Equipment Rental Agreement Page 1 Rental Terms &Amp: Fill & Download for Free

Here is the sequential way,Property listing: List your property in reputed portals like 99 acres, common floor, makaan, quickr, housing, olx etc. Most of this portals offer free registration and listing.Idea is to get educated, employed and immigrant tenant, Such prospect mostly connect through web portals, Usually these prospects have well financial planning hence bill payment would be punctual.Preferably avoid walk-in, locals and referral from local brokers.Tenant screening: You must ask three basic question before you invite your prospective tenant for property visitNameWhere do you work? (This gives clarity on credit score and reputation)Family size? (Preferably small family)Place of origin?Property visit: Make your visitor comfortable and give ample time to look around the flat/ house. If possible allow visitor to check speed of water flow, functionality of lights, fans, geysers etc..Choose the tenant: Among multiple visitor, choose best suitable tenant, who are friendly and trust-able approachID proofs: Collect any of the government approved id, which have photo, permanent residential address in it and employment idDraft agreement: Share rental draft agreement by email. mention all the necessary terms & condition, Below are few important points to consider,Agreement execution dateLandlord and tenant details (Name, age, permanent residential address, if proof number, Aadhaar number if necessary.Rental premise addressRent commencement date and rental cycle periodYear on year renal appreciation %Rental amount per month, society maintenance cost, refundable security deposit, water charge, electricity charge, parking charge if any..Tenant shall not sublet, re-let or part with any portion of the premises to any other person/s. Tenant shall not alter, add nor damage the structure of the premises. Tenant shall keep and maintain the schedule premises clean and in good condition.If it is a residential property, tenant shall use the premises for Residence purpose only and shall not use the premises for commercial, illegal activities and shall not store explosives or materials prohibited by law.Tenant should take every care for not to cause any damage to fixtures, fittings and structure of the premises. In case of any damages, the same shall be mended/ replaced at the cost of Tenant or the charges will be deducted out of the Security deposit while refunding the same.At the time of vacating the schedule premises, Tenant shall arrange painting & cleaning of flat as rented condition or same cost shall be deducted towards painting and cleaning charges of the scheduled premisesTenant shall adhere to the rules and regulations of the Flat/ Apartment Owners Association existing and / or formed time to time.Breach on payment: In case Tenant fails to pay the stipulated rent or other charges continuously for more than Two month, Owner hereby reserves the right to terminate the agreement and shall have every right to evict the Tenants and take possession of the rented premisesNotice period: Usually 1–3 monthsTax: Who is obliged to pay tax like TDS, utility tax, property tax etc, .Most common issue is, TDS is applicable for public sector employees, if this was not discussed in advance, later this become conflict for landlord while filing the tax.Online transfer: Prefer all transaction through online over cash. Transaction like rent, security deposit. Online transaction keeps track of monthly rental transaction flow.Furniture, fixtures and fitting: List and quantify complete set of furniture, fittings and fixtures details in draft agreement. Also take the snaps of given condition and share to tenant by emailRental agreement execution: Execute agreement in legal e-stamp paper, both tenant and landlord have to sign agreement at bottom of every page. Witness has to sign at last page of witness section (At lease two witness, one from each side). Never ever depend on verbal agreement and promises. Make every possible terms and conditions registered in agreement.Notarize: Notarize the agreement with legal lawyer, This helps for legal consequences if any in futurePolice verification: Execute police verification,if mandatory at your locality.Cross check Furniture, fixtures and fitting: Both landlord and tenant has to cross and make sure that all inventory reflect in agreement with right quantity. Also take the snaps and exchange by email. This snaps helps to cross check during termination if necessaryHand over property key on signing of rental agreement and receipt of security deposit. Most tenants may prefer instant transfer (IMPS) of security deposit during agreement sign and key receipt, This is completely fine.Property inspection: Visit the property at least once during rental cycle to check on the maintenance of property. Take an appointment from tenant in advance before you visit. Chances that few tenant may neglect minor repair that might eventually become big for not attending