Common use of Minimum Rent Clause in Contracts

Minimum Rent. (i) For the period commencing on the Commencement Date through December 31, 2003, the sum of THIRTY SEVEN MILLION SEVEN HUNDRED TWENTY-FIVE THOUSAND AND 00/100 DOLLARS ($37,725,000.00) per annum. (ii) For the period commencing on January 1, 2004 through December 31, 2008, the sum of THIRTY NINE MILLION ONE HUNDRED EIGHTY-ONE THOUSAND AND 00/100 DOLLARS ($39,181,000.00) per annum. (iii) For the period commencing on January 1, 2009 through February 28, 2014, the greater of (x) FORTY ONE MILLION ONE HUNDRED FORTY THOUSAND AND 00/100 DOLLARS ($41,140,000.00) per annum and (y) the Fair Market Rental of the Leased Property, which unless otherwise mutually agreed to by Landlord and Tenant shall be determined by the appraisal procedure set forth in Article XXIV. (a) attached hereto. Minimum Rent for each Fiscal Year shall be payable from the Commencement Date through (and including) the Rent Payment Date in arrears in twelve (12) equal installments on the eleventh (11th) day of each calendar month of the Initial Term and each Extended Term (the "Rent Payment Date"); provided that if such 11th day is not a Business Day, then the Rent Payment Date shall be the next preceding Business Day. Minimum Rent shall be paid for the period of the eleventh (11th) of each month (or, if applicable, the Commencement Date) through the tenth (10th) of the next month (or, if applicable, the expiration of the Term) (each, a "Rental Period"), provided that the first and last payments of Minimum Rent shall be prorated as to any partial Rental Period, based on the number of days within the Term during such Rental Period and the number of days in such Rental Period. The first installment payment of Minimum Rent shall be payable on May 11, 1998, for the Rental Period beginning with the Commencement Date and ending May 10, 1998. Notwithstanding the foregoing, for the period commencing with the date hereof and expiring on the third (3rd) anniversary of the date hereof, to the extent that Available Cash is less than the amount of Fixed Rent and Percentage Rent, as certified by Tenant (together with reasonable documentation thereof) and agreed to by Landlord, the Fixed Rent and Percentage Rent shall accrue, and the payment thereof (together with interest at the Interest Rate)

Appears in 1 contract

Sources: Master Lease Agreement (Vornado Operating Co)

Minimum Rent. (i) For the period commencing Commencing on the Commencement Date and continuing through December 31, 2003, the sum last day of THIRTY SEVEN MILLION SEVEN HUNDRED TWENTYthe fifth (5/th/) Lease Year (the "First Period"): Two Hundred Thirty-FIVE THOUSAND AND 00/100 DOLLARS Four Thousand Dollars ($37,725,000.00234,000.00) per annum; and (ii) Commencing on the first day of the sixth (6th) Lease Year and continuing through the last day of the tenth (10/th/) Lease Year (the "Second Period"): Two Hundred Fifty-Three Thousand Five Hundred Dollars ($253,500.00) per annum; and (iii) In the event Tenant validly exercises its First Option to extend the Term in accordance with the provisions of Section 1.1(B), commencing on the first day of the eleventh (11/th/) Lease Year and continuing through the last day of the fifteenth (15/th/) Lease Year (the "First Option Period"): Two Hundred Seventy-Three Thousand Dollars ($273,000.00) per annum; and (iv) In the event Tenant validly exercises its Second Option to extend the Term in accordance with the provisions of Section 1.1, commencing on the first day of the sixteenth (16/th/) Lease Year and continuing through the last day of the twentieth (20/th/) Lease Year (the "Second Option Period"): Two Hundred Ninety-Two Thousand Five Hundred Dollars ($292,500.00) per annum; and (v) In the event Tenant validly exercises its Third Option to extend the Term in accordance with the provisions of Section 1.1, commencing on the first day of the twenty-first (21/st/) Lease Year and continuing through the last day of the twenty-fifth (25/th/) Lease Year (the "Third Option Period"): Three Hundred Twelve Thousand Dollars ($312,000.00) per annum. (ii) For the period commencing on January 1, 2004 through December 31, 2008, the sum of THIRTY NINE MILLION ONE HUNDRED EIGHTY-ONE THOUSAND AND 00/100 DOLLARS ($39,181,000.00) per annum. (iii) For the period commencing on January 1, 2009 through February 28, 2014, the greater of (x) FORTY ONE MILLION ONE HUNDRED FORTY THOUSAND AND 00/100 DOLLARS ($41,140,000.00) per annum and (y) the Fair Market Rental of the Leased Property, which unless otherwise mutually agreed to by Landlord and Tenant shall be determined by the appraisal procedure set forth in Article XXIV. (a) attached hereto. Minimum Rent for each Fiscal Year shall be payable from the Commencement Date through (and including) the Rent Payment Date in arrears in twelve (12) equal installments on the eleventh (11th) day of each calendar month of the Initial Term and each Extended Term (the "Rent Payment Date"); provided that if such 11th day is not a Business Day, then the Rent Payment Date shall be the next preceding Business Day. Minimum Rent shall be paid for the period of the eleventh (11th) of each month (or, if applicable, the Commencement Date) through the tenth (10th) of the next month (or, if applicable, the expiration of the Term) (each, a "Rental Period"), provided that the first and last payments of Minimum Rent shall be prorated as to any partial Rental Period, based on the number of days within the Term during such Rental Period and the number of days in such Rental Period. The first installment payment of Minimum Rent shall be payable on May 11, 1998, for the Rental Period beginning with the Commencement Date and ending May 10, 1998. Notwithstanding the foregoing, for the period commencing with the date hereof and expiring on the third (3rd) anniversary of the date hereof, to the extent that Available Cash is less than the amount of Fixed Rent and Percentage Rent, as certified by Tenant (together with reasonable documentation thereof) and agreed to by Landlord, the Fixed Rent and Percentage Rent shall accrue, and the payment thereof (together with interest at the Interest Rate)

Appears in 1 contract

Sources: Lease Agreement (First Capital Income Properties LTD Series Viii)

