Common use of Reporting of Gross Sales Clause in Contracts

Reporting of Gross Sales. Tenant agrees to furnish to Landlord a statement of Gross Sales within twenty (20) days after the close of each calendar month, and an annual statement, including a monthly breakdown of Gross Sales, within forty-five (45) days after the close of each calendar year during the Lease Term and any partial calendar year at the beginning or end of the Lease Term; provided, however, that Tenant shall cause its store manager to orally transmit to Landlord monthly Gross Sales within ten (10) days after the close of each calendar month and annual Gross Sales within thirty (30) days after the close of each calendar year. It is agreed, however, that should Tenant fail twice during the Lease Term to submit its written report of monthly and/or annual Gross Sales within the time periods as provided for herein, then Tenant shall, for the remainder of the Lease Term, be required to submit its written monthly statements of Gross Sales within ten (10) days after the close of each calendar month and to submit its written annual statements of Gross Sales within thirty (30) days after the close of each calendar year. Such statements shall itemize all elements of Gross Sales and Gross Sales Adjustments, and shall be certified as true and correct by a Responsible Officer of Tenant. The receipt by Landlord of any statement or any payment of Percentage Rent for any period shall not bind Landlord as to the correctness of such statement or payment. Upon request, Xxxxxx agrees to furnish to Landlord a copy of Xxxxxx's state and local sales and use tax returns, if required in the state where the Shopping Center is located, but only to the extent such returns are limited to the business conducted upon the Premises. Tenant shall record at the time of sale, in the presence of the customer, all receipts from sales or other transactions using a cash register or computer system that cumulatively numbers and records all receipts. Tenant and its subtenants, licensees, and concessionaires, shall keep (i) full and accurate books of account and records in accordance with generally accepted accounting principles consistently applied, including without limitation, a sales journal, general ledger, and all bank account statements showing deposits of Gross Sales revenue, (ii) all cash register detail tapes with regard to all transactions of Gross Sales, and (iii) detailed original records of all Gross Sales Adjustments. Such books, receipts, and records shall be kept by Tenant for a period of three (3) years after the close of each calendar year and during such 3-year period shall be available for inspection and audit by Landlord and its representatives at the Premises or Tenant's principal place of business at all times during regular business hours upon no less than twenty (20) days prior notice. It is agreed, however, that Xxxxxxxx's right to inspect or audit shall be limited to once every calendar year, provided (i) that in the event any audit reveals an understatement of annual Gross Sales of more than two percent (2%), said limit shall thereafter be inapplicable, and (ii) that in the event any audit shall result in a dispute between Landlord and Tenant, and such dispute may be resolved by another audit, Landlord shall be entitled to a second audit. Any corrections or adjustments to Gross Sales previously reported by Tenant which will result in a refund to Tenant must be reported to Landlord within the three (3) year period following the end of the calendar year in which such Gross Sales were made. If it shall be determined as a result of an audit that there has been a deficiency in the payment of Percentage Rent, then such deficiency shall become immediately due and payable with interest at the Interest Rate from the date when said payment was due or if such audit determines that there has been an overpayment of Percentage Rent the amount of such overpayment shall be credited against Xxxxxx's next required payments of Additional Rent. In addition, if Tenant understates annual Gross Sales by more than three percent (3%) and if Landlord is entitled to any additional Percentage Rent as a result, or if an audit shows that Tenant has failed to maintain the books of account and records as required or fails to appear for and/or cooperate with Landlord's audit representative and, as a result, Landlord is unable to verify the accuracy of Xxxxxx's statement, then Tenant shall pay to Landlord all reasonable costs and expenses incurred by Landlord in conducting such audit and collecting any underpayment. Any information gained from such audits, statements or inspection shall be confidential and shall not be disclosed other than to carry out the purpose hereof; provided, however, Landlord shall be permitted to divulge the contents of any such statements in connection with any contemplated sales, transfers, assignments, encumbrances or financing arrangements of Landlord's interest in the Premises or in connection with any administrative or judicial proceedings in which Landlord is involved where Landlord may be required to divulge such information. It is expressly agreed and understood that in no event shall any provision of this Lease be deemed to prohibit or otherwise restrict Landlord from divulging information concerning Gross Sales to Ground Lessor as necessary in order to comply with the terms of the Ground Lease.

