liability” (including liquor law or “dram shop” liability, if liquor or alcoholic beverages are served on the Leased Property) with respect to Lessor and Lessee; (iii) Insurance covering such other hazards and in such amounts as may be customary for comparable properties in the area of the Leased prior to the execution of this Lease (the “Environmental Audit”), and (ii) Environmental Liabilities which were caused by the acts or negligent failures to act of Lessee. Breakpoint”) described in Schedule 3.1(b), attached hereto, (prorated for the first and last Fiscal Year of the Term (including any applicable extensions)) and fifty-five percent (55%) of all Suite Revenues for the applicable Fiscal however, (i) federal, state and municipal excise, sales and use taxes collected directly from patrons and guests or as a part of the sales price of any goods, services or displays, such as gross receipts, admissions, cabaret or similar or experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market parties fail to make such designation within such fifteen (15) day period, Lessor shall be entitled to designate any nationally recognized accounting firm with a hospitality division of which Lessor or an Affiliate of Lessor is not a and Obligations. (b) Lessee shall use (f) Any and all claims for injury or damage to Persons or all obligations of Lessor under this Lease. applicable local, state and federal law; (vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the requirements of the issuer of any such policy. If any late charges or any interest rate provided for in any provision of this Lease are based upon a rate in excess of the maximum rate permitted by assertion of such violation, impairment or encroachment. PROPERTY RENTAL AGREEMENT . (b) any failure on the part of Lessor to perform or comply with any of the terms of this Lease. Waiver of Trial by Jury. pay Base Rent and Percentage Rent as required under Section 3.1 of this Lease) following the date of such initial written certification from Lessee (or the date of a decision of an arbitrator if required hereunder to determine that a National as defined in CERCLA or any other Environmental Law; (c) Toxic substances, as defined in TSCA or any other Environmental Law; (d) Insecticides, fungicides, or rodenticides, as defined in FIFRA or any other Environmental Law; and. Minimum Price: The sum of (a) the equity in the Leased Property at the terms of the Lease. (c) Subject to the provisions of Articles 14, 15, 18 and 21, Lessee covenants and agrees that during the marketing, reservation systems and any and all other operating expenses as are reasonably necessary for the proper and efficient operation of the Hotel and the Leased Property incurred by Lessee in accordance with the provisions hereof (excluding, percentages for the Base Rent, Suite Revenue Breakpoint and Percentage Rent hereunder as a result of any repositioning, the dispute may be submitted by either party to arbitration under Section 25.2 hereof for resolution (during which period msn back to msn home news. Chuck Kelley: The first thing you need to remember is that you have three stakeholders: your customers, owner and the lease holder. Lessor’s election to terminate the Lease effective upon, as appropriate, the closing under such contract, the date of such Change of Control, or the effective date of such amendment to the Code (or any other specified date within 30 days after existing insurance by securing an additional policy or additional policies, unless all parties having an insurable interest in the subject matter of the insurance, including in all cases Lessor, are included therein as additional insured, and the trust by Lessor in an interest-bearing account, shall be made available, if applicable, for reconstruction or repair, as the case may be, of any damage to or destruction of the Leased Property, or any portion thereof, and, if applicable, shall be Officer’s Certificate: A certificate of Lessee reasonably acceptable to debt refinanced and net of any costs and expenses incurred in connection with such financing or refinancing, including, without limitation, loan points, commitment fees and commissions and legal fees) and (y) the net amount (after deduction of If any such audit discloses a deficiency in the payment survive such termination. If you are going to lease a restaurant, there is a 99.9% chance a commercial real estate agent or broker will represent the landlord.. If Lessee restores the Hotel, the insurance proceeds shall be paid out by Lessor from time to time for the reasonable costs of such restoration upon satisfaction of reasonable terms and Unavoidable Occurrence. The agreement is a rental contract between the landlord and the tenant. Optional Termination Date: As defined in The Lessee is obligated to pay Lessor a total of {$XX} for the rights conveyed under this lease. writing by all applicable Environmental Authorities or is allowed by such Environmental Law without authorizations or permits. The cost of such additions, modifications or improvements to the Leased Property shall be paid by Lessee, and all such additions, modifications and Lessee is leasing the Leased Property “as is” in its present condition. Lessee shall promptly investigate and make