Common use of FIXED RENT AND ADDITIONAL RENT Clause in Contracts

FIXED RENT AND ADDITIONAL RENT. A. BASE RENT - The term "lease year" shall mean the period of twelve (12) months commencing on May 1, 1998 and ending on the following April 30, 1999, and each successive period of twelve months thereafter during the term of this Lease. Landlord agrees that Tenant shall not pay base rent for the period beginning May 1, 1998 and ending on July 31, 1998 (three months) in consideration for Tenant's agreement to make the improvements to the Premises identified on Exhibit B as referenced in Article 7 hereof. Except for the waiver of the first three months rent as described above, the Tenant shall pay to the Landlord the base rent of Forty-Eight Thousand, Three Hundred Dollars ($48,300) per lease year in twelve (12) monthly installments of Four Thousand Twenty-Five Dollars ($4,025) each payable in advance on the first day of each month during the term of this Lease, at Landlord's original address, or at such other place as Landlord shall from time to time designate by written notice, with adjustments at the beginning of years two and three and for any renewal term in accordance with Section 2B below. In the event Tenant exercises the option or options described above to extend the Lease Term, the Base Rent for each respective option term (four (4) through eight (8) and years nine (9) through thirteen (13)) will be based upon the last years rent for the prior lease term increased by the Consumer Price Index set forth in Section 2B. Said rent shall constitute the rent of the first year of each option term and shall thereafter be increased for each year of each option term based upon the Consumer Price Index calculation set forth in Section 2B. The Tenant's failure to pay any rent due under the terms of this Lease for a period of ten (10) days following the due date of said payment shall, in addition to all other remedies or penalties otherwise available to Landlord, require the payment of an amount equal to five percent (5%) of the amount due Landlord for the defaulted payment, This five percent (5%) payment shall be deemed rent.

FIXED RENT AND ADDITIONAL RENT. A. BASE RENT - The term "lease year" Tenant shall mean pay to Owner Fixed Rent during the period of first twelve (12) months commencing on May 1, 1998 and ending on the following April 30, 1999, and each successive period of twelve months thereafter during the term an amount of this Lease. Landlord agrees that Tenant shall not pay base rent for the period beginning May 1$75,400.00 per year, 1998 and ending on July 31, 1998 (three months) payable in consideration for Tenant's agreement to make the improvements to the Premises identified on Exhibit B as referenced in Article 7 hereof. Except for the waiver of the first three months rent as described above, the Tenant shall pay to the Landlord the base rent of Forty-Eight Thousand, Three Hundred Dollars ($48,300) per lease year in twelve (12) equal monthly installments of Four Thousand Twenty-Five Dollars ($4,025) each payable 6,283.33 in advance on the first business day of each and every calendar month. For the purpose of this lease the Base Rent shall be as follows, payable in equal monthly installments: February 1st, 1997 until January 31st, 1998 - $75,400.00 February 1st, 1998 until January 31st, 1999 - $75,400.00 February 1st, 1999 until January 31st, 2000 - $81,200.00 February 1st, 2000 until January 31st, 2001 - $87,000.00 February 1st, 2001 until January 31st, 2002 - $87,000.00 Commencing February 1st, 1997, and each anniversary of this Lease on February 1st of each year thereafter through and including February 1st, 2001, there shall be Fixed annual increases of three and one-half (3.5%) percent over the Base Rent payable in the immediately preceding year. Provided no default exists under this Lease, Fixed Rent for the month during of February 1997 shall be reduced to 0 to give effect to the term fact a full month's rent was received by the Owner at the signing of this Lease. Fixed Rent for the months of March, April and May 1997 shall be further reduced to 0 to give effect to a Rent Abatement. No part of the Rent Abatement shall be granted unless no default exists under the Lease. Provided Tenant notifies Owner of its intention to exercise its option in writing via Certified mail, return receipt requested, at Landlord's original addressleast six months prior to the expiration of the initial Lease term, or at such other place as Landlord Tenant shall from time to time designate by written notice, with adjustments at the beginning of years two and three and for any renewal term in accordance with Section 2B below. In the event Tenant exercises have the option or options described above to extend the Lease Term, the Base Rent for each respective option term (four (4) through eight (8) and years nine (9) through thirteen (13)) will be based upon the last years rent for the prior lease term increased by the Consumer Price Index set forth in Section 2B. Said rent shall constitute the rent of the first year of each option term and shall thereafter be increased for each year of each option term based upon the Consumer Price Index calculation set forth in Section 2B. The Tenant's failure to pay any rent due under the terms of this Lease for a period of five (5) years, commencing February 1st, 2002 and ending January 1st, 2007. Fixed Rent for the first year of the option period shall be the then current Market Rent, which shall be determined in accordance with the procedure set forth hereinafter. Fixed Rent for each remaining year of the option period shall increase three and one-half percent (3.5%) over the Fixed Rent payable in the immediately preceding year. Market Rent: ------------ The parties shall have thirty (30) days after Owner receives Tenant's extension option notice in accordance herewith in which to agree on the Market Rent for the Extended Term. If the parties agree on the Market Rent during such thirty (30) day period, Owner and Tenant shall execute an amendment to this Lease setting forth the Market Rent for the Extended Term. If the parties are unable to agree on the Market Rent within the thirty (30) day period, then, within twenty (20) days after the expiration of that period, each party, at its cost and by giving notice to the other party, shall appoint a qualified M.A.I. real estate appraiser with at least 5 years' full-time commercial appraisal experience in the New York metropolitan area to appraise and set the Market Rent for the Demised Premises. The Market Rent shall be based on new leases for comparable space in at least five (5) comparable buildings in the area in which the Demised Premises are located and based upon the Demised Premises as improved, whether such improvements were made by Owner or Tenant. If five (5) comparables are not available, the appraiser shall use such other Market data as is relevant, with appropriate adjustments consistent with accepted appraisal practices. If a party does not appoint such an appraiser within the aforementioned period, the single appraiser appointed shall be the sole appraiser and shall set the Market Rent for the Demised Premises. The two appraisers appointed by the parties as stated in this paragraph shall meet promptly and attempt to establish the Market Rent for the Demised Premises. If they are unable to agree within twenty (20) days after the second appraiser has been appointed, they shall select a third appraiser meeting the qualifications stated in this paragraph, within ten (10) days following after the due date last day the two appraisers are given to set the Market Rent. Each of said payment shall, in addition to all other remedies or penalties otherwise available to Landlord, require the payment of an amount equal to five percent two parties shall bear one half (5%1/2) of the amount due Landlord cost of appointing and paying the third appraiser. The third appraiser shall be a person who has not previously acted in any capacity for either party. Within thirty (30) days after the selection of the third appraiser, the third appraiser shall set the Market Rent for the defaulted paymentDemised Premises. RIDER TO AGREEMENT OF LEASE ("LEASE") MADE AS OF JANUARY 14, This five percent (5%) payment shall be deemed rent1997 BY AND BETWEEN FIFTH AVENUE WEST ASSOCIATES, L.P., AS OWNER AND WEBGENESIS, INC., AS TENANT THIS RIDER IS INTENDED TO BE AFFIXED TO THE LEASE. IN THE EVENT OF ANY INCONSISTENCY BETWEEN THE PROVISIONS OF THIS RIDER AND THE PRINTED PORTION OF THIS LEASE, THE PROVISIONS OF THIS RIDER SHALL CONTROL.