Legal Term
Comic Book Store Sublease Percentage Rent on Collectible Sales
Legal Definition
A hybrid rent structure in a commercial sublease for a comic book store where the sublessee pays a base rent plus an additional percentage of gross revenue derived specifically from the sale of graded, high-value collectible comics (e.g., CGC-graded copies, key issues), distinct from general merchandise sales.
In Plain English
It's a rent deal where the store owner gets a small cut of the big-money comic book sales on top of the regular rent. Think of it as the landlord getting a 'slice of the pie' only from the most valuable pies sold.
Example in a Contract
Percentage Rent on Collectible Sales. In addition to Base Rent, Sublessee shall pay Lessor an amount equal to five percent (5%) of Gross Collectible Sales, as defined herein. 'Gross Collectible Sales' means the total gross invoice price received by Sublessee for all graded comic books (as graded by CGC, CBCS, or equivalent), first edition graphic novels, and original comic art pages sold during each Lease Year. Sublessee shall deliver to Lessor a quarterly certified statement of Gross Collectible Sales within thirty (30) days of quarter-end, and Lessor shall have the right to audit such records upon reasonable notice.
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