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to marketing. City shall have the right to increase or decrease the waiver period based on the expediency of the build out. The term "net sales" shall include the entire gross receipts of every kind and nature from the sales and services made in, upon, or from the premises, and promotional events, whether upon credit, for cash or credit. The waiver period does not include agreed percentage of pier admission fees, as proposed in Section 1.5 above. The selected proposer may choose to operate the pier and bait/gift shop in addition to the restaurant, as provided for in Section 1.5. In so choosing, the proposer" will include the percentage of entrance fees and bait/gift shop sales in the rent quote. Initial Rent Initial rent is the rent due during the design and constructionlbuild out period. The City will waive the initial rent for up to three (3) months after substantial completion of the restaurant shell as an incentive to the selected proposer to constructlbuild out the Project and market the restaurant during the design and construction phases. Base Monthly Rent, Percentage of Rent and Percentage of Entrance Fees After the date of beneficial occupancy (as defined in Section 1.22 above) and through the termination date of the agreement, the selected proposer shall pay the City: 1. Base monthly rent 2. Percentage of rent And optionally 3. Percentage of Pier entrance fees and percentage of bait/gift shop net sales The selected proposer will pay to the City, the rent as described in the Agreement, and proposed by the selected proposer in Section 1.5, due the first of each month. The percentage of rent, also as described in the Agreement and proposed by the selected proposer in Section 1.5, will be calculated based on net sales and due quarterly. In addition, the selected proposer shall be responsible for preparing and remitting quarterly reports to the City evidencing the percentage of rent collected, based on net sales. In addition to the waiver of the initial rent of up to three (3) months, the City will offer to the selected Proposer a waiver of base monthly rent for up to three (3) months, as an incentive to provide the selected proposer a period in which to establish clientele, adjust menu items to meet demand, and dedicate funds to marketing. These combined waivers will not exceed six (6) months total. In consideration of an early constructionlbuild out, the City may extend the waiver of base monthly rent up to the total of six (6) months combined. The percentage rent will be in effect from the date of beneficial occupancy only if net sales exceed the base rent amount at the end of the financial quarter. The City will notify the selected proposer in writing as to the expiration date of the waiver period. 17