Percentage Rent. Tenant shall (i) not later than the tenth (10th) day after the close of each calendar month, deliver to Landlord at the Center office a written statement certified under oath by Tenant or an officer of Tenant, showing Gross Sales and Adjusted Gross Sales made in such calendar month; and (ii) not later than thirty (30) days after the end of each Lease Year or Partial Lease Year, deliver to Landlord at the Center office a statement of Gross Sales and Adjusted Gross Sales for such Lease Year or Partial Lease Year the correctness of which is certified to by Tenant or an officer of Tenant. If Tenant fails to prepare and deliver any statement of Gross Sales and Adjusted Gross Sales required hereunder, within the time or times specified above, then Landlord shall have the right, in addition to the other rights and remedies set forth in this Lease, (a) to collect from Tenant a sum which shall be $250.00 which shall be deemed liquidated damages for administrative and overhead expenses resulting from such failure, and (b) to estimate Tenant’s Adjusted Gross Sales for any non-reported period and bill Tenant’s Percentage Rent accordingly. Landlord reserves the right, at Xxxxxxxx’s option, to adjust Percentage Rent xxxxxxxx when actual Adjusted Gross Sales reports are received. Percentage Rent shall become due and payable in each Lease Year on the fifteenth (15th) day of the month immediately following the month during which Adjusted Gross Sales exceed the Sales Breakpoint for such Lease Year, and thereafter shall be paid monthly on all additional Adjusted Gross Sales made during the remainder of such Lease Year, such payments to be made concurrently with the submission by Tenant to Landlord of the written statement of monthly Adjusted Gross Sales as provided for herein. Tenant will preserve for at least three (3) years at Tenant’s notice address all original books and records disclosing information pertaining to Gross Sales and Adjusted Gross Sales and such other information respecting Gross Sales and Adjusted Gross Sales as Landlord requires, including, but not limited to, cash register tapes, sales slips, sales checks, gross income and sales tax returns, bank deposit records, sales journals and other supporting data including itemized records of permitted exclusions. Landlord and its agents shall have the right during business hours to examine and audit such books and records preserved by Xxxxxx. If such examination or audit discloses a liability for Percentage Rent...
Percentage Rent. In addition to the Base Rent, Lessee shall be: (check one) ☐ - Not required to make payments related to Lessee’s sales or revenue (“Percentage Rent”). ☐ - Required to pay __________________ percent (____%) of __________________ (gross sales, net sales, etc.). Such payment shall be made ☐ Monthly ☐ Quarterly ☐ Annually along with a receipt to show proof of percentage calculation (“Percentage Rent”). The Base Rent and the Percentage Rent shall be referred collectively to as the “Rent.”
Percentage Rent. In addition to the Base Rent, there is: (check one)
Percentage Rent. The Tenant must pay % of ☐ ☐ ☐ - Monthly - Quarterly - Annually Hereinafter known as the “Percentage Rent.” The Base Rent and the Percentage Rent shall be referred to collectively as the “Rent.”
Percentage Rent. In addition to the Base Rent, Tenant shall be: (check one) ☐ – Not required to make payments related to Tenant’s sales or revenue (“Percentage Rent”). ☐ – Required to pay [#]% of [TYPE OF SALES] (gross sales, net sales, etc.). Such payment shall be made with a receipt and proof of calculation and paid each: (check one) ☐ Monthly ☐ Quarterly ☐ Annually The Base Rent and the Percentage Rent shall be referred collectively to as the “Rent.” 7.
Percentage Rent. For each fiscal year during the Term commencing with the fiscal year in which the Commencement Date falls and ending with the fiscal year in which the Term (including any applicable extensions) ends, Lessee shall pay percentage rent (“Percentage Rent”). Percentage Rent for the applicable Fiscal Year shall be an amount equal to the applicable Annual Revenues Computation (as defined below) less an amount equal to the Base Rent paid with respect to such Fiscal Year. For the purpose of the foregoing calculation: The annual revenues computation (“Annual Revenues Computation”) is equal to the amount obtained by adding, for the applicable Fiscal Year, an amount equal to the sum of (i) seventeen percent (17%) of all Suite Revenues for the applicable Fiscal Year up to the applicable suite revenue breakpoint (the “Suite Revenue Breakpoint”) described in Schedule 3.1(b), attached hereto, (prorated for the first and last Fiscal Year of the Term (including any applicable extensions)) and fifty-five percent (55%) of all Suite Revenues for the applicable Fiscal Year in excess of the applicable Suite Revenue Breakpoint. At the beginning of each Fiscal Year, the Suite Revenue Breakpoints shall be adjusted by the same percentage that the Base Rent is adjusted pursuant to Subsection 3.1(d). The Percentage Rent shall be payable as follows:
(i) with respect to each calendar month of the Term, Lessee shall pay on or before the last day of the calendar month an amount equal to the excess, if any, of (A) seventy-five percent (75%) of the amount of Lessee’s budgeted Percentage Rent payable with respect to the then current calendar month (which budgeted amount shall be equal to one-twelfth (1/12) of the annual estimate of Percentage Rent included in the Annual Budget for the Fiscal Year in which the calendar month occurs) over (B) Base Rent for such calendar month; and
(ii) with respect to each Fiscal Year of the Term, Lessee shall pay on or before the 15th day following the end of the Fiscal Year an amount equal to the amount by which the aggregate amount of all payments pursuant to Section 3.1(b)(i) in respect of Percentage Rent for such Fiscal Year shall be less than one hundred percent (100%) of the estimated Percentage Rent included in the Annual Budget for such Fiscal Year. In no event will the amount of Percentage Rent payable for any Fiscal Year or the result of any Annual Revenues Computation be less than zero, and there shall be no reduction in the Base Rent regardless of...
Percentage Rent. In addition to the Base Rent, Tenant shall be: (check one) ☐ - Not required to make payments related to Tenant’s sales or revenue (“Percentage Rent”).
Percentage Rent. The Tenant must pay [#]% of [TYPE OF SALES] (gross sales, net sales, etc.). Such payments shall be made, with proof of calculation: (check one) ☐ - Monthly ☐ - Quarterly ☐ - Annually Hereinafter known as the “Percentage Rent.” The Base Rent and the Percentage Rent shall be referred collectively to as the “Rent.”
Percentage Rent. In addition to the Base Rent, there is: (check one) ☐ - No Percentage Rent.
Percentage Rent. If a lease for which a commission is payable hereunder contains a percentage rent clause, Client shall pay a commission on the percentage rent payable by the tenant at the commission rate applicable to the period of the lease term for which the percentage rent is payable. This commission shall be payable within fifteen (15) days after receipt of each tenant payment to Client.
