RENEWAL TERM MINIMUM RENT Clause Samples

The "Renewal Term Minimum Rent" clause establishes the minimum amount of rent that must be paid by the tenant during any renewal period of a lease. Typically, this clause specifies that, upon renewal, the rent will not fall below a predetermined baseline, regardless of market fluctuations or other factors. For example, even if market rents decrease, the tenant is still obligated to pay at least the minimum rent set out in this clause. Its core practical function is to protect the landlord’s income stream during renewal terms and provide predictability for both parties regarding future rental obligations.
RENEWAL TERM MINIMUM RENT. The Minimum Rent for each Renewal Term shall be expressed as an annual amount but shall be payable in advance in equal monthly installments on the first business day of each calendar month. Such annual Minimum Rent shall be equal to the product of: 2.2.1 the lesser of (i) the Adjusted Fair Market Value of the Premises (as such term is defined in Section 2.2.4 below) on the date of Tenant's notice of exercise pursuant to Section 1.2.1 or (ii) Landlord's Adjusted Investment in the Premises (as defined in Section 2.2.5 below); and 2.2.2 a percentage equal to three hundred (300) basis points over the twenty (20) day average 10 year United States Treasury rate in effect on the date of Tenant's notice of exercise pursuant to Section 1.2.1. 2.2.3 notwithstanding the foregoing, in no event shall the Minimum Rent for the first Renewal Term exceed one hundred twenty-eight and one-eighth percent (128.125%) of the Total Rent (as such term is defined in Section 2.3.1 below) payable during calendar year 2005, and in no event shall the Minimum Rent for any Renewal Term other than the first Renewal Term exceed one hundred twenty-five percent (125%) of the Total Rent in effect for the Lease Year immediately preceding the first Lease Year of such Renewal Term. Furthermore, in no event shall the Minimum Rent for the first Lease Year of the first Renewal Term be less than one hundred two and one-half percent (102.5%) of the Total Rent payable during calendar year 2005. 2.2.4 As used herein, the "ADJUSTED FAIR MARKET VALUE" of the Premises shall mean fair market value as determined under this Lease with the following adjustments: (i) excluding the enterprise value of any home health agency operated by Tenant out of space in the Premises but including the fair rental value of such space; and (ii) minus the value of any capital improvements to the Premises paid for by Tenant and not funded by Landlord under Section 5.7 below.
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RENEWAL TERM MINIMUM RENT. The Minimum Rent for the first Lease Year in any Renewal Term shall be equal to the greater of: 2.3.1 the product of the fair market value of the Premises on the date of Tenant's notice of exercise pursuant to Section 1.2.1 multiplied by a percentage equal to three hundred (300) basis points over the 10-year United States Treasury rate in effect on the date of Tenant's notice of exercise pursuant to Section 1.2.1 or 2.3.2 the Minimum Rent for the immediately preceding Lease Year (regardless of whether such immediately preceding Lease Year is in the Initial Term or a Renewal Term) after such Minimum Rent has been adjusted for escalation in the manner set forth in Section 2.2.1
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RENEWAL TERM MINIMUM RENT. The Minimum Rent for each Renewal Term shall be expressed as an annual amount but shall be payable in advance in equal monthly installments on the first business day of each calendar month. Such annual Minimum Rent shall be equal to the product of: 2.3.1 the greater of (a) the fair market value of the Premises on the date of Tenant's notice of 2.3.2 a percentage equal to three hundred twenty (320) basis points over the average ten (10) year United States Treasury rate for the twenty (20) day period ending on the date of Tenant's notice of exercise pursuant to Section 1.2.1 above. 2.3.3 As used in this Lease, the term "Landlord's Adjusted Investment" means the product of Landlord's Investment (defined below) times the percentage equal to the sum of (i) One Hundred Percent (100%) plus (ii) the CPI Increase. "CPI Increase" shall mean the percentage increase (the "CPI Increase") in the United States Department of Labor, Bureau of Labor Statistics Consumer Price Index for All Urban Wage Earners and Clerical Workers, United States Average, Subgroup "All Items" (1982-1984=100) (the "CPI"). In no event shall a CPI Increase calculated under this Lease be a negative number. For purposes of this Section 2.3.3, the CPI Increase shall be determined by comparing the CPI in effect as of January 1, 2000 to the CPI in effect on January 1 of the calendar year during which the applicable Renewal Term begins.
