From the effective date through December 31, 2021 Concessionaire will pay a percentage rental of gross receipts, thereafter Concessionaire will pay the greater of the percentage rental or a minimum annual guarantee of $125,000 per year through December 31, 2023, and then $191,000 beginning the January 1, 2024, for a ten (10) year initial term with the option to extend for an additional ten (10) years.
The percentages of revenue to be paid is 10% for food and non-alcoholic beverages and pro shop sales,15% for beer, wine and alcoholic beverages and 12% for green fees, including all membership, driving range fees and golf cart rentals.
