Examples of Base Gross Revenues in a sentence
Xxxxxx, XX 00000 2005 $13,258,998 01/11/2002 10.0% Exhibit Property Address Base Gross Revenues (Calendar Year) Base Gross Revenues (Dollar Amount) Commencement Date Interest Rate A-55 Park Summit at Coral Springs 0000 Xxxxx Xxxx Xxxx.
The Additional Rent for each Renewal Term shall be calculated as provided in Section 2.2 hereof except that Base Gross Revenues for purposes of determining such Additional Rent shall be the amount of Gross Revenues for the first Lease Year of the applicable Renewal Term.
Such Additional Rent shall be equal to eleven percent (11%) of the amount by which the Gross Revenues for the applicable quarter of such Lease Year exceed Base Gross Revenues for the corresponding quarter of the Base Year.
As used herein and in the Lease: the term “Base Gross Revenues” shall mean, with respect to any Property, the amount of Gross Revenues for such Property for the Base Year; and the term “Excess Gross Revenues” shall mean, with respect to any Property, with respect to any Lease Year, or portion thereof, the amount of Gross Revenues for such Property for such Lease Year, or portion thereof, in excess of Base Gross Revenues for such Property for the equivalent period during the Base Year.
In determining Additional Rent for any partial Lease Year, Base Gross Revenues for such partial Lease Year shall be determined by multiplying the applicable Base Gross Revenues by a fraction, the numerator of which is the number of days in the partial Lease Year and the denominator of which is 365.