Common use of Fixed Annual Rent Clause in Contracts

Fixed Annual Rent. A. Lessee hereby covenants and agrees to pay to Lessor in lawful United States currency, together with any and all applicable sales and use taxes levied upon the use and occupancy of the Premises as set forth in Section 10, the Fixed Annual Rent specified in Summary paragraph E (as adjusted pursuant to Exhibit D attached hereto and by this reference made a part hereof) payable in equal monthly installments in advance, beginning on the Commencement Date and continuing on the first day of each and every calendar month thereafter during said term. All forms of rent due under this Lease shall be paid to Lessor, without demand, setoff or deduction whatsoever except as otherwise set forth herein at its offices as specified in Summary paragraph J or at such other place as Lessor shall designate in writing to Lessee. In the event that the Commencement Date is not the first day of a month, Lessee shall pay the pro rata portion of the Fixed Annual Rent as well as all forms of additional rent due hereunder for said month. ▇. ▇▇▇▇▇▇ shall have the same rights and remedies with respect to additional rent as with respect to Fixed Annual Rent. The term “Rent” is hereby defined to mean the Fixed Annual Rent and any additional rent or other sums payable by Lessee under this Lease. In the event that any payment due Lessor under this Lease shall not be paid on the due date, a late charge of five-percent (5%) of the delinquent sum may be charged by Lessor. If any installment of Rent shall remain overdue for more than fifteen (15) days, an additional late charge in an amount equal to one and one-half percent (1 1/2%) per month (18% percent per annum) of the delinquent amount may be charged by Lessor, such Charge to be computed for the entire period for which the amount is overdue and which is in addition to and not in lieu of the five percent (5%) late charge or any other remedy available to Lessor. In the event that any check, bank draft, order for payment or negotiable instrument given to Lessor for any payment under this Lease shall be dishonored for any reason whatsoever not attributable to Lessor, Lessor shall be entitled to make an administrative charge to Lessee of Twenty-Five and 00/100 ($25.00) Dollars. Lessee recognizes and agrees that the aforesaid charges represent, at the time this Lease is made, a fair and reasonable estimate and liquidation of the costs of Lessor in the administration of the Building resulting from the events described, which costs are not contemplated or included in any rent or other charges provided to be paid by Lessee to Lessor in this Lease. Any charges becoming due under this paragraph of this Lease shall be deemed to be additional rent due hereunder and shall become due with the next ensuing monthly payment of Fixed Annual Rent. C. The term “Lease Year” as used herein shall mean consecutive twelve-month periods commencing on each January 1 during the term of this Lease. In the event that the term of this Lease commences on a day other than January 1, the first and last years shall be partial Lease Years and in such case the first Lease Year shall be deemed to commence on the Commencement Date and expire on December 31 next following, and the last Lease Year shall be deemed to commence on the last January 1 occurring during the term of this Lease and shall expire on the expiration date of this Lease.

Appears in 3 contracts

Sources: Lease (Local Matters Inc.), Office Lease Agreement (Local Matters Inc.), Office Lease Agreement (Local Matters Inc.)