Minimum Rent. (i) For A. Tenant shall pay as minimum annual rent for the period commencing on the Commencement Date through December 31, 2003, Demised Premises the sum of THIRTY SEVEN MILLION SEVEN HUNDRED TWENTY-FIVE THOUSAND AND 00/100 DOLLARS Four Hundred Ninety Nine Thousand Six Hundred and Twenty Four and 81/100 dollars ($37,725,000.00) per annum. (ii) For 499,624.81), which amount shall be the period commencing on January 1, 2004 through December 31, 2008, the sum product of THIRTY NINE MILLION ONE HUNDRED EIGHTY-ONE THOUSAND AND 00/100 DOLLARS eighteen dollars and three cents ($39,181,000.0018.03) per annum. (iii) For the period commencing on January 1, 2009 through February 28, 2014, the greater of (x) FORTY ONE MILLION ONE HUNDRED FORTY THOUSAND AND 00/100 DOLLARS ($41,140,000.00) per annum and (y) the Fair Market Rental of the Leased Property, which unless otherwise mutually agreed to by Landlord and Tenant shall be determined multiplied by the appraisal procedure set forth total number of square feet (27,710.75) in the Demised Premises as specified in Article XXIV. (a) attached hereto1. Minimum Rent for each Fiscal Year Such sum shall be payable from during the Commencement Date through Term, in advance, in equal monthly installments of Forty One Thousand Six Hundred and Thirty Five and 40/100 Dollars (and including$41,635.40). Subject to the Provisions of Section 26 (G) the Rent Payment Date in arrears in twelve (12) equal installments of this Lease, each such monthly installment shall be paid on the eleventh (11th) first day of each calendar month of the Initial Term and each Extended Term (hereof commencing with the "Rent Payment Date"); provided that if such 11th day is not a Business Day, then the Rent Payment Date shall be the next preceding Business Day. Minimum Rent shall be paid for the period of the eleventh (11th) of each first month (or, if applicable, the Commencement Date) through the tenth (10th) of the next month (or, if applicable, the expiration of the Term) (each. B. Notwithstanding any other provisions of this Lease, Landlord agrees to provide Tenant with a "Rental Period"), provided that one-time rent credit towards the first month's rent (November 1997) in the amount of Nineteen Thousand and last payments Ninety Seven and 90/100 Dollars ($19,097.90) and a one-time credit towards the second month's rent (December 1997) in the amount of Minimum Rent shall be prorated as Nine Thousand Five Hundred Forty Eight and 95/100 Dollars ($9,548.95). This amount constitutes one and one-half month's "free" rent for the 12,710.75 square feet rentable space increase over Tenant's existing leased space. C. All rent and other sums due to any partial Rental PeriodLandlord hereunder (collectively, based on the number of days within the Term during such Rental Period and the number of days in such Rental Period. The first installment payment of Minimum Rent "Rent") shall be payable on May 11, 1998, for the Rental Period beginning with the Commencement Date and ending May 10, 1998. Notwithstanding the foregoing, for the period commencing with the date hereof and expiring on the third (3rd) anniversary of the date hereof, to the extent that Available Cash is less than the amount of Fixed Rent and Percentage Rent, as certified by Tenant (together with reasonable documentation thereof) and agreed to by Landlord, the Fixed Rent and Percentage Rent shall accrue, and the payment thereof (together with interest at the Interest Rate)office address of Landlord first above given, or to such other party or at such other address as Landlord may designate, from time to time, by thirty (30) calendar days written notice to Tenant, without demand and without deduction, set-off, or counterclaim by Tenant.

Appears in 1 contract

Sources: Lease (Startec Global Communications Corp)

Minimum Rent. (ia) For Tenant agrees to pay to Landlord, as minimum rent for the period demised premises, equal consecutive monthly installments of Twenty-Nine Thousand Four Hundred Eighty-two and 29/100th Dollars ($29,482.29), commencing on the Commencement Date through December 31commencement date, 2003, the sum of THIRTY SEVEN MILLION SEVEN HUNDRED TWENTY-FIVE THOUSAND AND 00/100 DOLLARS ($37,725,000.00) per annum. (ii) For the period commencing on January 1, 2004 through December 31, 2008, the sum of THIRTY NINE MILLION ONE HUNDRED EIGHTY-ONE THOUSAND AND 00/100 DOLLARS ($39,181,000.00) per annum. (iii) For the period commencing on January 1, 2009 through February 28, 2014, the greater of (x) FORTY ONE MILLION ONE HUNDRED FORTY THOUSAND AND 00/100 DOLLARS ($41,140,000.00) per annum and (y) the Fair Market Rental of the Leased Property, which unless otherwise mutually agreed to by Landlord and Tenant shall be determined by the appraisal procedure set forth in Article XXIV. (a) attached hereto. Minimum Rent for each Fiscal Year shall be payable from the Commencement Date through (and including) the Rent Payment Date in arrears in twelve (12) equal installments continuing on the eleventh (11th) first day of each calendar month of the Initial Term and each Extended Term during years one (the "Rent Payment Date"); provided that if such 11th day is not a Business Day, then the Rent Payment Date shall be the next preceding Business Day. Minimum Rent shall be paid for the period of the eleventh (11th) of each month (or, if applicable, the Commencement Date1) through the tenth five (10th5) of the next initial term of this Lease, monthly installments of Thirty-four Thousand Four Hundred Fifty-five and 21/100th Dollars ($34,455.21) each calendar month during years six (or6) through ten (10), if applicableand monthly installments of Thirty-Nine Thousand Four Hundred Twenty-eight and 13/100th Dollars ($39,428.13) each calendar month during years eleven (11) through fifteen (15) of the initial term of this Lease. All such rental shall be payable to Landlord in advance, without prior written notice or demand and without any right of deduction, abatement, counterclaim or offset whatsoever (unless specifically permitted in this Lease). Except as expressly set forth herein to the contrary, in no event shall Tenant have the right to offset more than twenty-five percent (25%) of minimum rent in any calendar month, and Tenant shall have no right to offset against any additional rent other than any percentage rent payable hereunder. As used in this Lease, the expiration terms “minimum rent” and “minimum rental” mean the minimum rental set forth in this Section 5(a). As used in this Lease, the terms “rent and “rental” mean minimum rental, percentage rental, additional rental and all other sums due and owing from Tenant to Landlord under this Lease. (b) If the Lease term shall commence on a day other than the first day of a calendar month or shall end on a day other than the last day of a calendar month, the minimum rental for such first or last fractional month shall be such proportion of the Term) (each, a "Rental Period"), provided that the first and last payments of Minimum Rent shall be prorated monthly minimum rental as to any partial Rental Period, based on the number of days within the Term during such Rental Period and the number of days in such Rental Period. The first installment fractional month bears to the total number of days in such calendar month. (c) In addition to minimum rent as set forth in this Section 5, Tenant shall initially pay to Landlord, as additional rental, simultaneously with the payment of Minimum Rent minimum rental called for under Section 5(a) above, (i) the estimated monthly amount of Tenant’s Proportionate Share of Maintenance Costs (provided for in Section 16 hereof), as reasonably estimated by Landlord, (ii) Nine and 35/100 Dollars ($9.35) per square foot, payable in equal monthly installments of Thirteen Thousand Two Hundred Eighty-Four and 79/100 Dollars ($13,284.79) as the estimated monthly amount of Tenant’s Proportionate Tax Share (provided for in Section 28 hereof) and (iii) Fifteen Cents ($0.15) per square foot, payable in equal monthly installments of Two Hundred Thirteen and 13/100 Dollars ($213.13), as the estimated monthly amount of Tenant’s Proportionate Insurance Share (provided for in Section 29 hereof). (d) Until further notice to Tenant, all rental payable under this Lease shall be payable on May 11to Landlord and mailed to Landlord at c/o Schottenstein Management Company, 19981▇▇▇ ▇▇▇▇▇ ▇▇▇▇, for Columbus, Ohio 43207. (e) In the Rental Period beginning with event any sums required under this Lease to be paid are not received when due, then all such amounts shall bear interest from the Commencement Date and ending May 10, 1998. Notwithstanding the foregoing, for the period commencing with due date thereof until the date hereof paid at the rate of interest equal to two percent (2%) over the prime rate in effect from time to time as established by National City Bank, Columbus, Ohio (the “Interest Rate”), and expiring on the third (3rd) anniversary of the date hereof, to the extent that Available Cash is less than the amount of Fixed Rent shall be due and Percentage Rent, as certified payable by Tenant (together with reasonable documentation thereof) and agreed without notice or demand, Tenant shall pay the foregoing interest thereon in addition to by Landlord, the Fixed Rent and Percentage Rent shall accrue, and the payment thereof (together with interest at the Interest Rate)all default remedies of Landlord pursuant to Section 34 below.

