Res 1997-185 - Laserfiche WebLink

Home Browse Search

payment of all amounts, owing to landlord at the time of said payment. Any such Increase shall be payable as additional rent hereunder, shall not be considered as a deduction from percentage rental, and shall be payable Immediately on demand. 4.7 If Tenant fails in two consecutive months to make rental payments within five days after due, landlord in order to reduce its administrative costs, may require, by giving written notice to Tenant (and in addition to any interest accruing pursuant to Section 4.6 above, as well as any other rights and remedies accruing pursuant to Article XIX or Article XX below, or any other term, provision or covenant of this lease), that minimum guaranteed rentals are to be paid quarterly in advance instead of monthly and that all future rental payments are to be made on or before the due date by cash, cashier's check, or money order, and that the delivery of Tenant's personal or corporate check will no longer constitute a payment of rental as provided In this lease. Any acceptance of a monthly rental payment or of a personal or corporate check thereafter by landlord shall not be construed as a subsequent waiver of said rights. 4. . follows: (a) on the first anniversary of the Commencement Date, the mi . um guaranteed rental specified in Section 1.1 (j) shall be increased by an a nt equal to the greater of (i) 10% of the minimum guaranteed rental spe . d in Section 1.1 (J), or (II) the minimum guaranteed rental specified in Se n 1.1 (j) times the Inflation Factor (hereinafter defined), and (b) on each sequent anniversary of the Commencement Date, the minimum guaranteed tal for the next lease year shall be further Increased by an amount equ the greater of (i) 10% of the minimum guaranteed rental for the prior Ie year (as same has been increased), or (ii) the minimum guaranteed rental cified In Section 1.1 (j) times the Inflation Factor. As used herein, the "'nfl . n Factor" means CPI (hereinafter defined) for the date In question divided he CPI for Commencement Date. "CPI" means the National Consumer Prl ndex for All Urban Consumers (All Items, 1967 = 100), published by the U . éI States Department of labor, Bureau of labor Statistics (the "Bureau"). If CPI should ever cease to be published by the Bureau during the lease ter , 'Inflation Factor" shall be computed by using an economic index selec by the landlord of generally recognized standing that reflects the increase . . , the first lease year are insufficient for Tenant to pay percentage ren at year, then in addition to the statements and reports prescr' ove, Tenant shall, within ten (10) days after a request from land any time thereafter, deliver to landlord such financial statements reasonably required by landlord to verify the net worth of Tenant a guarantor of Tenant's obligations under this lease. This obligation n inue from time to time and during each subsequent yèar in whlc n 's sales are insufficient for Tenant to pay percentage rental for the r. ARTIClC V. :JAlCS RCPORTS , Tenant shall prepare and deliver to landlord at the place al is then payable a certified statement of gross sales ma g he preceding calendar month. Tenant shall also furnish ord a copy of each periodic report (whether monthly, u , or annually) as and when furnished by Tenant to any govern ority with respect to sales or excise tax paid to such authority by . . , where the premises are located, a permanent, accurate set of books cords of all sales of merchandise and revenue derived from ss conducted in the Demised Premises, and all supporting r uc as tax reports and banking records. All such books an s shall be retained and preserved for at least thirty-six month e end of the calendar year to which they relate, and shall be 0 inspection and audit by Landlord and its agents at all reasonable , tifftes. 5.3 111 the ewent landlol d i~ not 3atisfieå '.vith the 3tatCfftCnts af ~reS9 9slÐG 3ubfftitted by Tenant, Lanålerå Bhall ha'le the right Ie ha'ie its ouåiters fftol\e 0 INITIAL i¿. Insigma l?etarf (jmllp. Illc. --- ,~