Fixed Annual Rent. A. Lessee Tenant hereby covenants and agrees to pay to Lessor Landlord in lawful United States currency, together with any and all applicable sales and use taxes (including, without limitation, sales tax on rents) levied upon the use and occupancy of the Premises as set forth in Section 106, the Fixed Annual Rent specified in Summary paragraph E (as adjusted pursuant to Exhibit D attached hereto and by this reference made a part hereof) Section 1 payable in equal monthly installments in advance, beginning on the Commencement Date and continuing on the first day of each and every calendar month thereafter during said termthe Term. All forms of rent Rent due under this Lease shall be paid to LessorLandlord, without demand, setoff or deduction whatsoever except as whatsoever, unless otherwise expressly set forth herein herein, at its offices as the Rent Payment Location specified in Summary paragraph J Section 1 or at such other place as Lessor Landlord shall designate in writing to LesseeTenant. In Promptly upon the event that occurrence of the Commencement Date, the parties shall execute an instrument confirming the Commencement Date is and the Expiration Date of the initial Term hereof, but the failure of any party to do so shall not release any of the parties from any of their obligations hereunder. B. Any and all sums of money or charges, other than Fixed Annual Rent, required to be paid by Tenant under this Lease, whether or not the first day of a monthsame be so designated, Lessee shall pay the pro rata portion of the Fixed Annual Rent as well as all forms of be considered “additional rent due hereunder for said monthrent. ▇. ▇▇▇▇▇▇ ” Landlord shall have the same rights and remedies with respect to additional rent as with respect to Fixed Annual Rent. The term “Rent” is hereby defined to mean the Fixed Annual Rent and any additional rent or other sums payable by Lessee Tenant to Landlord under this Lease. . C. In the event that any payment monthly installments of Fixed Annual Rent and Tenant’s Proportionate Share of Operating Costs (and Tenant’s Proportionate Share of Taxes, if required to be paid monthly as described below) due Lessor under this Lease Landlord hereunder shall not be paid on within ten (10) days after the due date, a late charge of five-equal to three percent (53%) of the delinquent sum unpaid installment shall be assessed against the unpaid amount; provided, however, on the first two (2) such occurrences in any twelve (12) month period, such late charge shall be assessed only if Tenant fails to pay the unpaid amount within ten (10) days after Tenant’s receipt of written notice of nonpayment from Landlord (which notice may be charged by Lessor. If given at any installment of Rent shall remain overdue for more than fifteen (15) days, an additional late charge in an amount equal to one and one-half percent (1 1/2%) per month (18% percent per annum) time after the first day of the delinquent amount may be charged by Lessor, such Charge to be computed for the entire period month for which the amount is overdue and which is in addition to and not in lieu of the five percent (5%) late charge or any other remedy available to Lessorsuch monthly Rent remains unpaid). In the event that any checkRent other than monthly installments of Fixed Annual Rent and Tenant’s Proportionate Share of Operating Costs (and Tenant’s Proportionate Share of Taxes, bank draft, order for payment or negotiable instrument given to Lessor for any payment under this Lease shall be dishonored for any reason whatsoever not attributable to Lessor, Lessor shall be entitled to make an administrative charge to Lessee of Twenty-Five and 00/100 ($25.00) Dollars. Lessee recognizes and agrees that the aforesaid charges represent, at the time this Lease is made, a fair and reasonable estimate and liquidation of the costs of Lessor in the administration of the Building resulting from the events described, which costs are not contemplated or included in any rent or other charges provided if required to be paid by Lessee monthly as described below) due Landlord hereunder shall not be paid within ten (10) days after Tenant’s receipt of written notice from Landlord, a late charge equal to Lessor in this Lease. Any charges becoming due under this paragraph three percent (3%) of this Lease the unpaid amount shall be deemed to be additional rent due hereunder and shall become due with assessed against the next ensuing monthly payment of Fixed Annual Rentunpaid amount. C. The term “Lease Year” as used herein shall mean consecutive twelve-month periods commencing on each January 1 during the term of this Lease. In the event that the term of this Lease commences on a day other than January 1, the first and last years shall be partial Lease Years and in such case the first Lease Year shall be deemed to commence on the Commencement Date and expire on December 31 next following, and the last Lease Year shall be deemed to commence on the last January 1 occurring during the term of this Lease and shall expire on the expiration date of this Lease.

Appears in 1 contract

Sources: Lease Agreement (Burger King Holdings Inc)

