Percentage Lease definition
Percentage Lease means, (A) with respect to a Current Hotel that is a Transfer Hotel, the percentage lease with respect to such hotel represented by the Second Consolidated Lease Amendment between the Additional Lessor and the Additional Lessee, (B) with respect to a Current Hotel that is not a Transfer Hotel, the percentage lease with respect to such hotel represented by the Third Consolidated Lease Amendment between the Lessor and the Lessee and (C) with respect to each Additional Hotel, the percentage lease entered into between the Lessor and the Lessee with respect to such hotel.
Percentage Lease and "Summerfield Lessee". For purposes of this Agreement, (a) "business day" means any day on which the New York Stock Exchange, Inc. is open for trading, (b) "Partnership" means Innkeepers USA Limited Partnership, a Virginia limited partnership, (c) "General Partner" means the First General Partner, (d) "Lessee" means Innkeepers Hospitality, Inc., a Virginia corporation, and those corporations or other entities controlled by Mr. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ which lease hotels from the Partnership or any subsidiary partnership, (e) "Percentage Lease" means any lease entered into by and between the Partnership and (i) the Lessee or (ii) the Summerfield Lessee, (f) Summerfield Lessee means those affiliates of Wyndham International, Inc. that lease hotels from the Partnership or any subsidiary partnership under Percentage Leases; and (g) "knowledge" means the actual knowledge of the executive officers of the applicable entity, after reasonable inquiry or investigation; provided, that, where "knowledge" qualifies a representation or warranty of the Company or the Partnership with respect to the Summerfield Lessee, "knowledge" means the actual knowledge of the executive officers of the Company without further inquiry or investigation. If the foregoing is in accordance with your understanding of our agreement, please sign and return to us the enclosed duplicate hereof, whereupon this letter and your acceptance shall represent a binding agreement among the Company and the several Underwriters. Very truly yours, Innkeepers USA Trust By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇ ----------------------------------------------- Name: ▇▇▇▇ ▇. ▇▇▇▇▇▇ Title: General Counsel & Secretary Innkeepers USA Limited Partnership By: Innkeepers Financial Corporation, general partner By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇ ----------------------------------------------- Name: ▇▇▇▇ ▇. ▇▇▇▇▇▇ Title: Vice President The foregoing Agreement is hereby confirmed and accepted as of the date specified in Schedule I hereto. First Union Securities, Inc. By: /s/ J. ▇▇▇▇ ▇▇▇▇▇▇▇▇ --------------------------------------------- Name: J. ▇▇▇▇ ▇▇▇▇▇▇▇▇ Title: Managing Director, Equity Syndicate For itself and the other several Underwriters named in Schedule I to the foregoing Agreement SCHEDULE I Number of Underwriters Offered Shares to be Purchased ------------ ------------------------------ First Union Securities, Inc. 866,668 Banc of America Securities LLC 866,666 ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇, Incorporated 866,666 ------------ Total 2,600,000 SCHEDULE II...
Percentage Lease shall have the meaning set forth in Section 2.
Examples of Percentage Lease in a sentence
Popular types of lease agreements used for restaurants/retail stores include: a Modified Gross Lease, Percentage Lease or a Net Lease (Double Net Lease or Triple Net Lease).
The Hotel is owned in fee by Apple Suites, Inc., a Virginia corporation ("Fee Owner") and leased to Owner pursuant to a lease between Fee Owner and Owner with a commencement date of even date herewith covering the Hotel (hereinafter the "Percentage Lease").
Percentage Lease In a percentage lease, the tenant pays the base rent on the property and a monthly percentage of the gross revenue from the business operating the rented space.
Percentage Lease A percentage lease is when a lessee pays a base rent (minimum rent) plus a percentage of the business’s gross income for the total rent payment.
Either party to the Percentage Lease may terminate the Percentage Lease upon an Event of Default under the Loan Documents.
