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Base Rent Abatement
Base Rent Abatement contract clause examples
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Additional Rent. Subtenant shall pay to Sublandlord its pro rata share (“Pro-Rata Share”) of all “Direct Expenses” (as defined in [Section 4.2.2] of the Master Lease) and costs of utilities under [Section 6.2] of the Master Lease, as incorporated herein, and all amounts other than Base Rent required to be paid by Sublandlord under the Master Lease to perform maintenance or provide utilities with respect to the Subleased Premises and the Shared Area (in each case as if Master Landlord provided the same; including being subject to the terms of [Section 4.2.4] of the Master Lease), as and when such amounts are due under the Master Lease, as incorporated herein. For purposes of this Sublease, Subtenant’s Pro Rata Share is deemed to be 13.97% with respect to the Building, which is equal to 100% of the rentable square feet of the Subleased Premises plus 25% of the rentable square feet of the Shared Area, divided by the square footage of the Building, and 29.23% with respect to the Premises. Sublandlord shall promptly forward to Subtenant all Estimate Statements, Statements, invoices and backup documentation received from Master Landlord regarding “Tenant’s Share” of Direct Expenses under the Master Lease. Subtenant shall also pay to Sublandlord, within thirty (30) days of request by Sublandlord, the entire cost of such amounts to the extent due to the misuse or excess use or negligence, willful misconduct or violation of this Sublease by Subtenant or any of its agents, employees or contractors. In addition, Subtenant shall pay to Sublandlord, within thirty (30) days of request by Sublandlord, the entire cost of Sublandlord’s cost of performing any repairs or maintenance or providing other services to the Subleased Premise or Shared Area specifically requested by Subtenant. All monetary obligations of Subtenant to Sublandlord under this Sublease (other than Base Rent) shall be deemed “Additional Rent.” Base Rent and Additional Rent shall be referred to collectively as “Rent”. Subtenant shall be entitled to its Pro-Rata Share of all credits, if any, given by Master Landlord to Sublandlord for Sublandlord’s overpayment of such amounts, and shall not be required to pay any gross receipts tax on rent payable under the Master Lease.

Option Rent. The Rent payable by during an Option Term (the “Option Rent”) shall be equal to one hundred percent (100%) of the “Market Rent,” as that term is defined in, and determined pursuant to, Exhibit G attached hereto.

Monthly Rent. The Tenant shall make monthly installments payments of $20000 (the “Rent”) to the Landlord, payable in advance on the 1st day of each month.

Option Rent. The annual Rent payable by Tenant during the Option Term (the "Option Rent XE "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 XE "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 " XE "Comparable Transactions" Comparable Transactions"), taking into consideration the following concessions (the " XE "Concessions" Concessions"): # rental abatement concessions, if any, being granted such tenants in connection with such comparable space; # tenant improvements or allowances provided or to be provided for such comparable space, and taking into account the value, if any, of the existing improvements in the subject space (other than improvements installed by Tenant at Tenant’s sole cost and expense), such value to be based upon the age, condition, design, quality of finishes and layout of the improvements and the extent to which the same can be utilized by a general office/lab user other than Tenant; and # other reasonable monetary concessions being granted such tenants in connection with such comparable space; provided, however, that in calculating the Fair Rental Value, no consideration shall be given to the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with Tenant's exercise of its right to extend the Lease Term, or the fact that landlords are or are not paying real estate brokerage commissions in connection with such comparable space. The Concessions shall be reflected in the effective rental rate (which effective rental rate shall take into consideration the total dollar value of such Concessions as amortized on a straight-line basis over the applicable term of the Comparable Transaction (in which case such Concessions evidenced in the effective rental rate shall not be granted to Tenant)) payable by Tenant. The term “ XE “Comparable Buildings” Comparable Buildings” shall mean the Building and those other life sciences buildings which are comparable to the Building in terms of age (based upon the date of completion of construction or major renovation to the building), quality of

Prepaid Rent. Upon commencement of leasing activities at the Property, shall # separately hold (or track by separate ledger entry) all Prepaid Rent in connection with the Property, # maintain a disbursement schedule for all Prepaid Rent, which disbursement schedule shall list the Tenant(s) and calendar month(s) for which the Prepaid Rent applies (the “Prepaid Rent Schedule”), and # deliver to an Officer’s Certificate attaching the then current Prepaid Rent Schedule and certifying that the same is true, correct and complete in all material respects.

