Upstairs Restaurant Sample Clauses
Upstairs Restaurant. The parties acknowledge that the Owner or an affiliate ("Second Floor Restaurant Owner") is contemplating having an upscale restaurant on the second floor of the Project ("Upstairs Restaurant") and the Second Floor Restaurant Owner may solicit proposals for the Upstairs Restaurant. In the event the Second Floor Restaurant Owner selects the Operator to be the operator for the Upstairs Restaurant, this Agreement shall govern the provision of those services as well, except that the Base Management Fee shall be the greater of: (i) a total of $25,000 per month for the Restaurant and Upstairs Restaurant combined or (ii) 4% of Gross Sales for the Restaurant and the Upstairs Restaurant combined and the Incentive Management Fee payable hereunder shall be changed to one-third of all Operating Profits (as defined above) over $ 1 ,500,000 of annual Operating Profits for the Restaurant and the Upstairs Restaurant, combined.
Upstairs Restaurant. In the event the Company operates a restaurant on the second floor of the building on the Property (the "Upstairs Restaurant"), the Upstairs Restaurant shall pay 5% of the Gross Receipts of the Upstairs Restaurant. Percentage Rental shall be paid monthly in advance on the first day of each month during the term of this Lease. The amount to be paid each month in any given Lease year shall be equal to the aggregate of the following divided by twelve (12):
(i) the annual Gross Receipts for the Restaurant for the immediately preceding Lease year multiplied by the applicable percentage rate provided for in (a) above, plus
(ii) the annual Gross Receipts for the Retail Facilities for the immediately preceding Lease year multiplied by ten percent (10%), plus
(iii) the annual Gross Receipts for the Upstairs Restaurant for the immediately preceding Lease year multiplied by five percent (5%). As an example, which is included herein for purposes of clarification only, if:
(a) the annual Gross Receipts for the Restaurant for the Lease year ending September 30, 2004 are five million dollars ($5,000,000), and
(b) the annual Gross Receipts for the Retail Facilities for the Lease year ending September 30, 2004 are four hundred thousand dollars ($400,000), and
(c) the annual Gross Receipts for the Upstairs Restaurant for the Lease year ending September 30, 2004 are four million dollars ($4,000,000) then, monthly payments for the Lease year commencing October 1, 2004 shall be equal to seven hundred twenty thousand dollars ($720,000) divided by twelve (12), which equals sixty thousand dollars ($60,000) as follows: [($1,000,000 x 8%) plus ($4,000,000 x 10%) plus ($400,000 x 10%) plus ($4,000,000 x 5%)] divided by 12 = $60,000