at immediately, Hence visit at least once per rental cycle and check if tenant have any concern. This helps to repair the issue at beginning stage.Excuses: Don’t give excuses to tenant on rent payment, most take advantage of it and repeat the same.Renewal: Renew your rental agreement on time with appreciated rent. If tenant payment is punctual, offer concession on rent increment. Such tenants are good to retain.Termination: is the crucial part of rental, it require special skill set to handle the situation patiently, As most likely chances of dispute arising at this stage. Hence always follow the notice period time frame mentioned in agreement. Let you tenant know in advance if you wish to terminate the tenancy.Once tenant vacated, Inspect the property along with tenant and discuss the possible mending, dues (Rental, maintenance cost, electricity, water charge, parking charge and if any) in friendly tone.Make sure to inspect the property after tenant vacates instead during tenancy itself because chances that property may damage during shifting Process. Like most packers & movers tent to drag furniture on floor, this damages floor. Packers & movers should use adequate equipment to shift luggage.We offer customized rental/renewal agreement service in Bangalore/ Karnataka, Our service includes, customizing draft agreement+ Rental agreement + lawyer notary + home deliver. To opt our service, please write to us [email protected] or whats-app +91–9742479020Thank you for reading…

HOW TO AVOID VACATION RENTAL BOOKING MISTAKESWhat better way that to find a vacation rental home for when you roam around the world? Just find one that looks decent and just book it…Simple, right?…Or is it?Below is our vacation rental advice to help you avoid serious mistakes and horrors on your next vacation rental booking when picking a vacation rental off the internet.1. BEFORE YOU BOOK–REALLY LOOKRemember this mantra-Before you book- take a second look!Heck, take three or four more for that matter! While the pictures may look great, you really need to read all the text for the details of your selected vacation rental home.Then read it again. Check it to make sure:It is really the perfect match for you and your special one or familyThere are no missed special caveats in the house rules that cause it to be a failed choice for anyone in your groupThe location is really right for you.2. ASK- DON’T JUST PRESUMEDon’t be surprised-ask questionsWe discovered that on our vacation stay in France not everyone has closets! As a result of our presumptions our family of 7 were challenged to store away our belongs in the small apartment. The listing may say it has a coffee maker, but did you know there are at least three different types! Unlike our vacation rental home, Abalone Bay, not everyone provides towels and linens. Ask if you need to pack them too. And if you must remain connected to the wide world out there, make certain they not only have WiFi but the strength needed to make that online call home.Get all the nitty gritty details first before you find out that the stroller and suitcases and baby don’t all fit in the elevator at the same time.Here is a list of other items to ask about before you book:Ask questions related to privacy, location of neighbors.What foods, condiments, household supplies are available and what you need to supply?Does the home have the necessary cooking tools needed if preparing a special meal, such as Thanksgiving dinner?Pet policy and costs- NEVER just bring your pet assuming it would be ok, it may cost you in fines or lo$$ of deposit if you do.Pet-related amenities, health requirements for the vacation rental that does allow pets, are there poop bags, other amenities, how secure is their fence, does your pet need shots and health record verification?Total number of people allowed (this includes any not listed on the rental agreement you wish to invite to party while you’re there)What are their rules and the community’s laws on partying or noise. Is there a quiet hour?Accessibility- Are there stairs, elevators?Children/baby furniture- are there high chairs, playpens, cribs, toys, things to prevent boredom once the thrill of arrival is gone?Safety factors- Is the house child-proof, is there street lighting, security services, medical services available, is there a Safe Harbour plan or resources? For example see Abalone Bay’s information: Emergency Information for Abalone Bay & the Mendonoma area: there is only a medical clinic available for emergencies, the nearest hospital is a 2-hour drive along the coastal mountains, though we do have ambulance helicopter service.3. KNOW WHO YOU ARE SPEAKING WITH AND WHO WILL BE THERE TO GREET YOU.When booking online check out the Owner and/or the Property Management’s “About Us” page.We want you to know us by visiting our “About Us Page”. We live in Virginia, but our home is in California. That is why we use a property management team that provides you great pre-booking attention, welcomes you, provides