Reso 1996-031 to 035 - Laserfiche WebLink

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for each year during the term of this lease, in twelve (12) equal monthly installments, in advance without offset or previous demand, in lawful money of the United States of America, on or before the first (1 st) day of each succeeding calendar month during the term of this lease. Should the Date for Commencement of Payment of Rent occur on a day other than the first (1 st) day of a calendar month, then the minimum rental for such first fractional month shall be computed on a daily basis at an amount equal to one -three hundred sixtieth (1/360) of the minimum annual rental for each day of such fractional month to the beginning of the term, and thereafter shall be computed as aforesaid. B. Percentage Rental Lessee shall pay to City within twenty (20) days after the close of each and every calendar month of said term a sum based on percentage of gross room sales, herein called "percentage rental," as follows: For all guest rooms, meeting rooms and all other transient space rentals ("room sales"): 1. Years 1 through 3: Seven (7) percent of gross room sales 2. Years 4 through 10: Eight (8) percent of gross room sales 3. Years 11 through 50: Eight point five (8.5) of gross room sales Monthly percentage rental shall be calculated as follows: determine the applicable percentage rate based on the current lease year, 2. multiply the applicable percentage rate by the gross sales for the month. Any amount previously paid as minimum rental for that month shall be deducted from the total monthly percentage rental and only the excess, if any, of such percentage rental over such previously paid minimal rental amount shall be paid to City. C. Rental Delinquency In the event that Lessee fails to pay Lessor rent within ten (10) days upon such rent becoming due, Lessee shall be assessed a rental delinquency in the amount of Ten Percent (10%) of the rent due. Both the rent and the delinquency shall then be rev.3-12-96 (SRM) rev. 6-5-96 (SRM) 4