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SEC Filings

8-K
FORTERRA, INC. filed this Form 8-K on 06/11/2018
Entire Document
 

(iii)    Initial Base Date” means: May 1, 2018.
(iv)    Initial Adjustment Dates” means, collectively, each anniversary of the Initial Base Date, through and including the twenty-fourth (24th) anniversary of the Initial Base Date.
(v)    Initial Base Rent Escalation” means two percent (2.0%).
(vi)    Option Period Base Date” means, in the event the Non-Renewal Notice is not duly and timely given, as provided in Article 2, the twenty-fifth (25th) anniversary of the Initial Base Date.
(vii)    Option Period Adjustment Date” means, collectively, each anniversary of the Option Period Base Date, through and including the ninth (9th) anniversary of the Option Period Base Date.
(b)    The initial Base Rent for the Demised Properties for the Lease Term shall be $17,112,047.00 per annum ($1,426,003.91 per month), denominated in United States Dollars, as increased as hereinafter provided (“Base Rent”). Tenant shall pay to Landlord Base Rent, in advance, without demand therefor, on or before the first day of each and every calendar month during the Lease Term, and if the Commencement Date is not the first day of a calendar month, Tenant shall pay to Landlord pro-rated Base Rent on the Commencement Date for the partial calendar month in which the Commencement Date occurs less an amount equal to the pro-rated base rent amount paid under the Original Lease with respect to such partial calendar month.
(c)    Subject to the terms of this Section, (i) on each of the Initial Adjustment Dates, the Base Rent shall increase by the Initial Base Rent Escalation, and such increased Base Rent shall apply for the ensuing one-year period; (ii) on the Option Period Base Date, the Base Rent shall be recalculated to equal the greater of (x) ninety-five percent (95%) of the Fair Market Rental Value of the Demised Properties, and (y) the annual Base Rent that would have been in effect as of the Option Period Base Date if the Base Rent had been increased in accordance with the methodology set forth in Exhibit B attached hereto, and such recalculated Base Rent shall apply for the ensuing one-year period, (iii) on each of the Option Period Adjustment Dates, the Base Rent shall increase in accordance with the methodology set forth in Exhibit B attached hereto and made a part hereof (the “Option Period Base Rent Escalation”), and such increased Base Rent shall apply for the ensuing one-year period. Notwithstanding the foregoing, in no event shall the new Base Rent adjusted by the Option Period Base Rent Escalation be less than the Base Rent for the prior Lease Year.
(d)    In the event the Non-Renewal Notice is not duly and timely given, as provided in Article 2, Landlord shall, no later than three hundred (300) days prior to the commencement of the Option Period, calculate the Base Rent for the first year of the Option Period in accordance with clause (c)(ii) above, with the determination of the Fair Market Rental Value of the Demised Properties calculated in accordance with clause (e) below.
(e)    In the event the Non-Renewal Notice is not duly and timely given, as provided in Article 2, then Landlord and Tenant shall attempt in good faith for a period of ten (10) days to agree upon a single Appraiser; and if Landlord and Tenant are so able to agree, the determination by such single Appraiser of a Fair Market Rental Value for the Demised Properties for purposes of recalculating the Base Rent for the first year of the Option Period in accordance with clause (c)(ii) above for the first year of the Option Period

-5-    A&R MASTER LAND AND BUILDING LEASE
ACTIVE 229182768