Agenda - 02-15-1994 - VIII-J - Laserfiche WebLink

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7 3.04. Hdft If TENANT shall be in possession of the Premises after the expiration of the term of this Lease,LANDLORD shall have the right to have the tenancy become month to month,terminable by either party on seven(7)days prior written notice, at a monthly rental which shall be at LANDLORDS discretion or equal to twice the sum of the monthly installment of Minimum Rent payable during the last m aith of the tern. Such tenancy shall also be subject to all of the conditions, provisions and obligations of this Lease. This shall not constitute a waiver of the rights of the LANDLORD to dispossess the TENANT and recover possession of the Premises and to bring any action for damages suffered by LANDLORD on account of TENANTS holding over. ARTKXE OC RENT AND 91HO CHARGES 4.01. Nk*mffn B Throughout the term of this Lease, TENANT shall pay Minimum Rent to LANDLORD as specified in Article 1. Mnim urn Rent shall be due the first day of each month in advance and payable in equal monthly installments without notice or demand. The first installmwt of rent shall be due on the Rent Commencement Date but shall be payable on execution of this Lease. In the event that TENANT has made an Advance Rental Payment this shall be applied to the payment of Minimum Rent beginning when the first(1st)morrth's rent is due. 4.02. Percenlage Rent TENANT shall pay Percentage Rent to the LANDLORD MOW notice or demand at the rate set forth in Article I. Within fifteen(15)days after the end of each calendar month,the TENANT shall submit to the LANDLORD an accurate written statement, in form satisfactory to LANDLORD, signed and certified by TENANT, showing the full amount of Gross Sales of the TENANT during the immediately preceding month,together with payment of Percentage Rent due based on the Gross Sales for that month. The Percentage Rent due shall be calculated by multiplying the Gross Sales in excess of the sales amount specified in Article 1 by the Percentage Rent Rate also specified in Article I. Unless the LANDLORD requests a deferent form,Gross Sales shall be a copy of TENANTS state sales and use tax report. Within thirty(30)days after the end of each Lease Year or Partial Lease Year,Tenant shall furnish to the LANDLORD a statement, in form acceptable to and approved by LANDLORD, duty certified by TENANT, showing the Gross Sales made during the immediately preceding Lease Year or Partial Lease Year. TENANT shall at the same time pay the full balance of the Percentage Rend due for said Lease Year. Any excess of Percentage Rent,that TENANT may have paid monthly during such Lease Year shall be credited against future rent payments. Each Lease Year shall be construed as an independent aocounting period for the expose of computing the amount of Percentage Rent. 4.03. Oftr In addition to Minimum and Percentage Rent,all of the payments provided for in this Lease, including, but rot limited to, operating expense charges, marketing funds,and WAC,to be made by TENANT to the LANDLORD shall be deemed to be"Additional Rent"and all remedies applicable to the non-payment of Mninxun and Percentage Rent shall be applicable thereto. Minimum Rent, Percentage Rent and Additional Rent are hereinafter sometimes collectively referred to as"Rent" 4.04. ftw* Dep ad TENANT has concurrently with the execution of this Lease deposited with LANDLORD the sum set forth in Section 1.14(hereinafter sometimes referred to as the"Sear*Deposal)as security for the full performance of every provision of this Lease by TENANT. LANDLORD may apply all or any part of the Security Deposit to axe any default by TENANT hereunder,and TENANT shall promptly restore to the Security Deposit all amounts so applied upon invoice. If TENANT shall fuly perform each provision of this Lease,any portion of the Security Deposit which has not been appropriated by LANDLORD in accordance with the provisions hereof shall be returned to TENANT without interest within thirty(30)days after the expiration of the Lease Tern LANDLORD may deliver the funds deposited hereunder by TENANT to the purchaser or transferee of LANDLORDS interest in the Premises in the event that such interest be sold or transferred,and, in the event the purchaser or transferee assumes the obligations of LANDLORD, thereupon LANDLORD shall be discharged from any further liability with respect to such seamy deposit. 4.05. Pavment of Rent TENANT shall pay all Rent when due and payable,without any setoff,deduction,objection or prior demand therefor whatsoever. If TENANT shall fail to pay any Rend within ten (10) days of the due date, TENANT shall be obligated to pay a late payment charge equal to the greater of One Hundred Dollars($100.00)or ten percent(10%)of any Rent 5