Reso 2024-3761 - Laserfiche WebLink

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EXECUTION COPY LESSOR shall, within thirty (30) days after the Expiration Date or any termination of this Lease, refund to LESSEE any funds remaining in the Security Deposit. LESSEE may not credit against or deduct the Security Deposit from any month's Rent. 6.2 Advance Rent. On the Effective Date, along with the Security Deposit, LESSEE shall also pay an additional Twenty Thousand Four Hundred Dollars and No Cents ($20,400.00) (along with all applicable Florida sales and use tax) to LESSOR in advance (the "Advance Rent"), and half of such Advance Rent shall be applied to the first payment of Base Rent on the Rent Commencement Date, and such other half of the Advance Rent shall be applied on the last payment of Base Rent prior to the Termination Date. 6.3. Base Rent. The minimum annual base rent for the first year of the Term shall be the sum of One Hundred Twenty -Two Thousand Four Hundred Dollars and No Cents ($122,400.00) (the "Base Rent"). For the first twelve (12) months of the Term, beginning on the Rent Commencement Date, Base Rent shall be payable, in advance, in equal monthly installments of Ten Thousand Two Hundred Dollars and No Cents ($10,200.00) and thereafter shall be increased on the first anniversary of the Rent Commencement Date and thereafter annually by three percent (3%). 6.4 Percentage Rent. LESSEE shall pay to LESSOR, in addition to the Base Rent, a percentage rent ("Percentage Rent") equal to eight percent (8%) of the amount of LESSEE's Gross Receipts (as hereinafter defined) for any Lease Year. The Percentage Rent for each Lease Year shall be due and payable at such time as Gross Receipts of LESSEE first exceed the Breakpoint of One Million Seven Hundred Thousand Dollars and No Cents ($1,700,000.00) for such Lease Year. The Percentage Rent for each Lease Year shall be due and payable annually along with applicable sales and use taxes, on or before the thirtieth (30th) day after the end of such Lease Year. LESSEE shall be responsible for the timely payment of the applicable sales and use tax as required by law. LESSEE's obligation for the payment of Percentage Rent shall survive the expiration or earlier termination of this Lease. LESSEE hereby acknowledges that LESSEE's business reputation, intended use of the Leased Premises, potential for payment of Percentage Rent and ability to generate patronage to the Leased Premises and the Property have been relied upon by LESSOR and served significant and material inducements contributing to LESSOR's decision to execute this Lease with LESSEE. In furtherance of the foregoing, LESSEE hereby covenants and agrees: (i) to operate in the Leased Premises only under the trade name, Crema Gourmet Espresso Bar, and under no other name or trade name, (ii) to continuously use, occupy and operate the whole of the Leased Premises for the retail sale of its goods or services in accordance with its permitted use and for no other purpose whatsoever during the minimum business hours of 7:00 a.m. to 9:00 p.m., Monday through Saturday, and 7:00 a.m. to 9:00 p.m. on Sunday, for a minimum of 98 hours a week, (iii) to report Gross Receipts in accordance with the provisions of this Section hereof. Notwithstanding the foregoing, LESSEE shall be permitted to close its cafe and restaurant two (2) days during each Lease Year to conduct inventory. LESSEE may also be closed for business on a day due to severe inclement weather or on any other day that is recognized as a national business holiday. In calculating the Percentage Rent, sales tax and coupons that are redeemed by LESSEE's customers shall not be factored into the gross sales calculation; provided, however, that any gift certificates or coupons sold by LESSEE for any consideration shall be included in Gross Receipts for the period in which they are sold. The term "Gross Receipts" as used herein shall mean the total of all sales and other receipts and revenue by LESSEE and all permitted licensees, concessionaires and permitted sublessees of LESSEE (if any), from all business conducted upon or from the Leased Premises, whether such sales be evidenced LEASE AGREEMENT - CREMA DOWNTOWN CORP. Page 5 of 36