930 15,643.33 per month. (e) If Tenant effectively exercises the second option to extend the term of the Lease for an additional period of five (5) years beginning on July 1, 2016, annual minimum rent for each year during the second five (5) year extended term shall be $234,420 216,600 per year, payable $19,535 18,050 per month.