Option Term Fixed Minimum Rent Sample Clauses

Option Term Fixed Minimum Rent. Within twenty (20) days after Tenant notifies Lessor pursuant to Section 26.01 above, each party hereto shall select an appraiser (who shall be a member of the American Institute of Real Estate Appraisers or other comparable professional appraisal society). The two (2) appraisers so selected shall proceed to promptly determine the fair market rent to be paid by Tenant for the leased premises during the Option Term. The two (2) appraisers shall deliver their written reports to both parties no later than forty five (45) days after Tenant's notice pursuant to Section 26.01. The determination of such fair market rent by the two (2) appraisers, selected as hereinabove provided, shall be final and binding upon both parties; and if the two (2) appraisers so selected are unable to agree upon such a fair market rent, said two (2) appraisers shall select a third appraiser (who shall also be a member of the American Institute of Real Estate Appraisers or other comparable professional appraisal society) whose determination as to such fair market rent shall be averaged with the appraisals of the other two (2) appraisers, and the average of the three (3) appraisals shall be conclusive evidence as to such fair market rent and shall be final and binding upon both parties. Each party shall pay the fee and expense of the appraiser, selected by such party, and, if a third appraiser is selected, the fee of the third appraiser shall be borne equally between the parties hereto. Fixed minimum rent during the Option Term shall be paid in monthly installments, in advance upon the first day of each month, without any prior demand therefor and without any deduction or set-off whatsoever. Notwithstanding any provision contained herein to the contrary, at no time shall the fixed minimum rent during the Option Term decrease or be less than the fixed minimum rent paid during the last Lease Year of the Lease Term.
View Source

Related to Option Term Fixed Minimum Rent

  • 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:

  • Base Year The period beginning on 1 April of one year and ending on 31 March of the following year.

  • Lease Year Lease Year" means each consecutive twelve-month period beginning with the Commencement Date, except that if the Commencement Date is not the first day of a calendar month, then the first Lease Year shall be the period from the Commencement Date through the final day of the twelve months after the first day of the following month, and each subsequent Lease Year shall be the twelve months following the prior Lease Year.

  • 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).

  • Option Term This option shall have a term of ten (10) years measured from the Grant Date and shall accordingly expire at the close of business on the Expiration Date, unless sooner terminated in accordance with Paragraph 5 or 6.