Rent Clause Example from Business Contracts

Rent. (a) Base Rent. The first month's Base Rent and the Security Deposit shall be due and payable on delivery of an executed copy of this Lease to Landlord. Tenant shall pay to Landlord in advance, without demand, abatement, deduction or set-off except as expressly set forth herein, monthly installments of Base Rent on or before the first day of each calendar month during the Term hereof, in lawful money of the United States of America, at the office of Landlord for payment of Rent set forth above, o...r to such other person or at such other place as Landlord may from time to time designate in writing. Payments of Base Rent for any fractional calendar month shall be prorated. The obligation of Tenant to pay Base Rent and other sums to Landlord and the obligations of Landlord under this Lease are independent obligations. Tenant shall have no right at any time to abate, reduce, or set-off any Rent (as defined in Section 6) due hereunder except for any abatement as may be expressly provided in this Lease. Notwithstanding the foregoing, Base Rent due and payable during the first 12 calendar months of the Term (including any partial month following the Commencement Date), i.e., from the Commencement Date until November 14, 2007, shall be reduced to an amount equal to 50% of the Base Rent set forth above, or $20,135.55 per month. Thereafter, Base Rent due and payable during the immediately succeeding 6 calendar months of the Term (increased by the Rent Adjustment Percentage as provided in Section 5 hereof), i.e., November 15, 2007 until May 14, 2008, shall be increased to an amount equal to 72.5% of such increased Base Rent, or $30,072.44. Commencing on May 15, 2008, and continuing thereafter for the remainder of the Term, Base Rent shall be due and payable in the amount set forth above, subject to adjustment as provided in Section 5 hereof. (b) Rent During Construction of Landlord's Work. Notwithstanding anything herein to the contrary, Landlord agrees that, during Landlord's construction of Landlord's Work following the Commencement Date, in addition to the reduction in Base Rent set forth in Section 4(a), Landlord shall waive Tenant's obligation to pay Base Rent and Operating Expenses hereunder on a day-for-day basis with respect to the portion of the Premises which is rendered unusable to Tenant due to such construction activity. Such waiver with respect to Base Rent shall only take effect if and to the extent that more than 50% of the Premises is rendered unusable as aforesaid. By way of example, and without intending to limit the generality of the foregoing, if 60% of the Premises is rendered unusable due to such construction activity, 60% of Operating Expenses shall be waived and 10% of Base Rent shall be waived, in each case for the number of days that such portion of the Premises is rendered unusable. Following Substantial Completion of Landlord's Work, Landlord shall prepare and deliver to Tenant an accounting of the reduction in Base Rent and Operating Expenses to which Tenant is entitled pursuant to this section, and such amounts shall be deducted from Tenant's next payment of Base Rent and Operating Expenses hereunder. Calculation of any credit against Base Rent hereunder shall be based on the full amount of Base Rent set forth in the Basic Lease Provisions above, not the reduced amount to be paid by Tenant pursuant to Section 4(a). (c) Additional Rent. In addition to Base Rent, Tenant agrees to pay to Landlord as additional rent ("Additional Rent"): (i) Tenant's Share of "Operating Expenses" (as defined in Section 6), and (ii) any and all other amounts Tenant assumes or agrees to pay under the provisions of this Lease, including, without limitation, any and all other sums that may become due by reason of any default of Tenant or failure to comply with the agreements, terms, covenants and conditions of this Lease to be performed by Tenant, after any applicable notice and cure period. © All rights reserved – Alexandria Real Estate Equities 2001 CONFIDENTIAL – DO NOT COPY OR DISTRIBUTE 480 Arsenal Street/Tetraphase Pharmaceuticals, Inc. - Page 4 5. Base Rent Adjustments. Base Rent shall be increased on each annual anniversary of the first day of the first full month during the Term of this Lease, i.e., each December 1 (each an "Adjustment Date") by multiplying the Base Rent payable immediately before such Adjustment Date by the Rent Adjustment Percentage and adding the resulting amount to the Base Rent payable immediately before such Adjustment Date. Base Rent, as so adjusted, shall thereafter be due as provided herein. Base Rent adjustments for any fractional calendar month shall be prorated. View More