Percentage Rental. (a) During the Term, Tenant shall pay to Landlord, as provided below, the dollar amount by which the percent specified in Section 1.13 ("Percentage Rate") of Tenant's "Gross Sales" (as defined in subparagraph (b) below) exceeds the Minimum Annual Rental paid by Tenant to Landlord during each calendar year, or at Landlord's option, its fiscal year, of the Term ("Percentage Rental"). On or before the tenth (10th) day of each month during the Term following the Commencement Date, Tenant shall pay to Landlord the amount by which the Percentage Rate of Gross Sales during the preceding month exceeds the installment of Minimum Annual Rental paid by Tenant for that month. For the purpose of computing Percentage Rental, Gross Sales made during the first partial month, if any, following the Commencement Date shall be added to the Gross Sales made during tile first full calendar month (provided the first partial month is within the same calendar (or fiscal) year as the first full month) and Tenant shall pay to Landlord the amount by which the Percentage Rate of Gross Sales during this entire period exceeds the monthly installments of Minimum Annual Rental which were paid by Tenant during this period. Tenant shall furnish to Landlord a certified statement of Gross Sales within ten (10) days after the close of each calendar month and a certified annual statement, including a monthly breakdown of Gross Sales, on or before the twentieth (20th) day after the end of each year. Statements shall be in the form and certified in the manner shown in Exhibit D attached to this Lease, which form Landlord may revise from time to time. Statements shall include the Gross Sales of all subtenants, licensees and concessionaires of Tenant. Following receipt by Landlord of Tenant's certified annual statement, Landlord shall determine the Gross Sales of Tenant for the preceding year and the amounts paid to Landlord as Minimum Annual Rental and Percentage Rental and shall make an adjustment as follows: If Tenant paid to Landlord an amount greater than the Percentage Rental required to be paid for said year, Tenant shall be entitled to a credit against Tenant's next payment(s) of Percentage Rental for the amount of the overpayment. If Tenant paid an amount less than the Percentage Rental required to be paid, the difference shall be paid to Landlord with the submission of said certified annual statement. Percentage Rental shall be computed separately with respect to each year. For the purpos...
Percentage Rental. Not Applicable.
Percentage Rental. Percentage Rental Rate: Eight percent (8%).
Percentage Rental. 39 (a) In addition to the payment of Minimum Annual Rental and Additional Rent, from and 40 after the Rental Commencement Date, Tenant shall pay to Landlord in accordance with the provisions of 41 this Section 2.02, “Percentage Rental” equal to the product of the Percentage Rental Rate specified in the 42 Data Sheet times the amount by which Gross Sales (as defined in Section 2.03) exceed the “Annual 43 Breakpoint” specified in the Data Sheet.
Percentage Rental. [***] of Gross Sales in excess of the Gross Sales Breakpoint. Percentage Rental is defined in Section 5.3.
Percentage Rental. In addition to the Minimum Annual Rental, Tenant agrees to pay the Landlord, in the manner and upon the conditions and at the times hereinafter set forth, during and for each calendar year of the term hereof and as "percentage rental" hereunder an amount equal to FIELD(%RATE) of all "net sales" (as defined in ARTICLE 5 hereof) in excess of the following amounts made by Tenant in the Leased Premises during any calendar year of the term hereof: From the rental commencement date set forth in ARTICLE 3 through the first FIELD(#MO-1ST) months thereafter: FIELD(BREAKPOINT); From the FIELD(COMMENC2) month after the rental commencement date through the FIELD(#MO-2ND) month thereafter: FIELD(BREAK2); From the FIELD(COMMENC3) month after the rental commencement date through the expiration of this lease term: FIELD(BREAK3). These amounts shall be prorated for the proportionate part, if any, of (i) the first calendar year of the term hereof commencing on the date upon which rental shall commence under ARTICLE 3 hereof and ending on the next following December 31; (ii) any year during which rental payments are terminated as a result of a casualty or condemnation or otherwise as expressly provided for in this Lease; and (iii) any year in which these amounts change on a date other than the first day of such year. The percentage rental shall be first paid for the month in which the aggregate net sales for such calendar year shall first have exceeded the breakpoint for such calendar year and thereafter shall be paid monthly on all additional net sales made during the remainder of such calendar year (or partial year, as the case may be), such payments to be made not later than the fifteenth (15th) day of the next following month.
