Agenda Packets - 1999/03/22 - Laserfiche WebLink

Home Browse Search

during the term hereof for the Demised Premises and One Thousand and no/100 Dollars ($1,000.00)per year payable in monthly installments of$83.33 for the Shared Space;provided that with respect to any partial month, Base Rent shall be adjusted accordingly. In addition to Base Rent, Tenant shall pay as Percentage Rent on or before ten(10) days after the end of each month during the term hereof an amount calculated by multiplying (I)the total gross revenues received by the Tenant for all Children's monthly, weekly, daily and hourly tuition for the Demised Premises,times (ii)two and one-half percent(2.5%); provided,however, that in all events the amount of such Percentage Rent to be paid shall be increased to at least three percent (3%) greater than the Percentage Rent payable in the previous year. Such payment shall in no event be construed as nor constitute a joint venture or partnership between Tenant and Landlord. At such times as Tenant shall pay such Percentage Rent, Tenant shall provide to Landlord the calculations for its occupancy and gross tuition used in calculating such payment. Landlord shall have the right to inspect and audit the books and records of Tenant to confirm such calculations. 2.2 RENT DELINQUENCIES. Should the Tenant, for any reason whatsoever, fail to pay, when the same is due and payable, any "Base Rent" and should said rent not paid within ten(10) days of the due date, Tenant shall pay a late penalty equal to five percent(5%) of total rents due. In addition, thirty (30) days after the due date, all unpaid rents shall commence to bear interest from said date to the date of payment at the rate of two percent(2%) per annum in excess of the prime rate as quoted by U.S. Bank,N.A. to its best customers, or the highest rate permitted by law, whichever is less. Nothing contained herein shall constitute a grace period permitting the late payment of rent of an obligation of Landlord to forbear its other remedies hereunder. 2.3 UTILITIES. A monthly payment of$600 due on or before the first day of each month shall also be required for payment of electricity and gas utility fees. Should there be a drastic adjustment in electricity or gas prices due to inflation, act of God, emergency,the Landlord and Tenant may renegotiate a utility fee acceptable to both parties. 2.4 ACCOUNTING. Tenant will provide monthly accounting information detailing their financial situation to date. 2.5 DEFAULT REPAYMENT REQUIREMENT. In the event that Tenant is unable to fulfill the remainder of this Lease any time during the term of the Lease, Tenant is liable for the amount calculated in Section 2.1 for tuition for 1999. In the event that Tenant is unable to fulfill the remainder of this Lease during 1999, Tenant shall remain obligated to pay the base rent set forth in Section 2.1. ARTICLE III - USE OF PREMISES 3.1 TENANT'S USE. During the term of this Lease, the Demised Premises shall be used solely for the purpose of childcare and general office purposes. Tenant shall have the right to remain open for business in the Demised Premises during hours even if no other tenants are open during those hours. Tenant shall have the right to secure its exclusive access to the Demised Page 2 3/22/99--CHS Lease agreement