Common use of Rent Commencement Date; Late Opening Charges; Prepayments Clause in Contracts

Rent Commencement Date; Late Opening Charges; Prepayments. (a) The Rent Commencement Date is the earlier of the date on which the Permittee’s Work in the Concession Unit, as described in Section 1(2) of Attachment “A” to this Permit, is substantially complete and Permittee opens for business therein, or the Latest Opening Date for the Concession Unit, as set forth on attached Exhibit “5” (the “Latest Opening Date”). After the Rent Commencement Date has occurred, Permittee shall, promptly after Port’s written request, execute and return to the Port a written acknowledgment of the Rent Commencement Date. (b) In the event Permittee fails to open the Concession Unit for business on or before the Rent Commencement Date, Port will incur substantial damages, the exact amount of which are extremely difficult to fix. Accordingly, for each day after the Rent Commencement Date until the day on which Permittee initially opens the Concession Unit for business, Permittee shall pay to Port Five Hundred Dollars ($500) (in addition to the Rent provided in Paragraph E above), as liquidated damages. The parties have agreed that this amount represents a reasonable approximation of the damages likely to be suffered by Port in the event Permittee shall fail to open the Concession Unit for business on or before the Rent Commencement Date. In the event the Concession Unit is not open for business on the date that is sixty (60) days after the Rent Commencement Date, Port shall have the option to terminate this Permit, exercisable by written notice to Permittee given before the Concession Unit is open for business. In that event, Permittee shall be liable for all damages associated with such termination or removal, including Port’s re-leasing costs, and for any Losses (as defined in Section 1(2)(d) of Attachment “A” to this Permit) arising under Section 1(2)(a) of Attachment “A” to this Permit. (c) Notwithstanding anything in this Permit to the contrary, in the event Permittee shall fail to pay any Rent when due hereunder, the Port shall have the right to require Permittee to pay estimated monthly Rent (including the monthly installment of the Minimum Annual Guaranty and one month’s Percentage Fees, and all other amounts payable by Permittee to Port in a calendar month under this Permit) one (1) month in advance of when such payment would otherwise be due. Such prepayment will be based on the highest monthly Rent previously due from Permittee under this Permit. Such right shall be exercised by a written notice from Port to Permittee, which notice may be given any time after such default by Permittee, regardless of whether the same is cured by Permittee. The provision of this Paragraph E.3(c) shall not limit the Port’s rights under Section 19 of Attachment “A” to this Permit.

Rent Commencement Date; Late Opening Charges; Prepayments. (a) The Rent Commencement Date is the earlier of the date on which the Permittee’s Work in the Concession Unit, as described in Section 1(2) of Attachment “A” to this Permit, is substantially complete and Permittee opens for business therein, or the Latest Opening Date for the Concession Unit, as set forth on attached Exhibit “5” (the “Latest Opening Date”). After the Rent Commencement Date has occurred, Permittee shall, promptly after Port’s written request, execute and return to the Port a written acknowledgment of the Rent Commencement Date. (b) In the event Permittee fails to open the Concession Unit for business on or before the Rent Commencement Date, Port will incur substantial damages, the exact amount of which are extremely difficult to fix. Accordingly, for each day after the Rent Commencement Date until the day on which Permittee initially opens the Concession Unit for business, Permittee shall pay to Port Five Hundred Dollars ($500) (in addition to the Rent provided in Paragraph E above), as liquidated damages. The parties have agreed that this amount represents a reasonable approximation of the damages likely to be suffered by Port in the event Permittee shall fail to open the Concession Unit for business on or before the Rent Commencement Date. In the event the Concession Unit is not open for business on the date that is sixty (60) days after the Rent Commencement Date, Port shall have the option to terminate this Permit, exercisable by written notice to Permittee given before the Concession Unit is open for business. In that event, Permittee shall be liable for all damages associated with such termination or removal, including Port’s re-leasing costs, and for any Losses (as defined in Section 1(2)(d) of Attachment “A” to this Permit) arising under Section 1(2)(a) of Attachment “A” to this Permit. (c) Notwithstanding anything in this Permit to the contrary, in the event Permittee shall fail to pay any Rent when due hereunder, the Port shall have the right to require Permittee to pay estimated monthly Rent (including the monthly installment of the Minimum Annual Guaranty and one month’s Percentage Fees), and all other amounts payable by Permittee to Port in a calendar month under this Permit) one (1) month in advance of when such payment would otherwise be due. Such prepayment will be based on the highest monthly Rent previously due from Permittee under this Permit. Such right shall be exercised by a written notice from Port to Permittee, which notice may be given any time after such default by Permittee, regardless of whether the same is cured by Permittee. The provision of this Paragraph E.3(c) shall not limit the Port’s rights under Section 19 of Attachment “A” to this Permit.