Reporting of Gross Sales. Tenant agrees to furnish to Landlord a statement of Gross Sales within twenty (20) days after the close of each calendar month, and an annual statement, including a monthly breakdown of Gross Sales, within forty-five (45) days after the close of each calendar year during the Lease Term and any partial calendar year at the beginning or end of the Lease Term; provided, however, that Tenant shall cause its store manager to orally transmit to Landlord monthly Gross Sales within ten (10) days after the close of each calendar month and annual Gross Sales within thirty (30) days after the close of each calendar year. It is agreed, however, that should Tenant fail twice during the Lease Term to submit its written report of monthly and/or annual Gross Sales within the time periods as provided for herein, then Tenant shall, for the remainder of the Lease Term, be required to submit its written monthly statements of Gross Sales within ten (10) days after the close of each calendar month and to submit its written annual statements of Gross Sales within thirty (30) days after the close of each calendar year. Such statements shall itemize all elements of Gross Sales and Gross Sales Adjustments, and shall be certified as true and correct by a Responsible Officer of Tenant. The receipt by Landlord of any statement or any payment of Percentage Rent for any period shall not bind Landlord as to the correctness of such statement or payment. Upon request, Xxxxxx Tenant agrees to furnish to Landlord a copy of XxxxxxTenant's state and local sales and use tax returns, if required in the state where the Shopping Center is located, but only to the extent such returns are limited to the business conducted upon the Premises. Tenant shall record at the time of sale, in the presence of the customer, all receipts from sales or other transactions using a cash register or computer system that cumulatively numbers and records all receipts. Tenant and its subtenants, licensees, and concessionaires, shall keep (i) full and accurate books of account and records in accordance with generally accepted accounting principles consistently applied, including without limitation, a sales journal, general ledger, and all bank account statements showing deposits of Gross Sales revenue, (ii) all cash register detail tapes with regard to all transactions of Gross Sales, and (iii) detailed original records of all Gross Sales Adjustments. Such books, receipts, and records shall be kept by Tenant for a period of three (3) years after the close of each calendar year and during such 3-year period shall be available for inspection and audit by Landlord and its representatives at the Premises or Tenant's principal place of business at all times during regular business hours upon no less than twenty (20) days prior notice. It is agreed, however, that XxxxxxxxLandlord's right to inspect or audit shall be limited to once every calendar year, provided (i) that in the event any audit reveals an understatement of annual Gross Sales of more than two percent (2%), said limit shall thereafter be inapplicable, and (ii) that in the event any audit shall result in a dispute between Landlord and Tenant, and such dispute may be resolved by another audit, Landlord shall be entitled to a second audit. Any corrections or adjustments to Gross Sales previously reported by Tenant which will result in a refund to Tenant must be reported to Landlord within the three (3) year period following the end of the calendar year in which such Gross Sales were made. If it shall be determined as a result of an audit that there has been a deficiency in the payment of Percentage Rent, then such deficiency shall become immediately due and payable with interest at the Interest Rate from the date when said payment was due or if such audit determines that there has been an overpayment of Percentage Rent the amount of such overpayment shall be credited against XxxxxxTenant's next required payments of Additional Rent. In addition, if Tenant understates annual Gross Sales by more than three percent (3%) and if Landlord is entitled to any additional Percentage Rent as a result, or if an audit shows that Tenant has failed to maintain the books of account and records as required or fails to appear for and/or cooperate with Landlord's audit representative and, as a result, Landlord is unable to verify the accuracy of XxxxxxTenant's statement, then Tenant shall pay to Landlord all reasonable costs and expenses incurred by Landlord in conducting such audit and collecting any underpayment. Any information gained from such audits, statements or inspection shall be confidential and shall not be disclosed other than to carry out the purpose hereof; provided, however, Landlord shall be permitted to divulge the contents of any such statements in connection with any contemplated sales, transfers, assignments, encumbrances or financing arrangements of Landlord's interest in the Premises or in connection with any administrative or judicial proceedings in which Landlord is involved where Landlord may be required to divulge such information. It is expressly agreed and understood that in no event shall any provision of this Lease be deemed to prohibit or otherwise restrict Landlord from divulging information concerning Gross Sales to Ground Lessor as necessary in order to comply with the terms of the Ground Lease.

