Common use of Annual Minimum Rent Clause in Contracts

Annual Minimum Rent. The Tenant shall pay the Annual Minimum Rent, which is subject to adjustments as hereinafter set forth, in equal monthly installments in advance on the first day of each calendar month included in the Lease Term. The first monthly installment shall be paid within three (3) days after the issuance of the Final Notice. Tenant acknowledges that late payment by Tenant to Landlord of Rent or other sums due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which would be extremely difficult and impractical to ascertain. Such costs include, but are not limited to, processing and account charges, and late charges which may be imposed on Landlord by the terms of any Mortgage encumbering the Premises. Therefore, in the event any installment of Rent or any sum due hereunder is not paid within five (5) days after such amount is due, Tenant shall pay to Landlord as Additional Rent, a late charge equal to five (5%) of each such installment or other sum or Twenty Five ($25.00) Dollars per month, whichever is greater. A sum of Fifteen ($15.00) Dollars shall also be due from and paid by Tenant to Landlord for each returned check, and Tenant shall pay a charge of One Hundred Fifty Dollars ($150.00) for preparation of a demand for delinquent rent in addition to all other sums due by Tenant under this Lease. Notwithstanding anything herein to the contrary, provided Tenant is not then in default thereunder, Tenant shall be relieved of the obligation to pay the Annual Minimum Rent during the second and third months of the Term of this Lease (the "Abated Rent"), subject to the obligation of Tenant to pay the amount of the Abated Rent in the event and at the time an Event of Default of Tenant occurs hereunder.

Annual Minimum Rent. The Tenant shall pay the Annual Minimum Rent, which is subject to adjustments as hereinafter set forth, in equal monthly installments in advance on the first day of each calendar month included in the Lease Term. The first monthly installment shall be paid within three (3) days after on the issuance signing of the Final Noticethis Lease if not previously delivered. Tenant acknowledges that late payment by Tenant to Landlord of Rent or other sums due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which would be extremely difficult and impractical to ascertain. Such costs include, but are not limited to, processing and account charges, and late charges which may be imposed on Landlord by the terms of any Mortgage encumbering the Premises. Therefore, in the event any installment of Rent or any sum due hereunder is not paid within five (5) days after such amount is due, Tenant shall pay to Landlord as Additional Rent, a late charge equal to five percent (5%) of each such installment or other sum or Twenty Five ($25.00) Dollars per month, whichever is greater. A sum of Fifteen ($15.00) Dollars shall also be due from and paid by Tenant to Landlord for each check which is returned checkdue to insufficient funds, and Tenant shall pay a charge of One Hundred Fifty Dollars ($150.00) for preparation of a demand for delinquent rent in addition to all other sums due by Tenant under this Lease. Notwithstanding anything herein to the contrary, provided Tenant is not then in default thereunder, Tenant shall be relieved of the obligation to pay the Annual Minimum Rent during the second and third months of the Term of this Lease (the "Abated Rent"), subject to the obligation of Tenant to pay the amount of the Abated Rent in the event and at the time an Event of Default of Tenant occurs hereunder.

Annual Minimum Rent. The Tenant shall pay pay, without prior notice or demand, the Annual Minimum Rent, which is subject to adjustments as hereinafter set forthRent specified in Section 1.1 hereof, in equal monthly installments in advance on the first day of each calendar month included in the Lease Term. The Annual Minimum Rent for the first monthly installment full month of the Lease Term which occurs after the expiration of any rent-abatement, free or reduced rent period shall be paid within three (3) days after at the issuance time of Tenant’s execution of this Lease if not previously delivered. Annual Minimum Rent for any initial partial calendar month shall be payable on delivery of the Final NoticePremises. Tenant acknowledges that late payment by Tenant to Landlord of Rent or other sums due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which would be extremely difficult and impractical to ascertain. Such costs include, but are not limited to, processing and account charges, and late charges charges, which may be imposed on Landlord by the terms of any Mortgage encumbering the Premises. Therefore, in the event any installment of Rent or any sum due hereunder is not paid within five (5) business days after such amount is due, Tenant shall pay to Landlord as Additional Rent, a late charge equal to five percent (5%) of each such installment or other sum or Twenty Five ($25.00) Dollars per month, whichever is greater. A sum of Fifteen ($15.00) Dollars shall also be due from and paid by Tenant to Landlord for each returned check, and Tenant shall pay a charge of One Hundred Fifty Dollars ($150.00) for preparation of a demand for delinquent rent in addition to all other sums due by Tenant under this Lease. Notwithstanding anything herein to the contrary, provided Tenant is not then in default thereunderabove, Tenant shall be relieved allowed one (1) late payment due to accounting error for every 24-month period of the obligation to pay the Annual Minimum Rent during the second and third months of the Term of this Lease (the "Abated Rent")Term, subject to the obligation of Tenant to pay the amount of the Abated Rent in the event and at the time an Event of Default of Tenant occurs hereunderwithout penalty.