Turnover Rent definition
Turnover Rent means the amount that is calculated in accordance with and payable under Part 10 of the Schedule;
Turnover Rent means the amount by which the Specified Percentage of the Turnover in each Turnover Period exceeds the Base Rent payable in respect of that Turnover Period; and130
Turnover Rent the amount that is calculated in accordance with and payable under Schedule 9; “Uninsured Risk”33 any risk expressly specified in the Insured Risks definition that: is not insured against because, at the time the insurance is taken out or renewed, insurance is not generally available in the UK market on normal commercial terms; or is not, at the date of the damage or destruction, insured against by reason of a limitation or exclusion imposed by the insurers but will not include loss or damage (or the risk of it) caused by reason of the Tenant’s wilful act or failure to act;
Examples of Turnover Rent in a sentence
The Landlord may make such interim assessment of the Turnover Rent as the Landlord may in its absolute discretion determine and the Tenant agrees to pay such interim assessment of the Turnover Rent.
However, any deficit shall not be carried forward or taken into account in calculating the Turnover Rent for any other month(s) of the Term.
If any time the Tenant fails to make complete and accurate reports of the Gross Receipts for any one (1) month, the Tenant acknowledges that the Landlord shall then be at liberty to make an interim assessment of the Turnover Rent and such interim assessment shall be deemed correct for all purposes and payment of the Turnover Rent will be made by the Tenant.
More Definitions of Turnover Rent
Turnover Rent means one and one half percent (1.5%) of all gross monthly sales defined as all sales of cannabis, cannabis-infused products and non-cannabis products sold by Tenant, any assignee of Tenant or any subtenants of the Premises. All sales as referenced in the preceding sentence shall include, without limitation, sales tracked through state approved tracking software and include sales to patients via the dispensary or delivery or, via wholesale transactions with a licensed Registered Marijuana Dispensary or other legal transactions permitted under Massachusetts law. Tenant hereby represents and warrants to Landlord that Tenant shall include provisions requiring subtenants of the Premises to pay Turnover Rent in all subleases entered into by Tenant with respect to the Premises. Landlord shall have the right to request confirmation of such representation from time to time. If Turnover Rent is payable as Base Rent, Tenant shall pay such Turnover Rent one month in arrears not later than ten (10) days following the end of the month for which Turnover Rent is payable. Tenant shall require monthly accounting of gross sales from all subtenants so that Tenant can determine the amount of Turnover Rent that shall be owed each month, and Tenant shall provide copies of such monthly accounting records to Landlord when Tenant pays Turnover Rent. Landlord shall have the right to audit Tenant’s records with respect to the monthly gross sales of its subtenants for the purpose of confirming the Turnover Rent paid not more than once per year.
Turnover Rent the amount by which the Specified Percentage of the Turnover in each Turnover Period exceeds the Base Rent payable in respect of that Turnover Period; and139 “Year End” [DATE] in each year.140 Starting on the Rent Commencement Date,141 instead of the Main Rent the Tenant must pay as a rent an annual sum equivalent to: the Base Rent, payable at the same time as the Main Rent would otherwise have been payable under clause 3.2 if the provisions of this Schedule did not apply; and the Turnover Rent, payable as set out in this Schedule. The remedies for late payment or non-payment of Main Rent will apply equally to late payment or non-payment of the sums payable under this Schedule.
Turnover Rent the turnover rent payable in respect of the Premises in accordance with Clause 3.2
Turnover Rent the amount by which the Specified Percentage of the Turnover in each Turnover Year exceeds the Base Rent payable in respect of that Turnover Year; and151 “Turnover Year” a period of one year falling within the Term and ending on and including a Year End but: the first Turnover Year will be the period starting on [the Rent Commencement Date] and ending on the Year End that follows or if that Year End is less than [3] months after the commencement of the first Turnover Year, ending on the second following Year End; and the last Turnover Year will be the period starting on the day after the last Year End before the Turnover End Date and ending on the Turnover End Date;
Turnover Rent means the turnover rent referred to in the Tenancy Particulars;
Turnover Rent for a calendar month shall be the sum equivalent to the difference between 15% of the aggregate of the Gross Receipts (the “Reference Amount”) during the relevant calendar month and the monthly Basic Rent for that calendar month. If the Reference Amount does not exceed the monthly Basic Rent for that calendar month, no Turnover Rent shall be payable for that month. Classified Limited is also responsible for payment of government rent, rates, service charges and other outgoings. The total consideration payable under the Tenancy Agreement for the Initial Term including the Basic Rent (i.e. excluding the Turnover Rent), government rent, rates, service charges and other outgoings payable by Classified Limited is estimated to be approximately HK$3.2 million. The consideration payable under the Tenancy Agreement is expected to be funded by the internal resources of the Group. The Group is principally engaged in restaurant operations in Hong Kong. The Premises have been rented to Classified Limited since October 2006 to operate the Group’s casual European café under the trade name of “Classified”. The existing tenancy agreement for the Premises will expire on 11 August 2020. The Directors believe that the Premises represent a prime location for food and beverages business in ▇▇▇▇▇▇ ▇▇▇. The terms of the Tenancy Agreement, including the Basic Rent and Turnover Rent, were determined after arms’ length negotiation between Classified Limited and Royal Grand after taking into account the prevailing market rent, lease terms of similar premises in the proximity of the Premises and the terms of the previous tenancy agreement entered into by Classified Limited in respect of the Premises. The Directors are of the view that the entry of the Tenancy Agreement and the terms and conditions thereof are fair and reasonable and in the interests of the Company and its shareholders as a whole.
Turnover Rent for a calendar month shall be the sum equivalent to the difference between 13% of the aggregate of the Gross Receipts during the relevant calendar month (the “Reference Amount”) and the monthly Basic Rent for that calendar month. If the Reference Amount does not exceed the monthly Basic Rent for that calendar month, no Turnover Rent shall be payable for that month. Classified Limited is also responsible for payment of service charge, promotion levy, government rates and other outgoings. The total consideration payable under the Tenancy Agreement for the Term including the Basic Rent (i.e. excluding the Turnover Rent), service charge, promotion levy, government rates and other outgoings payable by Classified Limited is estimated to be approximately HK$4.4 million. The consideration payable under the Tenancy Agreement is expected to be funded by the internal resources of the Group.