More Definitions of Percentage Lease
Percentage Lease means a lease of a City property requiring the lessee’s payment to the City of both: (a) established minimum rent (also known as base rent); and (b) rent based on specified percentages of categories of gross revenue derived by the lessee and any sublessees from all revenue-producing activities conducted on the leased City property.
Percentage Lease means any lease entered into by and between the Partnership and (i) the Lessee or (ii) the Summerfield Suites Lessee, and (g) Summerfield Suites Lessee means Summerfield Suites Lease Company, L.P.
Percentage Lease. No Security Deposit : 6,942.19 Percentage 0.00 Other Deposit : 0.00 Base Sales Amount 0.00 Square Feet (GLA) : 0 Billing Month : 0 Usable Sq. Ft. : 0 Annual Sales 0.00 Gross Sq. Ft. : 0 Prorata Sq. Ft. : 0 Parking Information : Number of Reserved Parking Spaces : 0 Storage Space : n ------------------------------------------------------------------------------ --------------[ ▇▇▇▇ ▇▇ ]---------------- Effective Date : 3/01/98 Expiration Date : 2/28/03 Move-In Date : 3/01/98 Move-Out Date : Option Date : 2/28/03 -----------------------------------------
Percentage Lease and "Summerfield Suites Lessee". For purposes of this Agreement, (a) "business day" means any day on which the New York Stock Exchange, Inc. is open for trading, (b) "subsidiary" has the meaning set forth in Rule 405 of the Rules and Regulations, (c) "Partnership" means Innkeepers USA Limited Partnership, a Virginia limited partnership, and each subsidiary partnership (each, a "Subsidiary Partnership"), as the context requires, (d) "General Partner" means collectively, as the context requires, the First General Partner and each of the general partners of the Subsidiary Partnerships, (e) "Lessee" means JF Hotel, Inc., a Virginia corporation, and its sister corporations which lease hotels from the Partnership, as the context requires, which term shall also include, as the context requires, affiliates thereof, (f) "Percentage Lease" means any lease entered into by and between the Partnership and (i) the Lessee or (ii) the Summerfield Suites Lessee, and (g) Summerfield Suites Lessee means Summerfield Suites Lease Company, L.P.
Percentage Lease means the percentage lease agreement to be entered into by the Acquiror and the Lessee at Closing with respect to the Hotel and the hotels acquired pursuant to the Other Contribution Agreements, the form of which is attached to the Master Addendum as Item 5; specific rent provisions to be included in the Percentage Lease for the Property are attached as EXHIBIT G.
Percentage Lease means any lease entered into by and between the Operating Partnership and (i) the IH Lessee or (ii) the Summerfield Lessee; (d) Summerfield Lessee means those affiliates of Wyndham International, Inc. that lease hotels from the Operating Partnership or any of the Company’s subsidiaries under Percentage Leases; (e) “knowledge” means the actual knowledge of the executive officers of the applicable entity, after reasonable inquiry or investigation; provided, that, where “knowledge” qualifies a representation or warranty of the Company or the Operating Partnership with respect to the IH Lessee, the IH Manager or the Summerfield Lessee, “knowledge” means the actual knowledge of the executive officers of the Company without further inquiry or investigation; and (f) “Governing Instruments” of a party means the declaration of trust, articles or certificate of incorporation, charter, bylaws, certificate of limited partnership, partnership agreement, articles of organization, operating agreement or other governing instrument, as applicable, of the party. If the foregoing is in accordance with your understanding, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement among the Company, the Operating Partnership and the Underwriters. By: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇ Title: Executive Vice President, Chief Financial Officer and Treasurer INNKEEPERS USA LIMITED PARTNERSHIP By: Innkeepers Financial Corporation, its general partner By: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇ Title: Vice President Accepted in St. Louis, Missouri as of the date first above written, on behalf of ourselves and each of the several Underwriters named in Schedule I hereto.
Percentage Lease shall have the meaning set forth in the Recitals.