Appears in 1 contract

Sources: Lease (DSW Inc.)

Minimum Rent. (a) The Tenant will pay, beginning on the Commencement Date, to the Landlord at the office of the Landlord or any other place designated by the Landlord, in Canadian money, without any previous demand and without any deduction, abatement (except as indicated in subparagraph (e) below and Section 12.01(a), or set-off, as Minimum Rent; (i) For During the period commencing from MAY 1, 2000 THROUGH MAY 31, 2000, the annual sum of ZERO ($0.00) payable in equal consecutive monthly installments of $0 each in advance on the Commencement Date through December 31, 2003, the sum first day of THIRTY SEVEN MILLION SEVEN HUNDRED TWENTY-FIVE THOUSAND AND 00/100 DOLLARS ($37,725,000.00) per annumeach calendar month during such period. (ii) For During the period commencing on January from JUNE 1, 2004 through December 312000 THROUGH TO APRIL 30, 20082001, the annual sum of THIRTY NINE MILLION SEVENTEEN THOUSAND ONE HUNDRED EIGHTY-DOLLARS ----00/000 ($17,100.00) payable in equal consecutive monthly installments of ONE THOUSAND AND 00/100 FOUR HUNDRED TWENTY-FIVE DOLLARS ----00/00 ($39,181,000.001,425.00) per annum. (iii) For the period commencing on January 1, 2009 through February 28, 2014, the greater of (x) FORTY ONE MILLION ONE HUNDRED FORTY THOUSAND AND 00/100 DOLLARS ($41,140,000.00) per annum and (y) the Fair Market Rental of the Leased Property, which unless otherwise mutually agreed to by Landlord and Tenant shall be determined by the appraisal procedure set forth each in Article XXIV. (a) attached hereto. Minimum Rent for each Fiscal Year shall be payable from the Commencement Date through (and including) the Rent Payment Date in arrears in twelve (12) equal installments advance on the eleventh (11th) first day of each calendar month during such period; (iii) During the period from MAY 1, 2001 TO APRIL 30, 2002, the annual sum of SEVENTEEN THOUSAND NINE HUNDRED FIFTY-FIVE DOLLARS ----00/00 ($17,955.00) payable in equal consecutive monthly installments of ONE THOUSAND FOUR HUNDRED NINETY-SIX DOLLARS ----25/00 ($1,496.25) each in advance on the Initial Term and first day of each Extended Term calendar month during such period; (iv) During the "Rent Payment Date"); provided that if period from MAY 1, 2002 THROUGH TO APRIL 30, 2003, the annual sum of EIGHTEEN THOUSAND EIGHT HUNDRED FIFTY-TWO DOLLARS ----72/00 ($18,852.72) payable in equal consecutive monthly installments of ONE THOUSAND FIVE HUNDRED SEVENTY-ONE DOLLARS ----06/00 ($1,571.06) each in advance on the first day of each calendar month during such 11th period; (b) If the Commencement Date is on a day is not other than the first day of a Business Daycalendar month, then the Rent Payment Date shall be the next preceding Business Day. Minimum Rent shall be paid for the period of the eleventh (11th) of each month (orTenant will pay, if applicable, on the Commencement Date) through the tenth (10th) , a part of the next month (or, if applicable, Minimum Rent pro-rated on a per diem basis from the expiration Commencement Date to the end of the Termmonth in which the Commencement Date occurs, based upon a period of three hundred and sixty-five (365) days. (each, c) The Tenant will deliver to the Landlord at the beginning of each Rental Year a "series of monthly post-dated cheques for the Rental Period"), provided that Year for the first and last aggregate of the monthly payments of Minimum Rent shall and any payments of Additional Rent estimated by the Landlord in advance as well as any payments required by this Lease to be prorated as paid monthly in advance. (d) The Landlord acknowledges receipt of the sum of THREE THOUSAND TWO HUNDRED FIVE DOLLARS ----78/00 ($3,205.78) which represents a security deposit equal to any partial Rental Periodthe last month of the Term, based on the number balance for application by the Landlord against payment of days within Rent for the Term during such Rental Period and first month of the number of days in such Rental PeriodTerm. The first installment payment Landlord may apply all or part of Minimum Rent shall the amount retained for a security deposit as compensation for any loss or damage arising from the breach by the Tenant of any provision of this Lease. This right will not be payable on May 11construed to limit the Landlord's other rights under this Lease or at a law or to limit the amount recoverable by the Landlord for damages in respect of other breaches by the Tenants of this Lease. If the Landlord uses all or part of the Security Deposit as provided above, 1998the Tenant will, upon notification of the Landlord pay to the Landlord the amount required to reimburse it for the Rental Period beginning with amounts so applied. The Landlord will not be required to pay interest to the Tenant on any of the amounts paid to the Landlord or retained by it under this paragraph. The Landlord will refund the Security Deposit within thirty (30)days of the expiry of the Lease upon satisfactory inspection of the Leased Premises. (e) If construction of the Leased Premises or the Project is not completed by the Commencement Date and ending May 10or if on that date, 1998. Notwithstanding the foregoing, for the period commencing with the date hereof and expiring on the third (3rd) anniversary of the date hereof, to the extent that Available Cash a previous Tenant or occupant is less than the amount of Fixed Rent and Percentage Rent, as certified by Tenant (together with reasonable documentation thereof) and agreed to by Landlord, the Fixed Rent and Percentage Rent shall accrueoverholding, and the payment thereof Landlord is therefore unable to deliver vacant possession of the Leased Premises, the Landlord will exercise all its rights diligently in order to obtain completion of the construction and vacant possession, and the Rent payable under this Lease will ▇▇▇▇▇ until the Leased Premises are available for occupancy by the Tenant. The Landlord will not be liable to the Tenant for damages and this Lease will, subject to the abatement of Rent provided for in this paragraph, be in full force with no change to the Commencement Date or the Expiry Date. (together with f) If the Tenant fails to pay when it is due, Minimum Rent, Additional Rent, or any other amount payable by it under this Lease, the unpaid amount will bear interest at the Interest Rate)rate of four (4%) percent per month pro-rated from the due date to the date of payment and subject to annual compounding.

