Common use of Fixed Base Rent Clause in Contracts

Fixed Base Rent. (i) Subject to adjustment as provided in paragraph 3(a)(ii), the fixed annual basic rent during the term of this Lease shall be $107,700.00 per year payable by the Tenant in equal monthly installments of $8,975.00 each on or before the first day of each month, in advance, except that the Tenant shall pay the first monthly installment on the execution hereof. (ii) Landlord and Tenant will consult and agree on the specifications for alterations and improvements to the Leased Space. After agreement on the specifications, Landlord shall provide to Tenant an estimate of the cost for performing the alterations and improvements which cost shall be reviewed by Tenant and approved or rejected within five (5) business days of Tenant's receipt of same. After Tenant's approval of the cost of the alterations and improvements Landlord shall perform the work to make the alterations and improvements at the approved cost. Landlord shall pay the first $70,000.00 of the cost of such alterations and improvements. The balance of the cost will be paid by Tenant either in a lump sum or monthly over the term of the lease. Tenant will promptly notify Landlord as to whether it elects to pay its portion of such costs in a lump sum or over the term of the lease in which event if the payment is to be made by a lump sum the payment will be made by Tenant within 15 days of the date of Tenant's receipt of Landlord's invoice and if the payment is to be made over the remaining term of the lease then the base rent payable by Tenant pursuant to paragraph (3)(a)(i) above shall be increased by $13.10 per month for each one thousand dollars (or pro-rated portion thereof) of Tenant's share of the cost of such improvements (as in example, if the total cost of the construction of the improvements is $230,500.00 Landlord's share will be $70,000.00 and Tenant's share will be $160,500.00. If Tenant elects to pay such sum over the remaining term of the lease the base rent as set forth above will be increased by $2,102.55 per month, which is calculated by taking the Tenant's share of the cost ($160,500.00) divided by 1000, and multiplying the result (160.5) times $13.10 which equals $2,102.55 per month) and the Tenant will enter into an amendment to the lease confirming the revised amount of base rent payable pursuant to paragraph 3 above and confirming both the commencement date and termination date of the term of the lease. (b) All rents due herein and other sums due under the Lease shall be paid in U.S. funds payable on a U.S. bank at the office of the Landlord or at such other place designated by Landlord from time to time, without any prior demand and without any deduction or set-off whatsoever except as otherwise provided herein promptly on the dates due. (c) In those instances where Tenant is required to pay additional rent herein; Tenant's proportionate share shall be on the basis of 14,360 square feet over 113,400 square feet. If Tenant's actual use is more than that of other tenants then the basis for the computing of said additional rent shall be reasonably adjusted based on such actual use. (d) Any additional rent required to be paid by Tenant shall be due and payable no later than ten (10) days of the date of receipt by Tenant of statement by Landlord. (e) Tenant hereby acknowledges that late payment 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 will be extremely difficult to ascertain. If any rent or other sums due from Tenant is not received by Landlord within ten (10) days after its due date, than Tenant shall pay to Landlord a late charge equal to five percent (5%) of such overdue amount, plus costs and reasonable attorneys' fees, if any, incurred by Landlord to collect amounts due from Tenant. The parties hereby agree that such late charges represent a fair and reasonable estimate of the cost that Landlord will incur by reason of Tenant's late payment. Landlord's acceptance of such late charges shall not constitute a waiver of Tenant's default with respect to each overdue amount or estop Landlord from exercising any of the other rights and remedies provided under this Lease or at law. Payment by Tenant of any Rent, Percentage Rent, Additional Rent and/or charges with knowledge of the breach of any covenant or condition of this Lease by Landlord shall not be deemed a waiver by Tenant of such breach.

