For the First (1st) and Second (2nd) years of the Term, commencing April 1st, 2023 and terminating on December 31st, 2024, a Base Rent at the rate of twenty-five Dollars ($25.00) per square foot for room #2238 per annum, being a sum of two hundred and eight Dollars and thirty-three Cents ($208.33) per month, plus applicable taxes in accordance with [Section 3.7] herein, payable in advance, without deduction or abatement, by way of equal and consecutive monthly instalments on the first day of each month;
Base Rent Prior to the Substitute Premises Commencement Date, Tenant shall continue to pay Base Rent with respect to the Original Premises in accordance with the terms of the Lease. Commencing as of the Substitute Premises Commencement Date, and continuing throughout the Substitute Premises Term, Tenant shall pay to Landlord monthly installments of Base Rent for the Substitute Premises as follows:
Base Rent became payable on .
Preliminary Base Rent..................................................................................................... Exhibit B
are hereinafter collectively referred to as the " XE "Additional Rent" Additional Rent", and the Base Rent and the Additional Rent are herein collectively referred to as "Rent XE "Rent" ." All amounts due under this Article 4 as Additional Rent shall be payable for the same periods and in the same manner as the Base Rent. Without limitation on other obligations of Tenant which survive the expiration of the Lease Term, the obligations of Tenant to pay the Additional Rent provided for in this Article 4 shall survive the expiration of the Lease Term (subject to the terms of Section 4.4.1, below).
j CALCULATION OF INITIAL BASE RENT
Option Rent. The annual Rent payable by Tenant during the Option Term (the "Option Rent") shall be equal to the "Fair Rental Value," as that term is defined below, for the Premises as of the commencement date of the Option Term. The "Fair Rental Value," as used in this Lease, shall be equal to the annual rent per rentable square foot (including additional rent and considering any "base year" or "expense stop" applicable thereto), including all escalations, at which tenants (pursuant to leases consummated within the twelve (12) month period preceding the first day of the Option Term), are leasing non-sublease, non-encumbered, non-equity space which is not significantly greater or smaller in size than the subject space, with a comparable level of improvements (excluding any property that Tenant would be allowed to remove from the Premises at the termination of the Lease), for a comparable lease term, in an arm's length transaction, which comparable space is located in the "Comparable Buildings," as that term is defined in this Section 2.2.2, below (transactions satisfying the foregoing criteria shall be known as the "Comparable Transactions"), taking into consideration the following concessions (the "Concessions"):
Additional Rent. In addition to Base Rent, Tenant agrees to pay to Landlord as additional rent (Additional Rent): # commencing on the Commencement Date, Tenants Share of Operating Expenses (as defined in Section 5). and # 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.
Additional Rent. [[Organization B:Organization]] shall pay to [[Organization A:Organization]] as Additional Rent throughout the Term, the following:
Mitigation Costs means any and all costs incurred by Tenant, in good faith, in effecting an Existing Lease Reduction Event, including, for example and without limitation, a termination fee paid to the Existing Landlord as consideration for the Existing Landlords agreement to terminate the term of the Existing Lease prior to the last day of the Abatement Period, or any and all costs incurred by Tenant in effecting a Transfer with respect to the Existing Lease, e.g. brokerage, legal fees, free rent and other subtenant/assignee incentives, and construction and design costs in connection with such Transfer. It is agreed that, for purposes of calculating the Net Reduction in Existing Lease Rent, all Mitigation costs shall be deemed amortized over: # in the case of an abatement of rent payable under the Existing Lease, during the period of such abatement: # in the case of a termination of the Existing Lease, from the effective date of such termination through November 30, 2022; # in the case of a sublease, during the term thereof; and # in the case of an assignment or Transfer, from the effective date the assignment or Transfer through November 30, 2022.
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