LIOX » Topics » 2. Base Rent .

This excerpt taken from the LIOX 10-Q filed May 8, 2009.

Section 4.01 Base Rent

(a) Monthly Base Rent.

Commencing on the Commencement Date and continuing throughout the Lease Term, Tenant shall pay to Landlord, without prior notice or demand, base rent (“Base Rent”) as set forth in the Summary, which shall be payable in monthly installments, in advance, on or before the first day of each calendar month of the Lease Term in which Base Rent is due. For purposes hereof, “Lease Year” shall mean each consecutive twelve (12) month period during the Lease Term; provided, however, the first Lease Year shall commence on the Commencement Date and end on the last day of the calendar month immediately preceding the first anniversary of the Commencement Date, and the second and each succeeding Lease Year shall commence on the first day of the next calendar month. In the event that any Lease Year


contains more or less than twelve (12) full calendar months, the annual Base Rent for such Lease Year shall be multiplied by a fraction, the numerator of which shall be the number of months in such Lease Year and the denominator of which shall be twelve (12). In the event that any month in any Lease Year is less than a full calendar month, the Base Rent and Additional Rent for such month shall be multiplied by a fraction, the numerator of which shall be the number of days in such month during the Lease Term and the denominator of which shall be number of days in such calendar month (e.g., if the Lease Term commences September 14, the fraction for such month shall be 14/30).

This excerpt taken from the LIOX 10-Q filed Nov 10, 2008.

2. Base Rent.

(a) From and after the mutual execution of this Amendment until the Existing Termination Date, and in addition to all other charges payable under the Lease, Tenant shall continue to pay the Monthly Rent with respect to the Premises in accordance with the terms and provisions of the Existing Lease, except that provided there is no Event of Default by Tenant existing under the Lease at any time before or during the “Waiver Period” (as hereinafter defined), the monthly installments of Monthly Rent due under the Lease is hereby waived by Landlord (“Waived Rent”) for the first three (3) full calendar months commencing on the Effective Date or, if the Effective Date is not the first day of a calendar month, on the first day the month immediately following the Effective Date (“Waiver Period”). This waiver shall not affect Tenant’s obligation to pay Tenant’s Electrical Charge, Tenant’s Share of increases in Operating Expenses and Tax Expense, or any other amounts payable by Tenant under the Lease. Commencing on the first day following the expiration of the Waiver Period. Tenant shall re-commence paying the Monthly Rent due under the Existing Lease. Notwithstanding the foregoing, in the event the Lease is terminated prior to the expiration of the Extended Term due to an Event of Default by Tenant, Tenant shall, in addition to any and all other amounts payable by Tenant pursuant to the Lease, repay the entire amount of Waived Rent to Landlord, together with interest at ten percent (10%) per annum, accruing from the date such payment would have been due through the date of repayment of such amount by Tenant.

(b) During the Extended Term, Tenant shall pay the Monthly Rent for the Premises in the amounts set forth below, in accordance with the terms of Section 5 of the Existing Lease:

 

Time Period

   Monthly Rent    Annual Rent    Monthly Rent
Per Rentable
Square Foot

From June 1, 2009 through May 31, 2010

   $ 75,564.50    $ 906,774.00    $ 33.00

From June 1, 2010 through May 31, 2011

   $ 77,854.33    $ 934,252.00    $ 34.00

From June 1, 2011 through May 31, 2012

   $ 80,144.17    $ 961,730.00    $ 35.00

From June 1, 2012 through May 31, 2014

   $ 82,434.00    $ 989,208.00    $ 36.00

3. Tenant’s Share of Operating Expenses and Tax Expenses; Additional Rent. During the Extended Term, Tenant shall pay Tenant’s Share of Operating Expenses and Tax Expenses

 

2


with respect to the Premises in accordance with the terms of Section 2f and Section 7 of the Existing Lease, provided that, with respect to the Extended Term, (a) the Base Year shall be calendar year 2009, (b) the Base Tax Year shall be the fiscal tax year ending June 30, 2009, and (c) for purposes of the Lease, Tenant’s Share shall be 17.044%. During the Extended Term, Tenant shall continue to pay all other Additional Rent and other charges, including without limitation, Tenant’s Electricity Charge, accruing under the Existing Lease with respect to the Premises in the manner and at the times specified in the Existing Lease.

4. Acceptance of Premises. Tenant is currently in occupancy of the Premises and acknowledges and agrees that (a) Landlord shall have no obligation to perform any work to prepare the Premises for Tenant’s use and occupancy during the Extended Term, and (b) Tenant hereby accepts the Premises in its current condition, “AS-IS,” “WITH ALL FAULTS.” Additionally, Tenant acknowledges that Landlord has not made any representation or warranty with respect to the condition of the Premises or the Building with respect to the suitability or fitness of any of the same for the conduct of Tenant’s permitted use, its business or for any other purpose.

5. Tenant Improvement Allowance. Landlord shall make available to Tenant a one-time tenant improvement allowance (the “Allowance”) for the purchase and installation of improvements which are permanently affixed to the Premises (the “Improvements”) in an amount equal to Two Hundred Six Thousand Eighty-Five and 00/100 Dollars ($206,085.00). The construction and installation of the Improvements shall be made in accordance with the terms of Section 9 of the Existing Lease, including, without limitation, the obligation of Tenant to pay an Alterations Operations Fee as more particularly described therein. Landlord shall, within forty-five (45) days following receipt of invoices marked as paid, unconditional mechanics’ lien releases and such other information as Landlord may reasonably request with respect to the Improvements, reimburse Tenant for the hard costs incurred and paid by Tenant for the Improvements; provided, however, that in no event shall Landlord be obligated to make disbursements pursuant to this Section 5 in a total amount which exceeds the Allowance. Any portion of the Allowance not utilized by Tenant by June 1, 2010 may, after receipt of written request from Tenant, be applied against Monthly Rent due after such written request.

6. Tenant’s Electrical Charge. During the Extended Term, Tenant’s Electrical Charge in Section 2 i of the Existing Premises shall equal $41,217.00 per annum, payable in equal monthly installments of $3,434.75 per month at the times and in the manner set forth in Section 5 of the Existing Lease.

EXCERPTS ON THIS PAGE:

10-Q
May 8, 2009
10-Q
Nov 10, 2008
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