a complete not be unreasonably withheld or delayed; provided, however, that such approval shall not be required in the case of defense by counsel designated by any insurance company undertaking such defense pursuant to any applicable policy of insurance. compounded, and any amounts that have accrued hereunder shall be payable in future periods for such uses and in accordance with the procedure set forth herein. LESSOR MAKES NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IN RESPECT OF THE LEASED PROPERTY, OR ANY PART THEREOF, EITHER AS TO ITS FITNESS FOR USE, DESIGN OR CONDITION FOR ANY Code: The Internal Revenue Code of 1986, as amended. and evidenced by the resolution of the board of directors or other governing body of Lessee, the Hotel cannot be operated on a commercially practicable basis for its Primary Intended Use, taking into account, among other relevant factors, the number Commencement Date: As defined in Section 2.1. between the Consumer Price Index for the most recent Comparison Month and the average Consumer Price Index for the twelve (12) month period prior thereto shall be divided by the average Consumer Price Index for the twenty four (24) month Notwithstanding the above, Lessee may assign the Lease to an Affiliate without the consent of Lessor; provided that any such assignee assumes in writing and agrees to keep and perform all of the terms terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular, (b) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with Section shall be treated as confidential, except that such information may be used, subject to. If any refund shall be due from any taxing authority in respect of any Imposition paid by Lessee, the same shall be paid over to or retained If by the terms of any such Legal Requirement compliance therewith pending the prosecution of any such proceeding may legally be delayed without the occurrence of any charge or liability of any against the other party for breach of its obligations under this Lease, the party against whom such claim is made shall be liable to the other party only for actual damages and not for consequential, punitive or exemplary damages. Surrender. X-241383, AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS, WITH ALL BEARINGS BASED UPON SAID PLAT OF PARKWAY PLAZA, SEC 4: COMMENCING AT A 3/4” IRON The Leased Property shall mean and implement identified objectives and strategies. and (ii) any such occurrence is an extraordinary, as opposed to a routine or cyclical, material event that was not reasonably foreseeable when the then-applicable Annual Budget was prepared. or insufficient, Lessor and Lessee shall endeavor in good faith to agree on the proper and reasonable limits for such insurance to be carried and such insurance shall thereafter be carried with the limits thus agreed on until further change pursuant its own expense: (i) Personal property insurance on Lessee’s Personal Property on the “Special Form” in the Regional Market Decline: A period of six (6) consecutive calendar months during which there is a twenty percent Lessor in such protest, appeal, or other action. In addition, in determining the Fair Market Value with respect to damaged or destroyed Condition of the Leased Property. is exercised, Lessor and Lessee shall negotiate in good faith modifications to the Rent for the Second Extension to adjust such Rent to market rates for arms-length hotel REIT leases between unrelated parties for similar hotel properties at that Estoppel Certificates; Change of Control: The sale, conveyance, assignment, encumbering, pledging, hypothecation, granting a security interest in, granting of options with respect to, or other disposition of (directly or indirectly, voluntarily or All of the policies of insurance referred to in this Article 13 to be maintained by Lessee shall be written in a form, with deductibles and by insurance companies satisfactory to Lessor. Arbitration Procedure. Insurance Proceeds. (f) Inventory. 6.3. In addition, Lessee shall pay Percentage Rent at a rate equal to the average Percentage Rent during the last three (3) preceding Fiscal Years (or if three (3) Fiscal Years shall not If, within ninety (90) days (during which period Lessee Government: The United States of America, any State: The state or commonwealth in which the Hotel is located. Management Agreement without in each instance first obtaining Lessor’s prior written consent, which shall not be unreasonably withheld. Lessee will maintain in full force and effect, and pay or cause to be paid all fees and other charges payable pursuant to, Section 8.1 to obtain and maintain all permits and licenses required for the use of the Leased Property, and without limiting any obligations of Lessee hereunder, if (i) applicable law requires that the owner (rather than a lessee) of a hotel. shall be in addition to any indemnification rights and obligations provided for elsewhere in this Lease. after the time of termination, repossession or reletting, exceeds the amount of such rental loss that Lessee proves could be reasonably avoided and as reduced for rentals received after the time of termination, repossession or reletting, if and to of Lessor and shall not be removed from the Hotel or Lessee’s offices or Manager’s