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

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2. Terms. Parcel 1 - 5 years beginning on the Commencement Date (the "Initial Term"). Parcel 2 - 5 years beginning on the Commencement Date (the "Initial Term"). 3. Scheduled Commencement Date. November 3, 2011 (the "Commencement Date"). 4. Options. Parcel 1 — consecutive two (2) year options upon agreement of both Tenant and Landlord. Parcel 2 — consecutive two (2) year options upon agreement of both Tenant and Landlord. 5. Termination. Tenant shall have the right to terminate the Lease on Parcels 1 and 2, or on Parcel 1, or on Parcel 2, upon providing to Landlord, a written notice at least one (1) year prior to the proposed date of termination of the Lease. Tenant and/or Landlord shall have the right to terminate the Lease at the end of the initial five (5) year term or the two (2) year option terms on Parcels 1 and 2, or on Parcel 2, upon providing to Landlord and/or Tenant a written notice at least one (1) year prior to the proposed date of termination of the Lease. 6. Rental Rate. $2,560.00 per month for both Parcels 1 and 2. $1,146.00 per month if only Parcel 1 is rented. The above Rental Rate is subject to rent increase pursuant to the following: a. Market Rate. After the first five (5) years at which point the first Option, or consecutive option, is exercised the Landlord may increase the Rent by an amount not to exceed three percent (3%) for the Term of the Option. b. Taxes. After the first three (3) years of the Lease the Landlord may increase the Rent by the amount that the real estate taxes for the current year for the respective parcels have increased over the prior year, for the year. The above rent increase provisions are also found in paragraph 7.4 of the Lease Terms below. 3