Reporting of Gross Sales. Tenant agrees to furnish to Landlord a statement of Gross Sales within twenty (20) days after the close of each calendar month, and an annual statement, including a monthly breakdown of Gross Sales, within forty-five (45) days after the close of each calendar year during the Lease Term and any partial calendar year at the beginning or end of the Lease Term; provided, however, that Tenant shall cause its store manager to orally transmit to Landlord monthly Gross Sales within ten (10) days after the close of each calendar month and annual Gross Sales within thirty (30) days after the close of each calendar year. It is agreed, however, that should Tenant fail twice during the Lease Term to submit its written report of monthly and/or annual Gross Sales within the time periods as provided for herein, then Tenant shall, for the remainder of the Lease Term, be required to submit its written monthly statements of Gross Sales within ten (10) days after the close of each calendar month and to submit its written annual statements of Gross Sales within thirty (30) days after the close of each calendar year. Such statements shall itemize all elements of Gross Sales and Gross Sales Adjustments, and shall be certified as true and correct by a Responsible Officer of Tenant. The receipt by Landlord of any statement or any payment of Percentage Rent for any period shall not bind Landlord as to the correctness of such statement or payment. Upon request, Xxxxxx Tenant agrees to furnish to Landlord a copy of XxxxxxTenant's state and local sales and use tax returns, if required in the state where the Shopping Center is located, but only to the extent such returns are limited to the business conducted upon the Premises. Tenant shall record at the time of sale, in the presence of the customer, all receipts from sales or other transactions using a cash register or computer system that cumulatively numbers and records all receipts. Tenant and its subtenants, licensees, and concessionaires, shall keep (i) full and accurate books of account and records in accordance with generally accepted accounting principles consistently applied, including without limitation, a sales journal, general ledger, and all bank account statements showing deposits of Gross Sales revenue, (ii) all cash register detail tapes with regard to all transactions of Gross Sales, and (iii) detailed original records of all Gross Sales Adjustments. Such books, receipts, and records shall be kept by Tenant for a period of three (3) years after the close of each calendar year and during such 3-year period shall be available for inspection and audit by Landlord and its representatives at the Premises or Tenant's principal place of business at all times during regular business hours upon no less than twenty (20) days prior notice. It is agreed, however, that XxxxxxxxLandlord's right to inspect or audit shall be limited to once every calendar year, provided (i) that in the event any audit reveals an understatement of annual Gross Sales of more than two percent (2%), said limit shall thereafter be inapplicable, and (ii) that in the event any audit shall result in a dispute between Landlord and Tenant, and such dispute may be resolved by another audit, Landlord shall be entitled to a second audit. Any corrections or adjustments to Gross Sales previously reported by Tenant which will result in a refund to Tenant must be reported to Landlord within the three (3) year period following the end of the calendar year in which such Gross Sales were made. If it shall be determined as a result of an audit that there has been a deficiency in the payment of Percentage Rent, then such deficiency shall become immediately due and payable with interest at the Interest Rate from the date when said payment was due or if such audit determines that there has been an overpayment of Percentage Rent the amount of such overpayment shall be credited against XxxxxxTenant's next required payments of Additional Rent. In addition, if Tenant understates annual Gross Sales by more than three percent (3%) and if Landlord is entitled to any additional Percentage Rent as a result, or if an audit shows that Tenant has failed to maintain the books of account and records as required or fails to appear for and/or cooperate with Landlord's audit representative and, as a result, Landlord is unable to verify the accuracy of XxxxxxTenant's statement, then Tenant shall pay to Landlord all reasonable costs and expenses incurred by Landlord in conducting such audit and collecting any underpayment. Any information gained from such audits, statements or inspection shall be confidential and shall not be disclosed other than to carry out the purpose hereof; provided, however, Landlord shall be permitted to divulge the contents of any such statements in connection with any contemplated sales, transfers, assignments, encumbrances or financing arrangements of Landlord's interest in the Premises or in connection with any administrative or judicial proceedings in which Landlord is involved where Landlord may be required to divulge such information. It is expressly agreed and understood that in no event shall any provision of this Lease be deemed to prohibit or otherwise restrict Landlord from divulging information concerning Gross Sales to Ground Lessor as necessary in order to comply with the terms of the Ground Lease.