Appears in 1 contract

Sources: Lease (Astris Energi Inc)

Minimum Rent. (i) For Tenant agrees to pay to Landlord at the period commencing on the Commencement Date through December 31office of Landlord, 2003or at such other place designated by Landlord, the sum of THIRTY SEVEN MILLION SEVEN HUNDRED TWENTY-FIVE THOUSAND AND 00/100 DOLLARS ($37,725,000.00) per annum. (ii) For the period commencing on January 1, 2004 through December 31, 2008, the sum of THIRTY NINE MILLION ONE HUNDRED EIGHTY-ONE THOUSAND AND 00/100 DOLLARS ($39,181,000.00) per annum. (iii) For the period commencing on January 1, 2009 through February 28, 2014, the greater of (x) FORTY ONE MILLION ONE HUNDRED FORTY THOUSAND AND 00/100 DOLLARS ($41,140,000.00) per annum and (y) the Fair Market Rental of the Leased Property, which unless otherwise mutually agreed to by Landlord and Tenant shall be determined by the appraisal procedure set forth in Article XXIV.without any prior demand therefore as fixed minimum rent: (a) attached hereto. Minimum Rent for each Fiscal Year shall be payable from The sum of One Thousand Three Hundred Ten Dollars and Eighty-Three Cents ($1,310.83) in advance upon the Commencement Date through first (and including) the Rent Payment Date in arrears in twelve (12) equal installments on the eleventh (11th1st) day of each calendar month during the first (1st) lease year inclusive; (b) The sum of One Thousand Three Hundred Ten Dollars and Eighty-Three Cents ($1,310.83) in advance upon the Initial Term first (1st) day of each calendar month during the second (2nd) lease year inclusive; (c) The sum of One Thousand Three Hundred Seventy Dollars and Forty-Two Cents ($1,370.42) in advance upon the first (1st) day of each Extended Term calendar month during the third (3rd) lease year inclusive. (d) The sum of One Thousand Four Hundred Dollars and Twenty-One Cents ($1.400.21) in advance upon the "Rent Payment Date"); provided that if first (1st) day of each calendar month during the fourth (4th) lease year inclusive; (e) The sum of One Thousand Four Hundred Fifty-Nine Dollars and Seventy-Nine Cents ($1,459.79) in advance upon the first (lst) day of each calendar month during the fifth (5th) lease year inclusive. In the event Tenant exercises its option to extend the term of this Lease pursuant to Section 1.04 hereof Tenant also agrees to pay to Landlord at the office of Landlord, or at such 11th other place designated by Landlord, without any prior demand therefor as fixed minimum rent during said option period: (f) The sum of One Thousand Four Hundred Eighty-Nine Dollars and Fifty-Eight Cents ($1,489.58) in advance upon the first (1st) day is not a Business Dayof each calendar month during the sixth (6th) lease year inclusive: (g) The sum of One Thousand Five Hundred Nineteen Dollars and Thirty-Eight Cents ($1,519-38) in advance upon the first (1st) day of each calendar month during the seventh (7th) lease year inclusive; (h) The sum of One Thousand Five Hundred Forty-Nine Dollars and Seventeen Cents ($1,549.17) in advance upon the first (1st) day of each calendar month during the eighth (8th) lease year inclusive; (i) The sum of One Thousand Five Hundred Seventy-Eight Dollars and Ninety-Six Cents ($1,578.96) in advance upon the first (1st) day of each calendar month during the ninth (9th) lease year inclusive; (j) The sum of One Thousand Six Hundred Eight Dollars and Seventy-Five Cents ($1,608.75) in advance upon the first (1st) day of each calendar month during the tenth (10th) lease year inclusive. In the event Tenant exercises its option to extend the term of this Lease pursuant to Section 1.05 hereof Tenant also agrees to pay to Landlord at the office of Landlord, then or at such other place designated by Landlord, without any prior demand therefor as fixed minimum rent during said option period. (k) The sum of One Thousand Six Hundred Thirty-Eight Dollars and Fifty-Four Cents ($1,638.54) in advance upon the Rent Payment Date shall be the next preceding Business Day. Minimum Rent shall be paid for the period first (1st) day of each calendar month during the eleventh (11th) lease year inclusive; (l) The sum of One Thousand Six Hundred Sixty-Eight Dollars and Thirty-Three Cults ($1,668.33) in advance upon the first (1st) day of each calendar month during the twelfth (or12th) lease year inclusive; (m) The sum of One Thousand Six Hundred Ninety-Eight Dollars and Thirteen Cents ($1,698.13) in advance upon the first (1st) day of each calendar month during the thirteenth (13th) lease year inclusive. (n) The sum of One Thousand Seven Hundred Twenty-Seven Dollars and Ninety-Two Cents ($1,727.92) in advance upon the first (1st) day of each calendar month during the fourteenth (14th) lease year inclusive; (o) The sum of One Thousand Seven Hundred Fifty Seven Dollars and Seventy-One Cents ($1,757.71) in advance upon the first (1st) day of each calendar month during the fifteenth (15th) lease year inclusive. If the term shall commence upon a day other than the first day of a calendar month, if applicablethen Tenant shall pay, upon the Commencement Date) through the tenth (10th) commencement date of the next month (orterm, if applicable, the expiration a pro rata portion of the Termfixed monthly rent described in the foregoing clause (a) (each, prorated on a "Rental Period"), provided per diem basis with respect to the fractional calendar month preceding the commencement of the first lease year hereof. It is the intention of the parties that the first and last payments of Minimum Rent rental specified in this numbered section shall be prorated as to any partial Rental Period, based on the number of days within the Term during such Rental Period and the number of days in such Rental Period. The first installment payment of Minimum Rent shall be payable on May 11, 1998, for the Rental Period beginning with the Commencement Date and ending May 10, 1998. Notwithstanding the foregoing, for the period commencing with the date hereof and expiring on the third (3rd) anniversary of the date hereof, net to the extent that Available Cash is less than the amount of Fixed Rent Landlord in every respect and Percentage Rentpaid without abatement, as certified by Tenant (together with reasonable documentation thereof) and agreed to by Landlord, the Fixed Rent and Percentage Rent shall accrue, and the payment thereof (together with interest at the Interest Rate)deduction or set-off.

