Common use of MINIMUM GUARANTEE AMOUNT Clause in Contracts

MINIMUM GUARANTEE AMOUNT. The Property Manager guarantees to the Owner that during the currency of the Rental Guarantee Period, the Property Manager will pay to the Owner’s nominated account the FWGA by monthly instalments, less Rates & Levies, insurances, disbursements, rental on days vacant if any and the fees payable by the Owner to the Property Manager (less any tax required to be withheld) pursuant to this Agreement and the Management Agreement, continuously even where: (a) the actual rental payable by the tenant from time to time under the lease is less or more than the FWGA; and (b) the Property is vacant for any reason other than attributable to any damage of or to the Property which is not caused by the Property Manager and which makes the Property not leasable or tenantable. The Owner acknowledges that where at any time during the Rental Guarantee Period, the rental payable by the tenant exceeds the rate of the FWGA and the rental moneys collected exceeds the FWGA, the Property Manager is only required to account in accordance with clause above, and the excess difference shall become and be deemed additional Management Agency Fee payable to the Property Manager.