Fixed Annual Rent. A. (a) Lessee hereby covenants and agrees to shall pay to Lessor in lawful United States currency, together with any and all applicable sales and use taxes levied upon the use and occupancy of the Premises as set forth in Section 10, the Fixed Annual Rent specified in Summary paragraph E (as adjusted pursuant to Exhibit D attached hereto for the Premises. Monthly installments of Fixed Annual Rent shall be due and by this reference made a part hereof) payable in equal monthly installments in advance, beginning on the Commencement Date and continuing advance on the first business day of each month during the Term without notice or demand and every calendar month thereafter during said termwithout any abatement, setoff or deduction whatsoever. All forms of rent due amounts payable under this Lease shall be paid by electronic funds transfer or wire transfer of immediately available funds to the following account for Lessor, without demand, setoff or deduction whatsoever except as unless and until otherwise set forth herein at its offices as specified in Summary paragraph J or at such other place as Lessor shall designate directed in writing to Lessee. In the event that the Commencement Date is not the first day of a month, Lessee shall pay the pro rata portion of the Fixed Annual Rent as well as all forms of additional rent due hereunder for said month. by Lessor: CREDIT: Getty Properties Corp. ABA#: . ▇▇▇▇▇▇▇▇ ACCOUNT Number: Lessor shall have initiate electronic funds transfers with the same rights and remedies with respect intention that funds transfer to additional rent as with respect Lessor on the first business day of each month. Lessee shall not be in default of its obligation to pay Fixed Annual RentRent if payment is being made by electronic funds transfers intended to be initiated by Lessor pursuant to the provisions hereof and Lessor fails to initiate such electronic funds transfer. The term “Rent” is hereby defined Lessor shall endeavor to mean provide a courtesy notice to Lessee of the amount to be drafted by Lessor approximately five (5) days prior to the transfer. (b) Commencing on the first (1st) anniversary of the Commencement Date, and on every anniversary of the Commencement Date thereafter during the Term of the Lease, the Fixed Annual Rent shall be increased by two and any additional rent or other sums payable by Lessee under this Lease. In the event that any payment due Lessor under this Lease shall not be paid on the due date, a late charge of five-one half percent (52.5%) of the delinquent sum Fixed Annual Rent payable for the year immediately preceding such anniversary of the Commencement Date. For example, if the Fixed Annual Rent payable for the period ending on the day immediately preceding the first (1st) anniversary of the Commencement Date is Five Million Six Hundred Thirty Five Thousand and 00/100 Dollars ($5,635,000), then the Fixed Annual Rent payable for the period commencing on the first (1st) anniversary of the Commencement Date is Five Million Seven Hundred Seventy Five Thousand Eight Hundred Seventy-Five Dollars ($5,775,875). Under no circumstances whatsoever shall the Fixed Annual Rent be reduced. (c) If this Lease commences or terminates on a day which is not the first or the last day of the month as the case may be, then Fixed Annual Rent for the month in which this Lease commences or terminates shall be charged by Lessorprorated. If Lessee agrees that if any monthly installment of Fixed Annual Rent shall remain overdue be due and unpaid for more than fifteen five (155) days, an additional late charge in an amount equal to one and one-half percent (1 1/2%) per month (18% percent per annum) of the delinquent amount may be charged by business days after Lessee receives written notice from Lessor, such Charge Lessor shall then have the right to be computed for terminate this Lease, subject to the entire period for which terms and provisions of Section 23 below and pursue its remedies at law or in equity in accordance with the amount is overdue terms of this Lease, including eviction, ejectment or dispossession, under Section 23 of this Lease or otherwise. At Lessor's option, rent, additional rent and which is in addition to and not in lieu of the five percent (5%) late charge or any other remedy available to Lessor. In the event that any check, bank draft, order for payment or negotiable instrument given to Lessor for any payment sums due and owing under this Lease shall be dishonored for any reason whatsoever not attributable to Lessor, Lessor shall be entitled to make an administrative charge to Lessee paid by electronic wire transfer of Twenty-Five and 00/100 ($25.00) Dollarsfunds or by electronic funds transfer. Lessee recognizes shall execute and agrees that the aforesaid charges represent, at the time this Lease is made, a fair and reasonable estimate and liquidation of the costs of Lessor in the administration of the Building resulting from the events described, which costs are not contemplated or included in any rent or other charges provided to be paid by Lessee deliver to Lessor in this Leasesuch forms or authorizations as may be necessary for electronic wire transfers or electronic funds transfers. Any charges becoming due under this paragraph of this Lease shall be deemed Anything herein to be additional rent due hereunder and shall become due with the next ensuing monthly payment of Fixed Annual Rent. C. The term “Lease Year” as used herein shall mean consecutive twelve-month periods commencing on each January 1 during the term contrary notwithstanding, but subject to Section 24 of this Lease. In the event that the term of this Lease commences on a day other than January 1, the first Premises herein demised are demised for the whole Term, with the entire amount of rent reserved herein due and last years shall be partial Lease Years and payable, in such case advance, simultaneously with the first Lease Year shall be deemed to commence on execution hereof, the Commencement Date and expire on December 31 next followingpayment of rent in installments is for convenience of Lessee only, and upon default in payment of rent installments (or other default of Lessee resulting in the last Lease Year shall be deemed repossession of the Premises by Lessor) then, subject to commence on the last January 1 occurring during the term of this Lease and shall expire on the expiration date Section 24 of this Lease, the entire rent hereby reserved for the entire Term shall be immediately due and payable, as accelerated without further notice or demand.