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RENEWAL TERM MINIMUM RENT. To establish a fair market Minimum Rent for the Premises during the Renewal Terms, the Minimum Rent for each Renewal Term shall be reset and expressed as an annual amount equal to the product of: (A) Landlord's Investment in the Premises on the Exercise Date for such Renewal Term (provided that, if the "FAIR MARKET VALUE" of the Premises on such Exercise Date as established pursuant to Exhibit C, is greater than the then Landlord's Investment, such Landlord's Investment shall be adjusted for purposes of this Master Lease to be equal to such Fair Market Value), and (B) the Renewal Term Applicable Rate. The "RENEWAL TERM APPLICABLE RATE" for each Lease Year shall be (I) the Renewal Term Base Rate for the first (1st) Lease Year of each Renewal Term, and (II) the Renewal Term Applicable Rate in effect in the immediately preceding Lease Year plus the CPI Increase, not to exceed 25/100ths of one percent (.25%), for the second (2nd) Lease Year and each other Lease Year of each Renewal Term. The "RENEWAL TERM BASE RATE" in each Renewal Term shall be a percentage equal to SIX HUNDRED TWENTY-NINE (629) basis points over the 10-Year U.S. Treasury Rate in effect on the applicable Exercise Date.
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RENEWAL TERM MINIMUM RENT. The Minimum Rent for the Renewal Term shall be expressed as an annual amount but shall be payable in equal monthly installments on the twenty-fifth business day of each calendar month. Such annual Minimum Rent shall be equal to the greater of (i) the fair market rental value of the Premises as of the expiration of the Initial Term (the "Fair Market Rent"), as determined by the parties pursuant to the procedure set forth below or (ii) the Minimum Rent in effect as of the last Lease Year of the Initial Term. If Landlord and Tenant are unable to agree on the Fair Market Rent by that date which is 240 days prior to the expiration of the Initial Term, then such Fair Market Rent shall be established by the appraisal process set forth on Exhibit "C" attached hereto. The Fair Market Rent of the Premises as so determined shall be binding upon the parties and must in all cases be finally determined on or before a date which is not less than 180 days prior to the expiration of the Initial Term.
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RENEWAL TERM MINIMUM RENT. The Minimum Rent for each Renewal Term shall be expressed as an annual amount but shall be payable in advance in equal monthly installments on the first business day of each calendar month. Such annual Minimum Rent shall be equal to the product of: 2.3.1 the greater of (a) the fair market value of the Premises on the date of Tenant's notice of exercise pursuant to Section 1.2.1 or (b) Landlord's Adjusted Investment (defined below) in the Premises, both as applicable; and 2.3.2 a percentage equal to three hundred twenty (320) basis points over the average 10 year United States Treasury rate for the 20 day period ending on the date of Tenant's notice of exercise pursuant to Section 1.2.1 above. 2.3.3 As used in this Lease, the term "LANDLORD'S ADJUSTED INVESTMENT" means the product of Landlord's Investment (defined below) times the percentage equal to the sum of (i) One Hundred Percent (100%) plus (ii) the Increase. For purposes of this Section 2.3.3, the Increase shall be determined by comparing the CPI in effect as of January 1, 1998 to the CPI in effect on January 1 of the calendar year during which the applicable Renewal Term begins.
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RENEWAL TERM MINIMUM RENT. The Minimum Rent for each Renewal Term shall be expressed as an annual amount but shall be payable in advance in equal monthly installments on the first business day of each calendar month. Such annual Minimum Rent shall be equal to the lesser of (a) the Twenty Percent Renewal Amount as defined and determined under Section 2.2.1, or (b) the Invested Capital Renewal Amount as defined and determined under Section 2.2.2.
