Common use of Sundry Rent Clause in Contracts

Sundry Rent. For each calendar quarter during the Term commencing with the calendar quarter in which the Commencement Date falls and ending with the calendar quarter in which the Term (including any applicable extensions) ends, Lessee shall pay sundry rent (“Sundry Rent”). Sundry Rent shall be an amount equal to fifty-five percent (55%) of all Fiscal Year to date Sundry Revenues less an amount equal to Sundry Rent paid with respect to all prior calendar quarters of the applicable Fiscal Year. Sundry Rent shall be payable as follows: (i) with respect to each calendar month of the Term, except for the calendar months in the first partial and next two full calendar quarters at the beginning of the Term, on or before the last day of the calendar month an amount equal to seventy-five percent (75%) of the amount of Lessee’s budgeted Sundry Rent payable with respect to the then current calendar month (which budgeted amount shall be equal to one-third (1/3) of the quarterly estimate of Sundry Rent included in the Annual Budget for the calendar quarter in which the calendar month occurs); and (ii) with respect to each calendar quarter of the Term, except for the calendar months in the first partial and next two full calendar quarters at the beginning of the Term, on or before the 15th day following the end of the calendar quarter an amount equal to the amount, if any, by which the aggregate of all payments pursuant to Section 3.1(c)(i) in respect of Sundry Rent for such calendar quarter shall be less than fifty-five percent (55%) of Sundry Revenues for such calendar quarter; and (iii) with respect to the first partial and next two full calendar quarters at the beginning of the Term, on or before the 15th day following the end of the calendar quarter.

Appears in 3 contracts

Samples: Hotel Lease Agreement (Apple Reit Six Inc), Hotel Lease Agreement (Apple Hospitality Five Inc), Hotel Lease Agreement (Apple Hospitality Two Inc)

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Sundry Rent. For each calendar quarter during the Term commencing ----------- with the calendar quarter in which the Commencement Date falls and ending with the calendar quarter in which the Term (including any applicable extensions) ends, Lessee shall pay sundry rent ("Sundry Rent"). Sundry Rent shall be an amount equal to fifty-five percent (55%) of all Fiscal Year to date Sundry Revenues less an amount equal to Sundry Rent paid with respect to all prior calendar quarters of the applicable Fiscal Year. Sundry Rent shall be payable as follows: (i) with respect to each calendar month of the Term, except for the calendar months in the first partial and next two full calendar quarters at the beginning of the Term, on or before the last day of the calendar month an amount equal to seventy-five percent (75%) of the amount of Lessee’s 's budgeted Sundry Rent payable with respect to the then current calendar month (which budgeted amount shall be equal to one-third (1/3) of the quarterly estimate of Sundry Rent included in the Annual Budget for the calendar quarter in which the calendar month occurs); and (ii) with respect to each calendar quarter of the Term, except for the calendar months in the first partial and next two full calendar quarters at the beginning of the Term, on or before the 15th day following the end of the calendar quarter an amount equal to the amount, if any, by which the aggregate of all payments pursuant to Section 3.1(c)(i) in respect of Sundry Rent for such calendar quarter shall be less than fifty-five percent (55%) of Sundry Revenues for such calendar quarter; and (iii) with respect to the first partial and next two full calendar quarters at the beginning of the Term, on or before the 15th day following the end of the calendar quarter.

Appears in 2 contracts

Samples: Master Hotel Lease Agreement (Apple Hospitality Two Inc), Hotel Lease Agreement (Apple Suites Inc)