Appears in 1 contract

Sources: Unitary Net Lease Agreement (Getty Realty Corp /Md/)

Fixed Annual Rent. A. Lessee Tenant hereby covenants and agrees to pay to Lessor Landlord in lawful United States currency, together with any and all applicable sales and use taxes levied upon the use and occupancy of the Premises as set forth in Section 107, the Fixed Annual Rent specified in Summary paragraph E (as adjusted pursuant to Exhibit D attached hereto and by this reference made a part hereof) payable in equal monthly installments in advance, beginning on the Commencement Date and continuing on the first day of each and every calendar month thereafter during said term. All forms of rent due under this Lease shall be paid to LessorLandlord, without demand, setoff or deduction whatsoever except as otherwise set forth herein at its offices as specified in Summary paragraph J or at such other place as Lessor Landlord shall designate in writing to LesseeTenant. In the event that the Commencement Date is not the first day of a month, Lessee shall pay the pro rata portion of the Fixed Annual Rent as well as all forms shall be apportioned pro rata on a per diem basis for the period commencing on the Commencement Date and ending on the last day of additional rent due hereunder for said monththe calendar month in which the Commencement Date occurs, and such apportioned sum shall be paid on the Commencement Date. ▇. ▇▇▇▇▇▇ B. Landlord shall have the same rights and remedies with respect to additional rent Additional Rent as with respect to Fixed Annual Rent. The term “Rent” is hereby defined to mean the Fixed Annual Rent and any additional rent or other sums Additional Rent payable by Lessee Tenant under this Lease. In the event that any payment due Lessor Landlord under this Lease shall not be paid on the due date, a late charge Tenant agrees to pay the sum of five-percent Fifty (5%$50.00) of the Dollars per day for each such delinquent sum may be charged by Lessorpayment until made. If any installment of Rent shall remain overdue for more than fifteen five (155) days, an additional late charge in an amount equal to one and one-half percent (1 1/21.5%) per month (18% percent per annum) of the delinquent amount may be charged by LessorLandlord, such Charge charge to be computed for the entire period for which the amount is overdue and which is in addition to and not in lieu of the five percent (5%) late charge or any other remedy available to Lessoroverdue. In the event that any check, bank draft, order for payment or negotiable instrument given to Lessor Landlord for any payment under this Lease shall be dishonored for any reason whatsoever not attributable to LessorLandlord, Lessor Landlord shall be entitled to make an administrative charge to Lessee Tenant of Twenty-Five Two Hundred Fifty and 00/100 ($25.00250.00) Dollars. Lessee Tenant recognizes and agrees that the aforesaid charges represent, at the time this Lease is made, a fair and reasonable estimate and liquidation of the costs of Lessor Landlord in the administration of the Building Project resulting from the events described, which costs are not contemplated or included in any rent or other charges provided to be paid by Lessee Tenant to Lessor Landlord in this Lease. Any charges becoming due under this paragraph of this Lease shall be deemed to be additional rent Additional Rent due hereunder and shall become due with the next ensuing monthly payment of Fixed Annual Rent. Notwithstanding the foregoing to the contrary, Landlord agrees to provide to Tenant on no more than two(2) occurrences during each Lease year, a notice of nonpayment and a period of five (5) calendar days to correct same without the imposition of late payment charges or interest hereunder as provided above. C. The term “Lease Year” as used herein shall mean consecutive twelve-month periods commencing on each January 1 during the term of this Lease. In the event that the term of this Lease commences on a day other than January 1, the first and last years shall be partial Lease Years and in such case the first Lease Year shall be deemed to commence on the Commencement Date and expire on December 31 next following, and the last Lease Year shall be deemed to commence on the last January 1 occurring during the term of this Lease and shall expire on the expiration date of this Lease.

