BEAN SPROUTS, LLC - Laserfiche WebLink

Home Browse Search

bad debts. Gross Revenues also includes any part of Bean Sprouts business conducted pursuant to the terms of this Agreement by any party other than Bean Sprouts. All of the Gross Revenues collected in such a manner will be treated as if they had been collected by Bean Sprouts directly. Each charge or sale upon installment or credit shall be treated as a receipt for the full price in the month in which such charge or sale is made, irrespective of the time when, or whether, Bean Sprouts actually received payment. d. The Premises- The concession building at the Zoo. A diagram of the location is attached hereto and marked as Exhibit A. 2. SCOPE OF SERVICES Bean Sprouts shall perform during the term of this Agreement food concession services at the Zoo described below and outlined in Bean Sprouts proposal for food service at the Zoo dated November 30, 2017. 3. LEASE PAYMENTS AND QUARTERLY LEASE GUARANTEE a. In consideration for the concession rights granted by this Agreement, Bean Sprouts agrees to pay the City lease payments for the Premises on a monthly basis 6% of its gross revenues from concession sales at the Zoo for the previous month for the first $500,000 per fiscal year and thereafter 8% of its gross revenues on a monthly basis from concession sales at the Zoo for the previous month for any revenues in excess of $500,000 per fiscal year. Monthly payments related to gross revenue will begin on the seventh day of the month after the Go Live Date and will continue to be due on the seventh day of each month until this Agreement expires or is terminated. b. Bean Sprouts agrees to a minimum quarterly lease guarantee of $8400 a quarter in the event that Bean Sprouts gross revenues from concessions do not exceed $8400 a quarter. The lease guarantee will start on the first day of the month after the Go Live Date and will continue thereafter until this Agreement expires or is terminated. c. In the event that Bean Sprouts is delinquent in paying any payments due under this Agreement for more than thirty (30) days, City shall be entitled to collect interest on those delinquent funds in the maxim um amount allowed by law at the time. City will also be entitled to attorney's fees expended in collecting the delinquent amounts. City will also be entitled to any and all other remedies available pursuant to the law. 4. TERM This Agreement shall commence on the date first written above and continue until the date which is five (5) years after the Go Live Date, unless terminated earlier in accordance with Section 21, below, The City has the option to extend the term of the agreement for up to two (2) additional three (3) year periods subject to approval of Bean Sprouts. The initial term, together with any Page 2of17