Res 1997-185 - Laserfiche WebLink

Home Browse Search

. . . . , for each year during the term of this lease, percentage rental determine y (i) multiplying the total gross sales made in or from the Demised Premise uring the particular calendar year by the percentage rental rate stated in Sec' 1.1 (k) above and then (ii) subtracting from the product thus obtained the' imum guaranteed rental paid by Tenant to landlord for such calendar yea he percentage rental shall be paid in monthly installments as follows: On efore the 10th day of each calendar month during the term of this lease, ant shall pay to Landlord, after deducting therefrom the minimum guara ed rental paid for the preceding calendar month, a sum of money equal he product of the percentage rental rate specified multiplied by the total gr sales made In or from the Demised Premises during such month. In the ent that the total of the monthly payments of percentage rental for any endar year Is not equal to the annual percentage rental computed on the am of gross sales for such calendar year In accordance with the specified ra , hen Tenant shall pay to landlord any deficiency or landlord shall refund enant any overpayment, as the case may be, within sixty days after the end such calendar year. In no event shall the rent to be paid by Tenant and ret . ed by landlord for any calendar year be less than the annual minimum . . . . . year or terminate on a date other than the last day of a calendar centage rental for such fractional part of the calendar year foil e Commencement Date or preceding the termination date, as e may be, shall be paid at the specified rate for all sales made' uch fractional part of a calendar year, after deducting from such age rental all payments of minimum guaranteed rental for such f . a period, such percentage rental to be paid in monthly installments . " " . . . amount of the sales price, whether for cash or otherwise, of all sal of merchandise (including gift and merchandise ce'rtificates), services other receipts whatsoever of all business conducted in or from the Demis Premises, including mail or telephone orders received or filled at the De sed Premises, deposits not refunded to purchasers, orders taken, although id orders may be filled elsewhere, sales to employees, sales through ven . g machines or other devices, and sales by any sublessee, concessionaire licensee or otherwise in said premises. Each sale upon installment or credit all be treated as a sale for the full price in the month during which such sale as made, irrespective of the time when Tenant receives payment from its cus er. A reasonable deduction shall be allowed 'for, uncollected or uncollectib credit accounts. Gross sales shatl not include, however, any sums collec and paid out for any sales or excise tax imposed by any duly constitut governmental authority, nor shall it include the exchange of merchandise ween the stores of Tenant, if any, where such exchanges are made sol for the convenient operation of the business of Tenant and not for the purp e of consummating a sale which has theretofore been made in or from the D !sed Premises and/or for the purpose of depriving Landlord of the benefit a sale which otherwise would be made in or from the Demised Premises or the amount of returns to shippers or manufacturers, nor the amount of an ash or credit refund made upon any sale where the merchandise sold, or s e part thereof, is thereafter returned by purchaser and accepted by Tenant, nor sales of Tenant's fixtures. 4.6 It is understood that the total monthly payment is payable on or before the first day of the month and pgrc:~mbgo roRbl, If aRY, ie payable on er befere the 10th of g:;¡¡gf:l g:;¡¡lorntar mGRtf:l, without offset or deduction of any nature. In the event any rental or other payment is not received within five (5) days after its due date for any reason whatsoever, in addition to the past due amount the Tenant shall pay to landlord as a "late charge," an amount, as additional rent, equal to 10% of the amount(s) past due in order to compensate landlord for its administrative and'other overhead expense, and it is agreed that the amount(s) thus due shall bear interest at the maximum contractual rate which could legally be charged in the event of a loan of such rental to Tenant in the state where the Demised Premises are located (but in no event to exceed 1-1/2% per month), such interest to accrue continuously on any unpaid balance due to landlord by Tenant during the period commencing with the INITIAL aforesaid due date and terminating with the date on which Tenant makes full ~ Insignia Retail Group, Inc. ~ 3