Loew's Managerial Manual (1958)

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Ls It is of the utmost importance to keep the tenant from falling into arrears. Consequently, we try to have all rents in by the 10th of the month and if not it is your job to keep after the tenant until it is in. If by the 25th of the month the rent has not been collected, you must advise the Real Estate Department, with explanations and we will lend our aid to collect same. Never let a month go by without informing us,this is very important. (12) PERCENTAGE LEASES In your theatre you might have a tenant on a percentage lease. This means he pays us a percentage of his gross volume. He is required by his lease to send us C.P.A. statements of each months business and depending on his lease, we then bill him if his average is above his minimum rent, i.e., if a tenant has a lease of $500. per month against 6% of his gross, and usually this is computed on a three (3) months basis, his rent for the three (3) months would be $1500. His volume of business each month was at. the rate of $12000; three times that would be $36,000, his percentage is 6%, that would come to $1800. he wopld then owe us the difference, which in this case would be an ; additional $300. When we bill him, you will be advised, so collection can be made for the additional money. €& (13) A list of your vacancies should be posted along with the size and price of the store or office and the keys should be kept handy at all times.. If possible, a light should be installed in all vacant space.