Appears in 1 contract

Sources: Lease (Americasbank Corp)

Minimum Rent. (i) For the period commencing Commencing on the Commencement Date and continuing through December 31, 2003, the sum last day of THIRTY SEVEN MILLION SEVEN HUNDRED TWENTYthe fifth (5th) Lease Year (the "First Period"): Two Hundred Seventy Eight Thousand Nine Hundred Twenty-FIVE THOUSAND AND 00/100 DOLLARS two and No/100 Dollars ($37,725,000.00278,922.00) per annum.; and (ii) For Commencing on the period commencing on January 1, 2004 first day of the sixth (6th) Lease Year and continuing through December 31, 2008, the sum last day of THIRTY NINE MILLION ONE HUNDRED EIGHTY-ONE THOUSAND AND 00/100 DOLLARS the tenth (10th) Lease Year (the "Second Period"): Two Hundred Ninety Two Thousand Two Hundred Four and No/100 Dollars ($39,181,000.00292,204.00) per annum.; and (iii) For the period commencing on January 1, 2009 through February 28, 2014, the greater of (x) FORTY ONE MILLION ONE HUNDRED FORTY THOUSAND AND 00/100 DOLLARS ($41,140,000.00) per annum and (y) the Fair Market Rental of the Leased Property, which unless otherwise mutually agreed to by Landlord and Tenant shall be determined by the appraisal procedure set forth in Article XXIV. (a) attached hereto. Minimum Rent for each Fiscal Year shall be payable from the Commencement Date through (and including) the Rent Payment Date in arrears in twelve (12) equal installments Commencing on the eleventh (11th) first day of each calendar month of the Initial Term and each Extended Term (the "Rent Payment Date"); provided that if such 11th day is not a Business Day, then the Rent Payment Date shall be the next preceding Business Day. Minimum Rent shall be paid for the period of the eleventh (11th) Lease Year and continuing through the last day of each month the fifteenth (or15th) Lease Year (the "Third Period"): Three Hundred Eighteen Thousand Seven Hundred Sixty-eight and No/100 Dollars ($318,768.00) per annum; and (iv) Subject to Tenant properly exercising its right to extend the Term of this Lease pursuant to Section 1.1-B, commencing on the first day of the sixteenth (16th) Lease Year and continuing through the last day of the twentieth (20th) Lease Year (the "Option Period"): Three Hundred Forty Five Thousand Three Hundred Thirty-two and No/100 Dollars ($345,332.00) per annum. Provided Tenant is not then in default, Tenant shall not be required to pay the Minimum Rent otherwise due for the first six (6) calendar months of the Term (the "Minimum Rent Abatement Period"); provided, however, that if applicablethe Commencement Date occurs on a date other than the first day of a calendar month, the Commencement DateMinimum Rent Abatement Period shall equal the first one hundred eighty (180) through the tenth (10th) of the next month (or, if applicable, the expiration consecutive days of the Term. Subject to the provisions of this paragraph, the total amount of Minimum Rent abated during the Minimum Rent Abatement Period shall equal One Hundred Thirty Nine Thousand Four Hundred Sixty-one and No/100 Dollars ($139,461.00) (each, a the "Rental PeriodAbated Minimum Rent"). In the event Tenant defaults during the Minimum Rent Abatement Period, provided that all Minimum Rent which has been abated shall immediately become due and payable and Tenant shall immediately begin paying Minimum Rent in accordance with the first terms and last payments provisions of this Lease. The payment by Tenant of the Abated Minimum Rent after an event of default shall not limit or affect any of Landlord's other rights pursuant to this Lease or at law or in equity. During the Minimum Rent Abatement Period, only Minimum Rent shall be prorated abated and all Additional Rent (including without limitation, Tax Rent and Utility Charges) and other costs and charges specified in this Lease shall remain as to any partial Rental Period, based on the number of days within the Term during such Rental Period due and the number of days in such Rental Period. The first installment payment of Minimum Rent shall be payable on May 11, 1998, for the Rental Period beginning with the Commencement Date and ending May 10, 1998. Notwithstanding the foregoing, for the period commencing with the date hereof and expiring on the third (3rd) anniversary of the date hereof, pursuant to the extent that Available Cash is less than the amount provisions of Fixed Rent and Percentage Rent, as certified by Tenant (together with reasonable documentation thereof) and agreed to by Landlord, the Fixed Rent and Percentage Rent shall accrue, and the payment thereof (together with interest at the Interest Rate)this Lease.

