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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/03/22 Capital Properties Inc./RI 10-Q 6/30/22 44:3M ActiveDisclosure/FA |
Document/Exhibit Description Pages Size
1: 10-Q Quarterly Report HTML 752K
2: EX-10.AII Material Contract HTML 36K
3: EX-10.B Material Contract HTML 123K
4: EX-31.1 Certification -- §302 - SOA'02 HTML 21K
5: EX-31.2 Certification -- §302 - SOA'02 HTML 22K
6: EX-32.1 Certification -- §906 - SOA'02 HTML 16K
7: EX-32.2 Certification -- §906 - SOA'02 HTML 16K
13: R1 Document and Entity Information HTML 64K
14: R2 Condensed Consolidated Balance Sheets HTML 78K
15: R3 Condensed Consolidated Balance Sheets HTML 23K
(Parenthetical)
16: R4 Condensed Consolidated Statements of Income and HTML 91K
Shareholders' Equity
17: R5 Condensed Consolidated Statements of Income and HTML 21K
Shareholders' Equity (Parenthetical)
18: R6 Condensed Consolidated Statements of Cash Flows HTML 60K
19: R7 Description of business HTML 18K
20: R8 Basis of presentation and summary of significant HTML 23K
accounting policies
21: R9 Properties and equipment HTML 52K
22: R10 Liabilities, other HTML 37K
23: R11 Notes Payable HTML 22K
24: R12 Description of Leasing Arrangements HTML 28K
25: R13 Income taxes, continuing operations HTML 71K
26: R14 Discontinued operations HTML 20K
27: R15 Fair value of financial instruments HTML 19K
28: R16 Subsequent events HTML 18K
29: R17 Basis of presentation and summary of significant HTML 31K
accounting policies (Policies)
30: R18 Properties and equipment (Tables) HTML 51K
31: R19 Liabilities, other (Tables) HTML 36K
32: R20 Income taxes, continuing operations (Tables) HTML 67K
33: R21 Properties and Equipment - Properties and HTML 32K
Equipment (Detail)
34: R22 Liabilities, Other - Summary of Liabilities, Other HTML 26K
(Detail)
35: R23 Note Payable - Revolving Credit Line - Additional HTML 50K
Information (Details)
36: R24 Description of Leasing Arrangements - Additional HTML 70K
Information (Detail)
37: R25 Income Taxes, Continuing Operations - Deferred Tax HTML 41K
Assets and Liabilities (Detail)
38: R26 Discontinued Operations - Additional Information HTML 46K
(Detail)
39: R27 Subsequent Events - Additional Information HTML 25K
(Detail)
42: XML IDEA XML File -- Filing Summary XML 67K
40: XML XBRL Instance -- cptp-10q_20220630_htm XML 515K
41: EXCEL IDEA Workbook of Financial Reports XLSX 53K
9: EX-101.CAL XBRL Calculations -- cptp-20220630_cal XML 85K
10: EX-101.DEF XBRL Definitions -- cptp-20220630_def XML 152K
11: EX-101.LAB XBRL Labels -- cptp-20220630_lab XML 541K
12: EX-101.PRE XBRL Presentations -- cptp-20220630_pre XML 346K
8: EX-101.SCH XBRL Schema -- cptp-20220630 XSD 88K
43: JSON XBRL Instance as JSON Data -- MetaLinks 169± 266K
44: ZIP XBRL Zipped Folder -- 0001564590-22-027767-xbrl Zip 137K
Exhibit 10 (a) (ii)
LETTER AGREEMENT BETWEEN METROPARK, LTD AND ISSUER DATED JULY 31, 2020
Ms. Susan Johnson, Treasurer
Capital Properties, Inc.
