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Long term percentage lease

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					Long-term percentage lease. This lease made and entered into on _________[year], by and between _________ of _________, as lessor, and _________ and _________ of _________, as lessees, witnesses: 1. Lessor does hereby lease unto lessees the following described property situated in _________: Lessees agree that lessor will be given access to the basement in which is located the furnace that heats the demised premises. 2. The term of this lease shall be for a period of _________ years, beginning on _________[year], and expiring on _________[year]. 3. During the term of this lease, lessees agree to pay as rent for said premises an amount equal to _____% of the gross annual sales of the business conducted therein, provided, however, that lessees guarantee to pay a monthly rental of $_____ per month, guaranteed monthly rental to be paid on the last day of each calendar month. At the end of each calendar year, lessees shall determine the gross sales of the business and shall pay to lessor the difference between the guaranteed monthly rental theretofore paid and the amount arrived at by computing _____% of the gross sales, if such amount exceeds the guaranteed rental, such payment shall be made within _________ days after the end of the year. For the portion of the calendar years in which the lease commences and ends, the gross sales shall be the sales for that portion of each of the years during which lease is operative, and lessees will compute gross sales and pay to lessor the additional amount to which lessor is entitled if not later than _________ days after the termination of each partial year's operation. In order to properly arrive at the rental agreed to be paid, lessees agree to keep records properly reflecting the gross sales of the business, and further agree that such records will be available to lessor or lessor's agent or attorney for inspection and auditing in the event lessor should desire to have the same checked or audited. 4. Lessor agrees to keep the roofing of the building and the outside walls in a proper state of repair, but shall not be liable for any damage caused by a defect therein until lessor shall have had notice of such defect and a reasonable time thereafter within which to repair the roof. Any repairs or upkeep otherwise shall be done by lessees. 5. Should the lessees fail to pay any rental due hereunder, or to perform any other obligation of this lease and should default continue for a period of _________ days after notice thereof addressed to lessee at the leased

premises, lessor shall have the right to terminate this lease, and the same may be terminated by lessor's giving lessees _________ days' notice of lessor's election to terminate the same. 6. Should the leased premises be destroyed or so badly damaged by fire or other casualty during the term of this lease as to be untenantable, the lease shall cease and determine, unless lessor, upon notice thereof elects within _________ days thereafter to restore the premises to a similar or better condition, in which event lessor shall have the right to retain the lease, provided such replacement or repairs shall be made within a reasonable time thereafter; provided, however, that during such period all rental shall abate. In the event the premises are partially damaged so as not to be rendered untenantable, lessor shall repair the same within a reasonable time after notification, and the rent shall be proportionately and equitably abated during the period of restoration. 7. Lessees shall have two _________ -year options to extend this lease under the same terms and conditions as this lease. If lessees elect to renew the lease under such options, lessees must give the notice not less than _________ days prior to the end of the term of this lease, or not less than _________ days prior to the end of the first _________ -year renewal. 8. It is agreed that this lease is binding upon the heirs, assigns, and personal representatives of the parties hereto. In witness whereof [etc.].


				
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