Monthly Rent Schedule
A monthly rent schedule will be issued prior to the commencement of your Lease and typically at the end of each year to reflect changes in additional rent (i.e. operating costs and realty taxes) for the upcoming year. In addition, a monthly rent schedule will be issued should there be a change in your rent (i.e. increase in basic rent).
Percentage Rent (Retail)
Gross sales must be reported by the tenth day of each month for the previous month’s sales on the Retail Sales Report form. The percentage rent calculated in the form must be submitted with the Retail Sales Report form, in addition to minimum and additional rent which is due on the first of each month. Failure to submit a Retail Sales Report form may result in estimated percentage rent charges. You may be subject to an annual sales audit to verify that sales have been reported accurately.
Promotion Fund (Retail)
Tenants contribute towards a promotion fund that organizes sale and special events, plus a retail website, magazine and other brochures.
In accordance with your Lease, rent charges are due and payable on the first day of the month without prior written notice or invoice.