Rent Commencement Date; Late Opening Charges; Prepayments. (a) The Rent Commencement Date is the earlier of the date on which the Permittee’s Work in the Concession Unit, as described in Section 1(2) of Attachment “A” to this Permit, is substantially complete and Permittee opens for business therein, or the Latest Opening Date for the Concession Unit, as set forth on attached Exhibit “5” (the “Latest Opening Date”). After the Rent Commencement Date has occurred, Permittee shall, promptly after Port’s written request, execute and return to the Port a written acknowledgment of the Rent Commencement Date. (b) In the event Permittee fails to open the Concession Unit for business on or before the Rent Commencement Date, Port will incur substantial damages, the exact amount of which are extremely difficult to fix. Accordingly, for each day after the Rent Commencement Date until the day on which Permittee initially opens the Concession Unit for business, Permittee shall pay to Port Five Hundred Dollars ($500) (in addition to the Rent provided in Paragraph E above), as liquidated damages. The parties have agreed that this amount represents a reasonable approximation of the damages likely to be suffered by Port in the event Permittee shall fail to open the Concession Unit for business on or before the Rent Commencement Date. In the event the Concession Unit is not open for business on the date that is sixty (60) days after the Rent Commencement Date, Port shall have the option to terminate this Permit, exercisable by written notice to Permittee given before the Concession Unit is open for business. In that event, Permittee shall be liable for all damages associated with such termination or removal, including Port’s re-leasing costs, and for any Losses (as defined in Section 1(2)(d) of Attachment “A” to this Permit) arising under Section 1(2)(a) of Attachment “A” to this Permit. (c) Notwithstanding anything in this Permit to the contrary, in the event Permittee shall fail to pay any Rent when due hereunder, the Port shall have the right to require Permittee to pay estimated monthly Rent (including the monthly installment of the Minimum Annual Guaranty and one month’s Percentage Fees, and all other amounts payable by Permittee to Port in a calendar month under this Permit) one (1) month in advance of when such payment would otherwise be due. Such prepayment will be based on the highest monthly Rent previously due from Permittee under this Permit. Such right shall be exercised by a written notice from Port to Permittee, which notice may be given any time after such default by Permittee, regardless of whether the same is cured by Permittee. The provision of this Paragraph E.3(c) shall not limit the Port’s rights under Section 19 of Attachment “A” to this Permit.

Rent Commencement Date; Late Opening Charges; Prepayments. (a) The Rent Commencement Date for each Concession Unit is the earlier of (i) the date on which the Permittee’s Work in the that Concession Unit, as described in Section 1(2) of Attachment “A” to this Permit, is substantially complete and Permittee opens for business therein, or the Latest Opening Date for the Concession Unit(ii) January 1, as set forth on attached Exhibit “5” (the “Latest Opening Date”)2020. After the Rent Commencement Date for a Concession Unit has occurred, Permittee shall, promptly after Port’s written request, execute and return to the Port a written acknowledgment of the Rent Commencement Date for that Concession Unit. The Minimum Annual Guaranty, and payments into the Marketing Fund and Refurbishment Fund, for a Concession Unit begins on the Rent Commencement Date for such Concession Unit. Payment of Percentage Fees begins on the Commencement Date. (b) In the event Permittee fails to open the a Concession Unit for business on or before the Rent Commencement DateDate applicable to such Concession Unit, Port will incur substantial damages, the exact amount of which are extremely difficult to fix. Accordingly, for each day after the Rent Commencement Date of a Concession Unit until the day on which Permittee initially opens the that Concession Unit for business, Permittee shall pay to Port Five Hundred Dollars ($500) (in addition to the Rent provided in Paragraph E above), as liquidated damages. The parties have agreed that this amount represents a reasonable approximation of the damages likely to be suffered by Port in the event Permittee shall fail to open the a Concession Unit for business on or before the Rent Commencement DateDate for that Concession Unit. In the event the a Concession Unit is not open for business on the date that is sixty (60) days after the Rent Commencement DateDate for that Concession Unit, Port shall have the option to terminate this Permitremove that Concession Unit (and its associated Minimum Annual Guaranty) from the Assigned Space, exercisable by written notice to Permittee given before the that Concession Unit is open for business. In the event a Concession Unit is removed from the Assigned Space pursuant to the foregoing provisions of this Paragraph E.3(b), the Port shall send to Permittee an amendment to this Permit showing the deletion of that eventConcession Unit from the Assigned Space, and this Permit shall be deemed amended thereby. Permittee shall be liable for all damages associated with such termination or removal, including Port’s re-leasing costs, and for any Losses (as defined in Section 1(2)(d) of Attachment “A” to this Permit) arising under Section 1(2)(a) of Attachment “A” to this Permit. (c) Notwithstanding anything in this Permit to the contrary, in the event Permittee shall fail to pay any Rent when due hereunder, the Port shall have the right to require Permittee to pay estimated monthly Rent (including the monthly installment of the Minimum Annual Guaranty and one month’s Percentage Fees, and all other amounts payable by Permittee to Port in a calendar month under this Permit) one (1) month in advance of when such payment would otherwise be due. Such prepayment will be based on the highest monthly Rent previously due from Permittee under this Permit. Such right shall be exercised by a written notice from Port to Permittee, which notice may be given any time after such default by Permittee, regardless of whether the same is cured by Permittee. The provision of this Paragraph E.3(c) shall not limit the Port’s rights under Section 19 of Attachment “A” to this Permit.