Agenda - Council - 10/23/2018 - Laserfiche WebLink

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$1,851.00 per month on November 3, 2020, and a like amount on each first day of the month thereafter through November 2, 2021; and $1,897.00 per month on November 3, 2021 and a like amount on each first day of the month thereafter through November 2, 2022; and $1,945.00 per month on November 3, 2022 and a like amount on each first day of the month thereafter through November 2, 2023. The rent described in paragraph 3 is hereinafter referred to as the "Base Rent." b. Late Fee. If Landlord does not receive rent by the tenth day of the month, Tenant must pay a late fee equal to five percent of the overdue rent payment as additional rent. Rent is deemed "paid" upon receipt by Landlord, not when mailed or sent by Tenant. c. Real Estate Tax Increase. Notwithstanding the Base Rent described above, in the event the annual real estate property taxes levied against the Leased Property exceed 50% of the annual Base Rent, the Base Rent shall be increased so that the annual real estate property taxes is never greater than 50% of Base Rent. To effectuate this minimum rent requirement, the monthly Base Rent due on the next succeeding June 1 of the year in which the real estate property tax increase is effective, and each succeeding first day of the month thereafter, shall be increased to equal one 1/12 of the annual real estate property taxes then levied against the Leased Property, greater than 50% of Base Rent. 4. ADDITIONAL RENT: a. Operating Expenses. Tenant shall pay all operating expenses including utilities incurred by Tenant in operating the Leased Property. The term "Operating Expenses" includes but is not limited to the maintenance, repair and operation of utilities and lighting, parking and landscaped areas and signs, as well as snow removal and non-structural repair and maintenance of the exterior of the building, all associated with the premises being rented. Failure to pay operating expenses when due shall constitute a default under this lease. The payment of the sums set forth in this paragraph 4 shall be in addition to the Base Rent payable pursuant to paragraph 3 of this Lease. If Tenant fails to pay the Operating Expenses when due, Landlord may pay same and the same shall be immediately due to Landlord from Tenant together with 10% interest per annum. The above is sometimes called the "Additional Rent." b. Tenant shall not be responsible for the payment of any real estate taxes. Real estate taxes shall be the sole responsibility of Landlord, except as required in paragraph 3. 5. COVENANTS TO PAY RENT: The covenants of Tenant to pay the Base Rent and the Additional Rent are each independent of any other covenant, condition, provision or agreement contained in this Lease. All rents are 2