Reso 1997-146 to 150 - Laserfiche WebLink

Home

5. LEASE YEAR DEFINED. The term "Lease Year" means each full calendar year during the Term. The period commencing on the Commencement Date (if other than January 1 of a calendar year) or the commencement date of any Phase and ending on the December 31 st next following is referred to herein as a "Partial Year." The Lease Year may be changed by written agreement of the parties. Each Lease Year will constitute a separate accounting period for the purpose of computing percentage rent. Gross Revenue (as defined below) for any Lease Year shall not be carried forward or backward into any other Lease Year. If this Lease is terminated prior to the end of a Lease Year, Minimum Rent and Percentage Rent shall be subject to proration. 6. RENT. In consideration of Lessor executing this Lease and granting the rights provided in this Lease, Lessee shall pay to Lessor at the address listed for Lessor in Section 25.6 of this Lease an annual rent in an amount that will be the greater of either (i) the Minimum Rent (as defined in Section 6.1 below), or (ii) a rent based upon percentages of Gross Revenue as set forth in Section 6.2 below. 6.1 Minimum Rent. Lessee shall pay to Lessor as minimum rent ("Minimum Rent") the following amounts (which shall be payable monthly on the first day of each month during the Term): 6.1 (a) During Phase I - $625,000 per year ($52,083 per month). 6.1(b) During Phase II - $550,000 per year ($45,833 per month). 6.1(c) During the initial Partial Year of Phase III and the first three Lease Years of Phase III - $750,000 per year ($62,500 per month). Thereafter, the greater of (i) $750,000, or (ii) seventy-five percent (75%) of the average total annual rent paid during the immediately preceding three (3) Lease Years. 6.2 Percentage Rent. In any Lease Year in which the amount of percentage rent ("Percentage Rent") set forth below exceeds the Minimum Rent for such Lease Year specified in Section 6.1, Lessee shall pay to Lessor Percentage Rent based upon the following: LEASE AGREEMENT BETWEEN CITY OF SAN LEANDRO AND AMERICAN GOLF PAGE 9 11/13/97 FINAL, J.\WPD\CSL\136\0IWGREE\GOLFCOUR\AGREE\LEASE.CLN