Appears in 1 contract

Sources: Lease Agreement (First Capital Income Properties LTD Series Viii)

Minimum Rent. (i1) For the period commencing on From the Commencement Date through December 31for a period of two (2) months, 2003Lessee shall occupy the Premises free of Minimum Rent. (2) From two (2) months after the Commencement Date for a period of one (1) year, Lessee shall pay to Landlord as yearly rent the sum of THIRTY SEVEN MILLION SEVEN HUNDRED TWENTYTwenty-FIVE THOUSAND AND 00/100 DOLLARS Eight Thousand Dollars and No Cents ($37,725,000.00) per annum. (ii) For the period commencing on January 128,000.00), 2004 through December 31payable in advance, 2008without setoff or deduction, the sum of THIRTY NINE MILLION ONE HUNDRED EIGHTY-ONE THOUSAND AND 00/100 DOLLARS ($39,181,000.00) per annum. (iii) For the period commencing on January 1except as otherwise provided by law, 2009 through February 28, 2014, the greater of (x) FORTY ONE MILLION ONE HUNDRED FORTY THOUSAND AND 00/100 DOLLARS ($41,140,000.00) per annum and (y) the Fair Market Rental of the Leased Property, which unless otherwise mutually agreed to by Landlord and Tenant shall be determined by the appraisal procedure set forth in Article XXIV. (a) attached hereto. Minimum Rent for each Fiscal Year shall be payable from the Commencement Date through (and including) the Rent Payment Date in arrears in twelve (12) equal installments on the eleventh (11th) first business day of each calendar month in equal monthly installments of Two Thousand Three Hundred Thirty-Three Dollars and Thirty-Four Cents ($2,333.34), triple net as set forth below. The first installment of rental shall be payable at the time of occupancy under this Lease. (3) From fourteen (14) months after the Commencement Date for a period of one (1) year, Lessee shall pay to Landlord as yearly rent the sum of Twenty-Nine Thousand Six Hundred Dollars and No Cents ($29,600.00), payable in advance, without setoff or deduction, except as otherwise provided by law, on the first business day of each calendar month in equal monthly installments of Two Thousand Four Hundred Sixty-Six Dollars and Sixty-Seven Cents ($2,466.67), triple net as set forth below. (4) From twenty-six (26) months after the Commencement Date for a period of one (1) year, Lessee shall pay to Landlord as yearly rent the sum of Thirty-One Thousand Two Hundred Dollars and No Cents ($31,200.00), payable in advance, without setoff or deduction, except as otherwise provided by law, on the first business day of each calendar month in equal monthly installments of Two Thousand Six Hundred Dollars and No Cents ($2,600.00), triple net as set forth below. In the event the term of this Lease commences on a day other than the first business day of a calendar month, Lessee shall pay to Landlord, on or before the Commencement Date of the Initial Term and each Extended Term (the "Rent Payment Date"); provided that if such 11th day is not term, a Business Day, then the Rent Payment Date shall be the next preceding Business Day. Minimum Rent shall be paid for the period pro-rata portion of the eleventh (11th) monthly installment of each month (orrent, if applicable, the Commencement Date) through the tenth (10th) of the next month (or, if applicable, the expiration of the Term) (each, a "Rental Period"), provided that the first and last payments of Minimum Rent shall such pro-rata portion to be prorated as to any partial Rental Period, based on the number of days within the Term during such Rental Period and the number of days remaining in such Rental Period. The first installment payment of Minimum Rent shall be payable on May 11, 1998, for the Rental Period beginning with partial month after the Commencement Date and ending May 10, 1998. Notwithstanding the foregoing, for the period commencing with the date hereof and expiring on the third (3rd) anniversary of the date hereof, to the extent that Available Cash is less than the amount of Fixed term. All Minimum Rent and Percentage Rent, as certified by Tenant (together with reasonable documentation thereof) Additional Rent including Maintenance and agreed Operation Expenses shall be subject to by Landlord, the Fixed Rent and Percentage Rent shall accrue, and the payment thereof (together with interest at the Interest Rate)Florida state sales tax.

Appears in 1 contract

Sources: Lease Agreement (Findwhat Com)