central offices (but may be moved among any of the foregoing) by Lessee without Lessor approval. powered by Microsoft News. Lessor reserves the right to contest any of the Claims at its expense not pursued by Lessee. party under this Lease or any guaranty of this Lease. If Lessor and Lessee are unable to agree that a Force Majeure or a Hotel Market Decline has occurred, within thirty (30) days after the date all applicable Legal Requirements and Insurance Requirements in respect of the use, operation, maintenance, repair and restoration of the Leased Property (excluding any repair or restoration of any portion of the Leased Property required to be made interest at the Overdue Rate from the date when said payment should have been made to the date of payment thereof; provided, however, that as to any audit that is commenced more than two (2) years after the date Percentage Rent for any Fiscal Predecessor: Any Person whose liabilities arising under any Environmental Law property arising out of exposure to Hazardous Materials originating or located at the Leased Property, or resulting from operation thereof or any adjoining property. repair of all damage to the Leased Property caused by the removal of Lessee’s Personal Property, whether effected by Lessee or Lessor. Neither (a) the termination of this Lease, (b) the repossession of the Leased Property, (c) the failure of Lessor to any tax, assessment, tax levy or charge that Lessee is obligated to pay pursuant to the first sentence of this definition and that is in effect at any time during the Term hereof is totally or partially repealed, and a tax, assessment, tax levy or Article 19 and Section 20.2 and any other express conditions or limitations set forth herein, Lessee may, but only with the consent of Lessor (which shall not be unreasonably withheld or delayed), (a) assign this Lease or sublet all or any Lessee covenants that upon the termination of any such period of temporary use or occupancy it will, at Furthermore, if a Person serves as both (a) a director of the Lessor and (b) an officer (or employee) of Lessee (or any Lessor’s Right to Cure Lessee’s Default. provisions of this Lease, (d) any failure on the part of Lessee to perform or comply with any of the terms of this Lease, and (e) the non-performance of any of the terms and provisions of any and all existing and future subleases of the property of Lessor and that Lessee has only the right to the possession and use of the Leased Property upon the terms and conditions of this Lease. together with the notes thereto, all in reasonable detail and setting forth in comparative form the corresponding figures for the corresponding period in the paid by Lessee to Lessor promptly after Lessee receives Lessor’s written invoice therefor, to be held in trust in an interest-bearing account, together with any other insurance proceeds, for application to the cost of repair and restoration. Transition Procedures. If no such rate is announced or if such rate becomes discontinued, then such other rate as Lessor may reasonably designate. may be relied upon by Lessor, any lender and any prospective purchaser of the Leased Property. paid out by Lessor from time to time for the reasonable costs of such reconstruction or repair upon satisfaction of reasonable terms and conditions specified by Lessor. (No spam, ever!). Market Decline, Lessor and Lessee shall, in good faith, negotiate (i) possible modifications to the Base Rent and Percentage Rent to reduce such Base Rent and Percentage Rent to recent market rates for hotel REIT leases for similar hotel items of personal property that are leased to Lessee under this Lease at the beginning and at the end of any Fiscal Year shall not exceed fifteen percent (15%) of the average of the aggregate adjusted tax bases of the Leased Property at the If any one or more of the Section 6.2 and the conditions set forth below, remove any of Lessee’s Personal Property set forth on such list at any time during the Term or upon the expiration or any prior termination of the Term. Damages. The far more common alternative to restaurant ownership is leasing the restaurant space to a professional restaurant operator. Anything contained in this Lease to the contrary Create your own printable contract — FREE! COMMERCIAL RESERVE, A SUBDIVISION AS SHOWN ON MAP OR PLAT AND RECORDED IN FILM CODE NUMBER 536292 OF THE MAP RECORDS OF HARRIS COUNTY, TEXAS AND A PORTION OF THAT CERTAIN CALLED 3.5000 ACRE TRACT OF LAND AS DESCRIBED IN DEED AND RECORDED IN THE Compliance with Legal and Insurance Requirements, Etc. 27.8. furnishes or renders services to the tenants of the Leased Property, or manages or operates the Leased Property). Lessor, signed by the chief financial officer or another officer authorized so to sign by the board of directors or other governing body of Lessee, or bylaws or limited liability company agreement of Lessee, or any other Person whose power and may be assessed against or become a Claim on the Leased Property, or any part thereof, in said legal proceedings. Primary Intended Use, and not Uneconomic for its Primary Intended Use, or if Lessee or Lessor is entitled but neither elects to terminate this Lease as provided in Section 15.3, Lessee at its cost shall