Percentage Rental. 11 30. Liens ....................................................14 31. Indemnification ..........................................15 32.
Percentage Rental. A. In addition to the Minimum Rent payable annually of THREE HUNDRED NINETY EIGHT THOUSAND SEVENTY SEVEN AND 0/100 DOLLARS ($398,077.00), TENANT agrees to pay LANDLORD a percentage rental based upon the four (4) kinds of gross sales receipts, below set forth, that is, Gross sales receipts received from customers on the Leased Premises and made up of or consisting of the following if the total thereof is in excess of THREE HUNDRED NINETY EIGHT THOUSAND SEVENTY SEVEN AND 0/100 DOLLARS ($398,077.00) per annum:
(i) ten percent (10%) of Gross Annual Sales derived from driving range tee rentals and par 3 golf course greens fees;
(ii) three percent (3%) of Gross Annual Sales derived from sales of foods and beverages;
(iii) three percent (3%) of Gross Annual sales derived from sale of merchandise;
(iv) three percent (3%) of Gross Annual Sales from any other revenue source derived from All-American Golf Center guests or patron usage of the Leased Premises.
B. Each Lease Year shall be considered as an independent accounting period for the purpose of computing the total amount of percentage rental, if any, payable by TENANT to LANDLORD; and, with respect thereto, (a) if the total of the said annual percentage receipts for said four (4) kinds of Gross Annual Sales does not exceed in amount THREE HUNDRED NINETY EIGHT THOUSAND SEVENTY SEVEN AND 0/100 ($398,077.00), no percentage rental is due or payable for that Lease Year; and, if TENANT has paid percentage rental, the amount of such excess payment shall be applied by LANDLORD to the monthly Minimum Rent(s) next payable in the ensuing Lease Year, except in the case of the last Lease Year, in which case such adjustment will be made within THIRTY (30) DAYS after the termination of this Lease; and, (b) if the total of the said annual percentage receipts exceeds THREE HUNDRED NINETY EIGHT THOUSAND SEVENTY SEVEN AND 0/100 DOLLARS ($398,077.00) and, in turn, the amount paid by TENANT exceeds the excess total of said Gross Annual Sales receipts that should be paid for the Lease Year, the excess paid by TENANT shall be similarly applied to monthly Minimum Rent as above provided; and, if based upon the total of the annual percentage receipts over THREE HUNDRED NINETY EIGHT THOUSAND SEVENTY SEVEN AND 0/100 DOLLARS ($398,077.00), there is a sum yet owing by TENANT for the Lease Year, then TENANT shall pay said sum to LANDLORD with the monthly Minimum Rent payment next due.
C. Percentage rent shall be computed each percentage rent...
Percentage Rental. (a) In addition, the Lessee shall pay to the Port Authority an annual percentage rental equivalent to the sum of the following:
(i) A percentage (TO BE INSERTED BY THE PROPOSER) of all the gross receipts, as hereinafter defined, of the Lessee arising during each annual period, as hereinafter defined, from the sales and services set forth in subparagraphs (ii), (iii), (iv), (v), and (vi) of Section 3.
(ii) A percentage (TO BE INSERTED BY THE PROPOSER) of all the gross receipts, as hereinafter defined, of the Lessee arising during each annual period, as hereinafter defined, from the sales and services set forth in subparagraphs (vii) of Section 3.
Percentage Rental. If the amount equal to five percent (5%) of Tenant's Gross Sales (as defined below), during any Lease Year exceeds the Minimum Annual Rental for such Lease Year, Tenant will pay Landlord the amount of such excess, plus applicable sales tax subject to Tenant's recapture rights as set out in Paragraph 5f(5) below. Stated as a formula: (5% x Gross Sales) - Minimum Annual Rental = Percentage Rental Estimated Percentage Rental shall be paid semi-annually and adjusted annually.
