DEFINITION AND ALLOCATION OF NET RENTAL INCOME. The parties agree that net rental income for purposes of this Agreement is defined as follows: Apartment and room rentals received, less marketing surcharge of a maximum of 7 1/2% of rentals received in each calendar year, a twelve and one-half percent (12 1/2%) management fee to Agent, travel agents' commissions, reserve for bad debt and credit card expenses. The proceeds of the marketing surcharge will be made available for promoting and advertising the Saddlebrook resort operations. The remaining amount of net rental income, as defined, shall be distributed as follows:
Appears in 7 contracts
Samples: Appointment Agreement (Saddlebrook Resorts Inc), Appointment Agreement (Saddlebrook Resorts Inc), Appointment Agreement (Saddlebrook Resorts Inc)