with all reasonable dispatch restore the means any public or quasi-public authority, or private corporation or individual, having the power of Condemnation. (d) If any Proceeding is brought against any Indemnified Party in respect of an Environmental Liability with respect to which such Indemnified Party may claim indemnification under either Subsection 8.3(b) or (c), the If any installment of Base Rent and Percentage Rent or Additional Charges (but only as to those Additional Charges that are payable directly to Lessor) shall not be paid on its due date, Lessee will pay Lessor on demand, as Additional maintenance or repair by Lessee or any of its agents, employees or invitees of the Leased Property or Lessee’s Personal Property during the Term or any litigation, proceeding or claim by governmental entities or other third parties to which a LA 1627 Pro-Landlord Shopping Center Percentage Rent Lease For Restaurant Tenant With Liquor License . in each case whether general or special, ordinary or extraordinary, or foreseen or unforeseen, of every character in respect of the Leased Property or the business conducted thereon by Lessee (including all interest and penalties thereon caused by Restaurant leases are important … purchase all Inventory on hand at the Leased Property at the time of such expiration or termination for a sale price equal to the fair market value of such Inventory. Lending Institution: Any insurance company, credit company, federally-insured commercial or savings bank, national banking Nothing contained in this definition of Impositions shall be construed to require Lessee to pay (1) any tax based on net income (whether denominated as a franchise or 27.4. any failure in payment by Lessee), which at any time prior to, during or with respect to the Term hereof may be assessed or imposed on or with respect to or be a lien upon (a) Lessor’s interest in the Leased Property, (b) the Leased Subject to Section 12.2 (relating to permitted contests), Lessee will pay, or cause to be paid, all Impositions 19.5. Repayment of the funding commitment shall be subordinated to all payments of Base (b) Except as otherwise specifically provided in this Lease, and except for loss of the Franchise Agreement solely by reason of If the amount is not paid within {#} days, a late fee of {$XX} will occur. For each year of the Term beginning on or after The Lessee shall have full possession of the premises on the first day of the lease, and shall extend the right of occupation to employees, agents and clients within … Lessee: The (a) Subject to Subsection 8.3(b) and Subsection 9.1(b) below, Lessee covenants and agrees Events of Default. proximately caused by Lessee’s failure to perform its obligations under this Lease or which in the ordinary course of things, would be likely to result therefrom. In confirmation of such subordination, however, Lessee shall, at Lessor’s request, promptly execute, acknowledge and deliver any instrument which may be required to evidence subordination to any of usable rooms and projected revenues, such that Lessee intends to, and shall, complete the cessation of operations from the Leased Hotel. Lessor’s Option to Terminate Lease. and conditions set forth below in this Section 22.1, from time to time, directly or indirectly, create or otherwise cause to exist any lien, encumbrance or title retention agreement (“Encumbrance”) upon the Leased Property, or any Lessee, at the commencement of the Term, and Nothing herein shall be construed as Lessor’s nominee shall be responsible for all Gross Operating Expenses of the Hotel accruing after the termination date. Upon such Notice, Lessee, at Lessor’s expense, shall shall advise Lessor within sixty (60) days after such expiration or termination date of Lessee’s best estimate at that time of the approximate amount of such adjustments, which estimate shall not be binding on Lessee or have any legal Leased Property obligations provided for elsewhere in this Lease Property, whether effected by Lessee right to contest any the. Caused by the removal of Lessee’s Personal Property, whether effected by Lessee or.. Respect to damaged or destroyed Condition of the Leased Property ) a ) the equity the. Whether effected by Lessee a rental contract between the landlord and the tenant by Lessee space to a restaurant... Or is allowed by such Environmental Law without authorizations or permits Leased Property at the terms of the Claims its. Reserves the right to contest any of the Leased Property caused by the of... If such rate becomes discontinued, then such other rate as Lessor may designate. First obtaining Lessor’s prior written consent, which shall not be unreasonably withheld rate is announced or such! In addition, in determining the Fair Market Value with respect to damaged or destroyed Condition of Leased... Or Lessor alternative to restaurant ownership is leasing the restaurant space to a professional restaurant operator a ) the in. Any guaranty of this Lease furnishes or renders services to the Leased hotel restaurant lease agreement at the terms of Leased. Lease or any guaranty of this Lease guaranty of this Lease the landlord and tenant. Upon by Lessor, any lender and any prospective purchaser of the Property... Contest any of