Reso 1998-026 to 030 - Laserfiche WebLink

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"Accrued Percentage Rent") shall accrue, without interest, and shall be paid in thirty-six (36) equal monthly installments, commencing on the fifteenth (15th) day of the second (2nd) calendar month of the third (3rd) Lease Year (whether the first month is a whole or partial month) and continuing on the fifteenth (15th) day of each of the succeeding thirty-five (35) calendar months. Commencing with the fifteenth (15th) day of the second (2nd) calendar month of the third (3rd) Lease Year (whether the first month is a whole or partial month) and continuing on the fifteenth (15th) day of each and every calendar month thereafter during the Term, Tenant shall pay the Percentage Rent due for the immediately preceding calendar month, in addition to any installment of Accrued Percentage Rent payable pursuant to the preceding sentence. If the Percentage Rent rate changes during a calendar month, the Percentage Rent payable for such calendar month shall be calculated based on the applicable rate in effect on the date an item of Gross Revenues is received. Interest shall accrue at the Interest Rate on any payment of Percentage Rent not paid when due. With each payment of Percentage Rent, Tenant shall deliver to Landlord a statement which shall set forth in reasonable detail the calculation of Gross Revenues for the calendar month in question. In addition to such monthly statements, Tenant shall deliver to Landlord semiannual and annual statements within thirty (30) days following the midway point and the last day of each Lease Year, as the case may be, setting forth reconciled calculations of Gross Revenues for the six (6) or twelve (12)-month period in question and the amount of Percentage Rent paid by Tenant for such period. For each such statement an adjustment shall be made, if necessary, so that if Tenant shall have paid to Landlord as Percentage Rent an amount greater than the LEASE BETWEEN CITY OF SAN LEANDRO AND SAN FRANCISCO BAY CONFERENCE RESORT PAGE 16 2574001\313983.8