Sundry Rent. For each calendar quarter during the Term commencing with the calendar quarter in which the Commencement Date falls and ending with the calendar quarter in which the Term (including any applicable extensions) ends, Lessee shall pay sundry rent ("Sundry Rent"). Sundry Rent shall be an amount equal to fifty-five percent (55%) of all Fiscal Year to date Sundry Revenues less an amount equal to Sundry Rent paid with respect to all prior calendar quarters of the applicable Fiscal Year. Sundry Rent shall be payable as follows: (i) with respect to each calendar month of the Term, except for the calendar months in the first partial and next two full calendar quarters at the beginning of the Term, on or before the last day of the calendar month an amount equal to seventy-five percent (75%) of the amount of Lessee’s 's budgeted Sundry Rent payable with respect to the then current calendar month (which budgeted amount shall be equal to one-third (1/3) of the quarterly estimate of Sundry Rent included in the Annual Budget for the calendar quarter in which the calendar month occurs); and (ii) with respect to each calendar quarter of the Term, except for the calendar months in the first partial and next two full calendar quarters at the beginning of the Term, on or before the 15th day following the end of the calendar quarter an amount equal to the amount, if any, by which the aggregate of all payments pursuant to Section 3.1(c)(i) in respect of Sundry Rent for such calendar quarter shall be less than fifty-five percent (55%) of Sundry Revenues for such calendar quarter; and (iii) with respect to the first partial and next two full calendar quarters at the beginning of the Term, on or before the 15th day following the end of the calendar quarter.

Appears in 2 contracts

Samples: Hotel Lease Agreement (Apple Suites Inc), Master Hotel Lease Agreement (Apple Hospitality Five Inc)

Sundry Rent. For each calendar quarter during the Term ----------- commencing with the calendar quarter in which the Commencement Date falls and ending with the calendar quarter in which the Term (including any applicable extensions) ends, Lessee shall pay sundry rent ("Sundry Rent"). Sundry Rent shall be an amount equal to fifty-five percent (55%) of all Fiscal Year to date Sundry Revenues less an amount equal to Sundry Rent paid with respect to all prior calendar quarters of the applicable Fiscal Year. Sundry Rent shall be payable as follows: (i) with respect to each calendar month of the Term, except for the calendar months in the first partial and next two full calendar quarters at the beginning of the Term, on or before the last day of the calendar month an amount equal to seventy-five percent (75%) of the amount of Lessee’s 's budgeted Sundry Rent payable with respect to the then current calendar month (which budgeted amount shall be equal to one-third (1/3) of the quarterly estimate of Sundry Rent included in the Annual Budget for the calendar quarter in which the calendar month occurs); and (ii) with respect to each calendar quarter of the Term, except for the calendar months in the first partial and next two full calendar quarters at the beginning of the Term, on or before the 15th 15/th/ day following the end of the calendar quarter an amount equal to the amount, if any, by which the aggregate of all payments pursuant to Section 3.1(c)(i) in respect of Sundry Rent for such calendar quarter shall be less than fifty-five percent (55%) of Sundry Revenues for such calendar quarter; and (iii) with respect to the first partial and next two full calendar quarters at the beginning of the Term, on or before the 15th 15/th/ day following the end of the calendar quarter.

Appears in 1 contract

Samples: Hotel Lease Agreement (Apple Suites Inc)

Sundry Rent. For each calendar quarter during the Term commencing with the calendar quarter in which the Commencement Date falls and ending with the calendar quarter in which the Term (including any applicable extensions) ends, Lessee shall pay sundry rent ("Sundry Rent"). Sundry Rent shall be an amount equal to fifty-five percent (55%) of all Fiscal Year to date Sundry Revenues less an amount equal to Sundry Rent paid with respect to all prior calendar quarters of the applicable Fiscal Year. Sundry Rent shall be payable as follows: (i) with respect to each calendar month of the Term, except for the calendar months in the first partial and next two full calendar quarters at the beginning of the Term, on or before the last day of the calendar month an amount equal to seventy-five percent (75%) of the amount of Lessee’s 's budgeted Sundry Rent payable with respect to the then current calendar month (which budgeted amount shall be equal to one-third (1/3) of the quarterly estimate of Sundry Rent included in the Annual Budget for the calendar quarter in which the calendar month occurs); and (ii) with respect to each calendar quarter of the Term, except for the calendar months in the first partial and next two full calendar quarters at the beginning of the Term, on or before the 15th 15/th/ day following the end of the calendar quarter an amount equal to the amount, if any, by which the aggregate of all payments pursuant to Section 3.1(c)(i) in respect of Sundry Rent for such calendar quarter shall be less than fifty-five percent (55%) of Sundry Revenues for such calendar quarter; and (iii) with respect to the first partial and next two full calendar quarters at the beginning of the Term, on or before the 15th 15/th/ day following the end of the calendar quarter.

