Common use of Rent Calculation Clause in Contracts

Rent Calculation. The rent for each tenant is the product of the Annual Square Foot Cost multiplied by the number of square foot leased, based on the following definitions: i. Total Estimated Annual Operating Cost – the sum of the Building Sinking Fund Annual Payment, estimated annual utility cost and the Maintenance and Operating Cost, including Janitorial and Maintenance Services, Grounds Maintenance and Building Administration. ii. Annual Square Foot Cost – the Total Estimated Annual Operating Cost divided by 25,050 which is the number of usable square feet in the building. iii. Base Rent – rent for each tenant based on the Annual Square Foot Cost. iv. Additional Rent – rent for use of the shared space as identified in the Lease Agreement or contracted for on an annual basis, based on the Shared Space Rental Rate. v. Shared Space Rental Rate – fees for use of the gym, dining room and second floor classrooms as detailed in Section II. vi. Room Rental Fees – Charge to building tenants for use of shared spaces reserved on an as-available basis in accordance with Section II. vii. Total Rent – the sum of the Base Rent, the Additional Rent and Room Rental Fees.