MINIMUM RENT DURING EXTENDED TERMS Sample Clauses

MINIMUM RENT DURING EXTENDED TERMS. The Minimum Rent at the commencement of the first Extended Term shall be the higher of: (i) the previous year's Minimum Rent amount increased by two percent (2%); or (ii) the Minimum Rent during the first -42- lease year of the Initial Term (i.e., June 1, 2002 through May 31, 2003) multiplied by a fraction the numerator of which is the C.P.I. as of the commencement date of the first Extended Term and the denominator of which is the C.P.I. as of the Commencement Date. Provided, however, in no event shall the Minimum Rent for the first year of the first Extended Term exceed by fifteen percent (15%) or more the amount of Minimum Rent at the end of the Initial Term. The initial Minimum Rent payable during the second Extended Term, shall be the higher of (i) the Minimum Rent payable during the last twelve (12) months of the previous Extended Term increased by two percent (2%), or (ii) the Fair Market Rent, as determined in SECTION 34.3 below, or (iii) the Minimum Rent during the first lease year of the first Extended Term multiplied by a fraction the numerator of which is the C.P.I. as of the commencement date of the second Extended Term and the denominator of which is the C.P.I. as of the commencement date of the first Extended Term Minimum Rent during the Extended Term shall be subject to annual adjustments as provided in SECTION 3.1. Provided, however, in no event shall the Minimum Rent for the first year of the Second Extended Term exceed by fifteen percent (15%) or more the amount of Minimum Rent at the end of the first Extended Term.
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MINIMUM RENT DURING EXTENDED TERMS. At the commencement of each Lease Year during the Extended Term, monthly Minimum Rent shall be adjusted to an amount equal to Fair Market Rent, as provided in Section 19.2.
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MINIMUM RENT DURING EXTENDED TERMS. The Minimum Rent at the commencement of each Extended Term shall be determined as set forth below: (a) The Minimum Rent at the commencement of the first Extended Term shall be the higher of: (i) the annual Minimum Rent at the rate paid during the twelve (12) month period immediately preceding the first Extended Term, increased by two percent (2%); (ii) the annual Minimum Rent at the rate that was payable as of the Commencement Date of this Lease, multiplied by a fraction, the numerator of which shall be the C.P.I. for the first calendar month of the first Extended Term and the denominator of which shall be the C.P.I. for the calendar month in which the Commencement Date of the Initial Term occurs; and (iii) the Fair Market Rent, as determined below. (b) The Minimum Rent at the commencement of the second Extended Term shall be the higher of: (i) the annual Minimum Rent at the rate paid during the twelve (12) month period immediately preceding the second Extended Term, increased by two percent (2%); (ii) the annual Minimum Rent at the rate paid during the first twelve (12) months of the first Extended Term multiplied by a fraction, the numerator of which shall be the C.P.I. for the first calendar month of the second Extended Term and the denominator of which shall be C.P.I. for the first calendar month of the first Extended Term; and (iii) the Fair Market Rent, as determined below. (c) If Lessor and Lessee cannot agree on the Fair Market Rent within thirty (30) days after the date of any Notice to Extend, each party shall, by notice to the other, appoint a disinterested and licensed M.A.I. Real Estate Appraiser with at least five years of experience appraising educational facilities to determine the Fair Market Rent. If any party should fail to appoint an appraiser within ten (10) days after notice, the appraiser selected by the other party shall determine the Fair Market Rent. In determining the Fair Market Rent, each appraiser shall give appropriate consideration to, among other things, generally applicable minimum rent for tenancies of property comparable to the Leased Property in the area in which the Leased Property is located. (d) If the two appraisers selected pursuant to Paragraph 18.2(c) above, cannot agree upon the Fair Market Rent within forty-five (45) days, they shall immediately give written notice of such inability ("Notice of Disagreement") to both Lessor and Lessee setting forth the Fair Market Rent determinations of each of the appraisers. ...
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MINIMUM RENT DURING EXTENDED TERMS. The Minimum Rent at the commencement of each Extended Term shall be the annual sums as stated in Schedule 1 attached hereto and incorporated herein.
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MINIMUM RENT DURING EXTENDED TERMS. The Minimum Rent at the commencement of each Extended Term shall be Minimum Rent, as determined below. (a) The Minimum Rent for the first year of the first Extended Term shall be $1,144,506.03 and shall be increased annually thereafter in accordance with the method described in Paragraph 3.1.2, above. (b) The Minimum Rent for the first year of the second Extended Term shall be $1,395,146.47 and shall be increased annually thereafter in accordance with the method described in Paragraph 3.1.2, above.
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MINIMUM RENT DURING EXTENDED TERMS. The Minimum Rent during each of the following Extended Terms shall be at the following annual rates:
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MINIMUM RENT DURING EXTENDED TERMS. The Minimum Rent during each of the following Extended Terms shall be at the following annual rates: 1st Extended Term $4,603(1) 2nd Extended Term $5,135(1) (1) The Minimum Rent during the Extended Terms may be higher if the rent under the Ground Lease for the Extend Terms determined by the Consumer Price Index exceeds the minimum rent increase.
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MINIMUM RENT DURING EXTENDED TERMS. 30 ARTICLE XIX...................................................................31
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MINIMUM RENT DURING EXTENDED TERMS. The Minimum Rent for the six (6) Extended Terms shall be at the rental provided for in Paragraph 5 hereof." 2. Except as expressly modified by this Amendment No. 1, all terms and conditions of the Lease shall remain in full force and effect.
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Related to MINIMUM RENT DURING EXTENDED TERMS