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RENEWAL TERM MINIMUM RENT. The Minimum Rent for each renewal term shall be expressed as an annual amount but shall be payable in advance in equal monthly installments on the first business day of each calendar month. Such annual Minimum Rent shall be equal to the product of: 2.3.1 the greater of (i) the fair market value of the Premises on the date of Tenant's notice of exercise pursuant to Section 1.2.1, but not to exceed Landlord's Original Investment ($4,350,000) (as increased under Section 5.7 below, if applicable) increased by three percent (3%) per annum compounded annually or (ii) Landlord's Original Investment ($4,350,000) as increased under Section 5.7 below, if applicable; and 2.3.2 a percentage equal to three hundred fifty (350) basis points over the 10 year United States Treasury rate in effect on the date of Tenant's notice of exercise pursuant to Section 1.2. 1. If within ten (10) days of the date of Tenant's notice of exercise pursuant to Section 1.2.1, Landlord and Tenant are unable to agree on the fair market value of the Premises for purposes of this calculation, such fair market value shall be established by the appraisal process described on Exhibit "D" attached hereto. The Minimum Rent for the applicable renewal term must be finally determined by such appraisal process on or before a date ninety (90) days after Tenant's notice of exercise
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RENEWAL TERM MINIMUM RENT. The Minimum Rent for each Renewal Term shall be expressed as an annual amount but shall be payable in advance in equal monthly installments on the first business day of each calendar month. (a) Such annual Minimum Rent shall be equal to the product of: (a) the greater of (i) the fair market value of the Premises on the date of Tenant's notice of exercise to extend for a Renewal Term pursuant to Section 1 or (ii) Landlord's Investment in the Premises of ONE HUNDRED SEVENTY-TWO MILLION NINE HUNDRED FORTY-NINE THOUSAND DOLLARS ($172,949,000), plus, as of the date of such funding, the amount of up to FOUR MILLION DOLLARS ($4,000,000) of 9393.9 (NHP Portfolio Lease) CapEx Funding which may be funded by Landlord or otherwise made available to Tenant pursuant to Section 8.3(b), plus any amount for Alterations advanced by Landlord pursuant to Section 8.4, plus any amount elected to be added by Landlord pursuant to Section 13.4 and plus any other amount that, in accordance with any other term of provision of this Master Lease, is to be added to Landlord's Investment (including, without limitation, pursuant to the provision of Section 26.2), and minus any net award paid to Landlord for a Partial Taking pursuant to Section 18, minus any amounts to be subtracted therefrom as a result of the sale or other disposition of any of the Meditrust Carolina Facilities pursuant to Section 23.3 and minus any other net capital proceeds received by Landlord for any portion of the Premises sold or conveyed, including any portion of the Premises as to which Tenant acquires title pursuant to the operation of the Put set forth in Section 13.2 or otherwise, as to any portion of the Premises for which this Master Lease is terminated during the Term in accordance with its terms, and minus any other amount that, in accordance with any other term of provision of this Master Lease, is to be subtracted from Landlord's Investment (as so adjusted, "LANDLORD'S INVESTMENT"); and (b) a percentage equal to three hundred (300) basis points over the ten (10) year United States Treasury rate as determined on a 30-day trading average immediately prior to the date of Tenant's notice of exercise pursuant to Section 1. (b) If within ten (10) days of the date of Tenant's notice of exercise to determine the applicable Minimum Rent for a subsequent Renewal Term pursuant to Section 1, Landlord and Tenant are unable to agree on the fair market value of the Premises for purposes of this calculation, such fair ...
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Related to RENEWAL TERM 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:

  • Renewal Term If not sooner terminated, this Agreement shall renew at the end of the Initial Term and shall thereafter continue for successive annual periods, provided such continuance is specifically approved at least annually (i) by the Fund’s Board of Trustees or (ii) by a vote of a majority of the outstanding voting securities of the relevant portfolio of the Fund, provided that in either event the continuance is also approved by the majority of the Trustees of the Fund who are not interested persons (as defined in the ▇▇▇▇ ▇▇▇) of any party to this Agreement by vote cast in person at a meeting called for the purpose of voting on such approval. If a plan under Rule 12b-1 of the 1940 Act is in effect, continuance of the plan and this Agreement must be approved at least annually by a majority of the Trustees of the Fund who are not interested persons (as defined in the ▇▇▇▇ ▇▇▇) and have no financial interest in the operation of such plan or in any agreements related to such plan, cast in person at a meeting called for the purpose of voting on such approval.

  • Renewal Terms Immediately following the Initial Term this Agreement shall automatically renew for successive one-year periods (a “Renewal Term”).

  • 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 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).