Appears in 1 contract

Samples: Master Hotel Lease Agreement (Apple Hospitality Two Inc)

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Sundry Rent. For each calendar quarter during the Term commencing ----------- with the calendar quarter in which the Commencement Date falls and ending with the calendar quarter in which the Term (including any applicable extensions) ends, Lessee shall pay sundry rent ("Sundry Rent"). Sundry Rent shall be an amount equal to fifty-five percent (55%) of all Fiscal Year to date Sundry Revenues less an amount equal to Sundry Rent paid with respect to all prior calendar quarters of the applicable Fiscal Year. Sundry Rent shall be payable as follows: (i) with respect to each calendar month of the Term, except for the calendar months in the first partial and next two full calendar quarters at the beginning of the Term, on or before the last day of the calendar month an amount equal to seventy-five percent (75%) of the amount of Lessee’s 's budgeted Sundry Rent payable with respect to the then current calendar month (which budgeted amount shall be equal to one-third (1/3) of the quarterly estimate of Sundry Rent included in the Annual Budget for the calendar quarter in which the calendar month occurs); and (ii) with respect to each calendar quarter of the Term, except for the calendar months in the first partial and next two full calendar quarters at the beginning of the Term, on or before the 15th 15/th/ day following the end of the calendar quarter an amount equal to the amount, if any, by which the aggregate of all payments pursuant to Section 3.1(c)(i) in respect of Sundry Rent for such calendar quarter shall be less than fifty-five percent (55%) of Sundry Revenues for such calendar quarter; and (iii) with respect to the first partial and next two full calendar quarters at the beginning of the Term, on or before the 15th 15/th/ day following the end of the calendar quarter.

Appears in 1 contract

Samples: Master Hotel Lease Agreement (Apple Hospitality Two Inc)

Sundry Rent. For each calendar quarter during the Term commencing with the calendar quarter in which the Commencement Date falls and ending with the calendar quarter in which the Term (including any applicable extensions) ends, Lessee shall pay sundry rent ("Sundry Rent"). Sundry Rent shall be an amount equal to fifty-five percent (55%) of all Fiscal Year to date Sundry Revenues less an amount equal to Sundry Rent paid with respect to all prior calendar quarters of the applicable Fiscal Year. Sundry Rent shall be payable as follows: (i) with respect to each calendar month of the Term, except for the calendar months in the first partial and next two full calendar quarters at the beginning of the Term, on or before the last day of the calendar month an amount equal to seventy-five percent (75%) of the amount of Lessee’s 's budgeted Sundry Rent payable with respect to the then current calendar month (which budgeted amount shall be equal to one-third (1/3) of the quarterly estimate of Sundry Rent included in the Annual Budget for the calendar quarter in which the calendar month occurs); and (ii) with respect to each calendar quarter of the Term, except for the calendar months in the first partial and next two full calendar quarters at the beginning of the Term, on or before the 15th day following the end of the calendar quarter an amount equal to the amount, if any, by which the aggregate of all payments pursuant to Section 3.1(c)(i) in respect of Sundry Rent for such calendar quarter shall be less than fiftyninety-five nine percent (5599%) of Sundry Revenues for such calendar quarter; and (iii) with respect to the first partial and next two full calendar quarters at the beginning of the Term, on or before the 15th day following the end of the calendar quarter.

Appears in 1 contract

Samples: Master Hotel Lease Agreement (Apple Suites Inc)

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