HomeMy WebLinkAbout6FROM JNICO PROPERIi=S, RENTONN TO 430?300 P.19
suit or other legal proceedings be made or instituted by any person against Manager which aris out of any of
the matters relating to this Agreement
ARTICLF 14. COMPENSATION
14.1 Compensation. Each prescribed monthly accounting period Manager shall receive
remuneration for its services in accordance with the terms of this Agreement. Manager shall receive the
following fees:
(a) monthly management fee equal to three percent (3%) of Effective Gross Income
(as hereinafter defined) per prescribed monthly accounting period from each Property set forth in
Schedule A attached he -etc. Such fees shall be paid to Manager in arrears on the last day of the
prescribed monthly accounting period. Effective Gross Income as used herein shall meant the
aggregate amount of all revenues from the operation of the respective Property including, without
limitation, (i) tenant rentals (including common area maintenance charges, escalation, percentage
rent, if any) and any other fees and charges collected pursuant to leases, occupancies or use of the
Property; (ii) security deposits forfeited by tenants during or in respect to the term hereof, (iii)
vending machines and garage income, if applicable; (iv) proceeds from rental interruption insurance
received in respect of such term; (v) net income from work orders, constructiori charges,
supervisory, consent or approval charges and license and storage fees, if applicable; and (viii) all
other net operating income for any services or products furnished or billed to tenants or any other
users.
(b) Leasing commissions upon the terms, and in the amounts and at the times set forth
in Schedule A (and Section 2.5, if applicable).
(c) A construction supervision fee equal to five percent (51/6) of the total cost of tenant
and building improvements.
14.2 Office and Equipment Owner shall provide to Manager suitable first class space
constructed and furnished in a manner consistent with the image and marketing of the applicable Property,
including any equipment or office fumishings in such Property, free of any rent or other charges, in order for
Manager to properly fulfill its duties and obligations under this Agreement with respect to each Property.
Manager shall have no lease or property interest it,, any Property.
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