Monthly Rent Schedule
A monthly rent schedule will be issued prior to the commencement of your lease and typically at the end of each year to reflect changes in additional rent (i.e. Operating Costs and Realty Taxes) for the upcoming year. In addition, a revised monthly rent schedule will be issued should there be a change in your rent (i.e. increase in basic rent).
The information on the schedule will include the Tenant’s name, suite number, and rental amount due (broken down by charge and the applicable governing federal and provincial taxes). Please note that an invoice will not be issued, unless specified under the lease.
Rent is due in our office on the first day of each month. Please make cheque payable to “Queen’s Quay (BOPC) Inc".
For your convenience, a Security Officer will drop by your premises on the first business day of the month to pick up the rent cheque, or if you prefer, you may mail the cheque or drop if off at the Property Management Office.
Percentage rent is the rent based on the gross sales/gross revenue generated from the leased premises. Normally, this is paid in addition to a basic or minimum rent. The percentage rent value is a calculation based on your gross sales/gross revenues, percent rent and minimum rent or threshold levels over a defined period of time. (Your lease defines each of the terms that are used in the calculation of your percentage rent). Normally, your percent rent is accumulated over a twelve-month period with a defined starting period, (If you are a tenant with a short form lease, percentage rent is calculated on a different basis. Namely, it is computed on individual monthly sales). Normally, sales reports and related percentage rent payments are due in the Property Management Office by the 15th day of the month following the reporting period. Your agreement will define your reporting requirements. If you have an old lease the reporting date is usually the 10th day of the month.
Special sales reporting forms are provided to ensure that your calculations are complete. The obligation to prepare this document accurately and on a timely basis rests with the Tenant. To facilitate delivery of your sales report and percent rent submissions by the appropriate date, our representative will pick-up the information at your leased premises on that day. (See Building Forms
for Retail Sales Report).
If we have not received the information on a timely basis, we will estimate your sales, which will result in an estimated charge being estimated.