you keys and passes, and is available to answer your questions before during and after your stay. We also make ourselves available for questions through our Contact Page, and social media outlets including Google Plus Page, Twitter account, Facebook Page.But you may stumble upon another home that is not as open and friendly, and definitely not managed by the owner. That’s why it is important to communicate extensively either by email or better yet by phone. You’ll be better able to sense by the agent or owner’s tone, choice of words, and willingness to answer questions if you will really be welcomed in his home.Then DOUBLE CHECK across the internet (look at Facebook profiles, website profiles, other searches) to see if there are any discrepancies between the online description of your host and the other resources.Remember to ask:Who you are speaking with. Is it the owner, a property manager, a concierge service, or the guy next door?Is the contact person verified, highly rated?Who will be assisting you with your arrival, and difficulties you may experience, and your check-out.If you ever find any discrepancy, be safe–move on to your next choice for vacation rental!4. READ ALL THE REVIEWSBe sure to read all the reviews- good and bad, and owner responseRemember when we said, Before you book- take a second look? That also includes reading reviews closely and carefully. Read all of them. Look not only for what the guests had to say, but also how the owner or manager responded to both the positive and negative comments. This way you’ll discover more clues about the location and how the owner or manager deals with issues noted by past guests. Don’t forget to look at other review sites such as Yelp, Google, TripAdvisor, and even Facebook Page reviews to double check what the place really is like.5. CHECK FOR FEES, ADD ONS, AND TAXESMore and more communities are clamping down to be sure vacation rentals are paying their taxes. When you get to the fine print look for added taxes not immediately included in the daily rate. Frequently both state and local boards are collecting a Transit Occupant Tax or TOT. Check to see if your vacation rental is following the law.Ask about cleaning fees and any damage deposits required. If you are bringing your pet there may be a limit on pets and added fees for the privilege of bringing them along.Some homes and agencies also offer travel and damage insurance. Others may offer recreational items (bikes, kayaks, fishing equipment) for an added cost.Just so you know–Abalone Bay’s fees and taxes explained here in our Guest Info Page.6. DETERMINE WHAT ADDED SERVICES ARE PROVIDEDWhen we traveled to Paris, we were thrilled that our host was able to arrange for a taxi service to pick us up as well as had full maid service. I know of other home-owners that provide a cook to prepare meals, or have a large welcome basket filled to the brim with goodies. Some will even let you use their car or bikes!While we don’t do all of that for our guests at Abalone Bay, we do have a bottle of wine set out and do make sure that there are some basic supplies available. And we can offer you suggestions of where to go to rent a bike, or who to see for a private tour guide for touring the area. If you need a special item ask about it. We do our best to accommodate our guests, because we are also nice business folks. That may not hold true for the next guy.7. BOOK THROUGH LEGITIMATE WELL KNOWN SITES, SKIP UNKNOWN OR SKETCHY SITESPay attention to the address link that is usually displayed at the bottom of your browser or email.To be safe, just stick with the listing sites that you are familiar with. But also remember that many homes, such as our vacation rental, Abalone Bay, also have their own booking sites or listing agents through their property management company.Don’t be tempted by a bargain deal advertised by a pseudo vacation rental home owner or property site. It is especially critical that you verify the site you are booking operates through a secure payment system.Just do your homework by using a Google or other search sites to verify if it is an official website.When you communicate via email, take a closer look at the links in the emails. Check to see if the communication is from someone other than who they claim to be. Hover your mouse cursor over a link (but don’t click), and watch for a text area to either at the bottom of your browser, or above/beneath the cursor. This text area shows the real address the link would take you to if you clicked on it.And most importantly- NEVER wire money without:Knowing for certain who the owner and/or the property manager areVerifying by calling directly to confirm the rental’s legitimacy8. REMEMBER YOU ARE RENTING A HOME, NOT A HOTELWhile we pride ourselves at having many hotel-like amenities, Abalone Bay is really our personal vacation home that we are honored to share with you. Other homes you may encounter on the booking sites may not necessarily be as elegant as ours. In