Minimum Rent. From and after the Rent Commencement Date, Tenant covenants and agrees to pay on a monthly basis during the term “Base Rent” in the following amounts to Landlord at the address listed above or such other place as Landlord may by thirty (i30) For the period commencing on the Commencement Date through December 31, 2003, the sum of THIRTY SEVEN MILLION SEVEN HUNDRED TWENTY-FIVE THOUSAND AND 00/100 DOLLARS ($37,725,000.00) per annum. (ii) For the period commencing on January 1, 2004 through December 31, 2008, the sum of THIRTY NINE MILLION ONE HUNDRED EIGHTY-ONE THOUSAND AND 00/100 DOLLARS ($39,181,000.00) per annum. (iii) For the period commencing on January 1, 2009 through February 28, 2014, the greater of (x) FORTY ONE MILLION ONE HUNDRED FORTY THOUSAND AND 00/100 DOLLARS ($41,140,000.00) per annum and (y) the Fair Market Rental of the Leased Property, which unless otherwise mutually agreed days’ prior written notice to by Landlord and Tenant shall be determined by the appraisal procedure set forth in Article XXIV.direct: (a) attached hereto. Minimum For the Initial Term of the Lease Tenant agrees to pay to Landlord, as Base Rent for each Fiscal Year shall be payable from the Commencement Date through Premises, equal consecutive monthly installments of Twenty-five Thousand Dollars (and including$25,000.00) [which is calculated at Twenty Dollars ($20.00) per square foot using 15,000 square feet as the size of the Premises], commencing on the Rent Payment Date in arrears in twelve (12) equal installments Commencement Date, and continuing on the eleventh (11th) first day of each calendar month of during the Initial Term and each Extended Term (the "Rent Payment Date"); provided that if such 11th day is not a Business Day, then the Rent Payment Date shall be the next preceding Business Day. Minimum Rent shall be paid for the period of the eleventh (11th) of each month (or, if applicable, the Commencement Date) through the tenth (10th) of the next month (or, if applicable, the expiration of the Term) (each, a "Rental Period"), provided that the first and last payments of Minimum Rent shall be prorated as to any partial Rental Period, based on the number of days within the Term during such Rental Period and the number of days in such Rental Period. The first installment payment of Minimum Rent shall be payable on May 11, 1998, for the Rental Period beginning with the Commencement Date and ending May 10, 1998Lease. Notwithstanding the foregoing, in the event Tenant’s annual gross sales from the Premises reach Four Million One-hundred Forty Thousand Dollars ($4,140,000.00) in any Lease Year during the Initial Term hereof (the “Gross Sales Threshold”), then Tenant agrees to pay to Landlord, as Base Rent for the period Premises in each lease year thereafter, equal consecutive monthly installments of Thirty Thousand Dollars ($30,000,00) [which is calculated at Twenty Dollars ($20.00) per square foot using 18,000 square feet as the size of the Premises], commencing with the date hereof and expiring on the third (3rd) anniversary first month of the date hereofLease Year following Tenant’s annual statement of gross sales evidencing the Gross Sales Threshold which statement shall provided to Landlord in accordance with Section 6 (e) below. Notwithstanding the foregoing, to in the extent that Available Cash is less than event Tenant’s annual gross sales from the amount of Fixed Rent and Percentage Rent, as certified by Tenant Premises reach Four Million Seven Hundred Fifty-one Thousand Eight Hundred Dollars (together with reasonable documentation thereof$4,751,800.00) and agreed to by Landlord, in any Lease Year during the Fixed Rent and Percentage Rent shall accrue, and Initial Term hereof (the payment thereof (together with interest at the Interest Rate)“Second Gross Sales Threshold”) then Tenant

Appears in 1 contract

Sources: Lease (DSW Inc.)

Minimum Rent. (i) For the period commencing on initial thirty-six (36) months after the Term Commencement Date through December 31Date, 2003, Tenant shall pay to Landlord the sum base Minimum Rent at the rate of THIRTY SEVEN MILLION SEVEN HUNDRED TWENTY-FIVE THOUSAND AND 00/100 DOLLARS One Hundred Twenty Thousand Dollars ($37,725,000.00120,000.00) per annum. year (ii) For hereinafter the period commencing on January 1"Minimum Rent"), 2004 through December 31, 2008, the sum of THIRTY NINE MILLION ONE HUNDRED EIGHTY-ONE THOUSAND AND 00/100 DOLLARS ($39,181,000.00) per annum. (iii) For the period commencing on January 1, 2009 through February 28, 2014, the greater of (x) FORTY ONE MILLION ONE HUNDRED FORTY THOUSAND AND 00/100 DOLLARS ($41,140,000.00) per annum and (y) the Fair Market Rental of the Leased Property, which unless otherwise mutually agreed to by Landlord and Tenant shall be determined by the appraisal procedure set forth in Article XXIV. (a) attached hereto. Minimum Rent for each Fiscal Year shall be payable from the Commencement Date through (and including) the Rent Payment Date in arrears paid in twelve (12) equal monthly installments of Ten Thousand Dollars ($10,000.00) payable in advance on the eleventh (11th) first day of each calendar month month. (ii) Commencing on the first day of the Initial Term and each Extended Term thirty-seventh (37th) month, May 1, 1999, Tenant shall pay to Landlord the Base Minimum Rent of One Thousand Thirty-Two Thousand Dollars ($132,000.00) per year (hereinafter the "Rent Payment DateMinimum Rent"); provided that if such 11th ) to be paid in twelve (12) equal monthly installments of Eleven Thousand Dollars ($11,000.00) payable in advance on the first day is not a Business Dayof each month. (iii) Commencing on the first day of the seventy-third (73rd) month, then May 1, 2002, Tenant shall pay to Landlord the Rent Payment Date shall be the next preceding Business Day. Base Minimum Rent shall of One Hundred Forty-Five Thousand Two Hundred Dollars ($145,200.00) per year, (hereinafter the "Minimum Rent") to be paid for in twelve (12) equal monthly installments of Twelve Thousand One Hundred Dollars ($12,100.00) payable in advance on the period first day of each month. (iv) Commencing on the first day of the eleventh one hundred and ninth (11th109th) month, May 1, 2005, Tenant shall pay to Landlord the Base Minimum Rent of One Hundred Fifty-Nine Thousand Seven Hundred and Twenty Dollars ($159,720.00) per year. (hereinafter the "Minimum Rent") to be paid in twelve (12) equal monthly installments of Thirteen Thousand Three Hundred and Ten Dollars ($13,310.00) to be paid in advance on the first day of each month (or, if applicable, the Commencement Date) through the tenth (10th) of the next month (or, if applicable, the expiration of the Term) (each, a "Rental Period"), provided that the first and last payments of Minimum Rent shall be prorated as to any partial Rental Period, based on the number of days within the Term during such Rental Period and the number of days in such Rental Period. The first installment payment of Minimum Rent shall be payable on May 11, 1998, for the Rental Period beginning with the Commencement Date and ending May 10, 1998. Notwithstanding the foregoing, for the period commencing with the date hereof and expiring on the third (3rd) anniversary of the date hereof, to the extent that Available Cash is less than the amount of Fixed Rent and Percentage Rent, as certified by Tenant (together with reasonable documentation thereof) and agreed to by Landlord, the Fixed Rent and Percentage Rent shall accrue, and the payment thereof (together with interest at the Interest Rate)month.

