Reso 1998-059 (Missing 1996-056 through 1996-058)

Home

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 amount of Percentage Rent due hereunder for such period, Tenant shall receive a credit equivalent to such excess to be applied by Tenant to the next installment of Percentage Rent due; provided that with regard to the last adjustment at the end of the Term, any such excess shall be paid to Tenant provided Tenant is not in default. If Tenant shall have paid an amount less than the Percentage Rent due hereunder for such period, Tenant shall pay such difference to Landlord with the delivery of the reconciled statement. Tenant's payments of Percentage Rent shall be made without offset or credit for Tenant's payments of Base Rent. Any Gross Revenues received by Tenant prior to the commencement of the first (1 st) Lease Year shall be included with Gross Revenues for the first (1 st) Lease Year for purposes of calculating the Percentage Rent for that Lease Year. LEASE BETWEEN CITY OF SAN LEANDRO AND SAN FRANCISCO BAY CONFERENCE RESORT 002574.0001\409817.4 PAGE 16