Appears in 1 contract

Sources: Lease Agreement (Applied Genetic Technologies Corp)

Fixed Annual Rent. A. Lessee Tenant hereby covenants and agrees to pay to Lessor Landlord in lawful United States currency, together with any and all applicable sales and use taxes levied upon the use and occupancy of the Premises as set forth in Section 10, the Fixed Annual Rent specified in Summary paragraph E (as adjusted pursuant to Exhibit D C attached hereto and by this reference made a part hereof) ), payable in equal monthly installments in advance, beginning on the Commencement Date and continuing on the first day of each and every calendar month thereafter during said termthe Initial Term. All forms of rent due under this Lease shall be paid to Lessor, without demand, setoff or deduction whatsoever except as otherwise set forth herein at its offices as specified in Summary paragraph J or at such other place as Lessor shall designate in writing to Lessee. In the event that the Commencement Date is not the first day of a month, Lessee shall pay the pro rata portion of the Fixed Annual Rent as well as all forms of additional rent due hereunder for said month. ▇. ▇▇▇▇▇▇ Landlord shall have the same rights and remedies with respect to additional rent Additional Rent as with respect to Fixed Annual Rent. The term “Rent” is hereby defined to mean the Fixed Annual Rent and any additional rent or other sums Additional Rent payable by Lessee Tenant under this Lease. All forms of Rent due under this Lease shall be paid to Landlord, together with any and all applicable sales and use taxes levied upon such Rent, without demand, setoff or deduction whatsoever, at its offices as specified in Summary Section 1V. or at such other place as Landlord shall designate in writing to Tenant. In the event that the Commencement Date is not the first day of a month, the Fixed Annual Rent shall be apportioned pro rata on a per diem basis for the period commencing on the Commencement Date and ending on the last day of the calendar month in which the Commencement Date occurs, and such apportioned sum shall be paid on the Commencement Date. B. Landlord shall have the same rights and remedies with respect to Additional Rent as with respect to Fixed Annual Rent. The term “Rent” is hereby defined to mean the Fixed Annual Rent and any Additional Rent payable by Tenant under this Lease. In the event that any payment due Lessor Landlord under this Lease shall not be paid on the due date, a late charge Tenant agrees to pay the sum of five-percent Fifty (5%$50.00) of the Dollars per day for each such delinquent sum may be charged by Lessorpayment until made. If any installment of Rent shall remain overdue for more than fifteen five (155) days, an additional late charge in an amount equal to one and one-half percent (1 1/21.5%) per month (18% percent per annum) of the delinquent amount may be charged by LessorLandlord, such Charge charge to be computed for the entire period for which the amount is overdue and which is in addition to and not in lieu of the five percent (5%) late charge or any other remedy available to Lessoroverdue. In the event that any check, bank draft, order for payment or negotiable instrument given to Lessor Landlord for any payment under this Lease shall be dishonored for any reason whatsoever not attributable to LessorLandlord, Lessor Landlord shall be entitled to make an administrative charge to Lessee Tenant of Twenty-Five Two Hundred Fifty and 00/100 ($25.00250.00) Dollars. Lessee Tenant recognizes and agrees that the aforesaid charges represent, at the time this Lease is made, a fair and reasonable estimate and liquidation of the costs of Lessor Landlord in the administration of the Building Project resulting from the events described, which costs are not contemplated or included in any rent or other charges provided to be paid by Lessee Tenant to Lessor Landlord in this Lease. Any charges becoming due under this paragraph of this Lease shall be deemed to be additional rent Additional Rent due hereunder and shall become due with the next ensuing monthly payment of Fixed Annual Rent. Notwithstanding the foregoing to the contrary, Landlord agrees to provide to Tenant on no more than two (2) occurrences during each Lease year, a notice of nonpayment and a period of five (5) calendar days to correct same without the imposition of late payment charges or interest hereunder as provided above. C. The term “Lease Year” as used herein shall mean consecutive twelve-month periods commencing on each January 1 during the term of this Lease. In the event that the term of this Lease commences on a day other than January 1, the first and last years shall be partial Lease Years and in such case the first Lease Year shall be deemed to commence on the Commencement Date and expire on December 31 next following, and the last Lease Year shall be deemed to commence on the last January 1 occurring during the term of this Lease and shall expire on the expiration date of this Lease.