fact, you may find some home owners enjoy a more funky style of living, with older décor, and less attention to detail, especially of cleanliness. But if you can live with funk then by all means consider that listing.9. SPEAKING OF CLEANLINESS…While Abalone Bay staff inspects our home just before you arrive to assure it’s spic and span, others may not be as spotless. If you are a germaphobe bring or buy sanitizing wipes, or rethink selecting a vacation rental as your choice for vacation accommodations. If you have allergies be sure to ask about the products used to clean the home.10. AND… SPEAKING OF RENTING A HOME…WATCH THE NOISE AND NUMBERSSimply put, be a good neighbor. You are staying in someone’s home, most likely surrounded by neighbors. In place are sure to be local laws or regulations about excess noise and people partying in the home you are renting. Because too many vacation rentals have had a history of trouble and noise, many communities are actually outlawing vacation rentals in their neighborhoods all together. They no longer want frat parties in their backyards.And remember you have signed a contract booking the home for a finite number of people. Do not expect you can just toss one more friend in a sleeping bag on the floor or throw a rave. That could co$t you in loss of deposit as well as other fines.Respect the home, respect the neighbors, respect the laws.11. LISTEN TO AND THEN FOLLOW THE OWNER’S ADVISEMany hosts, like ourselves, have a plethora of information for their guests that they the are eager to share. Our intimate knowledge of the best and worst spots posted on our Experience and Explore Page is invaluable. Some even have published guide books, like our Insiders Guide to California’s Mendonoma . Check out their websites to see what restaurants to eat at, where to shop, where to go with the kids . Upon arrival read our “Welcome Book” that tells you the WiFi code, what will happen when you don’t latch the shed with the garbage containers.12. CHECK ALL THE HOME’S POLICIES AND REGULATIONSIf the owner says the home is non-smoking then that means you may NOT light up…. not even if you are hanging your head out of the window.Is there a no-shoe-on-in-the-home policy? Then kick them off before you enter.Follow the rules.It’s as simple as that.13. DON’T SUCK UP ALL THE WATER, ELECTRICITY, GASLove mother earth- don’t waste its resourcesBe energy conscious and go easy on the water. California is in a drought for the fourth straight year. Water rates have increased. Communities are fining home owners for over use. Propane and gas heat must be ordered then trucked in.We take energy and water conservation seriously. Other owners do too- in fact some actually put their utilities on a timer. Others have them wired to shut off if a window is open while you have the AC or heat running.Love mother earth- don’t waste its resources and expect the owner to be happy about the increased bills or even fines you caused.14. VERIFY IF THERE IS PARKINGVerify if the garage is available or notImagine making the 3-hour drive up the winding coast to Abalone Bay in your new shiny open-top convertible only to discover too late that our garage is not available for parking. Rather, Abalone Bay only has open parking spaces available.But we do have parking, unlike many other places that make you hunt for it then hike blocks away to park your car…if you’re lucky.So it’s well worth repeating…Before you book- take a second look! Then ask the following questions:Is there covered parking available?How many cars are accommodated?What parking restrictions are there?Must we have special tags showing?If in a public space, is parking validated?(By the way… We will be adding a two-car garage for your use later in 2016!)15. MAKE SURE YOU HAVE ACCESS TO PHONE SERVICE- WHETHER IT IS LOCAL OR INTERNATIONALThis information is so very important to have on hand, especially when traveling into remote areas or internationally. We don’t wish to have you make the news because you were unable to call out for help.Make sure your phone has international service and that you know how to call the local emergency number. Assuring you have phone service can help you access 911 services as well as allow you to call your mom to assure her you’re all right.We at Abalone Bay are especially sensitive to this as ONLY PHONES THAT ACCESS VERIZON HAVE SERVICE. When the service works, it can be spotty at best. This is true for The Sea Ranch and much of Mendonoma Area. Abalone Bay’s land line provides free local, national and limited international telephone service to its guests.16. BE PREPARED IN CASE OF EMERGENCIESBe like a Boy Scout — always prepared!You never know what could go wrong, what accidents may happen, what horrors you may encounter, what natural disasters could befall. And if you happen to be far away from home, in a foreign country where you are unfamiliar with the language or customs, or new to an area, getting help may not be easy.Make sure you do the following to protect