Appears in 1 contract

Sources: Lease Agreement (Rattlesnake Holding Co Inc)

Minimum Rent. Subject to Section 1.03 below, Subtenant shall pay "Minimum Rent" with respect only to the Long-Term Leaseback Space as follows (iit being expressly agreed that no Minimum Rent shall be payable with respect to the Interim Leaseback Space). (a) For During the period commencing on the Commencement Date through December 31expiration of the Rent Concession Period, 2003as defined in Section 1.03 hereof, and ending on the sum day preceding the fifth (5th) anniversary of THIRTY SEVEN MILLION SEVEN HUNDRED TWENTY-FIVE THOUSAND AND 00/100 DOLLARS the Net Rent Base Increase Date, an annual amount determined by the product of Forty and no/100 ($37,725,000.0040.00) Dollars per annum.annum multiplied by 270,670 rentable square feet, which is equal to Ten Million Eight Hundred Twenty-Six Thousand Eight Hundred and no/l00 Dollars ($10,826,800); (iib) For During the period commencing on January 1, 2004 through December 31, 2008, the sum of THIRTY NINE MILLION ONE HUNDRED EIGHTY-ONE THOUSAND AND 00/100 DOLLARS fifth ($39,181,000.005th) per annum. (iii) For the period commencing on January 1, 2009 through February 28, 2014, the greater of (x) FORTY ONE MILLION ONE HUNDRED FORTY THOUSAND AND 00/100 DOLLARS ($41,140,000.00) per annum and (y) the Fair Market Rental anniversary of the Leased Property, which unless otherwise mutually agreed to by Landlord Net Rent Base Increase Date and Tenant shall be determined by the appraisal procedure set forth in Article XXIV. (a) attached hereto. Minimum Rent for each Fiscal Year shall be payable from the Commencement Date through (and including) the Rent Payment Date in arrears in twelve (12) equal installments ending on the eleventh (11th) day of each calendar month of the Initial Term and each Extended Term (the "Rent Payment Date"); provided that if such 11th day is not a Business Day, then the Rent Payment Date shall be the next preceding Business Day. Minimum Rent shall be paid for the period of the eleventh (11th) of each month (or, if applicable, the Commencement Date) through the tenth (10th) anniversary of the next month Net Rent Base Increase Date, an annual amount determined by the product of Forty-Five and no/100 (or$45.00) Dollars per annum multiplied by 270,670 rentable square feet, if applicable, which is equal to Twelve Million One Hundred Eighty Thousand One Hundred Fifty and no/l00 Dollars ($12,180,150); (c) During the expiration period commencing on the tenth (10th) anniversary of the TermNet Rent Base Increase Date and ending on the day preceding the fifteenth (15th) anniversary of the Net Rent Base Increase Date, an annual amount determined by the product of Fifty and no/l00 (each$50.00) Dollars per annum multiplied by 270,670 rentable square feet, a "Rental Period"which is equal to Thirteen Million Five Hundred Thirty-Three Thousand Five Hundred and no/l00 Dollars ($13,533,500); and (d) During the period commencing on the fifteenth (15th) anniversary of the Net Rent Base Increase Date and ending on the Sublease Expiration Date, provided that an annual amount determined by the first product of Fifty-Five and last payments no/100 ($55.00) Dollars per annum multiplied by 270,670 rentable square feet, which is equal to Fourteen Million Eight Hundred Eighty-Six Thousand Eight Hundred Fifty and no/100 Dollars ($14,886,850). Payments of Minimum Rent shall be prorated in equal monthly installments, in advance in lawful money of the United States of America, which shall be paid by check, subject to collection, and shall be paid to Sublandlord without notice or demand at the address indicated above or to such other person or at such other place as Sublandlord may designate in writing from time to any partial Rental Periodtime. At Sublandlord's or Subtenant's option such payments shall be made by wire transfer of immediately available Federal funds to such account as Sublandlord shall designate in writing to Subtenant from time to time. Provided that there is not then a Claimed Abatement (as defined below) in effect, based Sublandlord shall, in satisfaction of Subtenant's obligation to pay Minimum Rent hereunder, on the number first day of days within each month, credit the Term during such Rental Period and the number of days in such Rental Period. The first installment payment amount of Minimum Rent due from Subtenant hereunder for such month against the Sublandlord's concurrent obligation to pay Minimum Rent under the ▇▇▇▇▇▇▇▇▇. In the event that Subtenant shall be payable on May 11deliver to Sublandlord a written notice stating (x) that Subtenant is entitled to an abatement of Minimum Rent pursuant to this Sublease and referencing the Section of this Sublease pursuant to which Subtenant is claiming such abatement, 1998, for the Rental Period beginning with the Commencement Date and ending May 10, 1998. Notwithstanding the foregoing, for the period commencing with the date hereof and expiring on the third (3rdy) anniversary of the date hereof, to the extent that Available Cash is less than the amount of Fixed abatement (the "Claimed Abatement") to which Subtenant is claiming it is entitled and (z) the period during which such abatement is or will be in effect, Sublandlord shall credit against Sublandlord's obligation to pay Minimum Rent under the ▇▇▇▇▇▇▇▇▇ only that portion (if any) of the Minimum Rent payable by Subtenant hereunder in excess of the Claimed Abatement. No payment by Subtenant or receipt by Sublandlord of a lesser amount than the Minimum Rent therein specified, nor any endorsement or statement on any check or letter accompanying such check shall be deemed an accord and Percentage Rentsatisfaction, as certified by Tenant (together with reasonable documentation thereof) and agreed Sublandlord may accept such check or payment without prejudice to by LandlordSublandlord's right to recover the balance of such Minimum Rent or pursue any other remedy in this Sublease provided. In the event Subtenant's obligation to pay Minimum Rent commences on a date other than the first day of a calendar month or ends on a date other than the last day of a calendar month, the Fixed Rent and Percentage Rent same shall accrue, and the payment thereof (together with interest at the Interest Rate)be pro-rated.

Appears in 1 contract

Sources: Sublease (Credit Suisse First Boston Usa Inc)