Reporting of Gross Sales. Tenant agrees to furnish to Landlord a statement of Gross Sales within twenty ten (2010) days after the close of each calendar month, and an annual statement, including a monthly breakdown of Gross Sales, within forty-five thirty (4530) days after the close of each calendar year during the Lease Term and any partial calendar year at the beginning or end of the Lease Term; provided, however, that Tenant shall cause its store manager to orally transmit to Landlord monthly Gross Sales within ten (10) days after the close of each calendar month and annual Gross Sales within thirty (30) days after the close of each calendar year. It is agreed, however, that should Tenant fail twice during the Lease Term to submit its written report of monthly and/or annual Gross Sales within the time periods as provided for herein, then Tenant shall, for the remainder of the Lease Term, be required to submit its written monthly statements of Gross Sales within ten (10) days after the close of each calendar month and to submit its written annual statements of Gross Sales within thirty (30) days after the close of each calendar year. Such statements shall itemize all elements of Gross Sales and Gross Sales Adjustments, and shall be certified as true and correct by a Responsible Officer of Tenant. The receipt by Landlord of any statement or any payment of Percentage Rent for any period shall not bind Landlord as to the correctness of such statement or payment. Upon request, Xxxxxx Tenant agrees to furnish to Landlord a copy of XxxxxxTenant's state and local sales and use tax returns, if required in the state where the Shopping Center is located, but only to the extent such returns are limited to the business conducted upon the Premises. Tenant shall record at the time of sale, in the presence of the customer, all receipts from sales or other transactions using a cash register or computer system that cumulatively numbers and records all receipts. Tenant and its subtenants, licensees, and concessionaires, shall keep (i) full and accurate books of account and records in accordance with generally accepted accounting principles consistently applied, including without limitation, a sales journal, general ledger, and all bank account statements showing deposits of Gross Sales revenue, (ii) all cash register detail tapes with regard to all transactions of Gross Sales, and (iii) detailed original records of all Gross Sales AdjustmentsAdjustments (collectively, "GROSS SALES RECORDS"). Such books, receipts, and records The Gross Sales Records shall be kept by Tenant for a period of three (3) years after the close of each calendar year and during such 3-year period shall be available for inspection and audit by Landlord and its representatives at the Premises or Tenant's principal place of business at all times during regular business hours upon no less than twenty (20) days prior notice. It is agreed, however, that Xxxxxxxx's right to inspect or audit shall be limited to once every calendar year, provided (i) that in the event any audit reveals an understatement of annual Gross Sales of more than two percent (2%), said limit shall thereafter be inapplicable, and (ii) that in the event any audit shall result in a dispute between Landlord and Tenant, and such dispute may be resolved by another audit, Landlord shall be entitled to a second audithours. Any corrections or adjustments to Gross Sales previously reported by Tenant which will result in a refund to Tenant must be reported to Landlord within the three (3) year period following the end of the calendar year in which such Gross Sales were made. If it shall be determined as a result of an audit that there has been a deficiency in the payment of Percentage Rent, then such deficiency shall become immediately due and payable with interest at the Interest Rate from the date when said payment was due or if such audit determines that there has been an overpayment of Percentage Rent the amount of such overpayment shall be credited against Xxxxxx's next required payments of Additional Rentdue. In addition, if If Tenant understates annual Gross Sales by more than three two percent (32%) and if Landlord is entitled to any additional Percentage Rent as a result, or if an audit shows that Tenant has failed to maintain the books of account and records as required or fails to appear for and/or cooperate with Landlord's audit representative and, as a result, Landlord is unable to verify the accuracy of Xxxxxx's statement, then Tenant shall pay to Landlord all reasonable costs and expenses incurred by Landlord in conducting such audit and collecting any underpayment. Any information gained from such audits, statements or inspection shall be confidential and shall not be disclosed other than to carry out the purpose hereof; provided, however, Landlord shall be permitted to divulge the contents of any such statements in connection with any contemplated sales, transfers, assignments, encumbrances or financing arrangements of LandlordTenant acknowledges that Tenant's interest in the Premises or in connection with any administrative or judicial proceedings in which Landlord is involved where Landlord may be required to divulge such information. It is expressly agreed and understood that in no event shall any provision of this Lease be deemed to prohibit or otherwise restrict Landlord from divulging information concerning Gross Sales to Ground Lessor as necessary in order failure to comply with the terms provisions of this SECTION 4.3(b) will cause Landlord to suffer losses not contemplated under this Lease, the exact amount of which losses are extremely difficult or impracticable to determine. Therefore, if Tenant fails to keep, or to furnish to Landlord, any Gross Sales Records as required in this SECTION 4.3(b) and, as a result, Tenant's Gross Sales for any period of time cannot be ascertained, then, in addition to all rights and remedies available to Landlord for such default under this Lease or at law or in equity, Tenant shall pay to Landlord an amount equal to the greater of (i) twenty percent (20%) of the Ground LeaseMinimum Annual Rent payable by Tenant for such period, or (ii) one hundred ten percent (110%) of the highest amount of Percentage Rent payable by Tenant under this Lease for any calendar year on a per diem basis for each day of such period of time. Landlord and Tenant agree that such amount represents a reasonable estimate of, and is fair compensation to Landlord for, Landlord's loss caused by Tenant's failure as described hereinabove.