  • Extended Term Tenant shall have the option to extend the Term for two (2) consecutive five (5) year periods (the "FIRST EXTENDED TERM" and "SECOND EXTENDED TERM", respectively) on all the terms and conditions contained in this Lease including, without limitation, continuation of the adjustment of the Base Rent on an annual basis as provided in Section 3.3 below (provided only that upon commencement of the First Extended Term the only remaining option to extend the Term shall be the Second Extended Term and upon exercise of the option with respect to the Second Extended Term, no further right to extend the Term shall exist). Tenant shall deliver, if at all, written notice of its exercise of the option ("OPTION NOTICE") to Landlord at least six (6) months but not more than one (1) year before the expiration of the Term or First Extended Term, as the case may be. In the event Tenant fails to deliver the applicable Option Notice within the time allowed, Landlord shall deliver written notice to Tenant of Tenant's failure to deliver the Option Notice, and Tenant shall then have thirty (30) days from receipt of such notice within which to deliver the Option Notice, if at all, to Landlord. In the event (and only in the event) that, Tenant fails to deliver an Option Notice to Landlord within such thirty (30) days, Tenant shall be considered to have elected not to extend the Term of this Lease and thereafter, Tenant shall have no further right to extend the Term of this Lease. References in this Lease to the "Term" shall include the initial Term of fifteen (15) years and shall, in addition, include the First Extended Term and the Second Extended Term, if applicable.

  • Minimum Rent The defined term “Minimum Rent” set forth in Section 1.66 of the Lease is deleted in its entirety and replaced with the following:

  • Minimum Monthly Rent Tenant shall pay minimum monthly rent (“Minimum Monthly Rent”) in the initial amount stated in Section 1.5. The Minimum Monthly Rent shall be increased as set forth in Section 1.5 and/or elsewhere in this Lease. Tenant shall pay the Minimum Monthly Rent on or before the first day of each calendar month, in advance, at the office of Landlord or at such other place designated by Landlord, without deduction, offset or prior demand. If the Commencement Date is not the first day of a calendar month, the rent for the partial month at the beginning of the Lease Term shall be prorated on a per diem basis and shall be due on the first day of such partial month. Upon execution of this Lease, and before the Commencement Date, Tenant shall pay to Landlord the aggregate of the first month’s Minimum Monthly Rent, the first month’s Monthly Impound Payment (see Section 4.4), and the Security Deposit (see Section 5).

  • Extension Term The Term of this Lease of all of the Premises may be extended for the Extension Term by unconditional written notice from Tenant to Landlord at least twelve (12) (but not more than fifteen (15)) months before the end of the Initial Term, time being of the essence. If Tenant does not timely exercise this option, or if on the date of such notice or at the beginning of the Extension Term (i) an Event of Default by Tenant exists, or (ii) Tenant is not leasing sixty percent (60%) or more of the Premises, or (iii) Tenant has made any Transfer under Article 13 (other than a Related Party Transfer), at Landlord’s option upon written notice to Tenant, Tenant’s right to extend the Term of this Lease shall irrevocably lapse and be void and of no further force and effect, Tenant shall have no further right to extend, and this Lease shall expire at the end of the Initial Term. If Tenant fails to timely exercise its rights hereunder, then within seven (7) days of Landlord’s request therefor, Tenant shall execute and deliver to Landlord a certification, in recordable form, confirming the Tenant’s failure to exercise (or waiver of) such right, and Tenant’s failure to so execute and deliver such certification shall (without limiting Landlord’s remedies on account thereof) entitle Landlord to execute and deliver to any third party, and record, an affidavit confirming the failure or waiver, which affidavit shall be binding on Tenant and may be conclusively relied on by third parties. All references to the Term shall mean the Initial Term as it may be extended by the Extension Term. The Extension Term shall be on all the same terms and conditions except that the Base Rent for the Extension Term shall be as set forth below.

  • Extended Terms The Term of this Agreement may be extended by the Manager if the Resident applies in writing for an “Extension” in accordance with the Managers published policies about Term Extensions. Extensions are subject to availability. Priority will be given to Residents travelling from great distances, who demonstrate a special need, or who are enrolled in orientation or academic programs that begin early or continue beyond the Residence Term. Extensions may also be granted for any ‘Early Move-In’, ‘Late Move-Out’ or ‘Summer Residence’ programs offered by the Manager. Residents granted Extensions are subject to the fees detailed in Table 3. Any Resident found occupying a Room outside of the Term without approval from the Manager are subject to additional fees over and above those detailed in Table 3. Summer Semester 2020 N/A N/A $35.00/Day Academic Year 2020-2021 N/A N/A $35.00/Day Winter Semester 2021 N/A N/A $35.00/Day