5 Steeple Street, Unit 303
RE: Covid-19 Parking Lot Revenue Sharing
VIA Email
Dear Susan:
The Covid-19 pandemic and Rhode Island’s stay-at-home orders have had a significant adverse impact on Metropark. In mid-March, we closed our lots as there were few parking customers. We expect our operations will slowly return to normal over the next several months as the State has lifted the stay-at-home order and is gradually permitting certain business to resume operations. Accordingly, we are proposing to adjust our rental obligations under that certain lease between Capital Properties, Inc. and Metropark, Ltd, dated January 1, 2017 (the “Lease”) as described herein. All other covenants, terms and conditions of the Lease remain in full force and effect without modification.
To date we have paid all the rent due for the parking lots through March and have paid $32,290.75 towards the April through July rent resulting in a balance due CPI of $146,654.72 on July 31, 2020. The $146,654.72 together with the difference between our contractual rental obligation under the Lease of $44,673 per month (the “Monthly Contractual Rent”) and the amounts actually paid by us during the period from April 1, 2020 to the date of our return to payment of the Monthly Contractual Rent as required by this letter agreement is referred to as the “Cumulative Rental Arrearage” We will not be in a position to pay the Contractual Monthly Rent until operations are at approximately 80% of pre-pandemic levels.
Until that level of operations is achieved, I propose that our partial monthly rental payment to CPI be based on an allocation of the total monthly revenue collected using the percentages noted in the table below. As discussed, Metropark will keep 100% of the first $20,000 of revenue collected and will split the amount in excess of the $20,000 in accordance with the percentages noted in the table below. The full amount of rent will be due once the lots generate $70,000 per month.
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Revenue Split |
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Total Revenue |
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Metropark Share |
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Capital Share |
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$0 - $20,000 |
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100% |
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0% |
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$20,001 - $29,999 |
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50% |
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50% |
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40% |
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60% |
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$40,000 - $69,999 |
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30% |
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70% |
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Over $70,000 |
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Full rent due |
By way of example, if August’s revenue is assumed to be $38,000, Metropark would keep $28,200 and make a partial payment of $9,800 to CPI:
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Total Revenue |
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Assumed Revenue for August $38,000 |
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Metropark Share |
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CPI Share |
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$0 - $20,000 |
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$20,000 |
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$20,000 |
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$0 |
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$20,001 - $29,999 |
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10,000 |
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5,000 |
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5,000 |
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$30,000 - $39,999 |
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8,000 |
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3,200 |
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4,800 |
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$38,000 |
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$28,200 |
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$9,800 |
My intention is to pay all of the past due rent once operations return to “normal”. Once we have returned to paying the Monthly Contractual Rent, the amount of the Cumulative Rental Arrearage will be paid beginning with first day of month next following return to full payment of Monthly Contractual Rent by sharing with you fifty (50) percent of the revenues of the lots in excess of $70,000 per month until the arrearage has been discharged. If prior to payment in full of the arrearage, one or more lots is removed from the lease for development by you, the amount of the then unpaid Cumulative Rental Arrearage in the ratio of the number of parking spaces on the removed lot to the total parking spaces on all the lots prior to such lot’s removal shall be deemed paid in full. When the Cumulative Rental Arrearage has been paid in full, we will then become subject to the rental provisions of the Lease.
If you are in agreement with the above proposal, please sign and return this letter to me.
Sincerely,
/s/ Charles Meyers
President
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AGREED AND ACCEPTED: |
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Capital Properties, Inc |
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By: |
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/s/ Susan R. Johnson |
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Print Name: |
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Title: |
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Treasurer |
| This ‘10-Q’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| Filed on: | 8/3/22 | None on these Dates | ||
| For Period end: | 6/30/22 | |||
| 7/31/20 | ||||
| 4/1/20 | ||||
| 1/1/17 | ||||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 3/19/18 Capital Properties Inc./RI 10-K 12/31/17 55:3.4M Donnelley … Solutions/FA 10/25/17 Capital Properties Inc./RI 8-K:5,8,9 10/25/17 2:51K Hinckley Allen & Sn… LLP 4/24/13 Capital Properties Inc./RI 8-K:5,9 4/23/13 2:120K Hinckley Allen & Sn… LLP |