- 6 -
installments and due on the first day of each month at the rate
of $2,192.67 per month. Petitioners were not obligated to pay
the fixed minimum rent until 6 months after the day the Bakery
was first opened for business to the public.
In addition to their obligation to pay the fixed minimum
rent, petitioners were also obligated to pay to TUP 130 various
other charges such as real estate taxes (estimated as $276.47 per
month), common area (estimated as $476.67 per month), insurance
(estimated as $10.49 per month), water and sewer service ($16.80
per month), and merchants’ association or marketing fund charges
($166.83 per month). These other charges totaled $947.26 per
month. Other than the water and sewer charge, petitioners’
obligation to pay these charges did not begin until 6 months
after the day the Bakery was first opened for business to the
public; petitioners’ obligation to pay water and sewer charges
did not include the 6-month delay language.
As a result, the Lease’s 6-month delay language applied to a
total of $3,123.13 per month ($2,192.67 fixed minimum, plus
$947.26 other charges, less $16.80 water and sewer services), or
$18,738.78 for the 6 months.
The Lease further obligated petitioners to maintain
throughout the term thereof and at their own expense, (1) public
liability insurance covering the store space and their use
thereof, and (2) “fire and extended coverage” insurance.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011