Fixed Base Rent. (i) Subject to adjustment as provided in paragraph 3(a)(ii), the The annual fixed annual basic base rent during the term of this Lease shall be $107,700.00 per year as set forth on the Lease Summary page of this Lease, payable by the Tenant in equal monthly installments of $8,975.00 each on or before the first day of each month, in advance, except that the Tenant shall pay the first monthly installment of fixed base rent shall be paid upon signing of this Lease. In the event that the Commencement Date is not the first day of a calendar month the apportioned fixed base rent for the partial month in which the Commencement Date occurs shall be payable on or before the execution hereof. (ii) Landlord and Tenant will consult and agree on the specifications for alterations and improvements to the Leased Space. After agreement on the specifications, Landlord shall provide to Tenant an estimate first day of the cost for performing the alterations and improvements which cost shall be reviewed by Tenant and approved or rejected within five (5) business days of Tenant's receipt of same. After Tenant's approval first full calendar month of the cost Term and payment of full installments of fixed base rent shall commence as of the alterations and improvements Landlord shall perform the work to make the alterations and improvements at the approved cost. Landlord shall pay the first $70,000.00 second full calendar month of the cost of such alterations and improvements. The balance of the cost will be paid by Tenant either in a lump sum or monthly over the term of the lease. Tenant will promptly notify Landlord as to whether it elects to pay its portion of such costs in a lump sum or over the term of the lease in which event if the payment is to be made by a lump sum the payment will be made by Tenant within 15 days of the date of Tenant's receipt of Landlord's invoice and if the payment is to be made over the remaining term of the lease then the base rent payable by Tenant pursuant to paragraph (3)(a)(i) above shall be increased by $13.10 per month for each one thousand dollars (or pro-rated portion thereof) of Tenant's share of the cost of such improvements (as in example, if the total cost of the construction of the improvements is $230,500.00 Landlord's share will be $70,000.00 and Tenant's share will be $160,500.00. If Tenant elects to pay such sum over the remaining term of the lease the base rent as set forth above will be increased by $2,102.55 per month, which is calculated by taking the Tenant's share of the cost ($160,500.00) divided by 1000, and multiplying the result (160.5) times $13.10 which equals $2,102.55 per month) and the Tenant will enter into an amendment to the lease confirming the revised amount of base rent payable pursuant to paragraph 3 above and confirming both the commencement date and termination date of the term of the lease.Term (b) All rents due herein and other sums due under the this Lease shall be paid in U.S. funds payable on a U.S. bank at the office of the Landlord or at such other place designated by Landlord from time to time, without any prior demand and without any deduction or set-off whatsoever except as otherwise provided herein promptly on the dates due. (c) In those instances where Tenant is required to pay additional rent herein; , Tenant's proportionate share shall be 28.459% (on the basis of 14,360 (i) 198,500 square feet over 113,400 697,500 square feet). If Tenant's actual use of any service or common utility is more than that of other tenants then the basis for the computing of said additional rent with regard to such service or utility shall be reasonably adjusted equitably based on such actual use. (d) Any additional rent required to be paid by Tenant shall be due and payable no later than ten (10) days of the date of receipt by Tenant of statement by Landlord. (e) Tenant hereby acknowledges that late payment 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 will be extremely difficult to ascertain. If any rent or other sums due from Tenant is not received by Landlord within ten (10) days after its due date, than then Tenant shall pay to Landlord a late charge equal to five percent (5%) of such overdue amount, plus costs and reasonable attorneys' fees, if any, incurred by Landlord to collect amounts due from Tenant. The parties hereby agree that such late charges represent a fair and reasonable estimate of the cost that Landlord will incur by reason of Tenant's late payment. Landlord's acceptance of such late charges shall not constitute a waiver of Tenant's default with respect to each such overdue amount or estop Landlord from exercising any of the other rights and remedies provided under this Lease or at law. Payment . (f) In addition to the fixed annual base rent provided in 3(a)(i) above, Tenant shall pay to Landlord a management fee equal to three (3%) percent multiplied by Tenant of any Rentthe fixed annual base rent representing Landlord's fee for managing the Project, Percentage Rent, Additional Rent and/or charges with knowledge of the breach of any covenant or condition of this Lease by Landlord shall not be deemed a waiver by Tenant of such breachBuilding and Leased Premises.