Collins v. Circle K Corp. (In re Circle K Corp.)

OPINION

MEYERS, Bankruptcy Judge:

I

The issue here is whether, in calculating the percentage rent it must pay under a lease agreement, The Circle K Corporation (“Circle K”) should include two percent of the commissions received from the sale of lottery tickets or two percent of the gross receipts from the lottery tickets.

We hold that the lease agreement provides for the latter calculation. Therefore, we REVERSE.

II

FACTS

On August 4, 1975, Circle K, as lessee, entered into a twenty-year lease agreement with Frank Collins (“Collins”), as lessor, of a store in Phoenix, Arizona. The lease pro*804vides…