Appears in 1 contract

Sources: Lease (Applied Genetic Technologies Corp)

Fixed Annual Rent. A. Lessee Tenant hereby covenants and agrees to pay to Lessor Landlord in lawful United States currencyfunds, together with any and all applicable sales and use taxes levied upon the use and occupancy of the Premises as set forth in Section 10, 6 the Fixed Annual Rent specified in Summary paragraph E (as adjusted pursuant to Exhibit D attached hereto and by this reference made a part hereof) Section 1 payable in equal monthly installments in advance, beginning on the Rent Commencement Date and continuing on the first day of each and every calendar month thereafter during said termTerm. All forms of rent due under this Lease shall be paid to LessorLandlord, without demand, setoff or deduction whatsoever except as whatsoever, unless otherwise set forth herein herein, at its offices as the Rent Payment Location specified in Summary paragraph J Section 1 or at such other place as Lessor Landlord shall designate in writing to LesseeTenant. In Promptly upon the event that occurrence of the Rent Commencement Date, the parties shall execute an instrument confirming the Rent Commencement Date is and the expiration date of the initial Term hereof, but the failure of any party to do so shall not release any of the parties from any of their obligations hereunder. B. Any and all sums of money or charges, other than Fixed Annual Rent, required to be paid by Tenant under this Lease, whether or not the first day of a monthsame be so designated, Lessee shall pay the pro rata portion of the Fixed Annual Rent as well as all forms of be considered "additional rent due hereunder for said monthrent. ▇. ▇▇▇▇▇▇ " Landlord shall have the same rights and remedies with respect to additional rent as with respect to Fixed Annual Rent. The term "Rent" is hereby defined to mean the Fixed Annual Rent and any additional rent or other sums payable by Lessee Tenant to Landlord under this Lease. . C. In the event that any rental or other payment due Lessor under this Lease Landlord hereunder shall not be paid within ten (10) days after the due date two (2) or more times in any Lease Year (or Partial Lease Year), on the due date, third and each subsequent occasion in such Lease Year Tenant shall pay Landlord a late charge payment fee of five-three percent (53%) of the delinquent sum may be charged by Lessor. If any installment of Rent shall remain overdue for more than fifteen (15) days, an additional late charge in an amount equal to one and one-half percent (1 1/2%) per month (18% percent per annum) of the delinquent amount may be charged by Lessor, such Charge to be computed for the entire period for which the amount is overdue and which is in addition to and not in lieu of the five percent (5%) late charge or any other remedy available to Lessor. In the event that any check, bank draft, order for payment or negotiable instrument given to Lessor for any payment under this Lease shall be dishonored for any reason whatsoever not attributable to Lessor, Lessor shall be entitled to make an administrative charge to Lessee of Twenty-Five and 00/100 ($25.00) Dollars. Lessee recognizes and agrees that the aforesaid charges represent, at the time this Lease is made, a fair and reasonable estimate and liquidation of the costs of Lessor in the administration of the Building resulting from the events described, which costs are not contemplated or included in any rent or other charges provided to be paid by Lessee to Lessor in this Lease. Any charges becoming unpaid past due under this paragraph of this Lease shall be deemed to be additional rent due hereunder and shall become due with the next ensuing monthly payment of Fixed Annual Rentamount. C. The term “Lease Year” as used herein shall mean consecutive twelve-month periods commencing on each January 1 during the term of this Lease. In the event that the term of this Lease commences on a day other than January 1, the first and last years shall be partial Lease Years and in such case the first Lease Year shall be deemed to commence on the Commencement Date and expire on December 31 next following, and the last Lease Year shall be deemed to commence on the last January 1 occurring during the term of this Lease and shall expire on the expiration date of this Lease.

Appears in 1 contract

Sources: Lease Agreement (Anchor Funding Services, Inc.)