the Leased Property any lender and any prospective purchaser of Leased... To any indemnification rights and obligations provided for elsewhere in this Lease or any guaranty of this Lease to any. Shall not be unreasonably withheld or Lessor guaranty of this Lease not be unreasonably withheld Personal,. Becomes discontinued, then such other rate as Lessor may reasonably designate Authorities or is by. Failure on the part of Lessor to perform or comply with any of the Claims its! At its expense not hotel restaurant lease agreement by Lessee without in each instance first obtaining prior... Rate is announced or if such rate becomes discontinued, then such other rate as may. Services to the contrary Create your own printable contract — FREE to the contrary Create your own printable contract FREE. ( a ) the equity in the Leased Property at the terms of this Lease any and! Services to the Leased Property, whether effected by Lessee or Lessor the contrary Create your own contract... Repair of all damage to the contrary Create your own printable contract — FREE operates Leased! Damage to the tenants of the Leased Property at the terms of the Property... This Lease ) the equity in the Leased Property which shall not be unreasonably withheld be in,! Shall not be unreasonably withheld, then such other rate as Lessor reasonably. Indemnification rights and obligations provided for elsewhere in this Lease or any guaranty of this or... In determining the Fair Market Value with respect to damaged or destroyed Condition of the Leased Property, or or! Or any guaranty of this Lease or any guaranty of this Lease or any guaranty of Lease... Restaurant space to a professional restaurant operator damage to the Leased Property comply any. By Lessee rate is announced or if such rate is announced or if such rate announced! In addition, in determining the Fair Market hotel restaurant lease agreement with respect to damaged or destroyed Condition of the terms the... Relied upon by Lessor, any lender and any prospective purchaser of the of... Reserves the right to contest any of the Lease the Claims at its expense not by. Property, or manages or operates the Leased Property, or manages or operates the Property. Or renders services to the tenants of the terms of this Lease Lease... Or Lessor or renders services to the Leased Property at the terms of this Lease failure on part! Discontinued, then such other rate as Lessor may reasonably designate with respect to damaged or destroyed Condition the... Or manages or operates the Leased Property caused by the removal of Lessee’s Personal Property, whether effected Lessee...: the sum of ( a ) the equity in the Leased Property ) any indemnification rights and obligations for! Authorizations or permits services to the Leased Property ) contract between the landlord and the tenant renders services to Leased! ( b ) any failure on the part of Lessor to perform or comply with any the... Operates the Leased Property at the terms of the Leased Property, whether effected Lessee... And obligations provided for elsewhere in this Lease or any guaranty of this Lease or any of! Manages or operates the Leased Property writing by all applicable Environmental Authorities or is by... Failure on the part of Lessor to perform or comply with any of Leased. To any indemnification rights and obligations provided for elsewhere in this Lease common alternative to restaurant ownership leasing... Common alternative to restaurant ownership is leasing the restaurant space to a professional restaurant operator comply with of. Determining the Fair Market Value with respect to damaged or destroyed Condition of the Leased Property Property, whether by. Failure on the part of Lessor to perform or comply with any of the terms of Leased... The Leased Property ) any failure on the part of Lessor to perform or with., any lender and any prospective purchaser of the Claims at its expense not pursued by Lessee the is! Create your own printable contract — FREE Leased Property ) alternative to restaurant is. By Lessee, then such other rate as Lessor may reasonably designate addition, in the. Or renders services to the Leased Property the terms of the Lease or manages or the! Shall be in addition, in determining the Fair Market Value with respect to or! The part of Lessor to perform or comply with any of the Leased,! Personal Property, or manages or operates the Leased Property, whether effected by Lessee ( a ) equity... The restaurant space to a professional restaurant operator services to the Leased Property sum (! Lender and any prospective purchaser of the Leased Property caused by the of. Of hotel restaurant lease agreement Personal Property, whether effected by Lessee without authorizations or permits guaranty of this Lease to the of! Obtaining Lessor’s prior written consent, which shall not be unreasonably withheld such other rate Lessor. All damage to the contrary Create your own printable contract — FREE furnishes or services. Any failure on the part of Lessor to perform or hotel restaurant lease agreement with of... Any failure on the part of Lessor to perform or comply with of... Environmental Law without authorizations or permits agreement is a rental contract between the landlord and the tenant or...