Reso 2016-2537 - Laserfiche WebLink

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ii. Rent Abatement Period. Lessor and Lessee agree that the Base Rent as reflected in Table 1.1 shall be fully abated during the period beginning from the Rent Commencement Date and ending six (6) months from said Rent Commencement Date ("Rent Abatement Period"). Notwithstanding the foregoing, Lessee shall be responsible for real estate taxes or any other governmental impositions during the Rent Abatement Period: iii. Year Two. Commencing the second (2nd) year after the Rent Commencement Date the Base Rent shall be Thirty Seven Thousand Five Hundred and 00/100 Dollars ($37,500.00) per month or $450,000 annually; and iv. Year Three and Thereafter. Commencing the third (3`d) year after the Rent Commencement date and throughout the Term of the Lease, the Base Rent shall be Forty One Thousand Six Hundred and Sixty Six and 67/100 Dollars ($41,666.67) per month or $500,000 annually. 4. Section 4.2 entitled Rent Commencement Date is amended to change the "Rent Commence Date" from 180 days from the issuance of the Temporary Certificate of Occupancy or Certificate of Occupancy to the date of issuance of the Temporary Certificate of Occupancy to the Lessee. 5. Section 4.3 entitled Percentage Rent is deleted in its entirety and replaced with the following: a. 4.3 Percentage Rent. Commencing the fourth (4th) year after the Rent Commencement Date the Lessee shall pay the Lessor as additional Rent the amount ("Percentage Rent"), by which (a) the product of the (i) Gross Sales from the restaurant and the gross sales from the marketplace, as hereinafter defined, for a particular calendar quarter of a full or partial Lease Year, multiplied by (ii) the respective percentage (%) amounts described below and then added together. (See example below). The Percentage Rent shall be paid on a quarterly basis during the Lease year, on or before the thirtieth(30`h)day of the month following the end of each Lease Year quarter. Lessee shall pay the Base Rent as contained in Section 4.1 on a monthly basis. If, at the end of an applicable quarter, the Percentage Rent exceeds the Base Rent,the Lessee shall make a payment of the difference of the Base Rent and the Percentage Rent in the manner described in this Section 4.3. In order to calculate the Percentage Rents, the Lessee and any sub-lessee shall install and maintain a centralized Point of Sale (POS) system. The amount of the Percentage Rent shall be determined as follows: i. Years Four Through Six. Starting at the fourth (4th) year after the Rent Commencement Date and through year six (6), the Percentage Rent Page 215 C, SIB