Reso 2003-604 - Laserfiche WebLink

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term of this Lease by the succeeding Renewal Term not less than 90 days prior to expiration of the Initial Term or the then running Renewal Term, as the case may be. The terms and conditions of this Lease shall apply during each Renewal Term. The Initial Term, as it may be extended by one or more Renewal Terms shall be hereinafter referred to as the "Lease Term." 2.2 Rent. 2.2.1 Base Monthly Rent. For the use and occupancy of the Premises, Tenant shall pay Landlord the Base Monthly Rent, in advance, commencing on the Commencement Date and continuing on the first day of each calendar month thereafter during the Lease Term, without any offset or deduction. Should the Lease Term commence on a day other than the first day of a calendar month, then the rental for such first fractional month shall be computed on a daily basis for the period from the Commencement Date to the end of such calendar month at an amount equal to 1I30th of the Base Monthly Rent for each day. Should the Lease Term end on a day other than the last day of a calendar month, then the rental for such fractional month shall be computed on a daily basis at an amount equal to 1/30th of the Base Monthly Rent for each day. Tenant shall pay Landlord the Base Monthly Rent in lawful money of the United States without deduction, setoff or counterclaim. 2.2.2 Percentage Rent. (i) In addition to the Base Monthly Rent, Tenant shall pay to Landlord Percentage Rent equal to the amount by which eight percent (8%) of all Net Sales (as hereinafter defined) during each full or partial calendar year exceed the total annual Base Rent provided under Paragraph 2.1.1. of this Lease for such year. Percentage Rent shall be payable on a quarterly basis during the calendar year, on or before the thirtieth (30th) day of the month following the end of each quarter, such Percentage rent to be equal to eight percent (8%) of Tenant's Net Sales for the same lease quarter. (ii) The term "Net Sales" as used in this Lease shall include the entire gross receipts of every kind and nature from the sales and services made in, upon, or from (e.g. catering services) the premises, and promotional events, whether upon credit, for cash or credit; excepting therefrom sales and similar taxes attributable to such sales which are charged to and collected from the customer, customer discounts, refunds, voids, all complimentary or promotional meals, and all meals of employees, management or corporate personnel attendant to the extent no money is received for any of them. (iii) Tenant shall, in connection with all sales, utilize point of sale equipment which properly records all such sales. Tenant shall keep in the demised premises or at some other location a permanent and accurate set of books and records of all sales and revenues derived from business conducted in the demised premises, including: catering records; records of voids and refunds; tax reports; liquor tax returns; and such other records as may be needed to permit an effective audit of sales. All such records shall be retained and preserved for at least twenty-four (24) months after the end of the calendar year to which they relate, and shall be subject to inspection and audit by Landlord and its agents at all reasonable times. On or before the 30th day after each lease year during the term hereof, including renewals, tenant shall prepare - 2 -