yourself when staying a vacation rental or other rented space:Make sure you have the address of where you are staying before you leave.Become familiar with the area in case you need to leave for help or services.Give a friend or relative the host’s address and keep it easily accessible when needed quickly for emergencies.Purchase travel and/or damage insurance that protects against loss of deposits in case you have to seek a late cancelation, accidental damage or breakage at the home.Know how to call the local emergency numbers- put them in your speed dial before you arrive.17. CONTACT THE OWNER OR PROPERTY MANAGER IF SOMETHING IS AMISSCall the owner before you get to this pointIt is always best to communicate with the owner or property manager BEFORE an issue puts a damper your holiday fun, or worse, becomes a crises. Once you’ve arrived at your destination, take a closer look to see that everything is in tip top shape. Most owners will be quick to come to your aid to resolve any problems you are experiencing.Just give them a call!18. PAY IT FORWARD-GIVE A REVIEW THAT IS GENUINELY HELPFULOur last vacation rental advice is to be sure to write a review of your stay once your holiday has ended. The next vacationer looking at this property will thank you for it. And so will owners and property managers- they want to know how they are doing.Just as you (we hope!) read all the reviews – both good and bad, it’s now your turn. Help out other travelers by sharing your opinion of the home by writing a concise, honest evaluation of your stay. This helps out the owner too by letting him know that he’s doing a great job or there is something needing improvement.Here are a few tips to help you organize your thoughts and pass it forward to the next vacationer looking for an awesome vacation location:Rate your stay from 5-stars (Awesome!) to 1-star (Run away as fast as you can).Title your review concisely. It should describe your trip including any specific experiences you had (good or bad) and a some detail explaining your opinion.If a specific issue was resolved by a staff member, or a someone went above and beyond to help sort out a problem mention them in the feedback to recognize. Otherwise leave personal names out of your review.Give in-depth descriptions and details that reflect your personal experiences. It is wise though to mind the Goldilocks Principal- keep it not too long, not too short…but just right. In literary terms, it’s longer than a tweet, but (much) shorter than a novel. Include information about who traveled with you, the quality of amenities, what you thought of the service. what you thought of the rooms, things you got to see or do, and your recommendations while staying there.Add photos that show not only the location but what was done there.SO NOW GO AHEAD… Like the B52sRoam if you want to, roam around the worldRoam if you want to, but do so better prepared!Roam if you want to, roam around the worldRome if you want to with our Vacation Rental Advice!

Normally the clause is used for retail leases (not office) and requires the tenant pay a % of revenue (not profit) over a set threshold. The tenant is required to provide reports of their sales on a monthly, quarterly, or annual basis depending on what was negotiated. Usually it's just a report generated directly from their accounting system with minimal detail provided. These reports are typically not audited by an outside firm, but the landlord has the right to request access to the books to have their own audit conducted (the frequency and terms are all negotiated on a lease by lease basis).It would be much harder to enforce a profit sharing agreement given all the variables that could go into how that profit is determined. Would it allow for a reasonable deduction by the tenant for depreciation? What portion of corporate overhead can be deducted? What is a reasonable owner salary allowance?Normally revenue is a much simpler and more common methodology to use. Here's a few example clauses:Section 4.02: RENT COMMENCEMENT DATE. As used in this Lease, the “Rent Commencement Date” shall be as set forth in Section 1.01(h). If the Rent Commencement Date is not on the first day of a month, Tenant shall pay rent for the first partial month's Rent on the Rent Commencement Date.Section 4.03: MINIMUM ANNUAL RENT. Tenant shall pay to Landlord for each year during the Main Term an amount equal to the Minimum Annual Rent set forth in Section 1.01(l), except that the Minimum Annual Rent for the first and last year (if less than twelve months) and the Minimum Annual Rent for less than a full calendar month shall be prorated. The Minimum Annual Rent shall be paid in equal monthly installments in advance on the first day of each month during the Main Term including any extension periods. Tenant shall pay to Landlord at the time of execution of this Lease an amount equal to the first two (2) full months’ Minimum Annual Rent installments as the Security Deposit and Additional Security Deposit (pursuant to Section 1.01(t)), which Additional Security Deposit shall be credited by Landlord against Tenant's Minimum Annual Rent obligations coming due immediately after the Rent Commencement Date.Section 4.04: PERCENTAGE RENT. In addition to the Minimum Annual Rent, Tenant shall pay Landlord percentage rent (herein called “Percentage Rent”) as determined by this Section. The Percentage Rent for each Lease Year shall be an amount equal to the Percentage Rent Rate set forth in Section 1.01(m) times the amount, if any, by which Gross Sales made during such Lease Year exceed the quotient determined by dividing the Percentage Rent Rate set forth in Section 1.01(m) into the amount of Minimum Annual Rent paid by Tenant during such Lease Year (such quotient being referred to as the “Annual Breakpoint”). In the event Tenant shall fail to open its store for business during any portion of the Lease Term hereof when otherwise required under this Lease to be so open (except if such closing shall be permitted by Section 6.01(b) hereof) then, in addition to any and all other remedies afforded to Landlord under this Lease by reason of such default, the Minimum Annual Rent, prorated per diem, payable for any such days of closure shall be excluded from the Minimum Annual Rent payable during such lease year for the purposes of the computation and determination of Percentage Rent and the Annual Breakpoint for such Lease Year.Section 4.05: PAYMENT OF PERCENTAGE RENT; SALES REPORTS. Tenant shall furnish to Landlord at its main office within ten (10) days after the end of each quarter during the Lease Term a statement of the amount of Gross Sales (as hereinafter defined) made from the Premises during said quarter; the statement to be in such form and style and contain such details and breakdown as Landlord may reasonably require. Accompanying each statement of Gross Sales, Tenant shall pay to Landlord partial Percentage Rent in an amount equal to the Percentage Rent Rate times the amount, if any, by which Gross Sales made during the prior quarter shall exceed the quotient determined by dividing the Annual Breakpoint by four (4). Tenant will also furnish to Landlord at its main office, within forty-five (45) days after the end of each Lease Year, a complete annual statement certified by Tenant, or a responsible financial officer thereof if Tenant is a corporation, company or other entity, showing in reasonable detail the amount of Gross Sales made during such Lease Year, and the amount of Percentage Rent payable to Landlord for such Lease Year (including any partial Percentage Rent paid in accordance with the foregoing). An adjustment shall thereupon be made with respect to the Percentage Rent as follows: if Tenant has paid to Landlord an amount greater than Tenant is required to pay as Percentage Rent under the terms of Section 4.04, Tenant shall receive a credit of such difference against the next installment(s) of Rent due and payable (or, if none, then Landlord shall promptly refund such amount to Tenant) or, if Tenant shall have paid an amount less than was required to be so paid, then Tenant shall pay such difference simultaneously at the time of submission of its annual statement.Section 4.06: GROSS SALES. (a) The term “Gross Sales” as used herein means the total amount charged by Tenant or anyone in Tenant's behalf or by permitted sublessees, concessionaires or licensees of Tenant or anyone else occupying the Premises or operating thereon or therefrom in connection with any and all sales or rentals of merchandise (including ticket sales) and the provision of services to patrons and customers, made or rendered on, in or from the Premises, or resulting from initial sales made on, in or from the Premises, and sales and rentals wherever made including telephone sales of merchandise stored on the Premises, or merchandise shipped from other locations on orders taken in or through the Premises, either personally or by telephone or in writing, or by persons reporting to the Premises, whether or not such amounts shall be for cash or on credit (excluding, however, interest, finance charges or insurance payments to be paid by the customer to Tenant because of a “house-account” charge, credit or deferred payment sale), whether paid or unpaid, collected or uncollected, including, without limiting the generality of the foregoing, all proceeds from all automatic or coin or token operated pinball machines, electronic video games or other amusement devices or vending machines or other dispensing facilities permitted in the Premises, whether or not owned or operated by Tenant, except those which are operated for the sole benefit and enjoyment of Tenant's employees. Each charge or sale upon installment or credit shall be treated as a sale for the full price in the month during which such charge or sale shall be made, irrespective of the time when Tenant shall receive payment (whether full or partial) therefor. The amount of any deposit on a layaway sale, or any other deposit not refunded, shall be included in Gross Sales.