Apache Mall Sample Clauses

Apache Mall. Buyer acknowledges and agrees that Seller has complied with Seller’s covenant contained in Section 7.1(q)(i) by submitting the Letter of Intent attached as Exhibit A (the “Apache Mall LOI”) to the Landlord for the Apache Mall Restaurant (the “Apache Mall Landlord”). If the Apache Mall LOI (including any document substantially similar thereto) is issued and/or approved by the Apache Mall Landlord, whether or not occurring after the Delayed Closing Date for the Apache Mall Restaurant, Buyer agrees that it will either (a) accept the Apache Mall LOI, in which case Seller will have no financial obligation to Buyer pursuant to Section 7.1(q) or Schedule 7.1(q) of the Purchase Agreement (collectively, the “Apache Mall Loss Obligations”) and Seller’s only financial obligation will be as set forth in the next sentence, or (b) reject the Apache Mall LOI (or request revisions thereto), in which case Seller will not be required to pay Buyer the Apache Mall Loss Obligations. If Buyer accepts the Apache Mall LOI and subsequently enters into either an amendment to the existing Real Property Lease or a new lease, in each case, for the Apache Mall Restaurant (the “Lease Extension”) on terms that do not conflict with the Apache Mall LOI and a copy of which is provided to Seller, then Seller will pay Buyer the following amounts: (a) $11,000, due within five business days of the execution of the Lease Extension, and (b) within thirty (30) days after the later of (i) each calendar year (starting with the year 2011 and ending as of December 31, 2015) or (ii) proof of payment of all rent for the Apache Mall Restaurant due for the applicable year, an amount equal to 5% of the Sales Gap (defined below) for such year. The “Sales Gap” shall be calculated as follows: (a) if Buyer’s Gross Sales (as defined in the Real Property Lease) are less than the breakpoint for the applicable year, which breakpoint will equal $3,300,000 in 2011 with 2% increases each year thereafter (the “Breakpoint”) but Buyer’s Gross Sales are more than the Original Breakpoint Proposal (defined below), the Sales Gap shall be the difference between Buyer’s Gross Sales and the Breakpoint and (b) if Buyer’s Gross Sales are (i) greater than the Breakpoint or (ii) less than the Original Breakpoint Proposal, in either case, the Sales Gap shall be zero ($0). The “Original Breakpoint Proposal” is $2,850,000 for 2011 and shall be increased by 2% each year thereafter. Notwithstanding anything in the Purchase Agreement or...
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  • OASIS The ISO shall maintain the OASIS for the New York Control Area.

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