COMPLIANCE INFO_2021 - Laserfiche WebLink

Home Browse Search

request of the other, shall execute and acknowledge, in form suitable for recording, an instrument confirming any Option Period, with Tenants paying all applicable recording costs. ARTICLE 3 RENT AND SECURITY DEPOSIT Section 3.01 Rent. Tenants shall pay all Base Rent and Additional Rent, from and after the Commencement Date and thereafter throughout the Lease Term, without offset, deduction, or abatement, except as may be otherwise expressly provided herein. Notwithstanding the foregoing, any amounts due by Tenants to Landlord hereunder for which no due date is expressly specified herein shall be due within five (5) days following the delivery to Tenants by Landlord of written notice of such amounts due. Except as otherwise expressly provided herein, in the event of nonpayment by Tenants of any Rent, Landlord shall have the same rights and remedies in respect thereof regardless of whether such Rent is Base Rent or Additional Rent. All payments of Rent due to Landlord shall be paid to Landlord (at its election from time to time) in one of the following manners: (a) by electronic deposit into an account designated by Landlord (a "Landlord's Account"), (b) by mail at Landlord's address set forth in Article 17, or (c) by mail to any other place in the United States designated by Landlord upon at least thirty (30) days' prior written notice to Tenants. Section 3.02 Base Rent. (a) The following terms shall have the following meanings: (i) "Base Date" means May 1st 2021. (ii) "Subsequent Adiustment Dates" means every year following the base date (i.e. 06/01/2021, 06/01/2022, 06/01/2023, etc.) (b) The initial amount for the Demised Property for each month of the Lease Term shall be $9,500.00 for the entire 10 year period. as increased as hereinafter provided ("Base Rent"). The Base Rent shall not be increased by 2% CPI ("Base Rent Adjustment Amount") each subsequent adjustment date, i.e. every year. On the Adjustment Date the then current rent shall be adjusted, Example, on 06/01/2022 rent shall increase to $9,690.00 Section 3.03 Additional Rent and installments. (a) If by applicable Law, any general or special assessment or like charge may be paid in installments without any penalty whatsoever, then such assessment may be paid in such installments, and Tenants shall only be liable for the portion thereof that is allocable or attributable to the Lease Term or any portion thereof. If such assessment or charge may be payable in installments with interest, Tenants may pay such assessment or charge in installments, together with all interest thereon. (b) This is a triple net lease, All operating costs and property taxes are responsibility of the tenant. Tennant shall pay Property Taxes directly to the collecting authority AS WELL AS THE UNDERGROUND STORAGE TANKS AND ADEQUATE SALES TAX TO THE STATE OF CALIFORNIA. 3