(b) The following items shall be excluded from Gross Sales: (i) any exchange of merchandise between stores of Tenant when such exchange is made solely for the convenient operation of Tenant's business and not for the purpose of consummating a sale made on, in or from the Premises; (ii) returns to shippers or manufacturers; (iii) cash or credit refunds to customers on transactions otherwise included in Gross Sales; (iv) all sums and credits received in settlement of claims for loss or damage to merchandise; (v) sales of fixtures, machinery and equipment, which are not stock-in-trade, after use thereof in the conduct of Tenant's business; (vi) amounts separately collected from customers and paid by Tenant to any government for any sales or excise tax; and (vii) the amount of any discount sales to employees to the extent such sales to employees do not exceed more than one percent (1%) of Tenant's annual Gross Sales. No franchise, capital stock tax, tax based upon assets or net worth, value-added tax, or gross receipts tax, and no income or similar tax based on income or profits shall be deducted from Gross Sales.Section 4.07: TENANT'S RECORDS AND STATEMENTS OF GROSS SALES. Tenant shall utilize or cause to be utilized, and all sales at the Premises shall be recorded on, cash registers equipped with sealed, non-resettable totals and numbering consecutive rings or such other devices for recording and controlling sales as Landlord shall approve. Furthermore, Tenant shall keep at all times during the Lease Term, at the Premises or at its office address set forth on Page 1 hereof, full, complete and accurate books of account and records in accordance with generally accepted accounting principles with respect to all operations of the business to be conducted on, in or from the Premises, including the recording of Gross Sales and the receipt of all merchandise into and the delivery of all merchandise from the Premises during the Lease Term, and shall retain such books and records, copies of all sales tax reports and sales tax returns submitted to taxing authorities, as well as copies of contracts, vouchers, checks, inventory records, dated cash register tapes and sales slips and other documents and papers in any way relating to the operation of such business for at least three (3) years from the end of the period to which they are applicable, or, if any audit is required or a controversy should arise between the parties hereto regarding the Rent payable hereunder, until such audit or controversy is terminated even though such retention period may be after the expiration of the Lease Term or earlier termination of this Lease. Such books and records shall be open at all reasonable times (and, if requested by Landlord, shall be made available at the Premises, or Landlord's main office) for the inspection by Landlord or its duly authorized representatives as provided in Section 4.08 hereof, who shall have full and free access to such books and records, the right to make copies of the same and to take excerpts therefrom and the right to require of Tenant, its agents and employees, such information or explanation with respect to such books and records as may be necessary for a proper examination and audit thereof.Section 4.08: AUDIT RIGHTS. The acceptance by Landlord of payments of Percentage Rent shall be without prejudice to the Landlord's rights to an examination of Tenant's books, records and accounts in order to verify the amount of Gross Sales. Landlord may at any reasonable time cause a complete audit to be made of Tenant's entire books, records and other documents relating to the Premises (including the books and records of any sublessee, licensee or concessionaire). If such audit shall disclose that any of Tenant's quarterly or annual statements of Gross Sales understates Gross Sales made during the reporting period of the statement to the extent of three percent (3%) or more, Tenant shall pay to Landlord, as Additional Rent within ten (10) days after demand, the cost of said audit together with any deficiency in Percentage Rent, which deficiency shall be payable in any event together with interest thereon from the date when due at the rate of eighteen percent (18%) per annum or the maximum rate permitted by law, whichever is less. In addition, if any such audit by Landlord shall disclose an understatement of three percent (3%) or more as aforesaid, then, thereafter, Landlord shall have the right to require that Tenant's annual statements of Gross Sales provided for in Section 4.05 thereafter, in each instance, be certified to by an independent certified public accountant. For purposes hereof, a report of the findings of such examination and audit by Landlords' accountant shall be binding and conclusive upon Landlord and Tenant. The furnishing by Tenant of any fraudulent or willfully inaccurate statement of Gross Sales may be deemed an Event of Default (as hereinafter defined).