Percentage Rent. For each Lease Year during the term of this Lease, Tenant shall pay to Landlord Percentage Rent equal to the positive difference, if any, between # 50% of Tenant’s gross receipts derived from all of Tenant’s activities on the Premises and # the Base Rent paid by Tenant for such Lease Year. Within forty-five (45) days following the end of each Lease Year, Tenant shall provide to Landlord a statement certifying the amount of total gross receipts derived by Tenant from all of its activities on the Premises and the amount, if any, due as Percentage Rent. If such statement shall show that an amount of Percentage Rent is due hereunder, the statement shall be accompanied by Tenant’s payment of such amount. Landlord shall have the right to examine in Providence, Rhode Island Tenant’s books and records at Tenant’s principal place of business on reasonable prior notice during regular business hours to determine the accuracy of any such statement provided by Tenant. In the event of any dispute concerning whether any amount is due hereunder, the matter shall be submitted for determination to a regional or national accounting firm that does no business with either Landlord or Tenant selected by Tenant within fifteen (15) days of the provision of a list prepared by Landlord containing not more than three firms. In the event Tenant fails to make a selection within said fifteen (15) day period, Landlord may select a firm from such list and such selection shall be binding on Tenant. If such accounting firm determines that Tenant understated its gross receipts by 5% or more, then Tenant shall bear the full cost of such accounting firm. Otherwise, Landlord and Tenant shall each pay 50% of the cost thereof.

In any case where Landlord exercises its right of termination as provided in Section 2.2 hereof, or temporary repossession as provided in Section 2.3 hereof, as to a portion of the Premises, the Base Rent after the effective date of such termination shall be the product of # the Base Rent immediately prior to the withdrawal or temporary repossession and # a fraction the numerator of which shall be the number of usable parking spaces located on the Premises immediately after the effective date of the partial termination or temporary repossession and the denominator shall be the number of parking spaces located on the Premises immediately before such partial termination or temporary repossession. A “usable” parking space is a space that continues to be reasonably usable in Tenant’s ordinary course of business, as opposed to a space that, for example, but without limitation, is functionally cut off and not reasonably usable, whether due to the particular configuration of the space re-taken by Landlord, or otherwise. Further, in the case of the termination of this Lease as to only a portion of a Particular Parking Lot, it shall nonetheless be deemed that no Base Rent is due as to the remainder of such Particular Parking Lot if “reasonably comparable” (as defined in Section 2.3) access does not continue to exist to the same public streets that existed prior to such partial termination. Such Base Rent as so adjusted to reflect a permanent termination of a portion of the Premises shall remain in effect (but, to be clear, shall still be subject to the annual increases discussed in Section 3.2) until the end of the Term of this Lease. Such Base Rent as so adjusted to reflect a temporary repossession shall remain in effect (but, to be clear, shall still be subject to annual increases discussed in Section 3.2) until the portion of the Premises so repossessed is returned to Tenant, at which time the reduction in Base Rent due to such temporary repossession shall end. For avoidance of doubt, when the temporary repossession ends, the Base Rent shall return to being, on a going forward basis, what it would have been had the temporary repossession never occurred. Landlord and Tenant agree that upon return of the Lot 20 Construction Area, the Base Rent shall be increased by $2,800 per month, adjusted for any increase as required by Section 3.2 hereof

Additional Rent. All monies other than Base Rent required to be paid by Tenant hereunder, including, but not limited to, Tenant’s Proportionate Share of Operating Expenses, as specified in Paragraph 7 of this Lease, charges to be paid by Tenant under Paragraph 15, the interest and late charge described in Paragraphs 26.4 and 26.5, and any monies spent by Landlord pursuant to Paragraph 30, shall be considered additional rent (“Additional Rent”). Except as otherwise provided herein, all items of Additional Rent shall be paid within 30 days after Landlord’s request for payment. “Rent” shall mean Base Rent and Additional Rent.

Rent Roll. A current rent roll (“Rent Roll”) for each of the Properties;

The base rent for the period of January 1, 2023 to December 31, 2023 shall be at the rate of Fifteen Dollars ($15.00) per square foot. The base rent for the period of January 1, 2024 shall be at the rate of Seventeen Dollars ($17.00) per square foot.

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