Common use of Monthly Concession Rent Payments Clause in Contracts

Monthly Concession Rent Payments. Tenant shall pay, per Lease Year, the greater of the MAG or 10% of Gross Revenues. Tenant shall pay, as concession rent for the Premises, estimated monthly Base Rent in advance on or before the first (1st) day of each calendar month of the Term as set forth below: (a) On or before the Rent Commencement Date and the first (1st) day of each calendar month thereafter, Tenant shall pay the current monthly MAG to the City’s Rent Payment Address. If the Rent Commencement Date occurs on a date other than the first day of a calendar month, then the monthly MAG for such first month (the “First Month”) shall be prorated based on a 30-day month. (b) On or before the twentieth (20th) day of each calendar month after the First Month, concurrently with its submission of the Sales Reports described below covering the prior calendar month, Tenant shall pay to City the deficiency, if any, between the Base Rent payable by Tenant with respect to such prior calendar month (based on the Gross Revenues achieved with respect to such prior month), and the amount actually paid by Tenant pursuant to the foregoing subsection (a) with respect to such month. (c) All payments hereunder shall be paid to City’s Rent Payment Address, or at such other place as City may from time to time designate in writing. (d) The MAG with respect to the first Lease Years of the Term will be prorated, based on a 365-day year. Without limiting the generality of the foregoing, as the Initial MAG is an annual amount, the Minimum Annual Guarantee with respect to the first Lease Year shall be prorated, based on a 365-day year, to reflect the fact that the first Lease Year shall be less than a full 12-month period. (e) All Rent shall be paid in lawful money of the United States, free from all claims, demands, setoffs, or counterclaims of any kind. (f) Any Rent not paid when due shall be subject to a service charge equal to the lesser of the rate of one and one-half percent (1½%) per month, and the maximum rate permitted by law. Acceptance of any service charge shall not constitute a waiver of Tenant’s default on the overdue amount or prevent City from exercising any of the other rights and remedies available to City.