SUMMARY OF KEY LEASE TERMS. (This page is for quick reference only, please refer to the Agreement for the full detail) Agreement Date Concessionaire: Xx. Xxxxxxxx X. Thornton Executive Vice President DUFRY-SEATTLE JV Xxx Xxxxxxxxxxx Xxxxx, 00xx Xxxxx Xxxx Xxxxxxxxxx, XX 00000 Notice to Open Date January 1, 2021 Expiration Date: Unless earlier terminated, pursuant to any provision of this Agreement, the term shall commence on January 1, 2021 and continue for a period of three (3) years December 31, 2023 the Expiration Date. Said Agreement may be extended for two (1) additional options period, by mutual consent from both the Port and Concessionaire, so long as both parties have provided to each other written notice consenting to the option not less than one hundred eighty (180) calendar days’ prior to the Expiration Date and/or Option Expiration Date. Premises: Units: CA-11 CT-07 SS-08 As more fully defined in Sections 1.35, 3.1 and Exhibit B Use of Premises: For the purpose of Duty-Free concessions with an approved for Duty- Paid concessions within the space. Rent Commencement Date: January 1, 2021 Minimum Annual Guarantee Amount: Beginning on January 1, 2022 Concessionaire shall begin to pay a Minimum Annual Guarantee, as more fully defined in Section 5.2. Percentage Fees: Annual Gross Sales Percentage of Gross Sales Annual Gross Sales less than $5,000,000 16% Annual Gross Sales between $5,000,001 and $10,000,000 18% Annual Gross Sales equal to or greater than $10,000,000 20% Security Deposit One Million One Hundred Eighty Thousand and 00/100 ($1,180,000.00) Dollars Airport Concession Disadvantaged Business Enterprise Participation Airport Concessions Disadvantage Business Enterprise participation 12.5% Remittance Address For Payments Only: Port of Seattle PO Box 24507 Seattle, WA 98124-0507 TABLE OF CONTENTS SUMMARY OF KEY LEASE TERMS 1 TABLE OF CONTENTS 2 SECTION 1: DEFINITIONS 3 SECTION 2: TERM 8 SECTION 3: LEASED PREMISES 9 SECTION 4: USE OF PREMISES 10 SECTION 5: RENT AND FEES PAYABLE TO THE PORT 15 SECTION 7: SECURITY DEPOSIT 23 SECTION 8: MARKETING PROGRAM 24 SECTION 9: COMMON AREAS 24 SECTION 10: IMPROVEMENTS 25 SECTION 11: MAINTENANCE AND REPAIR 27 SECTION 12: UTILITIES 28 SECTION 13: TAXES 30 SECTION 14: INDEMNITY 31 SECTION 15: INSURANCE 32 SECTION 16: DAMAGE OR DESTRUCTION 35 SECTION 17: ASSIGNMENT AND SUBLEASE 36 SECTION 18: DEFAULT 38 SECTION 19: RELOCATION OR TERMINATION OTHER THAN FOR DEFAULT 42 SECTION 20: ACCESS; EASEMENTS 44 SECTION 21: NONWAIVER; RIGHT TO PERFORM ...
SUMMARY OF KEY LEASE TERMS. “Summary of Key Lease Terms” shall mean the cover page to the Agreement that identifies certain key terms of this Agreement.
