Percentage Rental or "Additional Rent" (as defined in this Article V) under this Lease shall commence on the Rent Commencement Date. Tenant shall pay all rental and other payments to Landlord at its management office in the Project, or at such other place as may from time-to-time be designated by Landlord.
Percentage Rental. Tenant shall pay six percent (6%) of the amount by which Tenant's Net Sales (as defined in Section 5.1) during a particular Lease Year (as defined in Section 4.5) exceeds the amount listed below for such Lease Year: Lease Years 1-2 $2,500,000.00 Lease Years 3-4 $2,900,000.00 Lease Years 5-6 $3,000,000.00 Lease Years 7-10 $3,335,000.00 Option Years 1-2 $3,833,333.00 Option Years 3-10 $4,333,333.00
Examples of Percentage Rental in a sentence
Without limiting Landlord's remedies if Tenant violates this covenant, Landlord, for so long as Tenant is operating the other business, may include the gross sales (as the term Gross Sales is defined in this Lease) of the other business in the Gross Sales made from the Premises for the purpose of computing Percentage Rental.
Tenant shall pay Minimum Annual Rental, Percentage Rental and Additional Rental to Landlord at Landlord's Address for Payments and Reports specified in Section 1.22, or to such other address and/or person as Landlord may from time to time designate in writing to Tenant.
For purposes of this Article 19 only, the term "rental" shall be deemed to be Minimum Annual Rental, Percentage Rental, Additional Rental and all other sums required to be paid by Tenant pursuant to the terms of this Lease.
Tenant shall not be entitled to any damages or to reduction in Minimum Annual Rental, Percentage Rental or Additional Rental for any interference or interruption of Tenant's business upon the Premises or for any inconvenience caused by such construction work.
In addition, Tenant acknowledges that the late payment of any installment of Minimum Annual Rental, Percentage Rental or Additional Rental will cause Landlord to incur certain costs and expenses, the exact amount of which are extremely difficult or impractical to fix.
More Definitions of Percentage Rental
Percentage Rental means the rental that may be payable by the Tenant to the Landlord during the year, calculated in accordance with the Supplemental Lease Agreement, being 70% of the Total Profit Before Tax received by the Tenant if the amount of the Total Profit Before Tax equals to or less than RMB11 million; or in the case of the amount of the Total Profit Before Tax exceeding RMB11 million, being RMB7 million plus 50% of the Total Profit Before Tax after deducting RMB11 million.
Percentage Rental. The product of (1) the amount of Gross Sales in excess of the Breakpoint, multiplied by (2) 5.5%. The "BREAKPOINT" is the quotient of (a) annual Net Minimum Rental, divided by (b) 5.5%. During the Stub Period Percentage Rental shall equal the product of (i) the amount of Stub Period Gross Sales in excess of the Stub Period Breakpoint, multiplied by (ii) 5.5%. "Stub Period Breakpoint" is the quotient of (x) actual aggregate Net Minimum Rental payable during the Stub Period, divided by (y) 5.5%. As used herein: (1) "Net Minimum Rental" means Minimum Rental less the Base Year Additional Rent"; (2) "Base Year Additional Rent" means the leasable square feet of the Premises multiplied by $12.25; and (3) "Stub Period Sales" means Gross Sales during the 12-month period beginning on the Commencement Date multiplied by a fraction, the numerator of which equals the number of days in the Stub Period ands the denominator of which equals 365. "TENANT'S CONSTRUCTION PERIOD": 180 days, commencing when Landlord has substantially completed Landlord's Work as provided in Section 3.1.
Percentage Rental. As an alternative amount of consideration in lieu of the Minimum Annual Guaranteed Rental, the Company shall pay the Percentage Rental based on the following formulae throughout the entire term of this agreement:
(a) Eight (8%) per cent on all gross receipts up to One Million ($1,000,000.00) Dollars in gross receipts per lease year.
(b) Ten (10%) per cent on all gross receipts in excess of One Million ($1,000,000.00) Dollars per lease year. Percentage Rental shall be determined annually and shall be paid monthly, if applicable within twenty-five (25) days from the end of the preceding month. Adjustments to the rental shall be made at the end of the lease year based upon the annual percentage rent set forth herein. The term "gross sales" as used herein shall be considered synonymous and interchangeable with the term "gross receipts" and shall be construed to include all income, whether collected or accrued, from all business conducted on the Property by Company, including but not limited to, the rental of space, the sale of food and beverage, goods and services, or from any source whatsoever, but excluding receipts from dockage and gas sales. Gross sales and/or gross receipts shall only include revenues and/or percentages of revenues collected or accrued by the Company, and shall be computed on the basis of gross receipts by the Company only. (It shall not be computed on the basis of gross receipts of tenants, lessees, or sublessees of the Company (fuel sales excepted)). However, any sales taxes imposed by law which are separately stated to and and paid by the purchaser or user, and are directly payable to a taxing authority by the Company, shall be excluded from gross receipts. Gross sales and/or gross receipts shall also include any revenues, whether accrued or collected, attributable to any direct or indirect participation by the Company or any of its officers or principals in the business or enterprise of another entity, person or tenant of the property besides the Company per se, to the extent that such participation entitles Company, its officers or principals to receive remuneration; and further provided that such other business or enterprise is done on or "in connection with" the Property provided, however, that the term "in connection with" shall not include revenues which result merely from the physical adjacency of location or merely from joint promotional effort and advertising. The Company shall include in every remittance to the City, of the m...
Percentage Rental means for each Fiscal Year or Partial Fiscal Year ----------------- during the Term, an amount equal to Gross Revenues for such Fiscal Year or Partial Fiscal Year multiplied by the percentage shown for such Fiscal Year or Partial Fiscal Year in Exhibit A. ---------
Percentage Rental. For each calendar year during the Lease Term, Percentage Rental shall equal the sum of (i) 50% of Tenant's Net Cash Flow which does not exceed $550,000 per calendar year, (ii) thereafter, 25% of Tenant's Net Cash Flow in excess of $550,000 and which does not exceed $615,000 during the calendar year, and (iii) thereafter, 40% of Tenant's Net Cash Flow during the calendar year. In the event that either the Commencement Date is a date other than January 1st, or the termination date of this lease is other than December 31st, Percentage Rental for each partial calendar year during the Term shall be prorated. Such proration shall be made by using the formula set forth in the definition of "Percentage Rental" except that the numbers $550,000 and $615,000 contained within the definition of the term "Percentage Rental" shall be replaced with a number determined by multiplying $550,000 or $615,000, as applicable, times a fraction (the "Percentage Rent Fraction"), the numerator of which shall be the number of days that have elapsed in the relevant partial calendar year and the denominator of which shall be the number of calendar days i.e, either 365 or 366, in such calendar year. For example, Percentage Rental for a partial calendar year commencing January 1st and ending August 31st shall be calculated as follows, assuming that Net Cash Flow for the period is $750,000: Number of dates between (and including) January 1st and August 31st in non-leap year = 243 243/365 = 66.58% $550,000 x 66.58% = $366,190 $615,000 x 66.58% = $409,467 $750,000 - $409,467 = $340,533 x 40% = $136,213.20 $409,467 - $366,190 = $43,277 x 25% = 10,819.25 $366,190 x 50% = $183,095.00 ----------- TOTAL $330,127.45 ===========
Percentage Rental. (as defined below) and all additional charges shall begin to accrue on the Rent Commencement Date.