Common use of Minimum Monthly Rental Clause in Contracts

Minimum Monthly Rental. Tenant agrees to pay to Landlord as Minimum Monthly Rent for the Premises (“MMR”), without prior notice or demand and without set off or deduction the sum of Fifty One Thousand Nine Hundred Forty One and 76/100 Dollars ($51,941.76) commencing on the Rent Commencement Date in Section 1.8, and a like sum on or before the first day of each and every successive calendar month thereafter during the period of the tenancy except that the first month’s MMR shall be paid upon the execution hereof. If Landlord modifies the Building as set forth in Section 1.8, then the base MMR will be increased to Sixty Eight Thousand One Hundred Seventy Three and 56/100 ($68,173.56) upon the earlier of (i) the date Landlord substantially completes the Building modification, or (ii) Tenant has access to the Building. If Tenant is granted occupancy prior to the Rent Commencement Date then, (a) Tenant shall pay in advance an occupancy fee equal to one-thirtieth of the MMR amount for each day of such early occupancy, and (b) such early occupancy shall not affect the termination date of this Agreement. If Landlord modifies the Building pursuant to Section 1.8 and Tenant cannot enter the Building and occupy the whole or any part on account of Landlord’s modification, Tenant’s obligation to pay Rent shall be abated. Once Tenant can re-enter and re-occupy the Building, Tenant’s obligation to pay Rent will resume. The amount of Rent not paid by Tenant during the abatement period will be paid by Tenant in equal monthly installments, together with MMR, over the remaining Lease Term. Any Rent abatement resulting from Section 1.8 will not impact the Rent Adjustment Date.