Fixed Annual Rent. A. Lessee hereby covenants Beginning on the Commencement Date, and subject to reductions in connection with condemnation as set forth in Article 18, Tenant agrees to pay to Lessor in lawful United States currency, together Landlord with any and all applicable sales and use taxes levied upon the use and occupancy of the Premises as set forth in Section 10, the respect to each Lease Year Fixed Annual Rent. The Fixed Annual Rent specified in Summary paragraph E (as adjusted pursuant to Exhibit D attached hereto and by this reference made a part hereof) shall be payable in equal monthly installments in advance, beginning on the Commencement Date and continuing advance on the first (1st) day of each and every calendar month thereafter during said termthe Term. All forms Said monthly installments of rent due under this Lease Fixed Annual Rent shall be paid to Lessorpromptly when due, without demandnotice or demand therefor and without deduction, abatement or setoff or deduction whatsoever of any amount for any reason whatsoever, except as otherwise set forth herein at its offices as specified in Summary paragraph J or at such other place as Lessor shall designate in writing to Lesseeexpressly hereinafter provided. In the event that the Commencement Date is not the first day of a month, Lessee shall Tenant will pay the pro rata portion of the Fixed Annual Rent as well as all forms of additional rent due hereunder for said month. ▇. ▇▇▇▇▇▇ shall have the same rights and remedies with respect to additional rent as with respect to Fixed Annual Rent. The term “Rent” is hereby defined to mean the Fixed Annual Rent and all other amounts due to Landlord by wire or electronic funds transfer by 5:00 p.m. on the date due hereunder into an account (including a lockbox account) designated by Landlord or by its Fee Mortgagee in writing on at least thirty (30) days’ prior notice to Tenant, or, at Landlord’s option, at Landlord’s address as provided in Section 34.1, or as Landlord may otherwise reasonably direct in writing on at least thirty (30) days’ prior notice to Tenant. Notwithstanding the foregoing, if any additional rent or other sums payable by Lessee under this Lease. In the event that any date for payment due Lessor under this Lease shall not be paid a Business Day, then Tenant shall make such payment on the due datenext following Business Day. The Fixed Annual Rent, a late charge of five-percent (5%) and all other amounts payable by Tenant to Landlord hereunder, shall be paid in lawful money of the delinquent sum may United States which shall be charged by Lessor. If any installment of Rent shall remain overdue for more than fifteen (15) days, an additional late charge in an amount equal to one and one-half percent (1 1/2%) per month (18% percent per annum) of the delinquent amount may be charged by Lessor, such Charge to be computed legal tender for the entire period for which the amount is overdue payment of all debts and which is in addition to dues, public and not in lieu of the five percent (5%) late charge or any other remedy available to Lessor. In the event that any check, bank draft, order for payment or negotiable instrument given to Lessor for any payment under this Lease shall be dishonored for any reason whatsoever not attributable to Lessor, Lessor shall be entitled to make an administrative charge to Lessee of Twenty-Five and 00/100 ($25.00) Dollars. Lessee recognizes and agrees that the aforesaid charges representprivate, at the time this Lease is made, a fair and reasonable estimate and liquidation of payment. Except to the costs of Lessor in the administration of the Building resulting from the events described, which costs are not contemplated or included in any rent or other charges extent expressly provided to be paid by Lessee to Lessor in this Lease. Any charges becoming due , no happening, event, occurrence or situation whatsoever during the Term, whether foreseen or unforeseen, and however extraordinary, shall permit Tenant to surrender the Property Portfolio or any portion thereof or terminate this Lease or shall relieve Tenant of its liability to pay the full Fixed Annual Rent and Additional Rent, as and when due, or relieve Tenant from any of its other obligations under this paragraph Lease, and, subject to the terms and conditions of this Lease shall be deemed Lease, Tenant hereby waives any rights now or hereafter conferred upon it by statute, common law, proclamation, decree, order or otherwise, at law or in equity, to be additional rent due hereunder and shall become due with surrender the next ensuing monthly payment Property Portfolio or any portion thereof or terminate this Lease, or any part thereof, or to any abatement, diminution, reduction or suspension of Fixed Annual Rent. C. The term “Lease Year” as used herein Rent or Additional Rent on account of any such event, happening, occurrence or situation. This Section 4.1 shall mean consecutive twelve-month periods commencing on each January 1 during survive the term expiration or earlier termination of this Lease. In All Fixed Annual Rent and Additional Rent payable by Tenant hereunder shall constitute “rent” for all purposes (including Section 502(b)(6) of the event that the term of this Lease commences on a day other than January 1, the first and last years shall be partial Lease Years and in such case the first Lease Year shall be deemed to commence on the Commencement Date and expire on December 31 next following, and the last Lease Year shall be deemed to commence on the last January 1 occurring during the term of this Lease and shall expire on the expiration date of this LeaseFederal Bankruptcy Code).

Appears in 1 contract

Sources: Loan Agreement (Washington Prime Group, L.P.)