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Friday, 14 August 2009 15:31

Gatling's theater payments timely thus far

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Lafayette Gatling has made all his lease payments so far on the Roanoke Rapids Theatre, the city said this morning.

The Chicago businessman has thus far paid the city $678,338, Finance Director MeLinda Hite said.

His next payment of $250,000 is due by midnight Monday. The funds are wired to the city’s bank account.

Gatling signed papers in March to buy the theater from the city. Timely payments mean Gatling will get a $1 million discount off the $12 million price of the venue.

The city will still have to pay the remaining amount due on the $21.5 million bond package used to finance the theater’s construction, opening and infrastructure needs.

According to the contract, rent payments are considered delinquent if received after the 10th day of any given month. Tenant shall pay the landlord interest at the rate of 10 percent per annum — or such lesser amount as may be the maximum amount permitted by law — on all overdue payments of rent from the due date thereof until payment. Notwithstanding this foregoing, tenant shall not be considered delinquent until after the expiration of five business days following written notice from the landlord.

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