In the event TENANT fails to timely give COUNTY the Option Notice or pay the Option Fee or provide the Business Plan, COUNTY agrees to notify TENANT of the deficiency of the exercise of the option.
TENANT shall have five (5) calendar days from receipt of the COUNTY notice to give the COUNTY the Option Notice and/or pay the Option Fee, and/or submit the Business Plan, or TENANT shall lose any/all remaining options for extended terms and this Lease shall automatically terminate at the end of the then existing term.
TENANT will pay rent in the same percentage of gross revenues as set forth in Subparagraph 4. (2) If a Large Event scheduled to last less than six (6) consecutive days and/or less than four (4) consecutive weekends is closed for all or substantially all of the day for more than one (1) day due to rain, vandalism, loss of utilities or other good cause as agreed upon by the COUNTY, the above guaranteed minimums shall be reduced by five percent (5%) for each day beyond one (1) day that the Large Event is closed due to such causes. MINIMUM ANNUAL RENT: In the event that the total amount of rent paid by TENANT in any calendar year ("Total Rent Paid") does not meet or exceed the minimum annual rent ("Minimum Annual Rent") for that calendar year set forth on the following schedule, then the TENANT shall pay COUNTY by February 1 of the next calendar year an amount equal to the difference between the Total Rent Paid and the Minimum Annual Rent due. institution to be withdrawn only by COUNTY the amount of twenty-two thousand five hundred and 00/100 Dollars ($22,500.00). In the event any check issued by TENANT is dishonored by a bank on which it is drawn as a result of insufficient funds, then all further payments due hereunder shall be due by money order or certified cashier's check.
Calendar Year Minimum Annual Rent 2001 $224,500.00 2002 $249,500.00 2003 $274,500.00 2004 $299,500.00 2005 $324,500.00 2006 $349,500.00 2007 $374,500.00 2008 $399,500.00 7 2009 $424,500.00 2010 $449,500.00 First extended term 2011 $500,000.00 2012 $550,000.00 2013 $600,000.00 2014 $650,000.00 2015 $700,000.00 Second extended term 2016 $750,000.00 2017 $800,000.00 2018 $850,000.00 2019 $900,000.00 2020 $950,000.00 E. Prior to Monday, July 2, 2001, TENANT shall deposit into an escrow account with instructions that the sums shall be placed in an interest bearing account in an F. Partial prepayments and final payment of the Faire rents will be due on the following dates.
DEFINITIONS: The term "gross revenue(s)" as used in this Lease is defined as all money, cash, receipts, assets and property or other things of value received in lieu of cash (but excluding bona fide donations and co-promotion payments on TENANT's behalf or promotional ticket exchanges), including but not limited to advance ticket sales, advance group sales, participant ticket sales, ticket agencies, gate admissions, beverage sales, catering, crafts and games activities, merchandise, miscellaneous event income, camping fees, parking fees, or other gross charges, sales, rentals, fees and commissions made or earned and all gross sums received or earned by TENANT, his assignees, or successors in interest, whether collected or accrued, from any business, use or occupation, or any combination thereof, originating, transacted or performed, in whole or in part, on the Premises. In the event the total rent due for the Faire is less than the total prepayments made, COUNTY shall reimburse TENANT the overpayment within ninety (90) days of COUNTY receipt of the accounting report of Subparagraph 4. In the event the Faire is closed for all or substantially all of any day due to rain, vandalism, loss of utilities or other good cause as agreed upon by the COUNTY, TENANT may, after notice to COUNTY, delay payments required during the Faire and due to COUNTY, by one (1) week.
This will include, but not be limited to, rental, the rendition or supplying of services, and the sale of goods, wares or merchandise, or devices of any nature; less sales and excise taxes applicable thereto, required to be collected by TENANT, his assignees or successors in interest in connection with the rendering or supplying of services, goods, wares or merchandise. (1) FAIRE RENT PAYMENTS: Year 1, 2001: May 15, 2001 ,000 June 15, 2001 ,000 July 15, 2001 ,000 10 Last Monday in October 2001 Remainder of balance of 4.0% of gross revenues.
Such control and direction shall include, but is not limited to, providing all necessary personnel to safely control and direct all such vehicles, persons and animals into and out of the parking lots and the Faire, and placing directional signs and barriers for all access points, traffic lanes and pedestrian walk ways to and from the parking lots and Faire. INITIAL TERM: The initial term of this Lease shall be for ten (10) years, commencing on July 1, 2000, and ending on December 31, 2010 ("initial term"), unless terminated sooner, or extended as provided herein.
TENANT shall not permit any vehicle, person or animal to cross over the flood control levies or other portions of the PARK or parking lots not designated by TENANT for such use. GLEN HELEN PARKWAY FAIRE PARTICIPANT CROSSING: The Glen Helen Parkway Faire Participant crossing shall also be covered in the Conditional Use Permit, which shall be attached to this Lease as Exhibit D. (1) During the initial term, the Faire shall be open to the public on a maximum of eleven (11) weekends, including Memorial Day and a minimum of eight (8) weekends, including Memorial Day.
TENANT's request shall set forth the amount of space requested and may contain a request for an estimated cost for use of additional areas.
TENANT shall pay the current rate set forth in the COUNTY Code (or fair market value if none is set in the COUNTY Code) for any such camping areas made available for its use. PARKING LOT CONTROL: TENANT shall control and direct the movement of all vehicles, persons and animals in and around all parking lots used by the TENANT.