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Facts: A national sunglass store rented 500 feet of space in a mall. The mall owner’s lease with the tenant required the tenant to pay on the first day of each calendar month “minimum rent, without any deduction or setoff” in an amount set forth in a schedule to the lease. In addition to the minimum rent, the lease obligated the tenant to pay as “percentage rent” during each lease year, without any deduction or setoff, the percentage of gross sales in excess of the minimum basis of sales set forth in the schedule.
